Republic Services (RSG) Q1 FY2026 earnings: revenue $4.1 billion, up 2.6% on the year

Republic Services, Inc. (RSG) reported revenue of $4.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 2.6% on the same quarter a year earlier. Net income was $525 million, up 6.1% on the year, and diluted earnings per share $1.70. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2026.

Revenue

$4.1 billion

+2.6% on the year · -0.5% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

20.2%

20.1% a year earlier

Q2 FY2024Q1 FY2026

Net income

$525 million

+6.1% on the year · -3.6% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.70

+7.6% on the year · -3.4% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Diluted EPS rose 7.6 percent: Net income was $525 million, or $1.70 per diluted share, against $495 million and $1.58 a year earlier. Adjusted EPS matched reported EPS at $1.70.
Adjusted EBITDA margin up 50 basis points: Adjusted EBITDA was $1.32 billion, a 32.1 percent margin against 31.6 percent. Reported EBITDA was $1.27 billion, a 30.9 percent margin against 31.3 percent.
Revenue up 2.6 percent: Revenue was $4,113 million against $4,009 million. Recycling and waste organic growth and acquisitions were partly offset by a 1.3 percent organic decline in environmental solutions.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	4,113	4,135	4,009	-0.5%	+2.6%
Cost of revenue	2,366	2,404	2,314	-1.6%	+2.2%
Gross profit	1,747	1,731	1,695	+0.9%	+3.1%
Gross margin	42.5%	41.9%	42.3%
Selling, general and administrative	425	436	427	-2.5%	-0.5%
Operating income	830	801	804	+3.6%	+3.2%
Operating margin	20.2%	19.4%	20.1%
Interest expense	151	146	140	+3.4%	+7.9%
Pre-tax income	656	564	665	+16.3%	-1.4%
Income tax	131	20.0	170	+555.0%	-22.9%
Effective tax rate	20.0%	3.5%	25.6%
Net income	525	545	495	-3.6%	+6.1%
Net margin	12.8%	13.2%	12.3%
Diluted EPS	$1.70	$1.76	$1.58	-3.4%	+7.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,227	981	1,025	+25.1%	+19.7%
Capital expenditure	476	577	459	-17.5%	+3.7%
Free cash flow	751	404	566	+85.9%	+32.7%
Free cash flow margin	18.3%	9.8%	14.1%
Cash from investing	-910	-742	-1,288
Cash from financing	-238	-215	284
Depreciation and amortisation	461	458	434	+0.7%	+6.2%
Share-based compensation	n/a	n/a	13.0
Buybacks	292	271	55.0	+7.7%	+430.9%
Dividends paid	193	194	181	-0.5%	+6.6%
Dividend per share	$0.62	$0.62	$0.58	0.0%	+7.8%
Diluted shares, weighted	309m	312m	313m	-0.9%	-1.3%
Shares outstanding at period end	308m	309m	312m	-0.4%	-1.5%

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

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	11,980	11,968	11,663	+0.1%	+2.7%
Non-controlling interest	1.0	1.0	2.0	0.0%	-50.0%
Debt	13,864	13,710	13,283	+1.1%	+4.4%
Operating lease liabilities	174	177	191	-1.7%	-8.9%
Finance lease liabilities	n/a	278	n/a
Other liabilities	8,581	8,232	7,964	+4.2%	+7.7%
Total liabilities and equity	34,600	34,366	33,103	+0.7%	+4.5%
Goodwill	16,926	16,715	16,585	+1.3%	+2.1%
Intangible assets	647	655	632	-1.2%	+2.4%
Cash and equivalents	118	76.0	83.0	+55.3%	+42.2%
Receivables	1,917	1,897	1,854	+1.1%	+3.4%
Inventory	114	106	102	+7.5%	+11.8%
Other assets	14,878	14,917	13,847	-0.3%	+7.4%
Total assets	34,600	34,366	33,103	+0.7%	+4.5%

Questions

What was Republic Services' revenue in Q1 FY2026?

Republic Services (RSG) reported revenue of $4.1 billion for Q1 FY2026, the quarter ended 31 March 2026, up 2.6% on the same quarter a year earlier.

How much did Republic Services earn in Q1 FY2026?

Net income for Q1 FY2026 was $525 million, up 6.1% on the year, and diluted earnings per share $1.70.

When did Republic Services report Q1 FY2026 results?

Republic Services filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 8 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,952	2,969	3,414	3,598	3,531	3,581	3,726	3,826	3,832	3,862	4,048	4,076	4,046	4,009	4,235	4,212	4,135	4,113	4,430	4,559
Cost of revenue	1,809	1,762	2,064	2,192	2,186	2,170	2,224	2,284	2,264	2,283	2,383	2,367	2,317	2,314	2,449	2,463	2,404	2,366	2,563	2,663
Gross profit	1,143	1,206	1,349	1,405	1,345	1,412	1,502	1,542	1,568	1,578	1,665	1,709	1,729	1,695	1,786	1,749	1,731	1,747	1,867	1,896
Gross margin	39%	41%	40%	39%	38%	39%	40%	40%	41%	41%	41%	42%	43%	42%	42%	42%	42%	42%	42%	42%
SG&A	316	308	390	361	395	379	396	402	431	414	408	406	446	427	425	422	436	425	444	447
Operating income	502	561	590	664	577	644	707	728	701	733	814	846	804	804	861	836	801	830	901	921
Operating margin	17%	19%	17%	18%	16%	18%	19%	19%	18%	19%	20%	21%	20%	20%	20%	20%	19%	20%	20%	20%
Interest expense	79.7	83.5	94.0	105	113	127	124	128	130	139	128	138	133	140	145	143	146	151	151	157
Pre-tax income	277	472	478	508	373	522	580	606	483	599	654	646	533	665	720	645	564	656	699	719
Tax rate	-13%	25%	22%	18%	7%	26%	26%	21%	9%	24%	22%	13%	4%	26%	24%	15%	4%	20%	19%	18%
Net income	313	352	372	417	347	384	427	480	440	454	512	566	512	495	550	550	545	525	566	592
Net margin	11%	12%	11%	12%	10%	11%	11%	13%	11%	12%	13%	14%	13%	12%	13%	13%	13%	13%	13%	13%
Diluted EPS	$0.98	$1.11	$1.17	$1.32	$1.09	$1.21	$1.35	$1.52	$1.39	$1.44	$1.62	$1.80	$1.63	$1.58	$1.75	$1.76	$1.76	$1.70	$1.84	$1.93
Operating cash flow	649	706	858	820	807	688	1,078	953	898	812	1,099	1,003	1,022	1,025	1,109	1,181	981	1,227	1,153	1,139
Capital expenditure	412	334	313	278	433	379	336	369	548	514	403	454	483	459	407	444	577	476	392	495
Free cash flow	237	372	545	542	277	309	743	584	351	297	696	549	539	566	702	737	404	751	761	644
Buybacks	73.2	204	0.0	0.0	0.0	0.0	0.0	190	71.4	0.0	168	153	161	55.0	4.0	540	271	292	367	197
Dividends paid	146	146	145	145	156	156	157	156	169	168	168	168	182	181	181	182	194	193	192	192
Shares outstanding	316m	316m	316m	316m	316m	316m	316m	315m	315m	315m	314m	313m	312m	312m	312m	310m	309m	308m	306m	305m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-Q for the period ended 31 March 2026, filed 8 May 2026: the filing.