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Republic Services cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$644M in Q3 2026 · $2.6B over twelve months

Operating cash flow$1.1B
Capital spending−$495M
Free cash flow+$644M
Cash / net income1.9×
Cash conversion cycle-9 days

Analysis

In Q3 2026, Republic Services generated $1.1B of operating cash flow and spent $495M on capital projects, leaving free cash flow of $644M. That is $93.0M less than in Q3 2025 ($737M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.5B; the largest uses were net borrowing (+) / repaid (−) ($48.4B), capital spending ($1.9B), acquisitions ($1.3B); besides operations, cash came from other financing ($49.1B), asset & business sales ($18.0M); the cash balance rose by $63.0M.

Operating cash flow was $1.1B against net income of $593M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$494M, receivables −$107M, prepaid and other assets −$90.0M.

Its cash conversion cycle was -9 days (receivables 37 + inventory 4 − payables 50): suppliers fund its working capital.

Free cash flow

Republic Services: free cash flow by quarterRepublic Services: free cash flow by quarter$524MQ4 2024$566MQ1 2025$702MQ2 2025$737MQ3 2025$404MQ4 2025$751MQ1 2026$761MQ2 2026$644MQ3 2026
Operating cash flow less capital spending.
Republic Services: operating cash flow against capital spendingRepublic Services: operating cash flow against capital spendingOperating cash flowCapital spending$1.0B$498MQ4 2024$1.0B$459MQ1 2025$1.1B$407MQ2 2025$1.2B$444MQ3 2025$981M$577MQ4 2025$1.2B$476MQ1 2026$1.2B$392MQ2 2026$1.1B$495MQ3 2026
Latest (Q3 2026): Operating cash flow $1.1B, Capital spending $495M.

Capital allocation, year by year

Republic Services: where the cash came from (up) and went (down), by fiscal yearRepublic Services: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.8BFY2021: Net borrowing −$4.6BFY2021: Shares issued −$12.0MFY2021: Asset sales $65.8MFY2021: Capital spending −$1.3BFY2021: Acquisitions −$1.2BFY2021: Buybacks −$252MFY2021: Dividends −$553M$2.9BFY2021FY2022: Operating cash flow $3.2BFY2022: Net borrowing −$14.3BFY2022: Shares issued −$13.6MFY2022: Asset sales $84.0MFY2022: Capital spending −$1.5BFY2022: Acquisitions −$3.0BFY2022: Buybacks −$203MFY2022: Dividends −$593M$3.3BFY2022FY2023: Operating cash flow $3.6BFY2023: Net borrowing −$38.3BFY2023: Asset sales $35.0MFY2023: Capital spending −$1.6BFY2023: Acquisitions −$2.1BFY2023: Buybacks −$262MFY2023: Dividends −$638M$3.7BFY2023FY2024: Operating cash flow $3.9BFY2024: Net borrowing −$24.2BFY2024: Asset sales $49.0MFY2024: Capital spending −$1.9BFY2024: Acquisitions −$753MFY2024: Buybacks −$482MFY2024: Dividends −$687M$4.0BFY2024FY2025: Operating cash flow $4.3BFY2025: Net borrowing −$37.0BFY2025: Asset sales $24.0MFY2025: Capital spending −$1.9BFY2025: Acquisitions −$1.4BFY2025: Buybacks −$870MFY2025: Dividends −$738M$4.3BFY2025
Over these 5 years operating cash flow totalled $17.8B; the largest uses were net borrowing ($118.5B) and acquisitions ($8.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$92.0M
Debt$14.1B
Net debt$14.0B
Due within a year$596M

Republic Services funds itself: free cash flow was $2.6B over the last twelve months, and $92.0M of cash and investments stands against $14.1B of debt ($596M due within a year, 0.2× covered by cash).

Republic Services: debt maturities by year (FY2025)Republic Services: debt maturities by year (FY2025)$596MYear 1$663MYear 2$845MYear 3$2.6BYear 4$1.1BYear 5$7.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $92.0M of cash and investments now.

Where the cash came from and went

Republic Services: sources (+) and uses (−) of cash, Q3 2026Republic Services: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)−$12.7BOther financing$12.6BOperating cash flow$1.1BCapital spending−$495MAcquisitions−$252MBuybacks−$197MDividends−$192MCash drawn (+) / kept (−)$18.0MAsset & business sales$2.0MOther investing−$1.0M
Republic Services: sources (+) and uses (−) of cash, TTM to Q3 2026Republic Services: sources (+) and uses (−) of cash, 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 profit to cash

Republic Services: net income to operating cash flow, Q3 2026Republic Services: net income to operating cash flow, Q3 2026Net income$593MDepreciation & amortization$494MDeferred taxes$58.0MOther non-cash$27.0MReceivables−$107MPayables$53.0MPrepaid and other assets−$90.0MOther liabilities$52.0MOperating cash flow$1.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202637450-9
Q2 202635447-7
Q1 202637449-8
Q4 202537450-9
Q3 202536446-6
Q2 202535444-5
Q1 202536449-9
Q4 202436451-11

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.1B−$495M−$252M−$197M−$192M−$12.7B$18.0M$644M
Q2 2026$1.2B−$392M−$428M−$367M−$192M−$10.2B$21.0M$761M
Q1 2026$1.2B−$476M−$437M−$292M−$193M−$15.0B−$78.0M$751M
Q4 2025$981M−$577M−$171M−$271M−$194M−$10.6B−$24.0M$404M
Q3 2025$1.2B−$444M−$296M−$540M−$182M−$6.6B$38.0M$737M
Q2 2025$1.1B−$407M−$129M−$4.0M−$181M−$9.0B−$39.0M$702M
Q1 2025$1.0B−$459M−$834M−$55.0M−$181M−$10.8B−$21.0M$566M
Q4 2024$1.0B−$498M−$353M−$161M−$182M−$8.3B$3.0M$524M

Republic Services: income statement and cash flow

Republic Services, Q3 2026: revenue $5.2B (+8% year over year), operating margin 17.7%. The chart follows the revenue to costs, profit and cash.

Republic Services: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.