RSG earnings analysis
What we found in RSG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Republic Services, Inc. reported Q1 2026 earnings with revenue of $4.113 billion, a 2.6% increase compared to Q1 2025, exceeding prior estimates. Earnings per share (EPS) also rose to $1.70, reflecting a positive trend in core pricing and robust cash flow generation, despite challenges in environmental solutions revenue.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Earnings Beat Estimates
- Reported diluted EPS of $1.70 compared to consensus estimate of $1.64, a 3.66% surprise.
- Revenue Growth
- Total revenue increased by 2.6%, rising to $4.113 billion from $4.009 billion year-over-year.
- Operating Income Margin Stable
- Operating income margin slightly improved to 20.2%, compared to 20.1% in Q1 2025.
- Strong Cash Flow Generation
- Operating cash flow reached $1.227 billion, up from $1.025 billion in Q1 2025.
- Increased Capital Expenditures
- Capex reached $476 million, up from $459 million in Q1 2025.
- Improved Cash Position
- Cash and cash equivalents increased to $118 million from $76 million in the previous quarter.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Environmental Solutions Revenue Decline
- Q1 2026 environmental solutions revenue decreased by 1.3% compared to Q1 2025.
- Higher Interest Expenses
- Interest expense rose to $151 million in Q1 2026 from $140 million in Q1 2025, due to higher debt balances.
- Increasing Labor and Fuel Costs
- Labor costs increased due to annual merit raises, while fuel costs rose amid a national average price of $4.12 per gallon.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.7
- Operating margin
- 20.2%
- Segment
- Group 1: $1,928 million
- Segment
- Group 2: $1,780 million
- Segment
- Group 3: $405 million
What they said about what is next.
Management expects to continue driving growth through strategic acquisitions and improving operational efficiencies, but did not provide specific numeric guidance.
The filing reads better than the one before it.
What came before.
- 10-K · February 18, 2026
- Republic Services positions itself as a vertically integrated environmental services leader in the U.S. and Canada, targeting a $163 billion addressable market through scale, local operating management and investments…
- 10-Q · October 31, 2025
- Republic Services reported 2025 Q3 revenue of $4,212 million (up from $4,076 million in Q3 2024) and diluted EPS of $1.76 (down from $1.80). Operating income was $836 million (versus $846 million in the year-ago…
- 10-Q · July 30, 2025
- Republic Services reported Q2 revenue of $4,235.0M and diluted EPS of $1.75, with operating income of $861M — all higher versus the year-ago quarter. Operating cash flow for the six months improved to $2,134M while the…
- 10-Q · October 30, 2024
- Republic Services reported Q3 revenue of $4,076.2 million (up $250.3 million vs. Q3 2023's $3,825.9 million) and diluted EPS of $1.80 (up $0.28 vs. $1.52 in Q3 2023). Operating income rose to $845.9 million (vs. $727.8…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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