What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 178 added, 113 removed, 685 unchanged (30% of the section changed)

3 unchanged sentences

(in millions, except per share data)

March 31, December 31,

June 30, December 31,

Current assets:

46 unchanged sentences

(in millions, except per share data)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Revenue $ 4,430 $ 4,235 $ 8,544 $ 8,244

4 unchanged sentences

Restructuring charges 4 6 6 9

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

(Gain) loss on business divestitures and impairments, net — 3 ( 1 ) 1

Operating income 901 861 1,731 1,665

8 unchanged sentences

Net income attributable to Republic Services, Inc.

$ 566 $ 550 $ 1,092 $ 1,045

Basic earnings per share attributable to Republic Services, Inc.

11 unchanged sentences

(in millions)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net income $ 566 $ 550 $ 1,092 $ 1,045

Other comprehensive loss, net of tax ( 2 ) ( 5 )

Other comprehensive (loss) income, net of tax ( 2 ) 3 ( 4 ) ( 2 )

Comprehensive income 564 553 1,088 1,043

1 unchanged sentence

Comprehensive income attributable to Republic Services, Inc.

$ 564 $ 553 $ 1,088 $ 1,043

The accompanying notes are an integral part of these statements.

17 unchanged sentences

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

Net income — — — 566 — — — — 566

Other comprehensive loss — — — — — — ( 2 ) — ( 2 )

Cash dividends declared — — — ( 191 ) — — — — ( 191 )

Issuances of common stock — — 7 — — ( 1 ) — — 6

Stock-based compensation — — 14 ( 1 ) — — — — 13

Purchase of common stock for treasury — — — — ( 2 ) ( 340 ) — — ( 340 )

Balance as of June 30, 2026

314 $ 3 $ 1,872 $ 11,867 ( 8 ) $ ( 1,677 ) $ ( 33 ) $ 1 $ 12,033

Republic Services, Inc.

13 unchanged sentences

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

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

The accompanying notes are an integral part of these statements.

2 unchanged sentences

(in millions)

Three Months Ended March 31

Six Months Ended June 30

Cash provided by operating activities:

3 unchanged sentences

Non-cash interest expense 40 37

Deferred tax provision 33 1

Deferred tax provision (benefit) 61 ( 8 )

Loss from unconsolidated equity method investments 110 14

15 unchanged sentences

Cash used in investing activities ( 1,727 ) ( 1,815 )

Cash (used in) provided by financing activities:

Cash used in financing activities:

Proceeds from credit facilities and notes payable, net of fees 25,683 20,025

5 unchanged sentences

Contingent consideration payments ( 17 ) ( 3 )

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

Cash used in financing activities ( 595 ) ( 260 )

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

78 unchanged sentences

Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

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.

The amendments in ASU 2024-03 are effective for annual reporting periods beginning

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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.

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.

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

4 unchanged sentences

BUSINESS ACQUISITIONS, INVESTMENTS AND RESTRUCTURING CHARGES

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

We acquired various environmental services businesses during the six months ended June 30, 2026 and 2025.

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

3 unchanged sentences

Allocated as follows:

Restricted cash

Accounts receivable

3 unchanged sentences

( 10 ) ( 12 )

Deferred income tax liabilities ( 4 ) ( 16 )

Other liabilities

6 unchanged sentences

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.

For the acquisitions that closed during the six months ended June 30, 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.

6 unchanged sentences

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.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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.

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 and intangible assets acquired, 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 July 2026, we acquired certain assets from TD*X Associates LP, constituting a hazardous waste thermal treatment business located on one of our landfills in Texas.

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 ("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.

During the six months ended June 30, 2026 and 2025 , we decreased the carrying value of these investments by $ 87 million and $ 5 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 $ 41 million and $ 78 million for the three and six months ended June 30, 2026, respectively, due to tax credits net of nondeductible items, related to these investments.

No benefit was recognized in our tax provision for the three and six months ended June 30, 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.

1 unchanged sentence

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

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

As of June 30, 2026 and December 31, 2025 , our carrying value in the joint venture was approximately $ 305 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 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.

As of June 30, 2026 and December 31, 2025 , our carrying value in the joint venture was $ 95 million and $ 101 million, respectively.

This investment is an unconsolidated variable interest entity ("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 March 31, 2026.

These investments were recorded as other assets in our unaudited consolidated balance sheet as of June 30, 2026.

Restructuring Charges

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.

During the three and six months ended June 30, 2026 , we incurred restructuring charges of $ 4 million and $ 6 million, respectively, and during the three and six months ended June 30, 2025, we incurred restructuring charges of $ 6 million and $ 9 million, respectively .

The charges in these periods related primarily to the design and implementation of our new accounts receivable system.

During both the six months ended June 30, 2026 and 2025, we paid $ 7 million related to these restructuring efforts.

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

1 unchanged sentence

Balance as of December 31, 2025

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

Acquisitions Divestitures Adjustments and Other Balance as of

June 30, 2026

Group 1 $ 7,573 $ 330 $ — $ 1 $ 7,904

8 unchanged sentences

Acquisitions Adjustments

Balance as of March 31, 2026

Balance as of June 30, 2026

Balance as of December 31, 2025

Additions Charged to Expense Adjustments

Balance as of March 31, 2026

Other Intangible Assets, Net as of March 31, 2026

Balance as of June 30, 2026

Other Intangible Assets, Net as of June 30, 2026

Customer relationships

3 unchanged sentences

Total $ 965 $ 101 $ ( 3 ) $ 1,063 $ ( 310 ) $ ( 46 ) $ — $ ( 356 ) $ 707

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 March 31, 2026 and December 31, 2025 follows:

A summary of prepaid expenses and other current assets as of June 30, 2026 and December 31, 2025 follows:

Parts and supplies $ 115 $ 106

Other non-trade receivables 102 94

Prepaid expenses 88 131

Income taxes receivable 39 146

Other non-trade receivables 77 94

Reinsurance receivable 29 32

Total $ 427 $ 550

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

A summary of other assets as of June 30, 2026 and December 31, 2025 follows:

Investments $ 715 $ 815

6 unchanged sentences

Total $ 1,502 $ 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 March 31, 2026 and December 31, 2025 follows:

A summary of other accrued liabilities as of June 30, 2026 and December 31, 2025 follows:

Accrued payroll and benefits $ 275 $ 313

3 unchanged sentences

Operating right-of-use lease liabilities, current 49 48

Accrued professional fees and legal settlement reserves 34 32

Ceded insurance reserves, current 29 32

Accrued professional fees and legal settlement reserves 22 32

Contingent purchase price and acquisition holdbacks 18 25

Total $ 1,242 $ 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 March 31, 2026 and December 31, 2025 follows:

A summary of other long-term liabilities as of June 30, 2026 and December 31, 2025 follows:

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

5 unchanged sentences

Total $ 563 $ 556

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

LANDFILL AND ENVIRONMENTAL COSTS

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

As of June 30, 2026, we owned or operated 208 active landfills, and we had post-closure responsibility for 125 closed landfills.

Accrued Landfill and Environmental Costs

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

A summary of accrued landfill and environmental costs as of June 30, 2026 and December 31, 2025 follows:

Landfill final capping, closure and post-closure liabilities $ 2,369 $ 2,313

4 unchanged sentences

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 three months ended March 31, 2026 and 2025:

The following table summarizes the activity in our asset retirement obligation liabilities, which includes liabilities for final capping, closure and post-closure, for the six months ended June 30, 2026 and 2025:

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

13 unchanged sentences

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

4 unchanged sentences

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 March 31, 2026 would be approximately $ 276 million higher than the amount recorded.

If we used the reasonably possible high ends of our ranges, our aggregate potential remediation liability as of June 30, 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.

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

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

The following table summarizes the activity in our environmental remediation liabilities for the six months ended June 30, 2026 and 2025:

Environmental remediation liabilities, beginning of year $ 443 $ 447

16 unchanged sentences

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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.

The carrying value of our credit facilities, finance leases and long-term debt as of June 30, 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.

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Maturity Interest Rate Principal Adjustments Carrying Value Principal Adjustments Carrying Value

13 unchanged sentences

February 2031 1.450 650 ( 4 ) 646 650 ( 5 ) 645

July 2031 4.750 700 ( 6 ) 694 — — —

February 2032 1.750 750 ( 4 ) 746 750 ( 4 ) 746

5 unchanged sentences

March 2035 5.150 700 ( 10 ) 690 700 ( 10 ) 690

July 2036 5.000 500 ( 9 ) 491 — — —

March 2040 6.200 400 ( 3 ) 397 400 ( 3 ) 397

19 unchanged sentences

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

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

As of June 30, 2026, we had $ 72 million of borrowings outstanding under our Uncommitted Credit Facility.

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

9 unchanged sentences

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.

As of June 30, 2026 and December 31, 2025, C$ 257 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.

2 unchanged sentences

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

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.

We had $ 182 million and $ 425 million outstanding under the Credit Facility as of June 30, 2026 and December 31, 2025, respectively.

We had $ 314 million and $ 319 million of letters of credit outstanding under the Credit Facility as of June 30, 2026 and December 31, 2025, respectively.

We also had $ 420 million and $ 1.0 billion of principal borrowings outstanding under our commercial paper program as of June 30, 2026 and December 31, 2025, respectively.

As a result, availability under the Credit Facility was $ 2.6 billion and $ 1.8 billion as of June 30, 2026 and December 31, 2025, respectively.

Commercial Paper Program

In May 2022, we entered into a commercial paper program for the issuance and sale of unsecured commercial paper in an aggregate principal amount not to exceed $ 500 million outstanding at any one time (the Commercial Paper Cap).

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 March 31, 2026 was 4.069 %.

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

The weighted average interest rate for borrowings outstanding as of June 30, 2026 was 3.974 %.

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.

We had $ 420 million and $ 1.0 billion principal value of commercial paper issued and outstanding under the program as of June 30, 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 March 31, 2026 and December 31, 2025, respectively.

Accordingly, we have classified these borrowings as long-term in our consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively.

On August 6, 2026, the Company amended its commercial paper program to increase the Commercial Paper Cap from $ 1.5 billion to $ 2.0 billion.

REPUBLIC SERVICES, INC.

2 unchanged sentences

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

We used the proceeds from the March 2025 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding on our Credit Facility and a portion of outstanding borrowings under the Commercial Paper Program.

We used the proceeds from the March 2025 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under our credit facilities and a portion of outstanding borrowings under our commercial paper program.

In June 2026, we issued $ 700 million of 4.750 % senior notes due 2031 and $ 500 million of 5.000 % senior notes due 2036.

We used the proceeds from the June 2026 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under our credit facilities and a portion of outstanding borrowings under our commercial paper program.

Our senior notes and debentures are general unsecured and unsubordinated obligations and rank equally with our other unsecured obligations.

Tax-Exempt Financings

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.

As of both June 30, 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.

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 $ 89 million had been incurred and reimbursed to us as of June 30, 2026.

As of June 30, 2026, we had $ 285 million of restricted cash and marketable securities, of which $ 11 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.

3 unchanged sentences

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.

Accordingly, we classified these borrowings as long-term in our consolidated balance sheets as of June 30, 2026 and December 31, 2025.

Finance Leases and Other

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.

As of June 30, 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 June 30, 2026 and December 31, 2025, finance leases and other included $ 156 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 and six months ended June 30, 2026 was 19.0 % and 19.4 %, respectively.

Our effective tax rate, exclusive of non-controlling interests, for the three and six months ended June 30, 2025 was 23.6 % and 24.6 %, respectively.

Our effective tax rate for the three and six months ended June 30, 2026 reflects net benefits of $ 41 million and $ 78 million, respectively, from investments in renewable energy assets, and benefits of $ 10 million and $ 13 million, respectively, from investments in renewable natural gas projects and electric vehicle infrastructure.

Our effective tax rate for the three and six months ended June 30, 2025 reflects net benefits of $ 7 million and $ 9 million, respectively, from investments in renewable natural gas projects and commercial electric vehicles.

For the six months ended June 30, 2026 and 2025, net cash paid for income taxes was $ 79 million and $ 150 million, respectively.

We have deferred tax assets related to state net operating loss carryforwards with an estimated tax effect of $ 48 million available as of June 30, 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.

In recognition of this risk, as of June 30, 2026, we have provided a valuation allowance of $ 39 million.

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

4 unchanged sentences

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.

As of June 30, 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.

10 unchanged sentences

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,

Share repurchase activity during the three and six months ended June 30, 2026 and 2025 follows (in millions, except per share amounts):

Three Months Ended June 30,

Six Months Ended June 30,

2026 2025 2026 2025

Number of shares repurchased 1.7 — 3.1 0.3

$ 359 $ — $ 651 $ 55

Weighted average cost per share $ 207.43 $ — $ 212.14 $ 201.40

As of June 30, 2026 and 2025, there were no repurchased shares pending settlement.

As of June 30, 2026, the remaining authorized purchase capacity under our October 2023 repurchase program was $ 1.0 billion.

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 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.

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

Cash dividends declared were $ 383 million for the six months ended June 30, 2026.

As of June 30, 2026, we recorded a quarterly dividend payable of $ 191 million to shareholders of record at the close of business on July 2, 2026.

REPUBLIC SERVICES, INC.

5 unchanged sentences

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

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,

Earnings per share for the three and six months ended June 30, 2026 and 2025 are calculated as follows (in thousands, except per share amounts):

Three Months Ended June 30,

Six Months Ended June 30,

2026 2025 2026 2025

Basic earnings per share:

10 unchanged sentences

Unvested PSU awards

110 188 124 195

Weighted average common and common equivalent shares outstanding

8 unchanged sentences

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

As of June 30, 2026 and December 31, 2025, our assets and liabilities that are measured at fair value on a recurring basis include the following:

June 30, 2026

Carrying Amount Total Quoted

3 unchanged sentences

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

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

Derivative and hedging assets - other assets 38 38 — 38 —

Total assets $ 213 $ 213 $ 78 $ 135 $ —

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

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

Contingent consideration - other accrued liabilities and other long-term liabilities 62 62 — — 62

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

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

Derivative and hedging assets - other assets 32 32 — 32 —

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

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

Derivative and hedging liabilities - 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 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.

As of June 30, 2026 and December 31, 2025, the carrying value of our total debt was $ 14.1 billion and $ 13.6 billion, respectively, and the fair value of our total debt was $ 13.9 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 are based on Level 2 inputs of the fair value hierarchy as of March 31, 2026 and December 31, 2025.

The fair value estimates are based on Level 2 inputs of the fair value hierarchy as of June 30, 2026 and December 31, 2025.

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

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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:

Summarized financial information concerning our reportable segments for the three months ended June 30, 2026 and 2025 follows:

Group 1 Group 2 Recycling & Waste Subtotal (1)

(Environmental Solutions) Corporate entities and other Total

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Gross revenue $ 2,325 $ 2,180 $ 4,505 $ 463 $ 108 $ 5,076

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Total assets $ 15,154 $ 11,764 $ 26,918 $ 5,320 $ 2,921 $ 35,159

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Gross revenue $ 2,180 $ 2,138 $ 4,318 $ 466 $ 98 $ 4,882

8 unchanged sentences

(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 six months ended June 30, 2026 and 2025 follows:

Group 1 Group 2 Recycling & Waste Subtotal (1)

(Environmental Solutions) Corporate entities and other Total

Six Months Ended June 30, 2026

Gross revenue $ 4,527 $ 4,175 $ 8,702 $ 871 $ 203 $ 9,776

Intercompany revenue ( 656 ) ( 543 ) ( 1,199 ) ( 22 ) ( 11 ) ( 1,232 )

Revenue allocations 94 84 178 14 ( 192 ) —

Net revenue 3,965 3,716 7,681 863 — 8,544

Cost of operations 2,199 2,165 4,364 565 — 4,929

Selling, general and administrative 391 352 743 127 — 870

Adjusted EBITDA $ 1,375 $ 1,199 $ 2,574 $ 171 $ — $ 2,745

Capital expenditures $ 450 $ 298 $ 748 $ 56 $ 64 $ 868

Total assets $ 15,154 $ 11,764 $ 26,918 $ 5,320 $ 2,921 $ 35,159

Six Months Ended June 30, 2025

Gross revenue $ 4,243 $ 4,114 $ 8,357 $ 920 $ 196 $ 9,473

Intercompany revenue ( 632 ) ( 533 ) ( 1,165 ) ( 25 ) ( 39 ) ( 1,229 )

Revenue allocations 72 69 141 16 ( 157 ) —

Net revenue 3,683 3,650 7,333 911 — 8,244

Cost of operations 2,093 2,099 4,192 571 — 4,763

Selling, general and administrative 372 346 718 134 — 852

Adjusted EBITDA $ 1,218 $ 1,205 $ 2,423 $ 206 $ — $ 2,629

Capital expenditures $ 409 $ 284 $ 693 $ 77 $ 96 $ 866

Total assets $ 14,108 $ 11,429 $ 25,537 $ 5,130 $ 2,730 $ 33,397

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

Corporate entities and other includes marketing, operations support, business development, legal, tax, treasury, information technology, risk management, human resources and other administrative functions.

1 unchanged sentence

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.

Capital expenditures for Corporate entities and other

Additionally, intercompany revenue reflects transactions within and between segments.

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

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

REPUBLIC SERVICES, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)

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

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

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Group 1 Adjusted EBITDA $ 707 $ 620 $ 1,375 $ 1,218

9 unchanged sentences

Restructuring charges 4 6 6 9

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

(Gain) loss on business divestitures and impairments, net — 3 ( 1 ) 1

Income before income taxes $ 699 $ 720 $ 1,355 $ 1,385

3 unchanged sentences

Our operations primarily consist of providing environmental services.

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,

The following table disaggregates our revenue by service line for the three and six months ended June 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

$ 767 17.3 % $ 752 17.8 % $ 1,515 17.7 % $ 1,496 18.1 %

Small-container

28 unchanged sentences

Revenue Recognition

Our service obligations of a long-term nature, e.g., certain collection service contracts, are satisfied over time, and we recognize revenue based on the value provided to the customer during the period.

Our service obligations are generally long-term in nature, e.g., certain collection service contracts, are satisfied over time, and we recognize revenue based on the value provided to the customer during the period.

The amount billed to the customer is based on variable elements such as the number of residential homes or businesses for which collection services are provided, the volume of material collected, treated, transported and disposed, and the nature of the material accepted.

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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, 2025 was recognized as revenue during the three months ended March 31, 2026 when the service was performed.

Substantially all of the deferred revenue recognized as of December 31, 2025 was recognized as revenue during the six months ended June 30, 2026 when the service was performed.

Deferred Contract Costs

1 unchanged sentence

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.

As of June 30, 2026 and December 31, 2025, we recognized $ 77 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 three months ended March 31, 2026 and 2025:

The following table reflects the activity in our allowance for doubtful accounts for the six months ended June 30, 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 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.

As of June 30, 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

7 unchanged sentences

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

June 30, 2026 December 31, 2025 June 30, 2025 December 31, 2024

Cash and cash equivalents $ 107 $ 76 $ 122 $ 74

4 unchanged sentences

The following table summarizes our restricted cash and marketable securities:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Financing proceeds $ 11 $ —

8 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