Republic Services, Inc. Q3 FY2023 results: revenue $4.4 billion, up 6.3% on the year

Republic Services, Inc. (RSG) reported revenue of $4.4 billion for Q3 FY2023, the quarter ended 30 September 2023, up 6.3% on the same quarter a year earlier. Net income was $480 million, up 15.2% on the year, and diluted earnings per share $1.52. The figures are the company's own, from the 10-Q it filed with the SEC on 27 October 2023.

Revenue$4.4 billionup 6.3%

Net income$480 millionup 15.2%

Diluted EPS$1.52

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	4,414	n/a	n/a	n/a
Cost of revenue	2,284	n/a	n/a	n/a
Gross profit	2,130	n/a	n/a	n/a
Gross margin	48.3%	n/a	n/a
Selling, general and administrative	402	n/a	n/a	n/a
Operating income	728	n/a	n/a	n/a
Operating margin	16.5%	n/a	n/a
Interest expense	128	n/a	n/a	n/a
Pre-tax income	606	n/a	n/a	n/a
Income tax	126	n/a	n/a	n/a
Effective tax rate	20.8%	n/a	n/a
Net income	480	n/a	n/a	n/a
Net margin	10.9%	n/a	n/a
Diluted EPS	$1.52	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	953	n/a	n/a	n/a
Capital expenditure	369	n/a	n/a	n/a
Free cash flow	584	n/a	n/a	n/a
Free cash flow margin	13.2%	n/a	n/a
Depreciation and amortisation	382	n/a	n/a	n/a
Share-based compensation	10.3	n/a	n/a	n/a
Buybacks	190	n/a	n/a	n/a
Dividends paid	156	n/a	n/a	n/a
Dividend per share	$0.54	n/a	n/a	n/a
Diluted shares, weighted	317m	n/a	n/a	n/a
Shares outstanding at period end	315m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	30,043	n/a	n/a	n/a
Cash and equivalents	158	n/a	n/a	n/a
Receivables	1,830	n/a	n/a	n/a
Inventory	100	n/a	n/a	n/a
Goodwill	15,291	n/a	n/a	n/a
Long-term debt including finance leases	10,993	n/a	n/a	n/a
Operating lease liabilities	196	n/a	n/a	n/a
Shareholders' equity	10,331	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,414	4,396	4,439	4,663	4,680	4,635	4,593	4,882	4,827	4,725	4,699	5,076
Cost of revenue	2,284	2,264	2,283	2,383	2,367	2,317	2,314	2,449	2,463	2,404	2,366	2,563
Gross profit	2,130	2,132	2,156	2,281	2,313	2,318	2,279	2,433	2,364	2,321	2,333	2,513
Gross margin	48%	48%	49%	49%	49%	50%	50%	50%	49%	49%	50%	50%
SG&A	402	431	414	408	406	446	427	425	422	436	425	444
Operating income	728	701	733	814	846	804	804	861	836	801	830	901
Operating margin	16%	16%	17%	17%	18%	17%	18%	18%	17%	17%	18%	18%
Interest expense	128	130	139	128	138	133	140	145	143	146	151	151
Pre-tax income	606	483	599	654	646	533	665	720	645	564	656	699
Tax rate	21%	9%	24%	22%	12%	4%	26%	24%	15%	4%	20%	19%
Net income	480	440	454	512	566	512	495	550	550	545	525	566
Net margin	11%	10%	10%	11%	12%	11%	11%	11%	11%	12%	11%	11%
Diluted EPS	$1.52	$1.39	$1.44	$1.62	$1.80	$1.63	$1.58	$1.75	$1.76	$1.76	$1.70	$1.84
Operating cash flow	953	898	812	1,099	1,003	1,022	1,025	1,109	1,181	981	1,227	1,153
Capital expenditure	369	548	514	403	454	483	459	407	444	577	476	392
Free cash flow	584	351	297	696	549	539	566	702	737	404	751	761
Buybacks	190	71.4	0.0	168	153	161	55.0	4.0	540	271	292	367
Dividends paid	156	169	168	168	168	182	181	181	182	194	193	192
Shares outstanding	315m	315m	315m	314m	313m	312m	312m	312m	310m	309m	308m	306m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 27 October 2023, accession 0001060391-23-000025: the filing on EDGAR. All of Republic Services, Inc.'s filings: EDGAR company page.

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