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Republic Services, Inc. Reports Third Quarter 2025 Results

prnewswire.com

PHOENIX, Oct. 30, 2025 /PRNewswire/ -- Republic Services, Inc. (NYSE: RSG) today reported net income of $550 million, or $1.76 per diluted share, for the three months ended September 30, 2025, versus $566 million, or $1.80 per diluted share, for the comparable 2024 period. Excluding certain expenses and other items, on an adjusted basis, net income for the three months ended September 30, 2025, was $594 million, or $1.90 per diluted share, versus $568 million, or $1.81 per diluted share, for the comparable 2024 period.

"We delivered strong third-quarter results as we continue to execute our strategy for sustainable, profitable growth," said Jon Vander Ark, president and chief executive officer. "Despite ongoing cyclical volume pressures, our ability to price ahead of cost inflation and disciplined operational execution drove an 80-basis-point expansion in adjusted EBITDA margin. These results underscore the resiliency of our business model and the value from continued investments in our differentiated capabilities."

Third-Quarter and Year-to-Date 2025 Highlights:

Company Declared Quarterly Dividend

Republic previously announced that its Board of Directors declared a regular quarterly dividend of $0.625 per share for shareholders of record on January 2, 2026. The dividend will be paid on January 15, 2026.

Presentation of Certain Performance Metrics and Non-GAAP Measures

Adjusted diluted earnings per share, adjusted net income - Republic, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA by business type, adjusted EBITDA margin by business type and adjusted free cash flow are described in the Performance Metrics and Reconciliations of Certain Non-GAAP Measures section of this document.

About Republic Services

Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the Company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste and field services. Republic's industry-leading commitments to advance circularity and support decarbonization are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit RepublicServices.com.

For more information, contact:

Media Inquiries

Investor Inquiries

Roman Blahoski (480) 718-0328

Aaron Evans (480) 718-0309

media@RepublicServices.com

investor@RepublicServices.com

SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION

AND OPERATING DATA

REPUBLIC SERVICES, INC.

CONSOLIDATED BALANCE SHEETS

(in millions, except per share amounts)

September 30,

December 31,

2025

2024

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$ 84

$ 74

Accounts receivable, less allowance for doubtful accounts and other of $70 and $74, respectively

1,900

1,821

Prepaid expenses and other current assets

500

511

Total current assets

2,484

2,406

Restricted cash and marketable securities

225

208

Property and equipment, net

12,192

11,877

Goodwill

16,699

15,982

Other intangible assets, net

599

546

Other assets

1,590

1,383

Total assets

$ 33,789

$ 32,402

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$ 1,247

$ 1,345

Notes payable and current maturities of long-term debt

921

862

Deferred revenue

504

485

Accrued landfill and environmental costs, current portion

145

159

Accrued interest

125

101

Other accrued liabilities

1,321

1,176

Total current liabilities

4,263

4,128

Long-term debt, net of current maturities

12,353

11,851

Accrued landfill and environmental costs, net of current portion

2,558

2,432

Deferred income taxes and other long-term tax liabilities, net

1,738

1,594

Insurance reserves, net of current portion

442

402

Other long-term liabilities

563

588

Commitments and contingencies

Stockholders' equity:

Preferred stock, par value $0.01 per share; 50 shares authorized; none issued

Common stock, par value $0.01 per share; 750 shares authorized; 313 and 313 issued including shares held

in treasury, respectively

3

3

Additional paid-in capital

1,816

1,767

Retained earnings

10,810

9,774

Treasury stock, at cost; 3 and 1 shares, respectively

(727)

(113)

Accumulated other comprehensive loss, net of tax

(31)

(26)

Total Republic Services, Inc. stockholders' equity

11,871

11,405

Non-controlling interests in consolidated subsidiary

1

2

Total stockholders' equity

11,872

11,407

Total liabilities and stockholders' equity

$ 33,789

$ 32,402

REPUBLIC SERVICES, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Revenue

$ 4,212

$ 4,076

$ 12,456

$ 11,986

Expenses:

Cost of operations

2,463

2,367

7,226

7,033

Depreciation, depletion and amortization

459

422

1,356

1,234

Accretion

29

26

85

80

Selling, general and administrative

422

406

1,274

1,227

Loss (gain) on business divestitures and impairments, net

1

(1)

Restructuring charges

3

8

13

20

Operating income

836

846

2,502

2,393

Interest expense

(143)

(138)

(428)

(406)

Loss on extinguishment of debt

(2)

(2)

Loss from unconsolidated equity method investments

(57)

(73)

(72)

(116)

Interest income

2

4

6

7

Other income, net

7

10

22

23

Income before income taxes

645

647

2,030

1,899

Provision for income taxes

95

81

435

368

Net income

550

566

1,595

1,531

Net income attributable to non-controlling interests in

consolidated subsidiary

Net income attributable to Republic Services, Inc.

$ 550

$ 566

$ 1,595

$ 1,531

Basic earnings per share attributable to Republic Services,

Inc. stockholders:

Basic earnings per share

$ 1.76

$ 1.80

$ 5.10

$ 4.86

Weighted average common shares outstanding

311.7

314.0

312.6

314.7

Diluted earnings per share attributable to Republic Services,

Inc. stockholders:

Diluted earnings per share

$ 1.76

$ 1.80

$ 5.10

$ 4.86

Weighted average common and common equivalent shares

outstanding

312.0

314.4

312.9

315.1

Cash dividends per common share

$ 0.625

$ 0.580

$ 1.785

$ 1.650

REPUBLIC SERVICES, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

Nine Months Ended September 30,

2025

2024

Cash provided by operating activities:

Net income

$ 1,595

$ 1,531

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation, depletion, amortization and accretion

1,442

1,314

Non-cash interest expense

57

54

Stock-based compensation

33

31

Deferred tax provision

130

70

Provision for doubtful accounts, net of adjustments

27

20

Loss on extinguishment of debt

2

Loss on disposition of assets and asset impairments, net

6

Loss from unconsolidated equity method investments

72

116

Other non-cash items

(6)

(11)

Change in assets and liabilities, net of effects from business acquisitions and divestitures:

Accounts receivable

(78)

(100)

Prepaid expenses and other assets

(93)

(59)

Accounts payable

23

(26)

Capping, closure and post-closure expenditures

(38)

(35)

Remediation expenditures

(31)

(45)

Other liabilities

182

22

Proceeds for retirement of certain hedging relationships

24

Cash provided by operating activities

3,315

2,914

Cash used in investing activities:

Purchases of property and equipment

(1,310)

(1,357)

Proceeds from sales of property and equipment

10

9

Cash used in acquisitions and investments, net of cash and restricted cash acquired

(1,259)

(400)

Cash received from business divestitures

7

2

Purchases of restricted marketable securities

(15)

(18)

Sales of restricted marketable securities

13

16

Other

(17)

(1)

Cash used in investing activities

(2,571)

(1,749)

Cash used in financing activities:

Proceeds from credit facilities and notes payable, net of fees

26,896

15,616

Proceeds from issuance of senior notes, net of discount and fees

1,183

889

Payments of credit facilities and notes payable

(27,639)

(16,835)

Issuances of common stock, net

(10)

(18)

Purchases of common stock for treasury

(599)

(321)

Cash dividends paid

(544)

(505)

Distributions paid to non-controlling interests in consolidated subsidiary

(1)

Contingent consideration payments

(9)

(14)

Cash used in financing activities

(723)

(1,188)

Effect of foreign exchange rate changes on cash

1

1

Increase in cash, cash equivalents, restricted cash and restricted cash equivalents

22

(22)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

203

228

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

$ 225

$ 206

You should read the following information in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K as of and for the year ended December 31, 2024. All amounts below are in millions and as a percentage of our revenue, except per share data.

REVENUE

The following table reflects our total revenue by line of business for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Collection:

Residential

$ 754

17.9 %

$ 740

18.1 %

$ 2,249

18.0 %

$ 2,196

18.3 %

Small-container

1,267

30.1

1,209

29.7

3,768

30.3

3,599

30.0

Large-container

797

18.9

775

19.0

2,330

18.7

2,278

19.0

Other

17

0.4

18

0.5

53

0.4

54

0.5

Total collection

2,835

67.3

2,742

67.3

8,400

67.4

8,127

67.8

Transfer

472

459

1,376

1,336

Less: intercompany

(248)

(247)

(741)

(733)

Transfer, net

224

5.3

212

5.2

635

5.1

603

5.0

Landfill

845

768

2,421

2,234

Less: intercompany

(329)

(315)

(968)

(937)

Landfill, net

516

12.3

453

11.1

1,453

11.7

1,297

10.8

Environmental solutions

449

480

1,393

1,408

Less: intercompany

(16)

(15)

(49)

(47)

Environmental solutions, net

433

10.3

465

11.4

1,344

10.8

1,361

11.4

Other:

Recycling processing and commodity sales

107

2.5

107

2.6

328

2.6

311

2.6

Other non-core

97

2.3

97

2.4

296

2.4

287

2.4

Total other

204

4.8

204

5.0

624

5.0

598

5.0

Total revenue

$ 4,212

100.0 %

$ 4,076

100.0 %

$ 12,456

100.0 %

$ 11,986

100.0 %

The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Average yield

4.0 %

4.6 %

4.2 %

5.4 %

Fuel recovery fees

(0.2)

(0.2)

(0.2)

Total price

4.0

4.4

4.0

5.2

Volume

(0.3)

(1.2)

(0.4)

(1.0)

Change in workdays

0.3

(0.2)

0.1

Recycling processing and commodity sales

(0.2)

0.7

0.5

Environmental solutions

(1.4)

(0.7)

(0.2)

Other (1)

(0.4)

(0.1)

Total internal growth

1.7

4.2

2.6

4.6

Acquisitions / divestitures, net

1.6

2.3

1.3

3.1

Total

3.3 %

6.5 %

3.9 %

7.7 %

Core price

5.9 %

6.2 %

5.9 %

6.6 %

(1) Other represents customer credits recognized in connection with recent labor disruptions.

Average yield is defined as revenue growth from the change in average price per unit of service, expressed as a percentage. Core price is defined as price increases to our customers and fees, excluding fuel recovery fees, net of price decreases to retain customers. We also measure changes in core price, average yield and volume as a percentage of related-business revenue, defined as total revenue excluding recycled commodities, fuel recovery fees and environmental solutions revenue, to determine the effectiveness of our pricing and organic growth strategies. The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

As a % of Related Business

As a % of Related Business

Core price

7.2 %

7.4 %

7.2 %

8.0 %

Average yield

4.9 %

5.5 %

5.1 %

6.5 %

Volume

(0.4) %

(1.5) %

(0.5) %

(1.2) %

The following table reflects changes in average yield and volume, as a percentage of related business revenue by line of business, for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Yield

Volume

Yield

Volume

Yield

Volume

Yield

Volume

Collection:

Residential

4.4 %

(2.4) %

5.4 %

(2.9) %

5.0 %

(2.9) %

6.0 %

(2.7) %

Small-container

6.3 %

(1.2) %

7.5 %

(0.4) %

6.2 %

(1.1) %

9.2 %

(0.2) %

Large-container

5.4 %

(3.9) %

5.3 %

(3.6) %

5.5 %

(3.5) %

6.2 %

(3.8) %

Landfill:

Municipal solid waste

5.6 %

(3.4) %

5.1 %

0.3 %

5.9 %

(3.0) %

5.4 %

1.0 %

Construction and demolition waste

3.7 %

45.2 %

4.5 %

2.7 %

3.9 %

36.2 %

4.6 %

(0.4) %

Special waste

— %

17.8 %

— %

(1.8) %

— %

15.6 %

— %

(1.9) %

COST OF OPERATIONS

The following table summarizes the major components of our cost of operations for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Labor and related benefits

$ 812

19.3 %

$ 814

20.0 %

$ 2,475

19.9 %

$ 2,412

20.1 %

Transfer and disposal costs

275

6.5

280

6.9

808

6.5

832

7.0

Maintenance and repairs

384

9.1

380

9.3

1,122

9.0

1,106

9.2

Transportation and subcontract costs

302

7.2

304

7.4

896

7.2

885

7.4

Fuel

120

2.8

113

2.8

349

2.8

360

3.0

Disposal fees and taxes

95

2.3

91

2.2

275

2.2

265

2.2

Landfill operating costs

99

2.3

88

2.1

292

2.3

275

2.3

Risk management

109

2.6

103

2.5

321

2.6

300

2.5

Other

227

5.4

194

4.8

648

5.2

598

5.0

Subtotal

2,423

57.5

2,367

58.0

7,186

57.7

7,033

58.7

Labor disruption

40

1.0

40

0.3

Total cost of operations

$ 2,463

58.5 %

$ 2,367

58.0 %

$ 7,226

58.0 %

$ 7,033

58.7 %

These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our cost of operations by cost component to that of other companies and of ours for prior periods.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

The following table summarizes our selling, general and administrative expenses for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Salaries and related benefits

$ 269

6.4 %

$ 278

6.9 %

$ 842

6.8 %

$ 834

6.9 %

Provision for doubtful accounts

9

0.2

27

0.2

20

0.2

Other

144

3.4

128

3.1

405

3.2

373

3.1

Total selling, general and

administrative expenses

$ 422

10.0 %

$ 406

10.0 %

$ 1,274

10.2 %

$ 1,227

10.2 %

These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our selling, general and administrative expenses by cost component to those of other companies and of ours for prior periods.

PERFORMANCE METRICS AND RECONCILIATIONS OF CERTAIN NON-GAAP MEASURES

The following tables calculate EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA and adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, adjusted diluted earnings per share, and adjusted free cash flow, which are not measures determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for the three and nine months ended September 30, 2025 and 2024. Our definitions of the foregoing non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.

Adjusted EBITDA and Adjusted EBITDA Margin

The following table calculates adjusted EBITDA and adjusted EBITDA margin for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Net income attributable to

Republic Services, Inc. and net

income margin

$ 550

13.1 %

$ 566

13.9 %

1,595

12.8 %

$ 1,531

12.8 %

Net income attributable to non-

controlling interests

Provision for income taxes

95

81

435

368

Other income, net

(7)

(10)

(22)

(23)

Interest income

(2)

(4)

(6)

(7)

Interest expense

143

138

428

406

Depreciation, depletion and

amortization

459

422

1,356

1,234

Accretion

29

26

85

80

EBITDA and EBITDA margin

$ 1,267

30.1 %

$ 1,219

29.9 %

$ 3,871

31.1 %

$ 3,589

29.9 %

Loss from unconsolidated equity

method investments

57

73

72

116

Loss on extinguishment of debt

and other related costs

2

2

Restructuring charges

3

8

13

20

Loss (gain) on business

divestitures and impairments, net

1

(1)

Labor disruption

56

56

Total adjustments

116

84

141

137

Adjusted EBITDA and adjusted

EBITDA margin

$ 1,383

32.8 %

$ 1,303

32.0 %

$ 4,012

32.2 %

$ 3,726

31.1 %

Adjusted EBITDA and Adjusted EBITDA Margin by Business Type

The following table summarizes revenue, adjusted EBITDA and adjusted EBITDA margin by business type for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars and adjusted EBITDA margin as a percentage of revenue):

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Recycling &

Waste

Environmental

Solutions

Total

Recycling &

Waste

Environmental

Solutions

Total

Revenue

$ 3,779

$ 433

$ 4,212

$ 3,611

$ 465

$ 4,076

Adjusted EBITDA (a)

$ 1,295

$ 88

$ 1,383

$ 1,186

$ 117

$ 1,303

Adjusted EBITDA Margin

34.3 %

20.3 %

32.8 %

32.8 %

25.2 %

32.0 %

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Recycling &

Waste

Environmental

Solutions

Total

Recycling &

Waste

Environmental

Solutions

Total

Revenue

$ 11,112

$ 1,344

$ 12,456

$ 10,625

$ 1,361

$ 11,986

Adjusted EBITDA (a)

$ 3,725

$ 287

$ 4,012

$ 3,410

$ 316

$ 3,726

Adjusted EBITDA Margin

33.5 %

21.4 %

32.2 %

32.1 %

23.2 %

31.1 %

(a) Certain corporate expenses, including selling, general and administrative expenses, and National Accounts revenue are allocated to the two business types.

The amounts shown for Recycling & Waste represent the sum of our Group 1 and Group 2 reportable segments, and Environmental Solutions represents our Group 3 reportable segment.

Adjusted Earnings Per Share

The following table calculates adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 (in millions of dollars except per share data):

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Diluted

Diluted

Net

Earnings

Net

Earnings

Pre-tax

Tax

Income -

per

Pre-tax

Tax

Income -

per

Income

Impact (1)

Republic

Share

Income

Impact (1)

Republic

Share

As reported

$ 645

$ 95

$ 550

$ 1.76

$ 647

$ 81

$ 566

$ 1.80

Loss on extinguishment of debt and other related costs

2

2

0.01

Restructuring charges

3

1

2

0.01

8

2

6

0.02

Labor disruption

56

14

42

0.13

Loss on business divestitures and impairments, net (2)

1

1

Settlements and withdrawals on pension plans

(8)

(2)

(6)

(0.02)

Total adjustments

59

15

44

0.14

3

1

2

0.01

As adjusted

$ 704

$ 110

$ 594

$ 1.90

$ 650

$ 82

$ 568

$ 1.81

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Diluted

Diluted

Net

Earnings

Net

Earnings

Pre-tax

Tax

Income -

per

Pre-tax

Tax

Income -

per

Income

Impact (1)

Republic

Share

Income

Impact (1)

Republic

Share

As reported

$ 2,030

$ 435

$ 1,595

$ 5.10

$ 1,899

$ 368

$ 1,531

$ 4.86

Gain on extinguishment of debt and other related costs

(5)

(1)

(4)

(0.01)

Restructuring charges

13

4

9

0.03

20

5

15

0.04

Labor disruption

56

14

42

0.13

Loss (gain) on business divestitures and impairments,

net (3)

(1)

(1)

Settlements and withdrawals on pension plans

(8)

(2)

(6)

(0.02)

Total adjustments

69

18

51

0.16

6

2

4

0.01

As adjusted

$ 2,099

$ 453

$ 1,646

$ 5.26

$ 1,905

$ 370

$ 1,535

$ 4.87

(1) The income tax effect related to our adjustments includes both current and deferred income tax impact and is individually calculated based on the statutory rates applicable to each adjustment.

(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the three months ended September 30, 2024.

(3) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the nine months ended September 30, 2024.

We believe that presenting EBITDA and EBITDA margin is useful to investors because they provide important information concerning our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDA margin demonstrate our ability to execute our financial strategy, which includes reinvesting in existing capital assets to ensure a high level of customer service, investing in capital assets to facilitate growth in our customer base and services provided, maintaining our investment grade credit ratings and minimizing debt, paying cash dividends, repurchasing our common stock, and maintaining and improving our market position through business optimization. Although depreciation, depletion, amortization and accretion are considered operating costs in accordance with U.S. GAAP, they represent the allocation of non-cash costs generally associated with long-lived assets acquired or constructed in prior years.

We believe that presenting adjusted EBITDA and adjusted EBITDA margin, adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share provide an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods.

Restructuring charges. During the three and nine months ended September 30, 2025, we incurred restructuring charges of $3 million and $13 million, respectively, and during the three and nine months ended September 30, 2024, we incurred restructuring charges of $8 million and $20 million, respectively. The 2025 charges primarily related to the design and implementation of a new accounts receivable system. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. During the nine months ended September 30, 2025 and 2024, we paid $10 million and $18 million, respectively, related to these restructuring efforts.

Labor disruption. During the three and nine months ended September 30, 2025, we experienced labor disruptions in certain isolated markets. The impact of these labor disruptions during both the three and nine months ended September 30, 2025 was $56 million, including $16 million of customer credits and $40 million of cost of operations.

Adjusted Free Cash Flow

The following table calculates our adjusted free cash flow, which is not a measure determined in accordance with U.S. GAAP, for the nine months ended September 30, 2025 and 2024 (in millions of dollars):

Nine Months Ended

September 30,

2025

2024

Cash provided by operating activities

$ 3,315

$ 2,914

Property and equipment received

(1,183)

(1,199)

Proceeds from sales of property and equipment

10

9

Restructuring payments, net of tax

7

14

Labor disruption, net of tax

42

Cash tax benefit for debt extinguishment and other related costs

(1)

Adjusted free cash flow

$ 2,191

$ 1,737

We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain expenditures or recoveries. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments.

Purchases of property and equipment as reflected on our consolidated statements of cash flows represent amounts paid during the period for such expenditures. A reconciliation of property and equipment expenditures reflected on our consolidated statements of cash flows to property and equipment received during the period follows for the nine months ended September 30, 2025 and 2024 (in millions of dollars):

Nine Months Ended

September 30,

2025

2024

Purchases of property and equipment per the unaudited consolidated statements of cash

flows

$ 1,310

$ 1,357

Adjustments for property and equipment received in a different period

(127)

(158)

Property and equipment received during the period

$ 1,183

$ 1,199

The adjustments noted above do not affect our net change in cash, cash equivalents, restricted cash and restricted cash equivalents as reflected in our consolidated statements of cash flows.

ACCOUNTS RECEIVABLE

As of September 30, 2025 and December 31, 2024, accounts receivable were $1,900 million and $1,821 million, net of allowance for doubtful accounts of $70 million and $74 million, respectively, resulting in days sales outstanding of 41.0, or 30.2 days net of deferred revenue, compared to 40.9, or 30.0 days net of deferred revenue, respectively.

CASH DIVIDENDS

In July 2025, we paid a cash dividend of $182 million to shareholders of record as of July 2, 2025. As of September 30, 2025, we recorded a quarterly dividend payable of $194 million to shareholders of record at the close of business on October 2, 2025, which was paid on October 15, 2025.

SHARE REPURCHASE PROGRAM

During the three months ended September 30, 2025, we repurchased 2.3 million shares of our common stock for $539 million at a weighted average cost per share of $232.00. As of September 30, 2025, the remaining authorized purchase capacity under our October 2023 repurchase program was approximately $1.9 billion.

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking information about us that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as "guidance," "expect," "will," "may," "anticipate," "plan," "estimate," "project," "intend," "should," "can," "likely," "could," "outlook" and similar expressions are intended to identify forward-looking statements. These statements include information about our plans, strategies, and expectations of future financial performance and prospects. Forward-looking statements are not guarantees of performance. These statements are based upon the current beliefs and expectations of our management and are subject to risk and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such expectations may not prove to be correct. Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are the impacts of the overall global economy and changing interest rates, impacts from international trade restrictions and tariffs, our ability to effectively integrate and manage companies we acquire, and to realize the anticipated benefits of any such acquisitions, the impact of prolonged work stoppages or other labor disruptions, the amount of the financial contribution of our sustainability initiatives, acts of war, riots or terrorism, and the impact of these acts on economic, financial and social conditions in the United States, as well as our dependence on large, long-term collection, transfer and disposal contracts. More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, particularly under Part I, Item 1A – Risk Factors. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Republic Services, Inc.