Revenue: As of FY2026 Q1, the actual value is USD 4.113 B, beating the estimate of USD 4.098 B.EPS: As of FY2026 Q1, the actual value is USD 1.7, beating the estimate of USD 1.6242.EBIT: As of FY2026 Q1, the actual value is USD 979 M.<h3>Overall Financial Performance (Three Months Ended March 31, 2026 vs. 2025)</h3><h4>Revenue</h4>Republic Services, Inc. reported total revenue of $4,113 million for the three months ended March 31, 2026, an increase from $4,009 million for the same period in 2025, representing a 2.6% increase. This was driven by a 3.4% rise in average yield, a 1.1% increase from acquisitions (net of divestitures), and a 0.2% increase from fuel recovery fees, partially offset by a 1.3% decrease in environmental solutions revenue and a 0.8% decrease in volume. <h4>Operating Income</h4>Operating income for 共和废品处理 was $830 million in 2026, up from $804 million in the prior year period. <h4>Net Income Attributable to Republic Services, Inc.</h4>The company’s net income attributable to 共和废品处理 rose to $525 million in 2026, compared to $495 million in 2025. <h4>Expenses</h4><ul><li>Cost of operations increased to $2,366 million (57.5% of revenue) in 2026 from $2,314 million (57.7% of revenue) in 2025, primarily due to higher labor and fuel costs. </li><li>Depreciation, depletion, and amortization of property and equipment increased to $403 million in 2026 from $389 million in 2025, mainly due to increased investment in trucks and assets from acquisitions. </li><li>Amortization of other intangible assets was $23 million in 2026, up from $21 million in 2025, driven by acquisition activity. </li><li>Selling, general and administrative expenses slightly decreased to $425 million (10.3% of revenue) in 2026 from $427 million (10.7% of revenue) in 2025, benefiting from a favorable legal settlement. </li></ul><h4>Interest Expense</h4>Total interest expense increased to - $151 million in 2026 from - $140 million in 2025, mainly due to a higher overall debt balance. <h4>Effective Tax Rate</h4>The effective tax rate was 19.9% in 2026, down from 25.6% in 2025, reflecting benefits from investments in renewable energy assets and renewable natural gas projects. <h3>Segment Performance (Three Months Ended March 31, 2026 vs. 2025)</h3><h4>Group 1 (Western U.S. Recycling &amp; Waste)</h4><ul><li>Net Revenue: Increased by 7.3% to $1,928 million in 2026 from $1,797 million in 2025, driven by higher average yield across all lines of business and increased special waste and solid waste volumes in the landfill business, partially offset by decreased volume in residential collection and construction and demolition in landfills. </li><li>Cost of Operations: Increased to $1,068 million in 2026 from $1,012 million in 2025, primarily due to higher labor and fuel costs. </li><li>Selling, General and Administrative: Increased to $191 million in 2026 from $187 million in 2025. </li><li>Adjusted EBITDA: Increased to $669 million in 2026 from $598 million in 2025. </li><li>Capital Expenditures: Increased to $276 million in 2026 from $158 million in 2025. </li><li>Total Assets: Increased to $14,716 million in 2026 from $14,007 million in 2025. </li></ul><h4>Group 2 (Southeastern, Midwestern U.S., Eastern Seaboard &amp; Canada Recycling &amp; Waste)</h4><ul><li>Net Revenue: Increased by 1.0% to $1,780 million in 2026 from $1,763 million in 2025, driven by higher average yield and increased special waste volumes, but offset by decreased volumes in collection, transfer, and construction and demolition in landfills. </li><li>Cost of Operations: Increased to $1,032 million in 2026 from $1,016 million in 2025, primarily due to higher labor and fuel costs. </li><li>Selling, General and Administrative: Increased to $173 million in 2026 from $170 million in 2025. </li><li>Adjusted EBITDA: Decreased to $575 million in 2026 from $577 million in 2025. </li><li>Capital Expenditures: Increased to $153 million in 2026 from $96 million in 2025. </li><li>Total Assets: Increased to $11,646 million in 2026 from $11,301 million in 2025. </li></ul><h4>Group 3 (Environmental Solutions)</h4><ul><li>Net Revenue: Decreased by 9.8% to $405 million in 2026 from $449 million in 2025, mainly due to a decline in emergency response activity, partially offset by acquisition-related growth and price increases. </li><li>Cost of Operations: Decreased to $266 million in 2026 from $286 million in 2025, primarily due to a decrease in subcontract costs. </li><li>Selling, General and Administrative: Decreased to $61 million in 2026 from $70 million in 2025. </li><li>Adjusted EBITDA: Decreased to $78 million in 2026 from $93 million in 2025. </li><li>Capital Expenditures: Decreased to $29 million in 2026 from $35 million in 2025. </li><li>Total Assets: Increased to $5,241 million in 2026 from $5,129 million in 2025. </li></ul><h4>Corporate Entities and Other</h4><ul><li>Capital Expenditures: Decreased to $18 million in 2026 from $170 million in 2025, with 2026 investments largely in digital platforms and 2025 primarily in vehicle inventory. </li><li>Total Assets: Increased to $2,997 million in 2026 from $2,666 million in 2025. </li></ul><h3>Cash Flow and Liquidity</h3><ul><li>Cash Provided by Operating Activities: Increased to $1,227 million in 2026 from $1,025 million in 2025. </li><li>Cash Used in Investing Activities: Decreased to - $910 million in 2026 from - $1,288 million in 2025. </li><li>Cash (Used in) Provided by Financing Activities: Was - $238 million in 2026, a decrease from $284 million provided in 2025. </li><li>Restricted Cash and Marketable Securities: Totaled $292 million as of March 31, 2026, up from $259 million as of December 31, 2025. </li></ul><h3>Unique Operational Metrics</h3><ul><li>Internalization Rate: Approximately 68% of the total solid waste volume collected by 共和废品处理 was disposed of at company-owned or operated landfill sites during the three months ended March 31, 2026. </li><li>Landfill Capacity: As of March 31, 2026, 共和废品处理 owned or operated 209 active landfills with an estimated total available disposal capacity of 5.1 billion in-place cubic yards, with an average estimated remaining life of 56 years. </li><li>Credit Ratings: As of March 31, 2026, 共和废品处理 held credit ratings of A- by Standard &amp; Poor’s Ratings Services, A- by Fitch Ratings, Inc., and A3 by Moody’s Investors Service, Inc. </li><li>Debt Covenants: As of March 31, 2026, the total debt to EBITDA ratio was approximately 2.6, well within the maximum allowed of 3.75 under the Credit Facility. </li></ul><h3>Future Outlook and Strategy</h3>共和废品处理 plans to invest at least $1 billion in acquisitions in 2026, focusing on privately held recycling and waste companies and environmental solutions businesses. The company expects to incur approximately $20 million in additional restructuring charges in 2026 for its new accounts receivable system. A $10 per ton change in recycled commodities price is estimated to change both annual revenue and operating income by approximately $13 million.

Republic Services | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 4.113 B