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Republic Services (RSG) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 30, 2026 · Republic Services (RSG) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $5.2B · 11¢ of every $1 of revenue kept as net profit · operating margin 17.7%

Republic Services made $5.2B in Q3 2026 (+8% Y/Y). Operating margin 17.7%, net earnings $593M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 30, 2026.

Revenue$5.2B
Year over year+8%
Operating margin17.7%
Net earnings$593M
Operating cash flow$1.1B

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Republic Services Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Republic Services Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $5.2B in Q3 2026, up 8% year over year and up 3% from the previous quarter.

Operating profit was $0.92B, a 17.7% margin (up 0.4 points year over year). Of the extra revenue versus Q3 2025, 22% reached operating profit, above the 17% margin then. Total costs grew 7% against revenue growth of 8%. Net earnings were $0.59B, up 8% year over year. The effective tax rate was 17.5%.

Operating cash flow was $1.1B (down 4% year over year), 192% of net earnings. Non-cash charges added back $0.49B of depreciation and amortization. Capital expenditures of $0.49B left free cash flow of $0.64B.

Quarterly history

Republic Services revenue by quarterRepublic Services revenue by quarter$4.6BQ1 2025$4.9BQ2 2025$4.8BQ3 2025$4.7BQ4 2025$4.7BQ1 2026$5.1BQ2 2026$5.2BQ3 2026
Republic Services net earnings by quarterRepublic Services net earnings by quarter$495MQ1 2025$550MQ2 2025$550MQ3 2025$544MQ4 2025$525MQ1 2026$566MQ2 2026$593MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 30, 2026$5.2B+8%17.7%$593M$1.1B
Q2 202610-QAug 7, 2026$5.1B+4%17.8%$566M$1.2B
Q1 202610-QMay 8, 2026$4.7B+2%17.7%$525M$1.2B
Q4 202510-KFeb 18, 2026$4.7B+2%16.9%$544M$981M
Q3 202510-QOct 31, 2025$4.8B+3%17.3%$550M$1.2B
Q2 202510-QJul 30, 2025$4.9B+5%17.6%$550M$1.1B
Q1 202510-QApr 25, 2025$4.6B+4%17.5%$495M$1.0B

Charts

Republic Services: revenue growth, year over year and quarter over quarterRepublic Services: revenue growth, year over year and quarter over quarterY/YQ/Q+4%Q1 2025+5%+6%Q2 2025+3%-1%Q3 2025+2%-2%Q4 2025+2%-1%Q1 2026+4%+8%Q2 2026+8%+3%Q3 2026
Latest (Q3 2026): Y/Y +8%, Q/Q +3%.
Republic Services: where the cash came from (+) and went (−), TTM to Q3 2026Republic Services: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$49.1BNet borrowing (+) / repaid (−)−$48.4BOperating cash flow$4.5BCapital spending−$1.9BAcquisitions−$1.3BBuybacks−$1.1BDividends−$771MCash drawn (+) / kept (−)−$63.0MAsset & business sales$18.0MOther investing−$5.0MExchange rates−$1.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Republic Services: profit against cash, quarter by quarterRepublic Services: profit against cash, quarter by quarterNet incomeOperating cash flow$513M$1.0BQ4 2024$495M$1.0BQ1 2025$550M$1.1BQ2 2025$550M$1.2BQ3 2025$544M$981MQ4 2025$525M$1.2BQ1 2026$566M$1.2BQ2 2026$593M$1.1BQ3 2026
Latest (Q3 2026): Net income $593M, Operating cash flow $1.1B.
Republic Services: diluted shares by fiscal yearRepublic Services: diluted shares by fiscal year320MFY2020319MFY2021317MFY2022317MFY2023315MFY2024312MFY2025
-2.4% since FY2020: buybacks shrank the count.
Republic Services: long-term debt falling due (FY2025)Republic Services: long-term debt falling due (FY2025)$596M2026$663M2027$845M2028$2.6B2029$1.1B2030$7.9BLater
Cash $76.0M, short-term investments —, long-term debt $13.7B at 2025-12-31.
Republic Services in its industry: growth against margin (11 companies, SIC 4953)Republic Services in its industry: growth against margin (11 companies, SIC 4953)revenue growth, year over year →↑ operating marginmedian +6%median 7%WMWCNCWSTNVRIQRHCVIVKAWXRENXDBHLSNRGRSG (+8%, 18%)
Refuse Systems; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Republic Services

Republic Services is one of the largest providers of environmental services in North America, as measured by revenue. We operate across the United States and Canada through 377 collection operations, 255 transfer stations, 79 recycling centers, 207 active landfills, 2 treatment, recovery and disposal facilities, 24 treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, 15 deep injection wells, 9 industrial wastewater treatment facilities, and 2 polymer centers. We are engaged in 84 landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for 124 closed landfills.

In its own words, from its 10-K, filed Feb 18, 2026.

Republic Services against its Refuse Systems peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +7%. Operating margin: 17.7% against the peers' median 7.2%.

CompanyQuarterRevenueY/YOp. margin
RSG Republic ServicesQ3 2026$5.2B+8%17.7%
WM Waste ManagementQ3 2026$6.8B+6%18.7%
WCN Waste ConnectionsQ3 2026$2.6B+7%20.5%
CWST Casella Waste SystemsQ2 2026$544M+17%3.7%
NVRI EnviriQ3 2026$325M+0.1%7.2%
QRHC Quest Resource HoldingQ3 2026$63.8M+0.7%2.7%
VIVK VivakorQ2 2026$32.1M+10%0.5%
AWX Avalon HoldingsQ3 2026$24.3M-6%13.0%
RENX RenX EnterprisesQ2 2026$4.3M+203%-70.4%

Source: Republic Services 10-Q on SEC EDGAR · CIK 1060391 · Refuse Systems

Guidance and outlook

Republic Services Revenue: guidance against what was reportedRepublic Services Revenue: guidance against what was reportedguided rangereported (above / within / below)FY2024$18.4BFY2025$19.0BFY2026
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Republic Services: what its forward-looking statements are about (10-Q filed 2026-10-30)Republic Services: what its forward-looking statements are about (10-Q filed 2026-10-30)Other3Tax3Costs2Demand1People1Deals1Capital spending1
12 statements; tone +0.33 (−1 all cautious, +1 all confident); 0 hedged.
Republic Services: outlook statements against the filing beforeRepublic Services: outlook statements against the filing beforeConfident4

13F: who owns RSG and who is buying

Largest holders of RSG (13F)Largest holders of RSG (13F)Vanguard Group$4.1BBlackRock$3.8BVanguard Capital Management LLC$2.8BState Street$2.1BVanguard Portfolio Management LLC$1.5BPrice T Rowe Associates$1.4BMorgan Stanley$1.0BGeode Capital Management, LLC$1.0BFMR LLC$968MBank of America$683M
Funds' net buying of RSG by quarter (13F)Funds' net buying of RSG by quarter (13F)−$594M2024-09−$204M2024-12−$302M2025-03$354M2025-06−$81.1M2025-09$690M2025-12−$607M2026-03−$535M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on RSG

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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