What changed in this filing

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Item 1. Financial Statements

2026-05-08 compared with 2025-10-31 · 178 added, 321 removed, 620 unchanged (45% of the section changed)

3 unchanged sentences

(in millions, except per share data)

September 30, December 31,

March 31, December 31,

Current assets:

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750 shares authorized;

313 and 313 issued including shares held in treasury, respectively

314 and 313 issued including shares

held in treasury, respectively

Additional paid-in capital 1,851 1,833

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(in millions, except per share data)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Revenue $ 4,113 $ 4,009

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Selling, general and administrative 425 427

Loss (gain) on business divestitures and impairments, net — 1 — ( 1 )

Restructuring charges 2 4

Gain on business divestitures and impairments, net ( 1 ) ( 2 )

Operating income 830 804

Interest expense ( 151 ) ( 140 )

Loss on extinguishment of debt — ( 2 ) — ( 2 )

Loss from unconsolidated equity method investments ( 52 ) ( 12 )

6 unchanged sentences

Net income attributable to Republic Services, Inc.

$ 550 $ 566 $ 1,595 $ 1,531

Basic earnings per share attributable to Republic Services, Inc.

6 unchanged sentences

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

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(in millions)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Net income $ 525 $ 495

3 unchanged sentences

Comprehensive income attributable to Republic Services, Inc.

$ 547 $ 556 $ 1,590 $ 1,524

The accompanying notes are an integral part of these statements.

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314 3 1,851 11,493 ( 6 ) ( 1,336 ) ( 31 ) 1 11,981

Net income — — — 550 — — — — 550

Other comprehensive income — — — — — — 3 — 3

Cash dividends declared — — — ( 182 ) — — — — ( 182 )

Issuances of common stock — — 6 — — ( 1 ) — — 5

Stock-based compensation — — 11 — — — — — 11

Balance as of June 30, 2025

313 3 1,801 10,455 ( 1 ) ( 181 ) ( 28 ) 2 12,052

Net income — — — 550 — — — — 550

Other comprehensive loss — — — — — — ( 3 ) — ( 3 )

Cash dividends declared — — — ( 194 ) — — — — ( 194 )

Issuances of common stock — — 5 — — ( 1 ) — — 4

Stock-based compensation — — 10 ( 1 ) — — — — 9

Purchase of common stock for treasury — — — — ( 2 ) ( 545 ) — — ( 545 )

Distributions paid — — — — — — — ( 1 ) ( 1 )

Balance as of September 30, 2025

313 $ 3 $ 1,816 $ 10,810 ( 3 ) $ ( 727 ) $ ( 31 ) $ 1 $ 11,872

Republic Services, Inc.

6 unchanged sentences

Net income — — — 495 — — — — 495

Other comprehensive income — — — — — — 7 — 7

Cash dividends declared — — — ( 169 ) — — — — ( 169 )

Issuances of common stock — — 3 — — ( 28 ) — — ( 25 )

Stock-based compensation — — 12 ( 1 ) — — — — 11

Balance as of March 31, 2024

321 3 2,916 8,718 ( 6 ) ( 812 ) ( 5 ) 1 10,821

Net income — — — 512 — — — — 512

Other comprehensive loss — — — — — — ( 5 ) — ( 5 )

3 unchanged sentences

Purchase of common stock for treasury — — — — — ( 45 ) — — ( 45 )

Balance as of June 30, 2024

321 3 2,932 9,061 ( 7 ) ( 982 ) ( 9 ) 1 11,006

Net income — — — 566 — — — — 566

Other comprehensive loss — — — — — — ( 10 ) — ( 10 )

Cash dividends declared — — — ( 182 ) — — — — ( 182 )

Issuances of common stock — — 4 — — — — — 4

Stock-based compensation — — 10 ( 1 ) — — — — 9

Purchase of common stock for treasury — — — — ( 1 ) ( 163 ) — — ( 163 )

Balance as of September 30, 2024

Balance as of March 31, 2025

313 3 1,784 10,087 ( 1 ) ( 180 ) ( 31 ) 2 11,665

3 unchanged sentences

(in millions)

Nine Months Ended September 30

Three Months Ended March 31

Cash provided by operating activities:

3 unchanged sentences

Non-cash interest expense 21 18

Stock-based compensation 33 31

Deferred tax provision 33 1

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 52 12

7 unchanged sentences

Other liabilities 30 6

Proceeds for retirement of certain hedging relationships — 24

Cash provided by operating activities 1,227 1,025

4 unchanged sentences

Cash received from business divestitures 1 3

Purchases of restricted marketable securities ( 15 ) ( 18 )

Sales of restricted marketable securities 13 16

Other ( 1 ) ( 1 )

Cash used in investing activities ( 910 ) ( 1,288 )

Cash used in financing activities:

Cash (used in) provided by financing activities:

Proceeds from credit facilities and notes payable, net of fees 15,310 11,372

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Cash dividends paid ( 193 ) ( 181 )

Distributions paid to non-controlling interests in consolidated subsidiary ( 1 ) —

Contingent consideration payments ( 14 ) ( 1 )

Cash used in financing activities ( 723 ) ( 1,188 )

Cash (used in) provided by financing activities ( 238 ) 284

Effect of foreign exchange rate changes on cash ( 1 ) —

Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 22 ( 22 )

Increase in cash, cash equivalents, restricted cash and restricted cash equivalents 78 21

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 249 203

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We must make these estimates and assumptions because certain information we use is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies.

In preparing our financial statements, the more critical and subjective areas that deal with the greatest amount of uncertainty relate to our accounting for our long-lived assets, including recoverability, landfill development costs and final capping, closure and post-closure costs;

In preparing our financial statements, the more significant and subjective areas that deal with the greatest amount of uncertainty relate to our accounting for our long-lived assets, including recoverability, landfill development costs and final capping, closure and post-closure costs;

our liabilities for potential litigation, claims and assessments;

our liabilities for environmental remediation, deferred taxes, and uncertain tax positions;

and our estimates of the fair values of assets acquired and liabilities assumed in certain acquisitions.

our liabilities for environmental remediation, deferred taxes, uncertain tax positions and insurance reserves;

and our estimates of the fair values of assets acquired and liabilities assumed in acquisitions.

For more detail on significant accounting policies, refer to Note 2, Summary of Significant Accounting Policies , of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

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New Accounting Pronouncements

Accounting Standards Adopted

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2025‑05, Financial Instruments – Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025‑05), which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Topic 606.

In developing reasonable and supportable forecasts as part of estimating expected credit losses, the amendments in this update provide entities with a practical expedient that assumes that the current conditions as of the balance sheet date do not change for the remaining life of the asset.

The Company adopted ASU 2025-05 and elected this practical expedient on January 1, 2026.

The election of this practical expedient did not have a material impact on our consolidated financial statements.

Accounting Standards Updates Issued but not yet Adopted

Codification Improvements

In December 2025, the FASB issued Accounting Standards Update 2025-12, Codification Improvements:

The amendments from this ASU address a range of accounting topics and clarify or make minor improvements to the existing codification.

The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods.

Early adoption is permitted.

We are currently assessing the effect this guidance may have on our consolidated financial statements.

Narrow-Scope Improvements

In December 2025, the FASB issued Accounting Standards Update 2025-11, Interim Reporting (Topic 270) :

Narrow-Scope Improvements.

This guidance clarifies interim disclosure requirements and the applicability of Topic 270, resulting in a comprehensive list of interim disclosures required by GAAP and a disclosure principle for disclosing material events since the last reporting period.

The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027.

We are currently assessing the effect this guidance may have on our consolidated financial statements.

Accounting for Government Grants Received by Business Entities

In December 2025, the FASB issued Accounting Standards Update 2025-10, Government Grants (Topic 832):

Accounting for Government Grants Received by Business Entities.

This ASU adds guidance to Accounting Standards Codification (ASC) 832 on the recognition, measurement, and presentation of government grants.

In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including International Accounting Standards (IAS) 20 or ASC 958-605, when accounting for government grants.

This ASU will be effective for annual and interim periods in fiscal years beginning after December 15, 2028.

We are currently assessing the effect this guidance may have on our consolidated financial statements.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software.

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We are currently assessing the effect this guidance may have on our consolidated financial statements.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the Financial Accounting Standards Board issued Accounting Standard Update 2025-05, Financial Instruments - Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Topic 606.

The update is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods.

We are currently assessing the effect this guidance may have on our consolidated financial statements.

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

In May 2025, the FASB issued Accounting Standard Update 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810):

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (ASU 2025-03), revising guidance on identifying the accounting acquirer in business combinations involving variable interest entities (VIEs).

In accordance with ASU 2025-03, when a reporting entity exchanges equity interests in a business combination, it must evaluate specific factors to determine the accounting acquirer, irrespective of the legal acquiree's classification as a VIE.

This may lead to the conclusion that a VIE involves a reverse acquisition, treating the legal acquirer as the acquiree for accounting purposes.

This update improves comparability with combinations including voting interest entities (VOEs) and will be effective for fiscal years starting after December 15, 2026.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued Accounting Standard Update No.

In November 2024, the FASB issued Accounting Standards Update No.

2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40):

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The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted.

An entity may apply the amendments prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements.

The Company is currently evaluating the impact of ASU 2024-03 on its future consolidated financial statements.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (ASU 2023-09).

ASU 2023-09 requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid.

The amendments in this update are effective for fiscal years beginning after December 15, 2024.

The Company will adopt ASU 2023-09 for its financial statements for the annual period ending December 31, 2025.

We do not expect the adoption of this ASU to have a material impact on our consolidated financial statements and will disclose the required additional information starting in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements:

Codification Amendments in Response to the

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

SEC’s Disclosure Update and Simplification Initiative, to modify the disclosure or presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements, and to align the requirements in the FASB accounting standard codification with the SEC's regulations.

entity may apply the amendments prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements.

We are currently assessing the effect this guidance may have on our consolidated financial statements.

Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements:

Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative , to modify the disclosure or presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements, and to align the requirements in the FASB accounting standard codification with the SEC's regulations.

The effective date for each topic's amendment is the date on which the SEC's removal of the topic's related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited.

BUSINESS ACQUISITIONS, INVESTMENTS AND RESTRUCTURING CHARGES

We acquired various environmental services businesses during the nine months ended September 30, 2025 and 2024.

We acquired various environmental services businesses during the three months ended March 31, 2026 and 2025.

The aggregate purchase price paid for these business acquisitions and the allocations of the aggregate purchase price follows:

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Cash used in acquisitions, net of cash acquired of $ — and $ 7 , respectively

Fair value, future minimum finance lease payments

Total $ 433 $ 826

1 unchanged sentence

Accounts receivable

Prepaid expenses 2 —

Property and equipment

Operating right-of-use lease assets

Accounts payable

Deferred revenue

Environmental remediation liabilities

Closure and post-closure liabilities

Operating right-of-use lease liabilities

Deferred income tax liabilities ( 16 ) ( 1 )

Accrued landfill and environmental costs

( 10 ) ( 12 )

Other liabilities

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Certain of the purchase price allocations are preliminary and based on information existing at the acquisition dates.

The preliminary allocation of purchase price, including the value of certain tangible and intangible assets acquired as well as environmental liabilities assumed, is based on the best estimates of management and is subject to revision based on the final valuations.

For the acquisitions that closed during the nine months ended September 30, 2025, we expect that a majority of the goodwill and intangible assets recognized as a result of these acquisitions will not be deductible for tax purposes.

Accordingly, the purchase price allocations are subject to change.

For the acquisitions that closed during the three months ended March 31, 2026 , we expect that a majority of the goodwill and intangible assets recognized as a result of these acquisitions will be deductible for tax purposes.

These acquisitions are not material to the Company's results of operations, individually or in the aggregate.

As a result, no pro forma financial information is provided.

In February 2025, we acquired all of the issued and outstanding shares of COP Shamrock Parent, Inc.

Shamrock is a leading provider of industrial waste and wastewater treatment services.

Shamrock's operations are primarily located in the northeastern and southeastern United States and provide us with a platform to pursue additional growth in our environmental solutions line of business.

In February 2026, we acquired certain assets and assumed certain liabilities from Hamm, LLC, N.R.

Hamm Quarry, LLC, N.R.

Hamm Contractor, LLC, and Cornejo & Sons, LLC constituting a vertically-integrated recycling and waste business located in Kansas.

The purchase price allocation is preliminary and remains subject to revision as additional information is obtained about the facts and circumstances that existed at the valuation date.

The preliminary allocation of purchase price, including the value assigned to certain tangible assets acquired as well as certain landfill and environmental liabilities assumed, is based on the best estimates of management and is subject to revision based on the final valuations.

We expect our valuations to be substantially complete by the end of 2026.

In May 2026, we acquired the equity interests of Robinson Waste Holdings Group, LLC (Robinson).

Robinson's vertically integrated recycling and waste services operations are located in Utah and complement Republic's existing core competencies and expertise in the environmental services industry.

REPUBLIC SERVICES, INC.

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We invest in non-controlling equity interests in certain limited liability companies that qualify for investment tax credits under Section 48 of the Internal Revenue Code.

We account for these investments under the equity method of accounting utilizing the Hypothetical Liquidation at Book Value method.

In exchange for our non-controlling interests, we made capital contributions of $ 170 million and $ 236 million, which were recorded to other assets in our unaudited consolidated balance sheets during the nine months ended September 30, 2025 and 2024, respectively .

During the three and nine months ended September 30, 2025 , the carrying value of these investments was decreased by $ 50 million and $ 55 million, respectively, as a result of our share of income and loss pursuant to the terms of the limited liability company agreements .

During the three and nine months ended September 30, 2024 , we decreased the carrying value of these investments by $ 75 million and $ 117 million, respectively, as a result of our share of income and loss pursuant to the terms of the limited liability company agreements .

We account for these investments under the equity method of accounting utilizing the Hypothetical Liquidation at Book Value ("HLBV") method.

During the three months ended March 31, 2026 and 2025 , we decreased the carrying value of these investments by $ 43 million and $ 8 million, respectively, as a result of our share of income and loss pursuant to the terms of the limited liability company agreements .

Additionally, our tax provision reflects a benefit of approximately $ 37 million for the three months ended March 31, 2026, due to tax credits net of nondeductible items, related to these investments.

No benefit was recognized in our tax provision for the three months ended March 31, 2025.

For further discussion of the income tax benefits, refer to Note 11, Income Taxes, in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025.

In 2024, we acquired a non-controlling equity interest in a joint venture with a landfill gas-to-energy developer to construct renewable natural gas projects at certain of our landfill locations in Illinois.

As of September 30, 2025 and December 31, 2024 , our carrying value in the joint venture was $ 39 million and $ 35 million, respectively.

During the nine months ended September 30, 2025 and 2024, we contributed $ 5 million and $ 34 million, respectively, into the joint venture.

This investment is an unconsolidated VIE for which we do not have the power to direct the significant activities of the business, and it is accounted for under the equity method of accounting.

Our risk of loss is materially consistent with our contributions to-date.

In 2022 , we acquired a non-controlling equity interest in a joint venture with a landfill gas-to-energy developer to construct renewable natural gas projects at our landfills across the United States.

Certain of these investments qualified for investment tax credits under Section 48 of the Internal Revenue Code.

During the nine months ended September 30, 2025 , we contributed approximately $ 50 million into the joint venture.

As of September 30, 2025 and December 31, 2024 , our carrying value in the joint venture was approximately $ 310 million and $ 270 million, respectively .

As of March 31, 2026 and December 31, 2025 , our carrying value in the joint venture was approximately $ 312 million and $ 314 million, respectively .

The investment is accounted for under the equity method of accounting.

In 2022 , we acquired a non-controlling equity interest in Blue Polymers, LLC, a joint venture with Ravago, intended to help create vertical integration in the recycling market, and to further advance circularity by acquiring all olefins produced by the Company's Polymer Centers and produce custom blended pellets for food-grade and non-food-grade packaging.

As of September 30, 2025 and December 31, 2024 , our carrying value in the joint venture was $ 88 million and $ 55 million, respectively.

During the nine months ended September 30, 2025 and 2024, we contributed $ 40 million and $ 28 million, respectively, into the joint venture.

In 2022 , we acquired a non-controlling equity interest in Blue Polymers, LLC, a joint venture with Ravago, intended to help create vertical integration in the recycling market, and to further advance circularity by acquiring all olefins produced by the Company's Polymer Centers and producing custom blended pellets for food-grade and non-food-grade packaging.

As of March 31, 2026 and December 31, 2025 , our carrying value in the joint venture was $ 95 million and $ 101 million, respectively.

This investment is an unconsolidated VIE for which we do not have the power to direct the significant activities of the business, and it is accounted for under the equity method of accounting.

Our risk of loss is materially consistent with our contributions to date.

These investments were recorded as other assets in our unaudited consolidated balance sheet as of September 30, 2025.

These investments were recorded as other assets in our unaudited consolidated balance sheet as of March 31, 2026.

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.

During the three months ended March 31, 2026 and 2025 , we incurred restructuring charges of $ 2 million and $ 4 million, respectively .

The charges related to the design and implementation of our new accounts receivable system.

During the three months ended March 31, 2026 and 2025, we paid $ 4 million and $ 3 million , respectively, related to these restructuring efforts.

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

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Balance as of December 31, 2025

Acquisitions Divestitures Adjustments and Other Balance as of September 30, 2025

Acquisitions Divestitures Adjustments and Other Balance as of March 31, 2026

Group 1 $ 7,573 $ 137 $ — $ — $ 7,710

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Total $ 16,715 $ 218 $ — $ ( 7 ) $ 16,926

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Other Intangible Assets, Net

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Acquisitions Adjustments

Balance as of September 30, 2025

Balance as of March 31, 2026

Balance as of December 31, 2025

Additions Charged to Expense Adjustments

Balance as of September 30, 2025

Other Intangible Assets, Net as of September 30, 2025

Balance as of March 31, 2026

Other Intangible Assets, Net as of March 31, 2026

Customer relationships

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Total $ 965 $ 18 $ ( 3 ) $ 980 $ ( 310 ) $ ( 23 ) $ — $ ( 333 ) $ 647

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Prepaid Expenses and Other Current Assets

A summary of prepaid expenses and other current assets as of September 30, 2025 and December 31, 2024 follows:

A summary of prepaid expenses and other current assets as of March 31, 2026 and December 31, 2025 follows:

Parts and supplies $ 114 $ 106

Prepaid expenses 108 131

Income taxes receivable 89 146

Other non-trade receivables 77 94

Parts and supplies 103 98

Reinsurance receivable 31 32

Prepaid fees for cloud-based hosting arrangements, current 28 27

Income taxes receivable 14 124

Total $ 475 $ 550

A summary of other assets as of September 30, 2025 and December 31, 2024 follows:

A summary of other assets as of March 31, 2026 and December 31, 2025 follows:

Investments $ 769 $ 815

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Deferred compensation plan 140 143

Reinsurance receivable 89 86

Reinsurance receivable, net of current 89 90

Deferred contract costs and sales commissions 78 81

Derivative and hedging assets 36 32

Amounts recoverable for capping, closure and post-closure obligations 28 24

Total $ 1,530 $ 1,575

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

OTHER LIABILITIES

Other Accrued Liabilities

A summary of other accrued liabilities as of September 30, 2025 and December 31, 2024 follows:

A summary of other accrued liabilities as of March 31, 2026 and December 31, 2025 follows:

Accrued payroll and benefits $ 286 $ 313

Accrued fees and taxes 257 206

Insurance reserves, current 253 251

Accrued fees and taxes 227 214

Accrued dividends 192 193

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Contingent purchase price and acquisition holdbacks 14 25

Other 141 119

Total $ 1,236 $ 1,205

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Other Long-Term Liabilities

A summary of other long-term liabilities as of September 30, 2025 and December 31, 2024 follows:

A summary of other long-term liabilities as of March 31, 2026 and December 31, 2025 follows:

Operating right-of-use lease liabilities $ 174 $ 177

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Total $ 552 $ 556

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

LANDFILL AND ENVIRONMENTAL COSTS

As of September 30, 2025, we owned or operated 209 active landfills with total available disposal capacity estimated to be 5.1 billion in-place cubic yards.

Additionally, we had post-closure responsibility for 125 closed landfills.

As of March 31, 2026, we owned or operated 209 active landfills, and we had post-closure responsibility for 124 closed landfills.

Accrued Landfill and Environmental Costs

A summary of accrued landfill and environmental liabilities as of September 30, 2025 and December 31, 2024 follows:

A summary of accrued landfill and environmental liabilities as of March 31, 2026 and December 31, 2025 follows:

Landfill final capping, closure and post-closure liabilities $ 2,339 $ 2,313

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Final Capping, Closure and Post-Closure Costs

The following table summarizes the activity in our asset retirement obligation liabilities, which includes liabilities for final capping, closure and post-closure, for the nine months ended September 30, 2025 and 2024:

The following table summarizes the activity in our asset retirement obligation liabilities, which includes liabilities for final capping, closure and post-closure, for the three months ended March 31, 2026 and 2025:

Asset retirement obligation liabilities, beginning of year $ 2,313 $ 2,144

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These costs are expensed as cost of operations in the periods in which they are incurred.

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Environmental Remediation Liabilities

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It is reasonably possible that we will need to adjust the liabilities recorded for remediation to reflect the effects of new or additional information, to the extent such information impacts the costs, timing or duration of the required actions.

If we used the reasonably possible high ends of our ranges, our aggregate potential remediation liability as of September 30, 2025 would be approximately $ 274 million higher than the amount recorded.

If we used the reasonably possible high ends of our ranges, our aggregate potential remediation liability as of March 31, 2026 would be approximately $ 276 million higher than the amount recorded.

Future changes in our estimates of the cost, timing or duration of the required actions could have a material adverse effect on our consolidated financial position, results of operations and cash flows.

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The following table summarizes the activity in our environmental remediation liabilities for the nine months ended September 30, 2025 and 2024:

The following table summarizes the activity in our environmental remediation liabilities for the three months ended March 31, 2026 and 2025:

Environmental remediation liabilities, beginning of year $ 443 $ 447

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Long-term portion $ 378 $ 393

Bridgeton Landfill.

During the nine months ended September 30, 2025, we paid $ 7 million related to management and monitoring of the remediation area for our closed Bridgeton Landfill in Missouri.

We continue to work with state and federal regulatory agencies on our remediation efforts.

From time to time, this may require us to modify our future operating timeline and procedures, which could result in changes to our expected liability.

As of September 30, 2025, the remediation liability recorded for this site was $ 55 million, of which approximately $ 4 million is expected to be paid during the remainder of 2025.

West Lake Landfill Superfund Site .

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The carrying value of our credit facilities, finance leases and long-term debt as of September 30, 2025 and December 31, 2024 is listed in the following table, and is adjusted for unamortized discounts, deferred issuance costs and the unamortized portion of adjustments to fair value recorded in purchase accounting.

The carrying value of our credit facilities, finance leases and long-term debt as of March 31, 2026 and December 31, 2025 is listed in the following table, and is adjusted for unamortized discounts, deferred issuance costs and the unamortized portion of adjustments to fair value recorded in purchase accounting.

Original issue discounts and adjustments to fair value recorded in purchase accounting are amortized to interest expense over the term of the applicable instrument using the effective interest method.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Maturity Interest Rate Principal Adjustments Carrying Value Principal Adjustments Carrying Value

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Senior notes:

March 2025 3.200 — — — 500 — 500

November 2025 0.875 350 — 350 350 — 350

July 2026 2.900 500 — 500 500 — 500

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The Uncommitted Credit Facility may be terminated by either party at any time.

As of September 30, 2025, we had $ 68 million of borrowings outstanding under our Uncommitted Credit Facility.

As of March 31, 2026, we had $ 50 million of borrowings outstanding under our Uncommitted Credit Facility.

As of December 31, 2025, we had no borrowings outstanding under our Uncommitted Credit Facility.

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The total outstanding principal amount that we may borrow under the Credit Facility may not exceed the current aggregate lenders' commitments of $ 3.5 billion, and borrowings under the Credit Facility mature in July 2029.

We have the right to request two one-year extensions of the maturity date, but none of the lenders are committed to participate in such extensions.

As permitted by the Credit Facility, we have the right to request two one-year extensions of the maturity date, but none of the lenders are committed to participate in such extensions.

The Credit Facility also includes a feature that allows us to increase availability, at our option, by an aggregate amount of up to $ 1.0 billion through increased commitments from existing lenders or the addition of new lenders.

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Borrowings under the Credit Facility in United States dollars bear interest at a Base Rate, a daily floating SOFR or a term SOFR, plus a current applicable margin of 0.805 % based on our Debt Ratings (all as defined in the Credit Facility agreement).

Canadian dollar-denominated loans bear interest based on the Canadian Prime Rate or the Canadian Dollar Offered Rate, plus a current applicable margin of 0.805 % based on our Debt Ratings.

As of September 30, 2025 and December 31, 2024, C$ 204 million and C$ 232 million, respectively, were outstanding against the Canadian Sublimit.

The Canadian dollar-denominated loans bear interest based on the Canadian Prime Rate or the Canadian Dollar Offered Rate (all as defined in the Credit Facility agreement) plus a current applicable margin of 0.805 % based on our Debt Ratings.

As of March 31, 2026 and December 31, 2025, C$ 261 million and C$ 204 million, respectively, were outstanding against the Canadian Sublimit.

The Credit Facility is subject to facility fees based on applicable rates defined in the Credit Facility agreement and the aggregate commitment, regardless of usage.

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We may pay dividends and repurchase common stock if we are in compliance with these covenants.

We had $ 147 million and $ 514 million of borrowings outstanding under the Credit Facility as of September 30, 2025 and December 31, 2024, respectively.

We had $ 320 million and $ 317 million of letters of credit outstanding under the Credit Facility as of September 30, 2025 and December 31, 2024, respectively.

We also had $ 598 million and $ 477 million of principal borrowings outstanding (net of related discount on issuance) under our commercial paper program as of September 30, 2025 and December 31, 2024, respectively.

As a result, availability under our Credit Facility was $ 2.4 billion and $ 2.2 billion as of September 30, 2025 and December 31, 2024, respectively.

We had $ 188 million and $ 425 million outstanding under the Credit Facility as of March 31, 2026 and December 31, 2025, respectively.

We had $ 315 million and $ 319 million of letters of credit outstanding under the Credit Facility as of March 31, 2026 and December 31, 2025, respectively.

We also had $ 1.4 billion and $ 1.0 billion of principal borrowings outstanding under our commercial paper program as of March 31, 2026 and December 31, 2025, respectively.

As a result, availability under the Credit Facility was $ 1.6 billion and $ 1.8 billion as of March 31, 2026 and December 31, 2025, respectively.

Commercial Paper Program

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In August 2022, the Commercial Paper Cap was increased to $ 1.0 billion, and in October 2023, was increased to $ 1.5 billion.

The weighted average interest rate for borrowings outstanding as of September 30, 2025 is 4.249 % with a weighted average maturity of approximately 8 days.

The weighted average interest rate for borrowings outstanding as of December 31, 2024 is 4.646 % with a weighted average maturity of approximately 18 days.

We had $ 598 million and $ 477 million principal value of commercial paper issued and outstanding under the program as of September 30, 2025 and December 31, 2024, respectively.

The weighted average interest rate for borrowings outstanding as of March 31, 2026 was 4.069 %.

The weighted average interest rate for borrowings outstanding as of December 31, 2025 was 4.044 %.

We had $ 1.4 billion and $ 1.0 billion principal value of commercial paper issued and outstanding under the program as of March 31, 2026 and December 31, 2025, respectively.

In the event of a failed re-borrowing, we currently have availability under our Credit Facility to fund amounts currently borrowed under the commercial paper program until they are re-borrowed successfully.

Accordingly, we have classified these borrowings as long-term in our consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.

Accordingly, we have classified these borrowings as long-term in our consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.

REPUBLIC SERVICES, INC.

1 unchanged sentence

Senior Notes and Debentures

In June 2024, we issued $ 400 million of 5.000 % senior notes due 2029 and $ 500 million of 5.200 % senior notes due 2034.

We used the proceeds from the June 2024 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under the Commercial Paper Program and the Credit Facility;

and repayment of the remaining amount outstanding under the Uncommitted Credit Facility and certain debt obligations.

In March 2025, we issued $ 500 million of 4.750 % senior notes due 2030 and $ 700 million of 5.150 % senior notes due 2035.

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Tax-Exempt Financings

As of both September 30, 2025 and December 31, 2024, we had $ 1.4 billion of tax-exempt financings outstanding, with maturities ranging from 2026 to 2054 for both periods.

In June 2024, the Mission Economic Development Corporation issued, for our benefit, $ 50 million in principal amount of Solid Waste Disposal Revenue Bonds.

The proceeds from the issuance, after deferred issuance costs, were used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within Texas.

As of both March 31, 2026 and December 31, 2025, we had $ 1.4 billion of tax-exempt financings outstanding with maturities ranging from 2026 to 2056 and 2026 to 2054, respectively.

In March 2026, the California Municipal Finance Authority issued, for our benefit, $ 100 million in principal amount of Solid Waste Disposal Revenue Bonds.

The proceeds from the issuance, after deferred issuance costs, will be used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within California, of which $ 81 million had been incurred and reimbursed to us as of March 31, 2026.

As of March 31, 2026, we had $ 292 million of restricted cash and marketable securities, of which $ 19 million represented proceeds from the issuance of the tax-exempt bonds.

We have $ 250 million of tax-exempt financings that have an initial remarketing period of 10 years.

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If the remarketing agents are unable to remarket our bonds, the remarketing agents can put the bonds to us.

In the event of a failed remarketing, we currently have availability under our Credit Facility to fund the repurchase of these bonds until they are remarketed successfully.

Accordingly, we classified these borrowings as long-term in our consolidated balance sheets as of September 30, 2025 and December 31, 2024.

In the event of a failed remarketing, we currently have availability under our Credit Facility to fund these bonds until they are remarketed successfully.

Accordingly, we classified these borrowings as long-term in our consolidated balance sheets as of March 31, 2026 and December 31, 2025.

Finance Leases and Other

As of September 30, 2025 and December 31, 2024, we had finance leases and other liabilities of $ 400 million and $ 315 million, respectively, with maturities ranging from 2025 to 2063 for both periods.

In our unaudited consolidated balance sheet as of September 30, 2025, finance leases and other included $ 120 million related to the construction of an office building located in Phoenix, Arizona, which has been accounted for as a financing obligation.

The amount is recorded within long-term debt, net of current maturities.

Our effective tax rate, exclusive of non-controlling interests, for the three and nine months ended September 30, 2025 was 14.7 % and 21.4 %, respectively.

Our effective tax rate, exclusive of non-controlling interests, for the three and nine months ended September 30, 2024, was 12.5 % and 19.4 %, respectively.

Our effective tax rate for the three and nine months ended September 30, 2025 reflects a benefit of $ 65 million due to our investments in renewable energy assets, $ 8 million and $ 18 million, respectively, due to investments in renewable natural gas projects and commercial electric vehicles, and $ 9 million due to the realization of additional federal and state tax benefits, as well as adjustments to deferred taxes due to the completion of our 2024 tax returns.

Our effective tax rate for the three and nine months ended September 30, 2024 reflected a benefit of $ 81 million and $ 122 million, respectively, due to our investments in renewable energy assets qualifying for tax credits under Section 48 of the Internal Revenue Code, $ 6 million due to the realization of additional federal and state tax benefits, as well as adjustments to deferred taxes due to the completion of our 2023 tax returns.

For the nine months ended September 30, 2025 and 2024, net cash paid for income taxes was $ 166 million and $ 183 million, respectively.

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

On July 4, 2025, the One Big Beautiful Bill Act (the "Act”) was signed into law.

The Act, among other things, implemented changes to the tax treatment relating to bonus depreciation, research and experimental expenditures and interest expense, and included phase-outs and restrictions on several clean energy tax incentives.

The Company does not expect the Act to have a material impact on our effective tax rate.

We have deferred tax assets related to state net operating loss carryforwards.

We provide a partial valuation allowance due to uncertainty surrounding the future utilization of these carryforwards in the taxing jurisdictions where the loss carryforwards exist.

When determining the need for a valuation allowance, we consider all positive and negative evidence, including recent financial results, scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies.

The realization of our deferred tax asset for state loss carryforwards ultimately depends upon the existence of sufficient taxable income in the appropriate state taxing jurisdictions in future periods.

The weight given to the positive and negative evidence is commensurate with the extent such evidence can be objectively verified.

We continue to regularly monitor both positive and negative evidence in determining the ongoing need for a valuation allowance.

As of September 30, 2025, the valuation allowance associated with our state loss carryforwards was $ 40 million.

As of March 31, 2026 and December 31, 2025, we had finance leases and other liabilities of $ 443 million and $ 441 million, respectively, with maturities ranging from 2026 to 2063 for both periods, respectively.

As of March 31, 2026 and December 31, 2025, finance leases and other included $ 154 million and $ 148 million, respectively, related to construction costs for our corporate office building located in Phoenix, Arizona, which has been accounted for as a financing obligation.

Our effective tax rate, exclusive of non-controlling interests, for the three months ended March 31, 2026 and 2025 was 19.9 % and 25.6 %, respectively.

Our effective tax rate for the three months ended March 31, 2026 reflects a benefit of $ 37 million due to our investments in renewable energy assets and $ 3 million due to investments in renewable natural gas projects and electric vehicle infrastructure.

Our effective tax rate for the three months ended March 31, 2025 reflects a benefit of $ 2 million due to investments in renewable natural gas projects and commercial electric vehicles.

For the three months ended March 31, 2026 and 2025, net cash paid for income taxes was $ 4 million and $ 2 million, respectively.

We have deferred tax assets related to state net operating loss carryforwards with an estimated tax effect of $ 50 million available as of March 31, 2026.

These state net operating loss carryforwards expire at various times between 2027 and 2046.

We believe that it is more likely than not that the benefit from some of our state net operating loss carryforwards will not be realized due to limitations on these loss carryforwards in certain states.

In recognition of this risk, as of March 31, 2026, we have provided a valuation allowance of $ 40 million.

We are subject to income tax in the United States and Canada, as well as multiple state jurisdictions.

Income tax in our foreign jurisdictions is not material for all periods presented.

Our compliance with income tax rules and regulations is periodically audited by taxing authorities.

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Thus, to provide for certain potential tax exposures, we maintain liabilities for uncertain tax positions for our estimate of the final outcome of these examinations.

Our federal statute of limitations is closed through 2021, except for an acquired subsidiary for which the statute of limitations is closed through 2020.

Our federal statute of limitations applicable to our federal tax returns is closed through 2021.

In addition, we are currently under state examination or administrative review in various jurisdictions for tax years 2013 through 2024.

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

We recognize interest and penalties as incurred within the provision for income taxes in the consolidated statement of income.

As of March 31, 2026, we accrued a liability for penalties of $ 3 million and a liability for interest (including interest on penalties) of $ 5 million related to our uncertain tax positions.

We believe the recorded liabilities for uncertain tax positions are adequate.

However, a significant assessment against us in excess of the liabilities recorded could have a material adverse effect on our consolidated financial position, results of operations and cash flows.

As of September 30, 2025, we are unable to estimate the resolution of our gross unrecognized benefits over the next 12 months.

We recognize interest and penalties as incurred within the provision for income taxes in the consolidated statement of income.

As of September 30, 2025, we accrued a liability for penalties of $ 1 million and a liability for interest (including interest on penalties) of $ 5 million related to our uncertain tax positions.

SHARE REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE

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While the Board of Directors has approved the program, the timing of any purchases, the prices and the number of shares of common stock to be purchased will be determined by our management, at its discretion, and will depend upon market conditions and other factors.

On a quarterly basis, our Board of Directors reviews the parameters around which we repurchase our shares.

The share repurchase program may be extended, suspended or discontinued at any time.

Share repurchase activity during the three and nine months ended September 30, 2025 and 2024 follows (in millions, except per share amounts):

Three Months Ended September 30,

Nine Months Ended September 30,

2025 2024 2025 2024

On a quarterly basis, our Board of Directors reviews the intrinsic value of our stock and the parameters around which we repurchase our shares.

Share repurchase activity during the three months ended March 31, 2026 and 2025 follows (in millions, except per share amounts):

Three Months Ended March 31,

Number of shares repurchased 1.3 0.3

$ 539 $ 153 $ 594 $ 321

Weighted average cost per share $ 218.22 $ 201.40

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The average price paid per share, total repurchase costs and approximate maximum dollar value of the shares that may yet be purchased under the plans or programs exclude a 1% excise tax.

As of September 30, 2025, there were no repurchased shares pending settlement.

As of September 30, 2024, there were less than 0.1 million repurchased shares pending settlement, resulting in an associated $ 9 million of share repurchases unpaid and included within other accrued liabilities.

As of September 30, 2025, the remaining authorized purchase capacity under our October 2023 repurchase program was $ 1.9 billion.

In July 2025, our Board of Directors approved a quarterly dividend of $ 0.625 per share.

Cash dividends declared were $ 557 million for the nine months ended September 30, 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.

As of March 31, 2026, there were less than 1 million repurchased shares pending settlement, resulting in an associated $ 22 million of share repurchases unpaid and included within other accrued liabilities.

As of March 31, 2025, there were no repurchased shares pending settlement.

As of March 31, 2026, the remaining authorized purchase capacity under our October 2023 repurchase program was $ 1.4 billion.

In February 2026, our Board of Directors approved a quarterly dividend of $ 0.625 per share.

Cash dividends declared were $ 192 million for the three months ended March 31, 2026.

As of March 31, 2026, we recorded a quarterly dividend payable of $ 192 million to shareholders of record at the close of business on April 2, 2026.

REPUBLIC SERVICES, INC.

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We use the treasury stock method in computing diluted earnings per share.

Earnings per share for the three and nine months ended September 30, 2025 and 2024 are calculated as follows (in thousands, except per share amounts):

Three Months Ended September 30,

Nine Months Ended September 30,

2025 2024 2025 2024

Earnings per share for the three months ended March 31, 2026 and 2025 are calculated as follows (in thousands, except per share amounts):

Three Months Ended March 31,

Basic earnings per share:

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Unvested PSU awards

196 239 195 291

Weighted average common and common equivalent shares outstanding

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Diluted earnings per share $ 1.70 $ 1.58

During the three and nine months ended September 30, 2025, there were less than 0.1 million antidilutive securities outstanding.

During the three and nine months ended September 30, 2024, there were no antidilutive securities outstanding.

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT

A summary of changes in accumulated other comprehensive loss, net of tax, by component, for the nine months ended September 30, 2025 follows:

Cash Flow Hedges Defined Benefit Pension Items Foreign Currency Translation Total

Balance as of December 31, 2024

$ ( 13 ) $ — $ ( 13 ) $ ( 26 )

Other comprehensive income (loss) before reclassifications — 2 ( 6 ) ( 4 )

Amounts reclassified from accumulated other comprehensive loss 1 ( 2 ) — ( 1 )

Net current period other comprehensive loss 1 — ( 6 ) ( 5 )

Balance as of September 30, 2025

$ ( 12 ) $ — $ ( 19 ) $ ( 31 )

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

A summary of reclassifications out of accumulated other comprehensive loss for the three and nine months ended September 30, 2025 and 2024 follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2025 2024 2025 2024

Details about Accumulated Other Comprehensive Loss Components Amount Reclassified from Accumulated Other Comprehensive Loss Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement where Net Income is Presented

Gain (loss) on cash flow hedges:

Terminated interest rate locks $ — $ ( 1 ) $ ( 1 ) $ ( 3 ) Interest expense

2022 interest rate swap — — — 14 Interest expense

Total before tax — ( 1 ) ( 1 ) 11

Tax provision — — — ( 3 )

Net of tax — ( 1 ) ( 1 ) 8

Pension gains:

Pension settlement — 8 2 8 Other income, net

Tax provision — ( 2 ) — ( 2 )

Net of tax — 6 2 6

Total income reclassified into earnings, net of tax $ — $ 5 $ 1 $ 14

FINANCIAL INSTRUMENTS

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We also use market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate.

The carrying value for certain of our financial instruments, including cash, accounts receivable, current investments, accounts payable and certain other accrued liabilities, approximates fair value because of their short-term nature.

The carrying value for certain of our financial instruments, including cash, accounts receivable, accounts payable and certain other accrued liabilities, approximates fair value because of their short-term nature.

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

As of September 30, 2025 and December 31, 2024, our assets and liabilities that are measured at fair value on a recurring basis include the following:

September 30, 2025

As of March 31, 2026 and December 31, 2025, our assets and liabilities that are measured at fair value on a recurring basis include the following:

March 31, 2026

Carrying Amount Total Quoted

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Bonds and fixed income - restricted cash and marketable securities and other assets

Derivative and hedging assets - other assets 36 36 — 36 —

Derivative and hedging assets - other assets, prepaid expenses and other current assets 36 36 — 36 —

Total assets $ 207 $ 207 $ 77 $ 130 $ —

Derivative and hedging liabilities - other long-term liabilities $ 51 $ 51 $ — $ 51 $ —

Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities $ 49 $ 49 $ — $ 49 $ —

Contingent consideration - other accrued liabilities and other long-term liabilities 63 63 — — 63

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Bonds and fixed income - restricted cash and marketable securities and other assets

Derivative and hedging assets - other assets 55 55 — 55 —

Derivative and hedging assets - other assets, prepaid expenses and other current assets 32 32 — 32 —

Total assets $ 204 $ 204 $ 75 $ 129 $ —

Derivative and hedging liabilities - other long-term liabilities $ 72 $ 72 $ — $ 72 $ —

Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities $ 46 $ 46 $ — $ 46 $ —

Contingent consideration - other accrued liabilities and other long-term liabilities 63 63 — — 63

Total liabilities $ 109 $ 109 $ — $ 46 $ 63

As of September 30, 2025 and December 31, 2024, the carrying value of our total debt was $ 13.3 billion and $ 12.7 billion, respectively, and the fair value of our total debt was $ 13.2 billion and $ 12.2 billion, respectively.

As of March 31, 2026 and December 31, 2025, the carrying value of our total debt was $ 13.9 billion and $ 13.6 billion, respectively, and the fair value of our total debt was $ 13.6 billion and $ 13.5 billion, respectively.

The estimated fair value of our fixed rate senior notes, debentures and certain tax-exempt financings is based on quoted market prices.

The fair value of our remaining notes payable, tax-exempt financings and borrowings under our credit facilities approximates the carrying value because the interest rates are variable.

The fair value estimates were based on Level 2 inputs of the fair value hierarchy as of September 30, 2025 and December 31, 2024.

The fair value estimates are based on Level 2 inputs of the fair value hierarchy as of March 31, 2026 and December 31, 2025.

See Note 7, Debt , for further information related to our debt.

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The CODM considers budget-to-actual variances and year-over-year growth on a monthly basis to assess the performance of each segment.

Cost of operations and selling, general and administrative are significant segment expenses used in the evaluation.

Summarized financial information concerning our reportable segments for the three months ended September 30, 2025 and 2024 follows:

Group 1 Group 2 Recycling & Waste Subtotal (1)

(Environmental Solutions) Corporate entities and other Total

Three Months Ended September 30, 2025

Gross revenue $ 2,191 $ 2,108 $ 4,299 $ 440 $ 88 $ 4,827

Intercompany revenue ( 320 ) ( 274 ) ( 594 ) ( 13 ) ( 8 ) ( 615 )

Revenue allocations 39 35 74 6 ( 80 ) —

Net revenue 1,910 1,869 3,779 433 — 4,212

Cost of operations 1,077 1,110 2,187 276 — 2,463

Selling, general and administrative 184 169 353 69 — 422

Other segment items ( 11 ) ( 45 ) ( 56 ) — — ( 56 )

Adjusted EBITDA $ 660 $ 635 $ 1,295 $ 88 $ — $ 1,383

Capital expenditures $ 171 $ 171 $ 342 $ 45 $ 57 $ 444

Total assets $ 14,207 $ 11,495 $ 25,702 $ 5,140 $ 2,947 $ 33,789

Three Months Ended September 30, 2024

Gross revenue $ 2,071 $ 2,056 $ 4,127 $ 467 $ 86 $ 4,680

Intercompany revenue ( 304 ) ( 274 ) ( 578 ) ( 12 ) ( 14 ) ( 604 )

Revenue allocations 31 31 62 10 ( 72 ) —

Net revenue 1,798 1,813 3,611 465 — 4,076

Cost of operations 1,028 1,057 2,085 282 — 2,367

Selling, general and administrative 173 167 340 66 — 406

Adjusted EBITDA $ 597 $ 589 $ 1,186 $ 117 $ — $ 1,303

Capital expenditures $ 244 $ 161 $ 405 $ 33 $ 16 $ 454

Total assets $ 13,515 $ 11,240 $ 24,755 $ 4,470 $ 2,589 $ 31,814

(1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Summarized financial information concerning our reportable segments for the nine months ended September 30, 2025 and 2024 follows:

Cost of operations and selling, general and administrative expenses are significant segment expenses used in the evaluation.

Summarized financial information concerning our reportable segments for the three months ended March 31, 2026 and 2025 follows:

Group 1 Group 2 Recycling & Waste Subtotal (1)

(Environmental Solutions) Corporate entities and other Total

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Gross revenue $ 2,202 $ 1,995 $ 4,197 $ 407 $ 95 $ 4,699

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Selling, general and administrative 191 173 364 61 — 425

Other segment items ( 11 ) ( 45 ) ( 56 ) — — ( 56 )

Adjusted EBITDA $ 669 $ 575 $ 1,244 $ 78 $ — $ 1,322

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Total assets $ 14,716 $ 11,646 $ 26,362 $ 5,241 $ 2,997 $ 34,600

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Gross revenue $ 2,064 $ 1,977 $ 4,041 $ 454 $ 98 $ 4,593

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Revenue and overhead costs of Corporate entities and other are either specifically assigned or allocated on a rational and consistent basis among our reportable segments to calculate Adjusted EBITDA.

Intercompany revenue reflects transactions within and between segments that generally are made on a basis intended to reflect the market value of such services.

Capital expenditures for Corporate entities and other for the three and nine months ended September 30, 2025 largely included investments in our digital platforms and our third polymer center.

Capital expenditures for Corporate entities and other for the three and nine months ended September 30, 2024 primarily included vehicle inventory acquired but not yet assigned to operating locations and facilities.

As presented in the table below, Adjusted EBITDA reflects certain adjustments for losses from unconsolidated equity method investments, loss on extinguishment of debt and other related costs, restructuring charges, loss (gain) on business divestitures and impairments, net, and labor disruption.

This presentation is consistent with how our CODM reviews our results of operations to make resource allocation decisions.

Other segment items consist of the impact from labor disruptions that we experienced in certain isolated markets during the three and nine months ended September 30, 2025.

A reconciliation of the Company's single measure of segment profitability (segment Adjusted EBITDA) to Income before income tax provision in the Consolidated Statements of Net Income is as follows:

Intercompany revenue reflects transactions within and between segments.

Capital expenditures for Corporate entities and other

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

for the three months ended March 31, 2026 largely included investments in our digital platforms.

Capital expenditures for Corporate entities and other for the three months ended March 31, 2025 primarily included vehicle inventory acquired but not yet assigned to operating locations and facilities.

As presented in the table below, Adjusted EBITDA reflects certain adjustments for loss from unconsolidated equity method investments, restructuring charges, and gain on business divestitures and impairments, net.

This presentation is consistent with how our CODM reviews our results of operations to make resource allocation decisions.

A reconciliation of the Company's single measure of segment profitability (segment Adjusted EBITDA) to income before income taxes in the Consolidated Statements of Net Income is as follows:

Three Months Ended March 31

Group 1 Adjusted EBITDA $ 669 $ 598

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Loss from unconsolidated equity method investment 52 12

Loss on extinguishment of debt and other related costs — 2 — 2

Restructuring charges 2 4

Loss (gain) on business divestitures and impairments, net — 1 — ( 1 )

Labor disruption 56 — 56 —

Gain on business divestitures and impairments, net ( 1 ) ( 2 )

Income before income taxes $ 656 $ 665

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Our operations primarily consist of providing environmental services.

The following table disaggregates our revenue by service line 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

The following table disaggregates our revenue by service line for the three months ended March 31, 2026 and 2025 (in millions of dollars and as a percentage of revenue):

Three Months Ended March 31,

$ 747 18.2 % $ 743 18.6 %

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Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations.

Intercompany revenue reflects transactions within and between lines of business that generally are made on a basis intended to reflect the market value of such services.

Intercompany revenue reflects transactions within and between lines of business.

See Note 11, Segment Reporting , for additional information regarding revenue by reportable segment.

6 unchanged sentences

Environmental solutions revenue is primarily generated from the fees we charge for the collection, treatment, consolidation, disposal and recycling of hazardous and non-hazardous waste, field and industrial services, equipment rental, emergency response and standby services and in-plant services, such as transportation and logistics, including at our treatment, storage and disposal facilities (TSDF).

Activity for this service line varies across markets and reflects the regulatory environment, pricing

Activity for this service line varies across markets and reflects the regulatory environment, pricing and disposal alternatives available in any given market.

Revenue recognized is variable in nature and primarily based on the

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

and disposal alternatives available in any given market.

Revenue recognized is variable in nature and primarily based on the volume and type of waste accepted or processed during the period.

volume and type of waste accepted or processed during the period.

For certain field and industrial services contracts, we have a right to consideration from our customers in an amount that corresponds directly with the value to the customer of the Company's performance completed to date.

Therefore, we have applied the practical expedient to recognize revenue in the amount to which we have the right to invoice.

Therefore, we have applied the practical expedient to recognize revenue for the amount to which we have the right to invoice.

Deferred Revenue

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Depending on the nature of the contract, we may also generate revenue through the collection of fuel recovery fees and environmental fees which are designed to recover our internal costs of providing services to our customers.

Substantially all of the deferred revenue recognized as of December 31, 2024 was recognized as revenue during the nine months ended September 30, 2025 when the service was performed.

Substantially all of the deferred revenue recognized as of December 31, 2025 was recognized as revenue during the three months ended March 31, 2026 when the service was performed.

Deferred Contract Costs

We incur certain upfront payments to acquire customer contracts which are recognized as other assets in our consolidated balance sheet, and we amortize the asset over the respective contract life.

In addition, we recognize sales commissions that represent an incremental cost of the contract as other assets in our consolidated balance sheets, and we amortize the asset over the average life of the customer relationship.

For the periods ended September 30, 2025 and December 31, 2024, we recognized $ 81 million and $ 82 million, respectively, of deferred contract costs and capitalized sales commissions.

In addition, we recognize sales commissions that represent an incremental cost of the contract as other assets in our consolidated balance sheet, and we amortize the asset over the average life of the customer relationship.

For the periods ended March 31, 2026 and December 31, 2025, we recognized $ 78 million and $ 81 million, respectively, of deferred contract costs and capitalized sales commissions.

Credit Losses

7 unchanged sentences

We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables.

The following table reflects the activity in our allowance for doubtful accounts for the nine months ended September 30, 2025 and 2024:

The following table reflects the activity in our allowance for doubtful accounts for the three months ended March 31, 2026 and 2025:

Balance at beginning of year $ 66 $ 74

18 unchanged sentences

If we can reasonably estimate a range but no amount within the range appears to be a better estimate than any other, we use the amount that is the low end of such range.

As of September 30, 2025, we estimate that the probable and reasonably estimable outcomes of any such legal proceedings, as well as the aggregate potential liability using reasonably possible high ends of our ranges, are immaterial to the Company's consolidated financial statements.

As of March 31, 2026, we estimate that the probable and reasonably estimable outcomes of any such legal proceedings, as well as the aggregate potential liability using reasonably possible high ends of our ranges, are immaterial to the Company's consolidated financial statements.

Multiemployer Pension Plans

6 unchanged sentences

Restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.

Beginning-of-period and end-of-period cash, cash equivalents, restricted cash and restricted cash equivalents as presented in the statement of cash flows is reconciled as follows:

September 30, 2025 December 31, 2024 September 30, 2024 December 31, 2023

Beginning-of-period and end-of-period cash, cash equivalents, restricted cash and restricted cash equivalents as presented in the statement of cash flows are reconciled as follows:

March 31, 2026 December 31, 2025 March 31, 2025 December 31, 2024

Cash and cash equivalents $ 118 $ 76 $ 83 $ 74

2 unchanged sentences

Cash, cash equivalents, restricted cash and restricted cash equivalents $ 327 $ 249 $ 224 $ 203

Our restricted cash and marketable securities include amounts pledged to regulatory agencies and governmental entities as financial guarantees of our performance under certain collection, landfill and transfer station contracts and permits and relating to our final capping, closure and post-closure obligations at our landfills and restricted cash and marketable securities related to our insurance obligations.

Our restricted cash and marketable securities include amounts pledged to regulatory agencies and governmental entities as financial guarantees of our performance under certain collection, landfill and transfer station contracts and permits and relating to our final capping, closure and post-closure obligations at our landfills as well as restricted cash and marketable securities related to our insurance obligations.

The following table summarizes our restricted cash and marketable securities:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Financing proceeds $ 19 $ —

Capping, closure and post-closure obligations 69 67

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements