Republic Services raises cash-flow outlook after Q3 revenue growth
Republic Services grew third-quarter revenue 8.2% year over year, matched approximate EPS consensus and raised its 2026 adjusted free-cash-flow guidance to $2.565–$2.585 billion.
Republic Services reported third-quarter 2026 revenue of $4.559 billion, up from $4.212 billion a year earlier. Net income attributable to the company rose to $592 million from $550 million, while diluted earnings per share increased to $1.93 from $1.76.
Revenue growth translated into higher operating income of $921 million, compared with $836 million in the prior-year quarter. The reported $1.93 diluted EPS was broadly in line with the approximately $1.93 consensus cited before the release, while revenue exceeded estimates of roughly $4.41–$4.42 billion.
Cash generation also strengthened: operating cash flow for the first nine months reached $3.519 billion, versus $3.315 billion in 2025. Republic ended September with $92 million of cash and $14.055 billion of current and long-term debt, compared with $76 million and $13.581 billion at year-end 2025. The company repurchased $856 million of stock in the nine-month period and paid $577 million in dividends.
The updated outlook points to stronger expected cash conversion, but adjusted free cash flow is a non-GAAP measure: Republic says it excludes debt service and dividends and may not be comparable with similarly named measures at other companies. The board separately declared a quarterly dividend of $0.670 per share, payable January 15, 2027.
Q3 revenue
$4.559B
↑ +8.2% year over year
Diluted EPS
$1.93
↑ +$0.17 year over year
9M operating cash flow
$3.519B
↑ +6.2% year over year
FY26 adj. FCF guide
$2.565–$2.585B
↑ raised company guidance
Sources
Quarterly revenue, Republic Services
Margins by quarter
Twelve quarters of figures
| Quarter | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.4B | $4.4B | $4.4B | $4.7B | $4.7B | $4.6B | $4.6B | $4.9B | $4.8B | $4.7B | $4.7B | $5.1B |
| Revenue growth | 6.3% | 8.1% | 7.0% | 7.9% | 6.0% | 5.4% | 3.5% | 4.7% | 3.1% | 2.0% | 2.3% | 4.0% |
| Gross margin | 48.3% | 48.5% | 48.6% | 48.9% | 49.4% | 50.0% | 49.6% | 49.8% | 49.0% | 49.1% | 49.7% | 49.5% |
| Operating margin | 16.5% | 15.9% | 16.5% | 17.5% | 18.1% | 17.3% | 17.5% | 17.6% | 17.3% | 16.9% | 17.7% | 17.8% |
| Net income | $480M | $440M | $454M | $512M | $566M | $512M | $495M | $550M | $550M | $545M | $525M | $566M |
| Diluted EPS | $1.52 | $1.40 | $1.44 | $1.62 | $1.80 | $1.63 | $1.58 | $1.75 | $1.76 | $1.75 | $1.70 | $1.84 |
| Cash from operations | $953M | $899M | $811M | $1.1B | $1.0B | $1.0B | $1.0B | $1.1B | $1.2B | $981M | $1.2B | $1.2B |
| Capital expenditure | $369M | $548M | $515M | $403M | $439M | $498M | $459M | $407M | $444M | $577M | $476M | $392M |
| Free cash flow | $584M | $351M | $296M | $697M | $564M | $524M | $566M | $702M | $737M | $404M | $751M | $761M |
| Dividends and buybacks | $347M | $240M | $168M | $337M | $321M | $343M | $236M | $185M | $722M | $465M | $485M | $559M |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Republic Services.
