• Exceeded Adjusted EBITDA, Adjusted Earnings Per Share and Adjusted Free Cash Flow Full-Year 2024 Guidance
• Fourth Quarter Total Revenue Growth of 5.6 Percent
• Fourth Quarter Earnings Per Share of $1.63 and Adjusted Earnings Per Share of $1.58
• Expanded Fourth Quarter Net Income Margin 120 Basis Points and Adjusted EBITDA Margin 110 Basis Points
• Generated Cash Flow from Operations of $3.94 Billion and Adjusted Free Cash Flow of $2.18 Billion in 2024
• Returned $1.18 Billion to Shareholders in 2024

PHOENIX, Feb. 13, 2025 /PRNewswire/ — Republic Services, Inc. (NYSE: RSG) today reported net income of $512 million, or $1.63 per diluted share, for the three months ended December 31, 2024, versus $440 million, or $1.39 per diluted share, for the comparable 2023 period. Excluding certain expenses and other items, on an adjusted basis, net income for the three months ended December 31, 2024, was $497 million, or $1.58 per diluted share, versus $446 million, or $1.41 per diluted share, for the comparable 2023 period.

“We delivered another strong year of results in 2024, made possible by effectively executing our strategy designed to meet the needs of our customers and profitably grow the business. We exceeded expectations and generated double-digit growth in EBITDA, earnings and free cash flow, and expanded adjusted EBITDA margin by 140 basis points during the year,” said Jon Vander Ark, president and chief executive officer. “We continued to make investments across our business that support our differentiated capabilities and returned nearly $1.2 billion to shareholders through dividends and share repurchases.”

Fourth-Quarter 2024 Highlights: 

• Total revenue growth of 5.6 percent includes 4.3 percent organic growth and 1.3 percent growth from acquisitions.
• Core price on total revenue increased revenue by 6.1 percent. Core price on related business revenue increased revenue by 7.3 percent, which consisted of 9.1 percent in the open market and 4.5 percent in the restricted portion of the business.
• Revenue growth from average yield on total revenue was 4.4 percent, and volume decreased revenue by 1.2 percent. Revenue growth from average yield on related business revenue was 5.3 percent, and volume decreased related business revenue by 1.5 percent.
• Net income was $512 million, or a margin of 12.7 percent.
• EPS was $1.63 per share, an increase of 17.3 percent over the prior year.
• Adjusted EPS, a non-GAAP measure, was $1.58 per share, an increase of 12.1 percent over the prior year.
• Adjusted EBITDA, a non-GAAP measure, was $1.25 billion, and adjusted EBITDA margin, a non-GAAP measure, was 31.0 percent of revenue, an increase of 110 basis points over the prior year.
• The Company’s average recycled commodity price per ton sold at our recycling centers during the fourth quarter was $153. This represents an increase of $22 per ton over the prior year.
• The Company completed and commenced operations on two renewable natural gas projects during the quarter.

Full-Year 2024 Highlights: 

• Total revenue growth of 7.1 percent includes 4.5 percent organic growth and 2.6 percent growth from acquisitions.
• Core price on total revenue increased revenue by 6.5 percent. Core price on related business revenue increased revenue by 7.8 percent, which consisted of 9.5 percent in the open market and 5.1 percent in the restricted portion of the business.
• Revenue growth from average yield on total revenue was 5.1 percent, and volume decreased revenue by 1.1 percent. Revenue growth from average yield on related business revenue was 6.2 percent, and volume decreased related business revenue by 1.3 percent.
• Net income was $2.04 billion, or a margin of 12.7 percent.
• EPS was $6.49 per share, an increase of 18.6 percent over the prior year.
• Adjusted EPS, a non-GAAP measure, was $6.46 per share, an increase of 15.2 percent over the prior year.
• Adjusted EBITDA, a non-GAAP measure, was $4.98 billion and adjusted EBITDA margin, a non-GAAP measure, was 31.1 percent of revenue, an increase of 140 basis points over the prior year.
• Cash provided by operating activities was $3.94 billion, an increase of 8.8 percent over the prior year.
• Adjusted free cash flow, a non-GAAP measure, was $2.18 billion, an increase of 10.0 percent versus the prior year.
• Cash invested in acquisitions, including an investment in a post-collection business, was $358 million.
• Six renewable natural gas projects were completed and commenced operations during the year.
• We commenced operations at our first Polymer Center in Las Vegas, and completed construction at our Polymer Center in Indianapolis.
• Cash returned to shareholders was $1.18 billion, which included $490 million of share repurchases and $687 million of dividends paid.
• The Company’s average recycled commodity price per ton sold during the year was $164. This represents an increase of $47 per ton over the prior year.

2025 Financial Guidance

Republic’s financial guidance is based on current economic conditions and does not assume any significant changes in the overall economy in 2025. The financial guidance also includes the expected contribution from acquisitions that have closed to date. Please refer to the Reconciliation of 2025 Financial Guidance section of this document for detail relating to the computation of non-GAAP measures as well as the Information Regarding Forward-Looking Statements section of this document. Full-year 2025 financial guidance is as follows:

• Revenue: Republic expects revenue to be in the range of $16.850 billion to $16.950 billion. The Company expects growth from average yield on total revenue to be approximately 4 percent and average yield on related revenue to be approximately 5 percent. The Company expects the impact from volume on total revenue to be in the range of (0.25) percent to 0.25 percent.
• Adjusted EBITDA: Republic expects adjusted EBITDA to be in the range of $5.275 billion to $5.325 billion.
• Adjusted Diluted Earnings per Share: The Company expects adjusted diluted earnings per share to be in the range of $6.82 to $6.90.
• Adjusted Free Cash Flow: Republic expects adjusted free cash flow to be in the range of $2.320 billion to $2.360 billion. The Company expects to receive between $1.860 billion to $1.900 billion of property and equipment, net of proceeds from the sale of property and equipment.
• Acquisitions: Republic expects to invest approximately $1 billion in acquisitions in 2025.

“We expect to deliver another strong year of profitable growth in 2025,” said Mr. Vander Ark. “Our outlook is supported by pricing in excess of cost inflation, continued contribution from acquisitions, productivity enhancements from our digital tools and investments in sustainability innovation to drive long-term value creation.”

Company Declared Quarterly Dividend

Republic previously announced that its Board of Directors declared a regular quarterly dividend of $0.58 per share for shareholders of record on April 2, 2025. The dividend will be paid on April 15, 2025.

Presentation of Certain Performance Metrics and Non-GAAP Measures

Adjusted diluted earnings per share, adjusted net income – Republic, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA by business type, adjusted EBITDA margin by business type and adjusted free cash flow are described in the Performance Metrics and Reconciliations of Certain Non-GAAP Measures section of this document.

About Republic Services

Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the Company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste and field services. Republic’s industry-leading commitments to advance circularity and support decarbonization are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit RepublicServices.com.