Republic Services Posts Higher Revenue, Operating Income, Net Income, and Diluted EPS Year-Over-Year on Both Windows in Interim Filing

Bottom line

REPUBLIC SERVICES, INC. (RSG) filed 10-Q covering the three-month reporting period the three months ended June 30, 2026 and the six-month year-to-date period the six months ended June 30, 2026, filed with the SEC under accession 0001060391-26-000275 and identified by CIK 0001060391; the fiscal period covered is period-ended-2026-06-30. Across both reporting windows, the filing reports a profit-to-profit improvement pattern, with revenue, operating income, net income attributable to the parent, and diluted earnings per share all higher than the corresponding prior-year comparative periods.

For the three-month reporting period, Revenue from Contract with Customer, Excluding Assessed Tax was $4,430,000,000 USD, compared with $4,235,000,000 USD for the three months ended June 30, 2025. Operating Income (Loss) was $901,000,000 USD, compared with $861,000,000 USD for the prior-year quarter. Net Income (Loss) Attributable to Parent was $566,077,000 USD, compared with $549,905,000 USD for the prior-year quarter. Earnings Per Share, Diluted was $1.84 per diluted share USD/SHARES for the three months ended June 30, 2026, compared with $1.75 per diluted share USD/SHARES for the prior-year quarter. The second revenue measure (Revenues) was $5,076,000,000 USD for the current quarter versus $4,882,000,000 USD for the prior-year quarter.

For the six-month year-to-date period, Revenue from Contract with Customer, Excluding Assessed Tax was $8,544,000,000 USD, compared with $8,244,000,000 USD for the six months ended June 30, 2025. Operating Income (Loss) was $1,731,000,000 USD versus $1,665,000,000 USD. Net Income (Loss) Attributable to Parent was $1,091,536,000 USD versus $1,044,902,000 USD. Earnings Per Share, Diluted was $3.54 per diluted share USD/SHARES versus $3.33 per diluted share USD/SHARES. The parallel Revenues line shows $9,776,000,000 USD against $9,473,000,000 USD.

Management organizes its operations through three reportable groups — Group (omitted), Group (omitted), and Group (omitted) — covering western, southeastern/mid-western/eastern/Canadian waste and recycling markets, plus an environmental solutions business across the United States and Canada, as described in Note 2. The interim financial statements were prepared in accordance with U.S. generally accepted accounting principles pursuant to SEC rules and regulations; readers are directed to the audited consolidated financial statements in Item 8. The interim-period results are not necessarily indicative of full-year results, and certain prior-year amounts were reclassified for comparability.

The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension.

Financial performance

33 per diluted share USD/SHARES for the six months ended June 30, 2025, a higher year-to-date diluted EPS and a profit-to-profit transition - The same direction appears in the second revenue line, with $5,076,000,000 USD for the three months ended June 30, 2026 versus $4,882,000,000 USD for the three months ended June 30, 2025 and $9,776,000,000 USD for the six months ended June 30, 2026 versus $9,473,000,000 USD for the six months ended June 30, 2025 QOQ - The 10-Q for period-ended-2026-06-30 filed under accession 0001060391-26-000275 does not present a quarter-versus-prior-quarter series, only the three-month-versus-prior-year-three-month comparison above; the filing therefore offers no quarter-over-quarter baseline for the three months ended June 30, 2026 - The filing evidence contains no peer or industry comparison.

GUIDANCE - The narrative states that operating results for interim periods are not necessarily indicative of the results you can expect for a full year, framing the period's results as interim and non-projective - The narrative states that certain prior year amounts have been reclassified to conform to the current year presentation and are not material to the consolidated financial statements - The cited note sets out subjective areas that affect reported amounts, including long-lived assets, landfill development costs, final capping, closure and post-closure costs, potential litigation, claims and assessments, environmental remediation, deferred taxes, uncertain tax positions, insurance reserves, and fair values of assets acquired and liabilities assumed in acquisitions - Management's Estimates and Assumptions notes that numerous estimates are required because some information used is dependent on future events, cannot be calculated with a high degree of precision, or cannot be readily calculated based on generally accepted methodologies - The cited note states the company adopted the cited ASU on January the six months ended June 30, 2025 and elected the practical expedient, and that the election did not have a material impact on the consolidated financial statements - The cited note states the company is currently assessing the effect of the cited codification improvements ASU on the consolidated financial statements - The cited note states the company is currently assessing the effect of the cited interim reporting narrow-scope improvements ASU on the consolidated financial statements - The cited note states the company is currently assessing the effect of the cited government grants ASU on the consolidated financial statements - The cited note states the company is currently assessing the effect of the cited internal-use software ASU on the consolidated financial statements - The filing evidence does not attribute this change to any single cause.

EXPECTATIONS - The interim-results caveat above indicates that management has not directed readers to expect a particular full-year trajectory from the period's results, and the filing does not provide a forward earnings or revenue outlook - The filing presents only period-versus-prior-year relationships; any read-across to a full-year expectation is unsupported by the filing evidence - The filing evidence contains no peer or industry comparison. The filing evidence does not attribute this change to any single cause.

The filing evidence contains no peer or industry comparison. - Note 2 frames the significant accounting policies and the estimates-and-assumptions context that overlay the income-statement and balance-sheet lines cited above, and Note 11 references the income-tax disclosures carried over from the prior Annual Report on Form for the fiscal year ended December the six months ended June 30, 2025, both of which shape how the period's revenue, operating income, net income, and EPS should be read

Operating drivers and segments

Republic Services, Inc. organizes its operations into three reportable groups managed as field-based segments, each described as providing integrated environmental services spanning collection, transfer, recycling, and disposal. Group one is the recycling and waste business concentrated in the western United States; group two is the recycling and waste business concentrated in the southeastern and mid-western United States, the eastern seaboard, and Canada; group three is the environmental solutions business operating across the United States and Canada. The consolidated statements of operations presented for the three-month and six-month year-to-date periods carry revenue on two parallel line descriptions: Revenue from Contract with Customer, Excluding Assessed Tax and Revenues. For the current three-month period, Revenue from Contract with Customer, Excluding Assessed Tax was $4,430,000,000 and Revenues was $5,076,000,000. For the current six-month year-to-date period, Revenue from Contract with Customer, Excluding Assessed Tax was $8,544,000,000 and Revenues was $9,776,000,000. The corresponding prior-year comparative figures were Revenue from Contract with Customer, Excluding Assessed Tax of $4,235,000,000 (three months) and $8,244,000,000 (six months), with Revenues of $4,882,000,000 (three months) and $9,473,000,000 (six months). Operating Income (Loss) for the three-month period was $901,000,000, against $861,000,000 in the prior-year three-month window, and the six-month figure was $1,731,000,000 against $1,665,000,000. Segment-level revenue, expense, and operating income disaggregation across the three groups is not presented in the excerpted notes; only the consolidated group definitions appear, so segment margin arithmetic cannot be performed from the text.

Management states that senior leadership evaluates, oversees, and manages financial performance through the three field groups described above, and characterizes each as an integrated environmental services provider. The filing cautions that results for interim periods are not necessarily indicative of full-year outcomes, notes that prior-year amounts have been reclassified for comparability where immaterial, and flags that dollar amounts in tabular presentations are presented in millions except for per-share data. Management further explains that estimates and assumptions affect reported amounts in areas such as long-lived asset recoverability, landfill development and final capping costs, litigation and environmental remediation liabilities, deferred taxes, and the fair value of assets and liabilities assumed in acquisitions. The cited note on significant accounting policies (the cited note) records the equity-method treatment for non-controlling investments and fair-value treatment where the equity method does not apply, with further tax-related guidance cross-referenced to the cited income-tax note. No management commentary in the excerpted text attributes the period-over-period changes in revenue or operating income to any specific volume, price, mix, or cost driver.

The filing evidence does not attribute this change to any single cause.

Cash flow and capital

The reporting package shows REPUBLIC SERVICES, INC. (RSG) filing under 10-Q for period-ended-2026-06-30, with accession 0001060391-26-000275 and CIK 0001060391.

Operating activities generated $2,380,000,000 USD in net cash provided for the six months ended June 30, 2026, compared with $2,134,000,000 USD for the six months ended June 30, 2025. The authorized comparison between the two six-month year-to-date windows indicates that operating cash flow was higher than the prior-year comparative, continuing a positive-to-positive direction that mirrors the broader pattern seen in filings such as Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing.

Investing activities used -$1,727,000,000 USD for the six months ended June 30, 2026, compared with a use of -$1,815,000,000 USD for the six months ended June 30, 2025. The authorized direction states that the investing outflow moved higher (less negative) than the prior period. Within the investing window, $868,000,000 USD was deployed into payments to acquire property, plant, and equipment during the six months ended June 30, 2026, against $866,000,000 USD for the six months ended June 30, 2025, with the authorized comparison indicating capital expenditures were higher than the prior-year comparative. The narrative around these acquisitions is preserved in the cited note on business combinations, investments and restructuring charges, which describes the February transaction involving certain assets and liabilities of Hamm, LLC, N.R. Hamm Contractor, LLC, and Cornejo & Sons, LLC in Kansas, and the May transaction in which the company acquired the equity interests of Robinson Waste Holdings Group, LLC in Utah. Both purchase price allocations are described as preliminary and subject to revision.

Financing activities used -$595,000,000 USD for the six months ended June 30, 2026, compared with a use of -$260,000,000 USD for the six months ended June 30, 2025, and the authorized comparison indicates the financing outflow was lower than the prior-year comparative (a smaller negative). Capital returns to shareholders were larger on both lines: payments of ordinary dividends on common stock rose to $385,000,000 USD from $362,000,000 USD, and payments for repurchase of common stock rose to $659,000,000 USD from $59,000,000 USD, both per the authorized year-over-year comparisons. The cited note on unregistered sales of equity securities and use of proceeds, together with the issuer-purchases-of-equity-securities disclosures, frames these repurchases.

Cash and cash equivalents stood at $107,000,000 USD on the balance sheet as of the balance sheet date of June 30, 2026. Discussion of items outside the financial statements is contained in Item 1, Item 1A, Item 2, Item 3, and Item 4, while the exhibit list is captured in Item 5, Item 6, and Item 8.

The filing evidence does not attribute this change to any single cause.

Peer and historical context

On the year-to-date window, REPUBLIC SERVICES, INC. (RSG, 10-Q for period-ended-2026-06-30, accession 0001060391-26-000275) reported Revenue from Contract with Customer, Excluding Assessed Tax of $8,544,000,000 for the six months ended June 30, 2026, higher than $8,244,000,000 for the six months ended June 30, 2025. The accompanying Revenues line printed $9,776,000,000 against $9,473,000,000 for the same two periods, and that pair moves in the same direction.

Operating Income (Loss) registered $1,731,000,000 versus $1,665,000,000, with Net Income (Loss) Attributable to Parent of $1,091,536,000 against $1,044,902,000. Net Cash Provided by (Used in) Operating Activities of $2,380,000,000 compared with $2,134,000,000 widened in the same direction. The narrower three-month view tells the same story: Revenue from Contract with Customer, Excluding Assessed Tax of $4,430,000,000 against $4,235,000,000, Revenues of $5,076,000,000 against $4,882,000,000, Operating Income (Loss) of $901,000,000 against $861,000,000, and Net Income (Loss) Attributable to Parent of $566,077,000 against $549,905,000 — each pair higher than its prior-year comparative.

Earnings Per Share, Diluted moves higher on both windows, with the period status remaining profit to profit on each. The filing evidence does not attribute this change to any single cause. The filing evidence contains no peer or industry comparison.

Reading the disclosures side by side with Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing and ONEOK Posts Higher Revenue, Operating Income, Net Income and Diluted EPS Year-Over-Year in Interim Filing illustrates how a same-direction set of comparisons can look identical from the outside yet describe businesses with very different mix and exposure — Republic's environmental-services profile, anchored by acquisitions, equity-method investments and restructuring activity, is not the same operating model as those peers, so the parallel should be read as a coincidence of directional movement rather than a like-for-like performance benchmark.

Against its own prior-year frame, Republic shows a profit-to-profit progression on revenue, operating income, net income and diluted EPS on both the six-month and three-month windows, with operating cash flow also moving higher. R. Hamm Contractor, LLC, and Cornejo & Sons, LLC, a vertically-integrated recycling and waste business located in Kansas, and in May the six months ended June 30, 2026 it acquired the equity interests of Robinson Waste Holdings Group, LLC, whose recycling and waste operations are located in Utah; a non-controlling equity interest in Blue Polymers, LLC, a joint venture with Ravago, sits within the equity-method investments described under Section 48, alongside the broader portfolio of limited liability investments accounted for using the Hypothetical Liquidation at Book Value method discussed in Note 2.

These items are presented alongside — not as drivers of — the directional comparisons.

Scenario analysis

Under a continuation path, REPUBLIC SERVICES, INC. sustains the year-to-date and quarterly growth pattern reported in 10-Q for period-ended-2026-06-30. Reported revenue would carry forward at the higher level reflected by Revenue from Contract with Customer, Excluding Assessed Tax of $8,544,000,000 for the six months ended June 30, 2026 versus $8,244,000,000 for the six months ended June 30, 2025, and the parallel Revenues line of $9,776,000,000 against $9,473,000,000. The quarterly view would remain consistent at $4,430,000,000 versus $4,235,000,000 (Revenue from Contract with Customer, Excluding Assessed Tax) and $5,076,000,000 versus $4,882,000,000 (Revenues). Profitability would track Net Income (Loss) Attributable to Parent of $1,091,536,000 for the six months ended June 30, 2026 against $1,044,902,000 for the six months ended June 30, 2025, and $566,077,000 against $549,905,000 for the comparable quarters, with the profit-to-profit transition preserved on both windows. The directional characterizations listed in the reported comparisons stand without further commentary here.

A constructive path assumes the environmental-services acquisitions referenced in the cited note — the Hamm-related assets and the Robinson Waste Holdings Group interest, alongside the non-controlling stake in Blue Polymers, LLC — translate into incremental top-line capture above the base trend. Reported revenue would extend the directional improvement already shown by Revenue from Contract with Customer, Excluding Assessed Tax on the year-to-date and quarterly windows. Net Income (Loss) Attributable to Parent would build on the profit-to-profit pattern disclosed for both the six months ended June 30, 2026 versus the six months ended June 30, 2025 and the corresponding quarters, preserving the positive-to-positive character of each comparison. Tax-credit benefits tied to the equity-method investments would continue to flow through the provision as in the cited interim period. Cross-checks of similar profit-to-profit behavior in adjacent interim filings are available through Lizely Finance Earnings Analysis — UFP TECHNOLOGIES INC Interim Filing: Profit-to-Profit Growth on Both Windows and Lizely Finance Earnings Analysis — ANI Pharmaceuticals Interim Filing: Profit-to-Profit Growth on Both Windows.

A cautious path considers execution risk on the recent acquisitions, including the still-preliminary purchase price allocations for the Hamm-related assets and Robinson, where revisions could shift reported figures. It also weighs the impact of restructuring-related system costs, including the charges tied to design and implementation of the new accounts receivable system referenced in the cited note. Under such conditions, the directional pattern of Revenue from Contract with Customer, Excluding Assessed Tax for the six months ended June 30, 2026 versus the six months ended June 30, 2025 and the quarterly comparison could soften, and the parallel Revenues line could follow. Net Income (Loss) Attributable to Parent could narrow relative to $1,091,536,000 against $1,044,902,000 and to $566,077,000 against $549,905,000, while still preserving a profit-to-profit transition on both windows per the authorized comparisons. The filing evidence does not attribute this change to any single cause.

Risks and what to watch

- The reported financial trend is favorable, but the filing does not identify the business drivers behind it. Net income attributable to the parent increased year over year in both the six-month year-to-date period and the three-month reporting period, moving from $1,044,902,000 in the six months ended June 30, 2025 to $1,091,536,000 in the six months ended June 30, 2026, and from $549,905,000 in the three months ended June 30, 2025 to $566,077,000 in the three months ended June 30, 2026. The company remained profitable in each comparison.

- Revenue also increased in both periods. Revenue from contracts with customers, excluding assessed tax, rose from $8,244,000,000 to $8,544,000,000 across the year-to-date period and from $4,235,000,000 to $4,430,000,000 in the quarterly comparison. The separately reported revenue measure showed the same directional pattern, moving from $9,473,000,000 to $9,776,000,000 and from $4,882,000,000 to $5,076,000,000.

The filing evidence does not attribute this change to any single cause. - Counter-evidence concerns earnings quality and the repeatability of reported results. The preliminary allocation of purchase price, including the values assigned to acquired tangible and intangible assets, is based on management’s best estimates and remains subject to revision after final valuations.

Any later adjustment could affect reported profitability. - The company holds non-controlling equity interests in limited liability companies that qualify for investment tax credits under Section 48 of the Internal Revenue Code. The filing states that the tax provision reflected benefits from these investments, net of nondeductible items, for the three- and six-month periods, while no corresponding benefit was recognized in the prior-year periods.

The filing evidence does not attribute this change to any single cause. - Operational costs remain a material risk consideration. The filing attributes charges during the periods primarily to the design and implementation of a new accounts-receivable system.

It also describes recurring landfill operating expenses related to environmental compliance, including leachate treatment and disposal, methane and groundwater monitoring, systems maintenance, interim-cap maintenance, and daily-cover application. - The relevant risk disclosures are referenced in Item 1A, while market-risk information appears in Item 3, controls and legal matters in Item 4, and income-tax accounting details in Note 11. These references indicate areas that may affect future reported performance but do not quantify the exposure.

- Next-period watch items should include quarterly revenue, net income attributable to the parent, the equity-method investment tax-credit benefit, acquisition-related valuation revisions, and the sustainability of the new accounts-receivable-system implementation charges. The separate revenue presentation should also be monitored to confirm that the two reported revenue measures remain directionally consistent. - The filing evidence contains no peer or industry comparison.

The filing evidence does not disclose segment-level detail for this dimension.