Republic Services (RSG) FY2025 results: revenue $16.6 billion, up 3.5% on the year

Republic Services is one of the largest providers of environmental services in North America measured by revenue. Across the United States and Canada it runs 377 collection operations, 255 transfer stations, 79 recycling centres, 207 active landfills, 24 treatment, storage and disposal facilities, two treatment, recovery and disposal facilities, five salt water disposal wells, 15 deep injection wells, nine industrial wastewater treatment plants and two polymer centres, and it holds post-closure responsibility for 124 closed landfills. It is engaged in 84 landfill gas-to-energy and other renewable energy projects. Collection and disposal is largely a local business, so local management keeps day-to-day decisions while standardised practices run across the group. Operations are managed through three field groups: two regional recycling and waste businesses and one environmental solutions business covering both countries.

Collection

Residential, small-container and large-container collection produced approximately 68% of total revenue in 2025, split roughly 18% residential, 30% small-container, 19% large-container and 1% other. Residential work is curbside collection for transport to transfer stations, recycling centres, organics facilities or landfills, usually under municipal contracts won by competitive bid that give exclusive rights to all or part of a municipality's homes and typically run one to five years.

Transfer and recycling

Transfer stations charge tipping or disposal fees, approximately 5% of revenue in 2025, taking material from the company's own trucks and from other private and municipal haulers for compaction and onward movement. Using its own stations raises internalisation, keeps fees in-house, and cuts transport cost because transfer trucks carry more than collection trucks. The recycling centres sell old corrugated containers, old newsprint, aluminium, glass and other materials, approximately 3% of revenue, with approximately 83% of centre volume fibre based. In 2025 the company processed and sold 2.2 million tons excluding glass and organics, collected a further 1.8 million tons delivered to third parties, and processed 1.1 million tons of organic material of which it sold 0.4 million.

Landfills

Landfill tipping fees charged to third parties were approximately 12% of revenue in 2025. At 31 December 2025 the company had 41,158 estimated permitted acres and estimated total available disposal capacity of 5.0 billion in-place cubic yards, with in-place capacity subject to engineering factors, regulatory requirements and permit renewals and expansions. Some landfills accept non-hazardous special waste including utility ash, asbestos and contaminated soils. Approximately 67% of the solid waste volume collected in 2025 went into landfills the company owns or operates.

Environmental solutions and circularity

Environmental solutions was approximately 11% of revenue in 2025, covering collection, treatment, consolidation, disposal and recycling of hazardous and non-hazardous waste, field and industrial services, equipment rental, emergency response and standby, and in-plant services. The volume comes from the daily running of industrial, petrochemical and refining plants and oil and gas production sites, from plant turnarounds and capital projects, and from remediation, redevelopment and spill response work. Facilities include six active hazardous waste landfills, nine energy waste landfills and thermal desorption units that recover oil and metal-bearing catalyst for resale. On the circular side, a second Polymer Center opened in Indianapolis in 2025 and a third began construction in Allentown, Pennsylvania, feeding the Blue Polymers joint venture with Ravago, whose first plant also opened in Indianapolis in 2025 with a second under construction in Buckeye, Arizona.

Fleet and people

Approximately 79% of residential routes have been converted to automated single-driver trucks, which cuts labour cost, lifts driver productivity and reduces emissions. The company says it operates the third largest vocational truck fleet in the United States, 17,800 collection vehicles at an average age of 7.9 years, maintained under a standardised programme called OneFleet. At 31 December 2025 it ran more than 180 electric collection vehicles and 32 commercial-scale charging facilities. It employs approximately 42,000 full-time people, and over the past ten years its recordable injury rate has run 23% better than the industry average.

From Republic Services' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.