The earnings call presented a mixed outlook. While Republic Services reported strong earnings growth and significant achievements in sustainability and customer retention, challenges in the Environmental Solutions segment and labor disruptions were noted. The increase in free cash flow guidance and strategic acquisitions provide a positive outlook, although market softness and lower recycling commodity prices remain concerns.

Company Guidance -

Q3 2025

During the Republic Services Second Quarter 2025 Investor Conference Call, the company provided updated financial guidance for the full year, reflecting strong operational performance despite a challenging demand environment. The company reported revenue growth of 4.6%, adjusted EBITDA growth of 8%, and an adjusted EBITDA margin expansion of 100 basis points. Adjusted earnings per share were $1.77, and adjusted free cash flow on a year-to-date basis reached $1.42 billion. Customer retention remained robust at over 94%. The company revised its full-year revenue guidance to a range of $16.675 billion to $16.75 billion, maintaining its original adjusted EBITDA guidance of $5.275 billion to $5.325 billion and adjusted EPS guidance of $6.82 to $6.90. Adjusted free cash flow guidance was increased to $2.375 billion to $2.415 billion, reflecting benefits from recent tax legislation. The company also highlighted its sustainability initiatives, progress on Polymer Centers, and fleet electrification efforts. Despite experiencing localized labor disruptions, Republic Services remains committed to fair negotiations and continues to pursue strategic acquisitions, with $900 million invested year-to-date and expectations for over $1 billion in acquisitions for 2025.

Robust Earnings and Margin Expansion

Republic Services delivered robust earnings growth with adjusted EBITDA growth of 8% and expanded adjusted EBITDA margin by 100 basis points.

Strong Revenue Growth

The company achieved revenue growth of 4.6% driven by strong pricing across the business.

High Customer Retention and Loyalty

Customer retention rate remains strong at more than 94% with favorable trends in Net Promoter Score.

Sustainability and Environmental Initiatives

Progress on sustainability goals with developments in Polymer Centers, fleet electrification, and renewable natural gas projects.

Increased Free Cash Flow Guidance

Full year adjusted free cash flow guidance increased, expected to be in the range of $2.375 billion to $2.415 billion.

Successful Strategic Acquisitions

Invested nearly $900 million in strategic acquisitions with a pipeline supporting more than $1 billion of investment in 2025.

Dividend Increase

Announced an increase of the dividend for the 22nd consecutive year.

Republic Services (RSG) Earnings, Revenues Date & History

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RSG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 23, 2025	2025 (Q3)	1.79 / -	1.81	―	―	―
Jul 29, 2025	2025 (Q2)	1.77 / 1.77	1.61	9.94% (+0.16)	―
Apr 24, 2025	2025 (Q1)	1.53 / 1.58	1.45	8.97% (+0.13)	―
Feb 13, 2025	2024 (Q4)	1.40 / 1.58	1.41	12.06% (+0.17)	―
Oct 29, 2024	2024 (Q3)	1.61 / 1.81	1.54	17.53% (+0.27)	―
Jul 24, 2024	2024 (Q2)	1.56 / 1.61	1.41	14.18% (+0.20)	―
Apr 30, 2024	2024 (Q1)	1.35 / 1.45	1.24	16.94% (+0.21)	―
Feb 27, 2024	2023 (Q4)	1.29 / 1.41	1.13	24.78% (+0.28)	―
Oct 26, 2023	2023 (Q3)	1.43 / 1.54	1.34	14.93% (+0.20)	―
Jul 31, 2023	2023 (Q2)	1.32 / 1.41	1.32	6.82% (+0.09)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

RSG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$246.01	$231.69	-5.82%
Apr 24, 2025	$240.19	$242.98	+1.16%
Feb 13, 2025	$223.42	$230.27	+3.07%
Oct 29, 2024	$202.75	$197.30	-2.69%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.