0001060391-26-000094 | 10-K | XBRL Viewer

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Other Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Income taxes receivable	$ 146	$ 124
Prepaid expenses	131	127
Parts and supplies	106	98
Other non-trade receivables	94	96
Reinsurance receivable	32	30
Other	41	36
Total	$ 550	$ 511

Business Acquisitions, Investments and Restructuring Charges - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Feb. 17, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Capital contributions to noncontrolling equity interest		$ 227	$ 236
Loss from unconsolidated equity method investments		163	255	$ 94
Restructuring charges		20	29	33
Restructuring expenditures		12	25	39
Contract Termination
Schedule of Equity Method Investments [Line Items]
Restructuring charges				9
Redesign Of Software Systems
Schedule of Equity Method Investments [Line Items]
Restructuring charges				24
Certain Limited Liability Companies
Schedule of Equity Method Investments [Line Items]
Loss from unconsolidated equity method investments		135	254
Investment tax credit		175	222
Joint Venture with Landfill Gas to Energy Developer
Schedule of Equity Method Investments [Line Items]
Capital contributions to noncontrolling equity interest		61	98	68
Equity method investments		314	270
Ravago, Blue Polymers
Schedule of Equity Method Investments [Line Items]
Capital contributions to noncontrolling equity interest		57	38	$ 9
Equity method investments		$ 101	$ 55
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Business combination, consideration transferred	$ 400

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Activity in Allowance for Doubtful Accounts

The following table reflects the activity in our allowance for doubtful accounts for the years ended December 31:


	2025		2024		2023
Balance at beginning of year	$	74	$	83	$	52
Additions charged to expense	40		27		53
Accounts written-off	(48)		(36)		(22)
Balance at end of year	$	66	$	74	$	83

Schedule of Estimated Useful Lives of Property and Equipment

The estimated useful lives of our property and equipment are as follows:


Buildings and improvements			5 - 30 years
Vehicles			5 - 20 years
Landfill equipment			5 - 7 years
Other equipment			3 - 25 years
Furniture and fixtures			3 - 10 years

A summary of property and equipment, net as of December 31 follows:


	2025		2024
Land	$	1,016	$	897
Landfill development costs	11,335		10,518
Vehicles and equipment	11,785		10,998
Buildings and improvements	2,578		2,119
Construction-in-progress – landfill	326		437
Construction-in-progress – other	423		575
	$	27,463	$	25,544
Less: accumulated depreciation, depletion and amortization
Landfill development costs	$	(6,578)	$	(6,031)
Vehicles and equipment	(7,191)		(6,692)
Buildings and improvements	(1,055)		(944)
	(14,824)		(13,667)
Property and equipment, net	$	12,639	$	11,877

Business Acquisitions, Investments and Restructuring Charges - Schedule of Aggregate Purchase Price and Allocation of Purchase Price in Other Acquisitions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Purchase price:
Cash used in acquisitions, net of cash acquired of $8 and $1, respectively	$ 1,430	$ 753	$ 2,065
Excess purchase price allocated as follows:
Goodwill	16,715	15,982	$ 15,834
Business Combination, Series of Individually Immaterial Business Combinations
Purchase price:
Cash acquired	8	1
Cash used in acquisitions, net of cash acquired of $8 and $1, respectively	1,063	274
Holdbacks	20	7
Fair value, future minimum lease payments	1	0
Total	1,084	281
Allocated as follows:
Accounts receivable	29	6
Property and equipment	189	57
Other assets	23	4
Accounts payable	(5)	0
Accrued landfill and environmental costs	(24)	0
Other liabilities	(44)	(6)
Fair value of tangible assets acquired and liabilities assumed	168	61
Excess purchase price to be allocated	916	220
Excess purchase price allocated as follows:
Other intangible assets	199	44
Goodwill	717	176
Total allocated	$ 916	$ 220

Leases - Schedule of Supplemental Cash Flow and Other Non-Cash Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 174	$ 181	$ 177
Operating cash flows from finance leases	36	35	31
Financing cash flows from finance leases	12	10	12
Leased assets obtained in exchange for new operating lease liabilities	45	44	33
Leased assets obtained in exchange for new finance lease liabilities	$ 44	$ 25	$ 17

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Financial Information Concerning Reportable Segments

Summarized financial information concerning our reportable segments for the years ended December 31, 2025, 2024 and 2023 follows:


	Group 1		Group 2		Recycling & Waste Subtotal(1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
2025
Gross revenue	$	8,630	$	8,244	$	16,874	$	1,784	$	369	$	19,027
Intercompany revenue	(1,271)		(1,069)		(2,340)		(48)		(48)		(2,436)
Revenue allocations	150		141		291		30		(321)		—
Net revenue	$	7,509	$	7,316	$	14,825	$	1,766	$	—	$	16,591
Cost of operations	4,248		4,265		8,513		1,117		—		9,630
Selling, general and administrative	750		683		1,433		277		—		1,710
Other segment items	(11)		(45)		(56)		—		—		(56)
Adjusted EBITDA	$	2,522	$	2,413	$	4,935	$	372	$	—	$	5,307
Capital expenditures	$	876	$	633	$	1,509	$	181	$	197	$	1,887
Total assets	$	14,441	$	11,616	$	26,057	$	5,217	$	3,092	$	34,366


	Group 1		Group 2		Recycling & Waste Subtotal(1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
2024
Gross revenue	$	8,130	$	8,084	$	16,214	$	1,860	$	344	$	18,418
Intercompany revenue	(1,208)		(1,064)		(2,272)		(49)		(65)		(2,386)
Revenue allocations	125		122		247		32		(279)		—
Net revenue	$	7,047	$	7,142	$	14,189	$	1,843	$	—	$	16,032
Cost of operations	4,043		4,161		8,204		1,146		—		9,350
Selling, general and administrative	721		689		1,410		264		—		1,674
Other segment items	—		29		29		—		—		29
Adjusted EBITDA	$	2,283	$	2,263	$	4,546	$	433	$	—	$	4,979
Capital expenditures	$	883	$	614	$	1,497	$	141	$	217	$	1,855
Total assets	$	13,978	$	11,318	$	25,296	$	4,462	$	2,644	$	32,402


	Group 1		Group 2		Recycling & Waste Subtotal(1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
2023
Gross revenue	$	7,573	$	7,756	$	15,329	$	1,697	$	253	$	17,279
Intercompany revenue	(1,145)		(1,036)		(2,181)		(57)		(76)		(2,314)
Revenue allocations	96		97		193		(16)		(177)		—
Net revenue	$	6,524	$	6,817	$	13,341	$	1,624	$	—	$	14,965
Cost of operations	3,797		4,114		7,911		1,032		—		8,943
Selling, general and administrative	664		666		1,330		279		—		1,609
Other segment items	—		—		—		(34)		—		(34)
Adjusted EBITDA	$	2,063	$	2,037	$	4,100	$	347	$	—	$	4,447
Capital expenditures	$	672	$	576	$	1,248	$	145	$	238	$	1,631
Total assets	$	13,397	$	11,256	$	24,653	$	4,471	$	2,286	$	31,410

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

Schedule of Adjusted EBITDA and EBITDA Margin

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:


	2025		2024		2023
Group 1 Adjusted EBITDA	$	2,522	$	2,283	$	2,063
Group 2 Adjusted EBITDA	2,413		2,263		2,037
Group 3 Adjusted EBITDA	372		433		347
Total Adjusted EBITDA	5,307		4,979		4,447
Other income	(21)		(23)		(7)
Interest income	(8)		(9)		(6)
Interest expense	574		539		508
Depreciation, depletion and amortization	1,814		1,677		1,501
Accretion	114		107		98
Loss from unconsolidated equity method investments	163		255		94
Adjustments to withdrawal liability for multiemployer pension funds	1		—		5
Restructuring charges	20		29		33
Gain on certain divestitures and impairments, net	—		(30)		(4)
US Ecology, Inc. acquisition integration and deal costs	—		—		34
Loss on extinguishment of debt and other related costs	—		2		—
Labor disruption	56		—		—
Income before income taxes	$	2,594	$	2,432	$	2,191

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 16,591,000	$ 16,032,000	$ 14,965,000
Expenses:
Cost of operations	9,630,000	9,350,000	8,943,000
Depreciation, depletion and amortization	1,814,000	1,677,000	1,501,000
Accretion	114,000	107,000	98,000
Selling, general and administrative	1,710,000	1,674,000	1,609,000
Adjustment to withdrawal liability for multiemployer pension funds	1,000	0	5,000
Gain on business divestitures and impairments, net	0	(1,000)	(4,000)
Restructuring charges	20,000	29,000	33,000
Operating income	3,302,000	3,196,000	2,780,000
Interest expense	(574,000)	(539,000)	(508,000)
Loss from unconsolidated equity method investments	(163,000)	(255,000)	(94,000)
Loss on extinguishment of debt	0	(2,000)	0
Interest income	8,000	9,000	6,000
Other income, net	21,000	23,000	7,000
Income before income taxes	2,594,000	2,432,000	2,191,000
Provision for income taxes	455,000	388,000	460,000
Net income	2,139,000	2,044,000	1,731,000
Net income attributable to non-controlling interests in consolidated subsidiary	0	(1,000)	0
Net income attributable to Republic Services, Inc.	$ 2,139,249	$ 2,043,173	$ 1,730,985
Basic earnings per share attributable to Republic Services, Inc. stockholders:
Basic earnings per share (in dollars per share)	$ 6.86	$ 6.50	$ 5.47
Weighted average common shares outstanding (in shares)	311,880	314,399	316,182
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
Diluted earnings per share (in dollars per share)	$ 6.85	$ 6.49	$ 5.47
Weighted average common and common equivalent shares outstanding (in shares)	312,168	314,809	316,665
Cash dividends per common share (in dollars per share)	$ 2.410	$ 2.230	$ 2.060

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

OPERTY AND EQUIPMENT, NET

A summary of property and equipment, net as of December 31 follows:


	2025		2024
Land	$	1,016	$	897
Landfill development costs	11,335		10,518
Vehicles and equipment	11,785		10,998
Buildings and improvements	2,578		2,119
Construction-in-progress – landfill	326		437
Construction-in-progress – other	423		575
	$	27,463	$	25,544
Less: accumulated depreciation, depletion and amortization
Landfill development costs	$	(6,578)	$	(6,031)
Vehicles and equipment	(7,191)		(6,692)
Buildings and improvements	(1,055)		(944)
	(14,824)		(13,667)
Property and equipment, net	$	12,639	$	11,877

Depreciation, depletion and amortization of property and equipment was $1.6 billion, $1.5 billion and $1.4 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

Summary of Significant Accounting Policies - Schedule of Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 74	$ 83	$ 52
Additions charged to expense	40	27	53
Accounts written-off	(48)	(36)	(22)
Balance at end of year	$ 66	$ 74	$ 83

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Tax settlement, reduction in tax provision			$ 21
Income taxes paid, net of refunds received	$ 206	$ 313	343
Net operating loss carryforwards	51
Unrecognized tax benefits if recognized that would impact effective tax rate	18	22	33
Settlements	7	9	66
Interest on income taxes accrued	(1)	(6)	1
Accrued liability for penalties	4	1
Accrued liability for interest related to uncertain tax positions and penalties	4	$ 5	$ 14
State and Local Jurisdiction \| SEC Schedule, 12-09, Valuation Allowance, Operating Loss Carryforward
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 40

Share Repurchases and Dividends - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2024	Jan. 01, 2021
Equity, Class of Treasury Stock [Line Items]
Share repurchase authorized amount						$ 3,000	$ 2,000
Stock repurchased and pending settlement (in shares)	1	0	0	1	0
Stock repurchased and pending settlement	$ 10			$ 10
Remaining authorized purchase capacity		$ 1,700	$ 1,700
Shares returned to unissued status				$ 0
Quarterly dividend per share (in dollars per share)		$ 0.625	$ 2.410	$ 2.230	$ 2.060
Cash dividends declared			$ 749	$ 699	$ 650
Quarterly dividend payable	$ 181	$ 193	193	$ 181
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Shares returned to unissued status (in shares)	8			8
Shares returned to unissued status				$ (1,195)
Common Stock
Equity, Class of Treasury Stock [Line Items]
Shares returned to unissued status (in shares)				8
Shares returned to unissued status				$ 1
Additional Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Shares returned to unissued status				1,195
Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Cash dividends declared			$ 749	$ 699	$ 650
2021 Plan
Equity, Class of Treasury Stock [Line Items]
Reserve for stock issuance (in shares)		10	10

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Allowance for doubtful accounts	$ 66	$ 74
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50	50
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750	750
Common stock, shares issued (in shares)	313	313
Treasury stock, shares (in shares)	5	1

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT REPORTING

Our senior management evaluates, oversees and manages the financial performance of our operations through three field groups, referred to as Group 1, Group 2 and Group 3. Group 1 is our recycling and waste business operating primarily in geographic areas located in the western United States. Group 2 is our recycling and waste business operating primarily in geographic areas located in the southeastern and mid-western United States, the eastern seaboard of the United States, and Canada. Group 3 is our environmental solutions business operating in geographic areas located across the United States and Canada. These groups are presented below as our reportable segments, which each provide integrated environmental services, including but not limited to collection, transfer, recycling and disposal.

We generated $188 million, $182 million and $170 million of revenue in Canada for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, we had $136 million and $128 million, respectively, of long-lived assets in Canada. The remainder of our revenue and assets were related to our United States operations.

Our chief operating decision maker (CODM) is Jon Vander Ark, President and Chief Executive Officer of Republic Services, Inc. Adjusted EBITDA is the single financial measure our CODM uses to evaluate segment profitability and returns, which informs resource allocation. For all segments, the CODM uses adjusted EBITDA to evaluate income generated from segment assets (return on invested capital). The CODM considers budget-to-actual variances and year-over-year growth on a monthly basis to assess the performance of each segment. 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 years ended December 31, 2025, 2024 and 2023 follows:


	Group 1		Group 2		Recycling & Waste Subtotal(1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
2025
Gross revenue	$	8,630	$	8,244	$	16,874	$	1,784	$	369	$	19,027
Intercompany revenue	(1,271)		(1,069)		(2,340)		(48)		(48)		(2,436)
Revenue allocations	150		141		291		30		(321)		—
Net revenue	$	7,509	$	7,316	$	14,825	$	1,766	$	—	$	16,591
Cost of operations	4,248		4,265		8,513		1,117		—		9,630
Selling, general and administrative	750		683		1,433		277		—		1,710
Other segment items	(11)		(45)		(56)		—		—		(56)
Adjusted EBITDA	$	2,522	$	2,413	$	4,935	$	372	$	—	$	5,307
Capital expenditures	$	876	$	633	$	1,509	$	181	$	197	$	1,887
Total assets	$	14,441	$	11,616	$	26,057	$	5,217	$	3,092	$	34,366


	Group 1		Group 2		Recycling & Waste Subtotal(1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
2024
Gross revenue	$	8,130	$	8,084	$	16,214	$	1,860	$	344	$	18,418
Intercompany revenue	(1,208)		(1,064)		(2,272)		(49)		(65)		(2,386)
Revenue allocations	125		122		247		32		(279)		—
Net revenue	$	7,047	$	7,142	$	14,189	$	1,843	$	—	$	16,032
Cost of operations	4,043		4,161		8,204		1,146		—		9,350
Selling, general and administrative	721		689		1,410		264		—		1,674
Other segment items	—		29		29		—		—		29
Adjusted EBITDA	$	2,283	$	2,263	$	4,546	$	433	$	—	$	4,979
Capital expenditures	$	883	$	614	$	1,497	$	141	$	217	$	1,855
Total assets	$	13,978	$	11,318	$	25,296	$	4,462	$	2,644	$	32,402


	Group 1		Group 2		Recycling & Waste Subtotal(1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
2023
Gross revenue	$	7,573	$	7,756	$	15,329	$	1,697	$	253	$	17,279
Intercompany revenue	(1,145)		(1,036)		(2,181)		(57)		(76)		(2,314)
Revenue allocations	96		97		193		(16)		(177)		—
Net revenue	$	6,524	$	6,817	$	13,341	$	1,624	$	—	$	14,965
Cost of operations	3,797		4,114		7,911		1,032		—		8,943
Selling, general and administrative	664		666		1,330		279		—		1,609
Other segment items	—		—		—		(34)		—		(34)
Adjusted EBITDA	$	2,063	$	2,037	$	4,100	$	347	$	—	$	4,447
Capital expenditures	$	672	$	576	$	1,248	$	145	$	238	$	1,631
Total assets	$	13,397	$	11,256	$	24,653	$	4,471	$	2,286	$	31,410

(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. National Accounts revenue included in Corporate entities and other represents the portion of revenue generated from nationwide and regional contracts in markets

outside our operating areas where the associated material handling is subcontracted to local operators. 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 for the year ended December 31, 2025 largely included investments in our digital platforms and our third Polymer Center. Capital expenditures for Corporate entities and other for the years ended December 31, 2024 and December 31, 2023 primarily included vehicle inventory acquired but not yet assigned to operating locations and facilities.

As presented in the tables above, adjusted EBITDA reflects certain adjustments for loss from unconsolidated equity method investments, adjustments to withdrawal liability for multiemployer pension funds, restructuring charges, gain on certain divestitures and impairments, net, loss on extinguishment of debt and other related costs, and labor disruption. This presentation is consistent with how our CODM reviews our results of operations to make resource allocation decisions.

Other segment items during the year ended December 31, 2025, consist of the impact from labor disruptions that we experienced in certain isolated markets. Other segment items during the year ended December 31, 2024, consist of a gain on the sale of a transfer station facility. Other segment items during the year ended December 31, 2023, consist of US Ecology, Inc. acquisition integration and deal costs.

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:


	2025		2024		2023
Group 1 Adjusted EBITDA	$	2,522	$	2,283	$	2,063
Group 2 Adjusted EBITDA	2,413		2,263		2,037
Group 3 Adjusted EBITDA	372		433		347
Total Adjusted EBITDA	5,307		4,979		4,447
Other income	(21)		(23)		(7)
Interest income	(8)		(9)		(6)
Interest expense	574		539		508
Depreciation, depletion and amortization	1,814		1,677		1,501
Accretion	114		107		98
Loss from unconsolidated equity method investments	163		255		94
Adjustments to withdrawal liability for multiemployer pension funds	1		—		5
Restructuring charges	20		29		33
Gain on certain divestitures and impairments, net	—		(30)		(4)
US Ecology, Inc. acquisition integration and deal costs	—		—		34
Loss on extinguishment of debt and other related costs	—		2		—
Labor disruption	56		—		—
Income before income taxes	$	2,594	$	2,432	$	2,191

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash provided by operating activities:
Net income	$ 2,139	$ 2,044	$ 1,731
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion, amortization and accretion	1,928	1,784	1,599
Non-cash interest expense	75	71	86
Deferred tax provision	269	87	102
Loss from unconsolidated equity method investments	163	255	94
Other non-cash items	81	49	94
Change in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable	(87)	(76)	(71)
Prepaid expenses and other assets	(174)	(171)	(30)
Accounts payable	(14)	(27)	83
Capping, closure and post-closure expenditures	(70)	(56)	(61)
Remediation expenditures	(54)	(62)	(55)
Other liabilities	40	14	43
Payments from retirement of certain hedging relationships	0	24	3
Cash provided by operating activities	4,296	3,936	3,618
Cash used in investing activities:
Purchases of property and equipment	(1,887)	(1,855)	(1,631)
Proceeds from sales of property and equipment	13	47	29
Cash used in acquisitions and investments, net of cash and restricted cash acquired	(1,430)	(753)	(2,065)
Cash received from business divestitures	11	2	6
Other	(20)	(2)	(6)
Cash used in investing activities	(3,313)	(2,561)	(3,667)
Cash (used in) provided by financing activities:
Proceeds from credit facilities and notes payable, net of fees	37,715	24,020	39,221
Proceeds from issuance of senior notes, net of discount and fees	1,183	889	2,172
Payments of credit facilities and notes payable	(38,206)	(25,109)	(40,411)
Issuances of common stock, net	(5)	(14)	(1)
Purchases of common stock for treasury	(870)	(482)	(262)
Cash dividends paid	(738)	(687)	(638)
Distributions paid to non-controlling interests in consolidated subsidiary	(1)	0	0
Contingent consideration payments	(16)	(15)	(19)
Cash (used in) provided by financing activities	(938)	(1,398)	62
Effect of foreign exchange rate changes on cash	1	(2)	1
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	46	(25)	14
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year	203	228	214
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year	$ 249	$ 203	$ 228

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, carrying value	$ 13,581	$ 12,713
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, carrying value	13,500	12,200
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, carrying value	$ 13,600	$ 12,700

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,139	$ 2,044	$ 1,731
Other comprehensive loss, net of tax	(3)	(14)	0
Comprehensive income	2,136	2,030	1,731
Comprehensive income attributable to non-controlling interests	0	(1)	0
Comprehensive income attributable to Republic Services, Inc.	$ 2,136	$ 2,029	$ 1,731

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ Details

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Unit (RSU) Activity

The following table summarizes restricted stock unit (RSU) activity for the years ended December 31, 2025, 2024 and 2023:


	Number of RSUs (in thousands)	Weighted-Average Grant Date Fair Value per Share		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Unissued as of December 31, 2022	914	$	85.43
Granted	250	$	133.03
Vested and issued	(208)	$	95.24
Forfeited	(41)	$	117.54
Unissued as of December 31, 2023	915	$	93.35
Granted	184	$	184.28
Vested and issued	(228)	$	102.81
Forfeited	(30)	$	139.24
Unissued as of December 31, 2024	841	$	107.81
Granted	153	$	221.18
Vested and issued	(206)	$	119.81
Forfeited	(21)	$	177.62
Unissued as of December 31, 2025	767	$	125.39	1.1	$	162.62
Vested and unissued as of December 31, 2025	410	$	76.87

Schedule of Performance Stock Unit (PSU) Activity

The following table summarizes performance stock unit (PSU) activity for the years ended December 31, 2025, 2024 and 2023:


	Number of PSUs (in thousands)	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2022	756	$	95.19
Granted	200	$	138.03
Vested and issued	(227)	$	100.06
Forfeited	(41)	$	123.30
Outstanding as of December 31, 2023	688	$	101.48
Granted	281	$	142.50
Vested and issued	(420)	$	90.54
Forfeited	(25)	$	136.27
Outstanding as of December 31, 2024	524	$	125.70
Granted	222	$	199.58
Vested and issued	(209)	$	117.01
Forfeited	(6)	$	176.82
Outstanding and Exercisable as of December 31, 2025	531	$	159.77

Schedule of Individually Significant Multiemployer Pension Plans

Republic’s participation in individually significant multiemployer pension plans for the year ended December 31, 2025 is outlined in the table below. Only with respect to multiemployer pension plans, we considered contributions in excess of $10 million in any period disclosed to be individually significant. The most recent PPA zone status available in 2025 and 2024 is for the plans’ year ended September 30, or December 31, 2024 and 2023, respectively. The status is based on information that Republic received from the plans and is certified by the plans’ actuary. Among other factors, plans in the critical red zone are generally less than 65% funded, plans in the endangered yellow zone are less than 80% funded and plans in the safe green zone are at least 80% funded. Plans in the critical and declining zone are classified as critical and projected to be insolvent in the current year or any of the 14 following plan years. The last column lists the expiration dates of the CBAs to which the plans are subject.


		Pension Protection Act Zone Status		Funding Improvement or Rehabilitation Plan Status Pending /	Republic Contributions to Plan						Surcharge	Expiration Dates
Legal Plan Name	EIN	2025	2024	Implemented	2025		2024		2023		Imposed	of CBAs
Western Conference of Teamsters Pension Plan	91-6145047	Safe	Safe	No	$	83	$	75	$	70	No	Various dates through 9/30/2030
All other plans	N/A	N/A	N/A	N/A	29		29		29		N/A
Total					$	112	$	104	$	99

Other Liabilities - Schedule of Activity of Self Insurance Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Self Insurance Reserve
Balance at beginning of year	$ 622	$ 566	$ 503
Additions charged to expense	673	671	656
Payments	(717)	(701)	(636)
Premium written for third party risk assumed	109	86	43
Balance at end of year	687	622	566
Less: current portion	(251)	(220)	(217)
Long-term portion	$ 436	$ 402	$ 349

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Management's Estimates and Assumptions

Management’s Estimates and Assumptions

In preparing our financial statements, we make numerous estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. We must make these estimates and assumptions because certain information we use is dependent on future events, cannot be calculated with a high degree of precision from data available or simply cannot be readily calculated based on generally accepted methodologies. In preparing our financial statements, the more significant and subjective areas that deal with the greatest amount of uncertainty relate to our accounting for our long-lived assets, including recoverability, landfill development costs and final capping, closure and post-closure costs; our liabilities for potential litigation, claims and assessments; our liabilities for environmental remediation, deferred taxes, uncertain tax positions and insurance reserves; and our estimates of the fair values of assets acquired and liabilities assumed in acquisitions. Each of these items is discussed in more detail elsewhere in these Notes to Consolidated Financial Statements. Our actual results may differ significantly from our estimates.

Cash and Cash Equivalents

We consider liquid investments with a maturity at the date of acquisition of three months or less to be cash equivalents.

Concentration of Credit Risk

Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents, trade accounts receivable and derivative instruments. We place our cash and cash equivalents with high quality financial institutions. Such balances may be in excess of FDIC insured limits. To manage the related credit exposure, we continually monitor the credit worthiness of the financial institutions where we have deposits. Concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services, as well as the dispersion of our operations across many geographic areas. We provide services to small-container, large-container, municipal and residential and environmental solutions customers primarily in the United States and Canada. We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables. We establish an allowance

for doubtful accounts based on various factors including the credit risk of specific customers, age of receivables outstanding, historical trends, economic conditions and other information.

Accounts Receivable, Net

Accounts receivable represents receivables from customers for environmental services, including collection and processing of recyclable materials, collection, transfer and disposal of solid waste and environmental solutions. Our receivables are recorded when billed or when the related revenue is earned and represent claims against third parties that will be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts and customer credits, represents the estimated net realizable value.

We establish an allowance for doubtful accounts based on various factors including the age of receivables outstanding, historical trends, economic conditions and other information. We also review outstanding balances on an account-specific basis based on the credit risk of the customer. We determined that all of our accounts receivable share similar risk characteristics. We monitor our credit exposure on an ongoing basis and assess whether assets in the pool continue to display similar risk characteristics.

Restricted Cash and Marketable Securities

As of December 31, 2025 and 2024, we had $259 million and $208 million, respectively, of restricted cash and marketable securities, of which $192 million and $149 million, respectively, supports our insurance programs for workers' compensation, commercial general liability and commercial auto liability. Additionally, we obtain funds through the issuance of tax-exempt bonds for the purpose of financing qualifying expenditures at our landfills, transfer stations, collection and recycling centers. The funds are deposited directly into trust accounts by the bonding authorities at the time of issuance. As the use of these funds is contractually restricted, and we do not have the ability to use these funds for general operating purposes, they are classified as restricted cash and marketable securities in our consolidated balance sheets.

In the normal course of business, we may be required to provide financial assurance to governmental agencies and a variety of other entities in connection with, among other things, municipal residential collection contracts, closure or post-closure of landfills, environmental remediation, environmental permits and business licenses and permits as a financial guarantee of our performance. At several of our landfills, we satisfy financial assurance requirements by depositing cash into restricted trust funds or escrow accounts.

Property and Equipment

We record property and equipment at cost. Expenditures for major additions and improvements to facilities are capitalized, while maintenance and repairs are expensed as incurred. When property is retired or otherwise disposed, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income.

We revise the estimated useful lives of property and equipment acquired through business acquisitions to conform with our policies. We depreciate property and equipment over their estimated useful lives using the straight-line method. We assume no salvage value for our depreciable property and equipment. The estimated useful lives of our property and equipment are as follows:


Buildings and improvements			5 - 30 years
Vehicles			5 - 20 years
Landfill equipment			5 - 7 years
Other equipment			3 - 25 years
Furniture and fixtures			3 - 10 years

Landfill development costs also are included in property and equipment. Landfill development costs include direct costs incurred to obtain landfill permits and direct costs incurred to acquire, construct and develop sites, as well as final capping,

closure and post-closure assets. These costs are depleted or amortized based on consumed airspace. All indirect landfill development costs are expensed as incurred.

Capitalized Interest

We capitalize interest on all landfill cell construction and other construction or development projects. Interest is capitalized on qualified assets while they undergo activities to ready them for their intended use. Capitalization of interest ceases once an asset is placed into service or if construction activity is suspended for more than a brief period of time. Our interest capitalization rate is based on our weighted average cost of indebtedness.

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, restricted cash and marketable securities, derivatives, long-term debt, and contingent consideration arrangements. Accounting standards include disclosure requirements around fair values used for certain financial instruments and establish a fair value hierarchy. The hierarchy prioritizes valuation inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of three levels:

•Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

•Level 2 – inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques.

Investments Other Than Derivatives

Investments other than derivatives primarily include money market funds, mutual funds, and municipal and corporate bonds. In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine fair value. This pricing methodology applies to our Level 1 investments, such as money market funds and certain mutual funds. If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then we use quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly. These investments are included in Level 2 and consist primarily of corporate bonds.

Landfill and Environmental Costs

Life Cycle Accounting

We use life-cycle accounting and the units-of-consumption method to recognize certain landfill costs over the life of the site. In life cycle accounting, all current and future capitalized costs to acquire and construct a site are calculated, and charged to expense based on the consumption of cubic yards of available airspace.

Costs and airspace estimates are developed at least annually by engineers. We use these estimates to adjust the rates we use to deplete capitalized costs. Changes in these estimates primarily relate to changes in cost estimates, available airspace, inflation and applicable regulations. Changes in available airspace include, but are not limited to, changes due to the addition of airspace attributable to probable expansion areas, airspace consumed and changes in engineering estimates.

Probable Expansion Airspace

We classify landfill disposal capacity as either permitted (having received the final permit from the applicable regulatory agency) or as probable expansion airspace. Before airspace included in an expansion area is determined to be probable expansion airspace and, therefore, is included in our calculation of total available disposal capacity, all of the following criteria must be met:

•We own the land associated with the expansion airspace or control it pursuant to an agreement;

•We are committed to supporting the expansion project financially and with appropriate resources;

•There are no identified fatal flaws or impediments associated with the project, including political impediments;

•Progress is being made on the project;

•The expansion is attainable within a reasonable time frame; and

•We believe it is probable the expansion permit will be received.

Upon meeting our expansion criteria, the rates used at each applicable landfill to expense costs to acquire, construct, cap, close and maintain a site during the post-closure period are adjusted to include both the probable expansion airspace and the additional costs to be capitalized or accrued associated with that expansion airspace.

We have identified three steps that landfills generally follow to obtain expansion permits. These steps are as follows:

•Obtaining approval from local authorities;

•Submitting a permit application to state authorities; and

•Obtaining permit approval from state authorities.

We continually monitor our progress toward obtaining permits for each of our sites with probable airspace. If we determine that a landfill expansion area no longer meets our criteria, the probable expansion airspace is removed from the landfill’s total available disposal capacity and the rates used at the landfill to deplete costs to acquire, construct, cap, close and maintain a site during the post-closure period are adjusted accordingly. In addition, any amounts capitalized for the probable expansion airspace are charged to expense in the period in which it is determined that the criteria are no longer met.

Capitalized Landfill Costs

Capitalized landfill costs include expenditures for land, permitting, cell construction and environmental structures. Capitalized permitting and cell construction costs are limited to direct costs relating to these activities, including legal, engineering and construction costs associated with excavation, natural and synthetic liners, construction of leachate collection systems, installation of methane gas collection and monitoring systems, installation of groundwater monitoring wells and other costs associated with the development of the site. Interest is capitalized on landfill construction projects while the assets are undergoing activities to ready them for their intended use. Capitalized landfill costs also include final capping, closure and post-closure assets and are depleted as airspace is consumed using the units-of-consumption method.

Costs related to acquiring land, excluding the estimated residual value of unpermitted, non-buffer land, and costs related to permitting and cell construction are depleted as airspace is consumed using the units-of-consumption method.

Capitalized landfill costs also may include an allocation of purchase price paid for landfills. For landfills purchased as part of a group of assets, the purchase price assigned to the landfill is determined based on the estimated fair value of the landfill. If the landfill meets our expansion criteria, the purchase price is further allocated between permitted airspace and expansion airspace based on the respective ratios to total available airspace. Landfill purchase price is depleted using the units-of-consumption method over the total available airspace, including probable expansion airspace, where appropriate.

Final Capping, Closure and Post-Closure Costs and Environmental Liabilities

Final Capping, Closure and Post-Closure Costs

Final capping

We have future obligations for final capping, closure and post-closure costs with respect to the landfills we own or operate as set forth in applicable landfill permits. The permit requirements are based on the Subtitle C and Subtitle D regulations of the Resource Conservation and Recovery Act, as implemented and applied on a state-by-state basis. We define final capping as activities required to permanently cover a portion of a landfill that has been completely filled with waste. Final capping typically includes installing flexible membrane and geosynthetic clay liners, drainage and compact soil layers and topsoil and is constructed over an area of the landfill where total available disposal capacity has been consumed and waste disposal operations have ceased. These final capping activities occur in phases as needed throughout the operating life of a landfill as specific areas are filled to capacity and the final elevation for that specific area is reached in accordance with the provisions of the operating permit. We consider final capping events to be discrete activities that are recognized as asset retirement obligations separately from other closure and post-closure obligations. As a result, we use a separate rate per ton for recognizing the principal amount of the liability and related asset associated with each capping event. We amortize the asset recorded pursuant to this approach as waste volume related to the capacity covered by the capping event is placed into the landfill based on the consumption of cubic yards of available airspace.

Closure and post-closure

Closure and post-closure activities occur after the entire landfill ceases to accept waste and closes. These activities involve methane gas control, leachate management and groundwater monitoring, surface water monitoring and control and other operational and maintenance activities that occur after the site ceases to accept waste. Obligations associated with monitoring and controlling methane gas migration and emissions are set forth in applicable landfill permits and these requirements are based on the provisions of the Clean Air Act. The post-closure period generally runs for 30 years after final site closure for municipal solid waste landfills and a shorter period for construction and demolition landfills and inert landfills. We recognize asset retirement obligations and the related amortization expense for closure and post-closure (excluding obligations for final capping) using the units-of-consumption method over the total remaining disposal capacity of the landfill, including probable expansion airspace, where appropriate.

Estimated future expenditures

Estimates of future expenditures for final capping, closure and post-closure are developed at least annually by engineers. Management reviews these estimates and our operating and accounting personnel use them to adjust the rates used to capitalize and amortize these costs. These estimates involve projections of costs that will be incurred during the remaining life of the landfill for final capping activities, after the landfill ceases operations and during the legally required post-closure monitoring period. As of December 31, 2025, we had 124 closed landfills.

Fair value measurements

In general, we engage third parties to perform most of our final capping, closure and post-closure activities. Accordingly, the fair value of these activities is based on quoted and actual prices paid for similar work. We also perform some of our final capping, closure and post-closure activities using internal resources. Where we expect internal resources to be used to fulfill an asset retirement obligation, we add a profit margin to the estimated cost of such services to better reflect their fair value. If we perform these services internally, the added profit margin is recognized as a component of operating income in the period the obligation is settled.

Our estimates of costs to discharge asset retirement obligations for landfills are developed in today’s dollars. These costs are inflated each year to reflect a normal escalation of prices up to the year they are expected to be paid. Our inflation rate was 2.0% for the years ended December 31, 2025 and 2024, which was primarily based on the twenty-year historical moving average increase of the United States Core Consumer Price Index. Our inflation rate was 2.0% for the year ended December 31, 2023, which was primarily based on the ten-year historical moving average increase of the United States Consumer Price Index. These estimated costs are then discounted to their present values using a credit-adjusted, risk-free interest rate.

Changes in assets retirement obligations

A liability for an asset retirement obligation is recognized in the period in which it is incurred and is initially measured at fair value. The offset to the liability is capitalized as part of the carrying amount of the related long-lived asset. Changes in the liabilities due to revisions to estimated future cash flows are recognized by increasing or decreasing the liabilities with the offsets adjusting the carrying amounts of the related long-lived assets, and may also require immediate adjustments to amortization expense in the consolidated statements of income. Upward revisions in the amount of undiscounted estimated cash flows used to record a liability are discounted using the credit-adjusted, risk-free interest rate in effect at the time of the change. Downward revisions in the amount of undiscounted estimated cash flows used to record a liability are discounted using the credit-adjusted, risk-free rate that existed when the original liability was recognized.

Changes in asset retirement obligations due to the passage of time are measured by recognizing accretion expense in a manner that results in a constant effective interest rate being applied to the average carrying amount of the liability. The effective interest rate used to calculate accretion expense is our credit-adjusted, risk-free interest rate in effect at the time the liabilities were recorded.

We review our calculations with respect to landfill asset retirement obligations at least annually. If there is a significant change in the facts and circumstances related to a landfill during the year, we will review our calculations for the landfill as soon as practical after the change has occurred.

Landfill operating expenses

Costs associated with daily maintenance activities and environmental compliance during the operating life of the landfill are expensed as incurred. These costs include, among other things, leachate treatment and disposal, methane gas and groundwater monitoring and systems maintenance, interim cap maintenance, costs associated with the application of daily cover materials and the legal and administrative costs of ongoing environmental compliance.

Environmental Liabilities

We are subject to an array of laws and regulations relating to the protection of the environment, and we remediate sites in the ordinary course of our business. Under current laws and regulations, we may be responsible for environmental remediation at sites that we either own or operate, including sites that we have acquired, or sites where we have (or a company that we have acquired has) delivered waste. Our environmental remediation liabilities primarily include costs associated with remediating groundwater, surface water and soil contamination, as well as controlling and containing methane gas migration and the legal costs related to these remediation efforts. To estimate our ultimate liability at these sites, we evaluate several factors, including the nature and extent of contamination at each identified site, the required remediation methods, timing of expenditures, the apportionment of responsibility among the potentially responsible parties and the financial viability of those parties. We accrue for costs associated with environmental remediation obligations when such costs are probable and reasonably estimable in accordance with accounting for loss contingencies. Changes in our liabilities are recognized currently in earnings in the period in which the adjustment is known. Adjustments to estimates are reasonably possible in the near term and may result in changes to recorded amounts. With the exception of those obligations assumed in certain business combinations, environmental obligations are recorded on an undiscounted basis. Adjustments arising from changes in amounts and timing of estimated costs and settlements may result in increases or decreases in these obligations and are calculated on a discounted basis as they were initially estimated on a discounted basis. These adjustments are charged to operating income when they are known. We perform a comprehensive review of our environmental obligations annually and also review changes in facts and circumstances associated with these obligations at least quarterly and update our estimates of the likelihood of and future expenditures for remediation as necessary. We have not reduced the liabilities we have recorded for recoveries from other potentially responsible parties or insurance companies.

Business Combinations

We acquire businesses in the environmental services industry as part of our growth strategy. Businesses are included in the consolidated financial statements from the date of acquisition.

We recognize, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition-date fair values. We measure and recognize goodwill as of the acquisition date as the excess of: (1) the aggregate of the fair value of consideration transferred, the fair value of any non-controlling interest in the acquiree (if any) and the acquisition date fair value of our previously held equity interest in the acquiree (if any), over (2) the fair value of assets acquired and liabilities assumed. If information about facts and circumstances existing as of the acquisition date is incomplete by the end of the reporting period in which a business combination occurs, we report provisional amounts for the items for which the accounting is incomplete. The measurement or allocation period ends once we receive the information we are seeking; however, this period will generally not exceed one year from the acquisition date. Any material adjustments recognized during the measurement period will be reflected in the consolidated financial statements of the subsequent period. We recognize third-party transaction-related costs as expense in the period in which they are incurred.

Goodwill and Other Intangible Assets

We evaluate goodwill for impairment annually as of October 1st, or when an indicator of impairment exists, at the reporting unit level. Our reporting units are our three field groups: Group 1, Group 2 and Group 3.

We may use both qualitative and quantitative approaches when testing goodwill for impairment. If, after assessing qualitative factors, we determine it is more likely than not that a reporting unit's goodwill is impaired, then we perform a quantitative test for that reporting unit. The quantitative impairment test for goodwill encompasses calculating a fair value of goodwill and comparing the fair value to its carrying value. If the carrying value exceeds the fair value, impairment is recognized for the difference.

As of October 1, 2025, we performed a qualitative assessment to evaluate circumstances and events impacting our reporting units to determine the likelihood of goodwill impairment. Examples of such events or circumstances include: (1) a significant adverse change in legal factors or in the business climate; (2) an adverse action or assessment by a regulator; (3) a more likely than not expectation that a reporting unit or a significant portion thereof will be sold; (4) continued or sustained losses at a reporting unit; (5) a significant decline in our market capitalization as compared to our book value; or (6) we conclude that we may not recover a significant asset group within the reporting unit. We determined it was more likely than not that the fair values of our reporting units exceeded their carrying amounts. No impairment losses were recorded for goodwill during the years ended December 31, 2025, 2024 or 2023.

Other intangible assets include values assigned to customer relationships, which are amortized on a straight-line basis over periods ranging from 1 to 15 years.

Asset Impairments

We continually consider whether events or changes in circumstances have occurred that may warrant revision of the estimated useful lives of our long-lived assets (other than goodwill) or whether the remaining balances of those assets should be evaluated for possible impairment. Long-lived assets include, for example, capitalized landfill costs, other property and equipment and identifiable intangible assets.

Events or changes in circumstances that may indicate that an asset may be impaired include the following:

•A significant decrease in the market price of an asset or asset group;

•A significant adverse change in the extent or manner in which an asset or asset group is being used or in its physical condition;

•A significant adverse change in legal factors or in the business climate that could affect the value of an asset or asset group, including an adverse action or assessment by a regulator;

•An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset;

•A current period operating or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group;

•A current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life; or

•An impairment of goodwill at a reporting unit.

There are certain indicators listed above that require judgment and understanding of the environmental services industry when applied to landfill development or expansion. For example, a regulator may initially deny a landfill expansion permit application though the expansion permit is ultimately granted. In addition, management may periodically divert waste from one landfill to another to conserve remaining permitted landfill airspace. Therefore, certain events could occur in the ordinary course of business and not necessarily be considered indicators of impairment due to the unique nature of the environmental services industry.

If indicators of impairment exist, the asset or asset group is reviewed to determine whether its recoverability is impaired. We assess the recoverability of the asset or asset group by comparing its carrying value to an estimate (or estimates) of its undiscounted future cash flows over its remaining life. If the estimated undiscounted cash flows are not sufficient to recover the carrying value of the asset or asset group, we measure an impairment loss as the amount by which the carrying amount of the asset exceeds its fair value. The loss is recorded in the consolidated statements of income in the period in which such impairment is identified. Estimating future cash flows requires significant judgment, and our projections of future cash flows and remaining useful lives may vary materially from actual results. No impairment losses were recorded for long-lived assets during the years ended December 31, 2025, 2024 or 2023.

Insurance Reserves

Our insurance programs for workers' compensation, commercial general and auto liability, environmental and remediation liability and employee-related health care benefits are subject to high deductible insurance policies. Accruals for insurance reserves are based on claims filed and estimates of claims incurred but not reported. We consider our past claims experience, including both frequency and settlement amount of claims, in determining these estimates. It is possible that recorded reserves may not be adequate to fund the future payment of claims. Adjustments, if any, to estimates recorded resulting from ultimate claim payments will be reflected in the consolidated statements of income in the periods in which such adjustments are known. In general, our insurance reserves are recorded on an undiscounted basis; however, the insurance liabilities we assumed in business combinations are recorded at estimated fair value, and therefore have been discounted to present value based on our estimate of the timing of the related cash flows.

Contingent Liabilities

We are subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. In general, we determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. We assess our potential liability relating to litigation and regulatory matters based on information available to us. Management develops its assessment based on an analysis of possible outcomes under various strategies. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we disclose the potential range of the

loss, if estimable. Contingent liabilities recorded in purchase accounting are recorded at their fair values. These fair values may be different from the values we would have otherwise recorded, had the contingent liability not been assumed as part of an acquisition of a business.

Accumulated Other Comprehensive Income and Share Repurchases

Accumulated Other Comprehensive Income

Accumulated other comprehensive income is a component of stockholders’ equity and includes the amortization of our settled interest rate locks and foreign currency translation adjustments.

Share Repurchases

Share repurchases under our share repurchase authorization may be made through open market purchases or privately negotiated transactions at the current market prices. From time-to-time, we return treasury shares acquired through share repurchases to the status of authorized but unissued. Our accounting policy is to deduct the par value from common stock and to reflect any excess of cost over par value as a deduction from additional paid-in capital.

Revenue Recognition

We generally provide services under contracts with municipalities or individual customers. Municipal and small-container

contracts are generally long-term and often have renewal options. Revenue may be billed in advance of the service being performed, such as the treatment or disposal of the waste. Advance billings are recorded as deferred revenue, and revenue is recognized over the period services are provided.

We recognize revenue, net of tax, when control is transferred to the customer, generally at the time we provide a service. Revenue is measured as the amount of consideration we expect to receive in exchange for providing a service. We make payments to certain of our customers, including payments to our municipal customers or commodity rebates to customers in our recycling business, which reduce the amount of revenue we recognize.

Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we record deferred income taxes to reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases using enacted tax rates that we expect to be in effect when the taxes are actually paid or recovered. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making these determinations, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, tax planning strategies, projected future taxable income and recent financial operating results. The weight given to the positive and negative evidence is commensurate with the extent such evidence can be objectively verified. If we determine that we would be able to realize a deferred income tax asset in the future in excess of its net recorded amount, we would make an adjustment to the valuation allowance, which would reduce the provision for income taxes.

We record uncertain tax positions in accordance with ASC 740. A tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized.

We recognize interest and penalties related to uncertain tax positions in the provision for income taxes in the accompanying consolidated statements of income. Accrued interest and penalties are included in other accrued liabilities, deferred income taxes and other long-term tax liabilities in the consolidated balance sheets.

We use the flow-through method to account for investment tax credits earned on eligible development expenditures. Under this method, the investment tax credits are recognized as a reduction to income tax expense in the year they are earned.

Leases

We lease property and equipment in the ordinary course of business under various lease agreements. The most significant lease obligations are for real property and equipment specific to our industry, including property operated as a landfill or transfer station and operating equipment. Our leases have varying terms. Some may include renewal or purchase options, escalation clauses, restrictions, penalties or other obligations that we consider in determining minimum lease payments. Our lease terms include options to renew the lease when it is reasonably certain that we will exercise the option.

Certain leases require payments that are variable in nature based on volume measurements, e.g. a fixed rate per ton at our

landfills. In addition, certain rental payments are adjusted annually based on changes in an underlying base index such as a consumer price index. Variable lease payments are recognized in our consolidated statements of income in the period incurred. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We generally account for lease components separately from non-lease components.

Leases are classified as either operating leases or finance leases, as appropriate. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheet.

Operating Leases

Many of our leases are operating leases. Operating lease classification generally can be attributed to either (1) relatively low fixed minimum lease payments (including, for example, real property lease payments that are not fixed and vary based on the volume of material we receive or process), or (2) minimum lease terms that are shorter than the asset's economic useful life. We expect that, in the ordinary course of business, our operating leases will be renewed, replaced by other leases, or replaced with capital expenditures. We recognize rent expense for these leases on a straight-line basis over the lease term.

We recognize a right-of-use liability and right-of-use asset for leases classified as operating leases in our consolidated balance sheet upon lease commencement. The right-of-use liability represents the present value of the remaining lease payments. An implicit rate is often not readily available for these leases. As such, we use our incremental borrowing rate at the commencement date to determine the present value of the lease payments. Our incremental borrowing rate represents the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term in a similar economic environment. In addition, we recognize a corresponding right-of-use asset, which represents our right to use an underlying asset for the lease term. The right-of-use asset is adjusted for certain favorable or unfavorable leases recognized through acquisition, prepaid or accrued rent, asset impairments and lease incentives, including but not limited to cash incentives, rent abatement or leasehold improvements paid by the lessor.

Finance Leases

We capitalize assets acquired under finance leases at lease commencement and amortize them to depreciation expense over the lesser of the useful life of the asset or the lease term on either a straight-line or a units-of-consumption basis, depending on the asset leased. We record the present value of the related lease payments as a debt obligation. Our finance lease liabilities relate primarily to real property, including certain long-term landfill operating agreements that require minimum lease payments with offsetting finance lease assets recorded as part of the landfill development costs.

Related Party Transactions

It is our policy that transactions with related parties must be on terms that, on the whole, are no less favorable than those that would be available from unaffiliated parties.

New Accounting Pronouncements

Accounting Standards Adopted

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-09 on a retrospective basis in this Annual Report on Form 10-K. The adoption of this ASU did not have a material impact on our consolidated financial statements. The required additional information can be found in Note 11, Income Taxes, in Part II, Item 8 of this Annual Report on Form 10-K for the year ended December 31, 2025.

Accounting Standards Updates Issued but not yet Adopted as of December 31, 2025

Accounting Standards Update Codification Improvements

In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2025-12, Codification Improvements: The amendments from this ASU address a range of various accounting topics that represent changes that clarify and make minor improvements to the existing codification. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. We are currently assessing the effect this guidance may have on our consolidated financial statements.

Narrow-Scope Improvements

In December 2025, the FASB issued Accounting Standards Update 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements: This guidance clarifies interim disclosure requirements and the applicability of Topic 270 resulting in a comprehensive list of interim disclosures required by GAAP and a disclosure principal for disclosing material events since the last reporting period. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027.

Accounting for Government Grants Received by Business Entities

In December 2025, the FASB issued Accounting Standards Update 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This ASU adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants. In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including IAS 20 or ASC 958-605, when accounting for government grants. This ASU will be effective for annual and interim periods in fiscal years beginning after December 15, 2028. We are currently assessing the effect this guidance may have on our consolidated financial statements.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued Accounting Standards Update 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This guidance removes references to prescriptive and sequential development stages, requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed. The amendments are effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods. Entities may apply the guidance using a prospective, retrospective or modified transition approach. We are currently assessing the effect this guidance may have on our consolidated financial statements.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Topic 606. In developing reasonable and supportable forecasts as part of estimating expected credit losses, the amendments in this update provide entities with a practical expedient that assumes that the current conditions as of the balance sheet date do not change for the remaining life of the asset. The update is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. We are currently assessing the effect this guidance may have on our consolidated financial statements.

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

In May 2025, the FASB issued Accounting Standards Update 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (ASU 2025-03), revising guidance on identifying the accounting acquirer in business combinations involving variable interest entities (VIEs). In accordance with ASU 2025-03, when a reporting entity exchanges equity interests in a business combination, it must evaluate specific factors to determine the accounting acquirer, irrespective of the legal acquiree's classification as a VIE. This may lead to the conclusion that a VIE involves a reverse acquisition, treating the legal acquirer as the acquiree for accounting purposes. This update improves comparability with combinations including voting interest entities (VOEs) and will be effective for fiscal years starting after December 15, 2026.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). ASU 2024-03 requires an entity to disclose the amount of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires an entity to include certain amounts that are already required to be disclosed under GAAP in the same disclosure. 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. 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. The Company is currently evaluating the impact of ASU 2024-03 on its future consolidated financial statements.

Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, to modify the disclosure or presentation requirements of a variety of topics, which will allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements, and to align the requirements in the FASB accounting standard codification with the SEC's regulations. The effective date for each topic's amendment is the date on which the SEC's removal of the topic's related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited.

Employee Benefit Plans - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Percentage of employer contribution as percentage of first three percentage of eligible compensation	100.00%
Percentage of eligible compensation contributed by employer	3.00%
Percentage of employer contribution as percentage of next two percentage of eligible compensation	50.00%
Percentage of additional eligible compensation contributed by each employee	2.00%
Total expense recorded for matching 401(k) contributions	$ 98	$ 95	$ 82

Other Assets (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

A summary of prepaid expenses and other current assets as of December 31 follows:


	2025		2024
Income taxes receivable	$	146	$	124
Prepaid expenses	131		$	127
Parts and supplies	106		98
Other non-trade receivables	94		96
Reinsurance receivable	32		30

Other	41		36
Total	$	550	$	511

Schedule of Other Assets

A summary of other assets as of December 31 follows:


	2025		2024
Investments	$	815	$	637
Operating right-of-use lease assets	208		232
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements	159		123
Deferred compensation plan	143		125
Reinsurance receivable	90		86
Deferred contract costs and sales commissions	81		82
Derivative and hedging assets	32		55

Other	47		43
Total	$	1,575	$	1,383

Income Taxes - Schedule of Changes in Deferred Tax Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Movement in Deferred Tax Valuation Allowances [Roll Forward]
Balance at beginning of year	$ 51	$ 49	$ 44
Additions charged to provision for income taxes	3	6	3
Deferred tax assets realized or written-off	(6)	0	0
Other, net	(3)	(4)	2
Balance at end of year	$ 45	$ 51	$ 49

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 10, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-14267
Entity Registrant Name	REPUBLIC SERVICES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	65-0716904
Entity Address, Address Line One	5353 East City North Drive
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85054
City Area Code	480
Local Phone Number	627-2700
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	RSG
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 77.0
Entity Common Stock, Shares Outstanding (in shares)		308,804,970
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement relative to the 2026 Annual Meeting of Shareholders are incorporated by reference in Part III hereof.
Entity Central Index Key	0001060391
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Landfill and Environmental Costs - Schedule of Activity in Environmental Remediation Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Activity in environmental remediation liabilities
Environmental remediation liabilities, beginning of year	$ 447	$ 485	$ 487
Net additions charged to expense	1	7	2
Payments	(54)	(62)	(55)
Accretion expense (non-cash interest expense)	17	17	18
Acquisitions, net of divestitures and other adjustments	32	0	33
Environmental remediation liabilities, end of year	443	447	485
Less: current portion	(61)	(63)	(69)
Long-term portion	$ 382	$ 384	$ 416
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]			Accrued Capping, Closure, Post-closure and Environmental Costs
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]			Long-term portion

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 27,463	$ 25,544
Less: accumulated depreciation, depletion and amortization	(14,824)	(13,667)
Property and equipment, net	12,639	11,877
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,016	897
Landfill development costs
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,335	10,518
Less: accumulated depreciation, depletion and amortization	(6,578)	(6,031)
Vehicles and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,785	10,998
Less: accumulated depreciation, depletion and amortization	(7,191)	(6,692)
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,578	2,119
Less: accumulated depreciation, depletion and amortization	(1,055)	(944)
Construction-in-progress – landfill
Property, Plant and Equipment [Line Items]
Property and equipment, gross	326	437
Construction-in-progress – other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 423	$ 575

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The estimated useful lives of our property and equipment are as follows:


Buildings and improvements			5 - 30 years
Vehicles			5 - 20 years
Landfill equipment			5 - 7 years
Other equipment			3 - 25 years
Furniture and fixtures			3 - 10 years

A summary of property and equipment, net as of December 31 follows:


	2025		2024
Land	$	1,016	$	897
Landfill development costs	11,335		10,518
Vehicles and equipment	11,785		10,998
Buildings and improvements	2,578		2,119
Construction-in-progress – landfill	326		437
Construction-in-progress – other	423		575
	$	27,463	$	25,544
Less: accumulated depreciation, depletion and amortization
Landfill development costs	$	(6,578)	$	(6,031)
Vehicles and equipment	(7,191)		(6,692)
Buildings and improvements	(1,055)		(944)
	(14,824)		(13,667)
Property and equipment, net	$	12,639	$	11,877

Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

A summary of the activity and balances in goodwill accounts by reporting segment follows:


	Balance as of December 31, 2024		Acquisitions		Divestitures		Adjustments and Other		Balance as of December 31, 2025
Group 1	$	7,492	$	71	$	(1)	$	11	$	7,573
Group 2	6,438		154		(1)		6		6,597
Group 3	2,052		492		(1)		2		2,545
Total	$	15,982	$	717	$	(3)	$	19	$	16,715


	Balance as of December 31, 2023		Acquisitions		Divestitures		Adjustments and Other		Balance as of December 31, 2024
Group 1	$	7,312	$	161	$	—	$	19	$	7,492
Group 2	6,445		—		—		(7)		6,438
Group 3	2,077		15		—		(40)		2,052
Total	$	15,834	$	176	$	—	$	(28)	$	15,982

Other Intangible Assets, Net

Other intangible assets, net, are primarily comprised of values assigned to customer relationships, which are amortized over periods ranging from 1 to 15 years. A summary of the activity and balances by intangible asset type follows:


	Gross Intangible Assets								Accumulated Amortization								Other Intangible Assets, Net as of December 31, 2025
	Balance as of December 31, 2024		Acquisitions		Adjustments and Other		Balance as of December 31, 2025		Balance as of December 31, 2024		Additions Charged to Expense		Adjustments and Other		Balance as of December 31, 2025
Customer relationships	$	690	$	198	$	(7)	$	881	$	(215)	$	(81)	$	7	$	(289)	$	592

Other intangible assets	91		1		(8)		84		(20)		(8)		7		(21)		63
Total	$	781	$	199	$	(15)	$	965	$	(235)	$	(89)	$	14	$	(310)	$	655


	Gross Intangible Assets								Accumulated Amortization								Other Intangible Assets, Net as of December 31, 2024
	Balance as of December 31, 2023		Acquisitions		Adjustments and Other		Balance as of December 31, 2024		Balance as of December 31, 2023		Additions Charged to Expense		Adjustments and Other		Balance as of December 31, 2024
Customer relationships	$	632	$	38	$	20	$	690	$	(166)	$	(69)	$	20	$	(215)	$	475

Other intangible assets	53		6		32		91		(23)		(10)		13		(20)		71
Total	$	685	$	44	$	52	$	781	$	(189)	$	(79)	$	33	$	(235)	$	546

Based on the amortizable intangible assets recorded in the consolidated balance sheet as of December 31, 2025, amortization expense for each of the next five years is estimated as follows:


2026	$	87
2027	$	80
2028	$	77
2029	$	71
2030	$	60

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of the provision for income taxes for the years ended December 31 follow:


	2025		2024		2023
Current:
Federal	$	81	$	204	$	260
Foreign	10		13		9
State	95		84		90
Deferred:
Federal	240		55		72
Foreign	(11)		2		(3)
State	40		30		32

Provision for income taxes	$	455	$	388	$	460

On July 4, 2025, the One Big Beautiful Bill Act (the "Act”) was signed into law. The Act, among other things, implemented changes to the tax treatment relating to bonus depreciation, research and experimental expenditures and interest expense, and included phase-outs and restrictions on several clean energy tax incentives. The Act did not have a material impact on our effective tax rate.

The reconciliations of the statutory federal income tax rate to our effective tax rate for the years ended December 31 follow:


	2025				2024				2023
US Federal Statutory Tax Rate	$	545	21.0	%	$	510	21.0	%	$	460	21.0	%
State and Local Income Taxes, Net of Federal Income Tax Effect(1)	110		4.2		107		4.4		97		4.4


Tax Credits
Renewable energy assets	(189)		(7.3)		(238)		(9.8)		(100)		(4.6)

Other	(46)		(1.8)		(23)		(0.9)		(3)		(0.1)

Nontaxable or Nondeductible Items	42		1.6		37		1.5		36		1.6

Other Adjustments	(7)		(0.2)		(5)		(0.2)		(30)		(1.3)
Effective Tax Rate	$	455	17.5	%	$	388	16.0	%	$	460	21.0	%

(1) State taxes in California, Illinois, Massachusetts, & Texas made up the majority (greater than 50 percent) of the tax effect in this category for 2025, 2024, and 2023.

The impact of foreign tax effects, effect of changes in tax laws or rates enacted in the current period, effect of cross-border tax laws, changes in valuation allowances and changes in unrecognized tax benefits were each immaterial to the periods presented.

During 2023 through 2025, we acquired non-controlling interests in limited liability companies established to own renewable energy assets that qualified 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 HLBV method and recognize our share of income or loss and other reductions or increases in the value of our investment in loss from unconsolidated equity method investments within our consolidated statements of income. For further discussion regarding our equity method accounting, see Note 3, Business Acquisitions, Investments and Restructuring Charges of the notes to our consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.

In addition, during 2023 we resolved IRS examinations for our 2014 to 2018 tax years, that in the aggregate, reduced our tax provision by approximately $21 million.

The components of the income tax payments (net of refunds received) for the period ended December 31 follow:


	2025		2024		2023
Federal	$	98	$	195	$	243
State
California	29		27		24
Texas	11		10		—
Other	52		71		59
Foreign	16		10		17
Income tax payments (net of refunds received)	$	206	$	313	$	343

We made income tax payments (net of refunds) of $206 million, $313 million and $343 million for 2025, 2024, and 2023, respectively. Income taxes paid in 2025 reflect benefits from the Act as well as tax credits from our continuing investments in qualified renewable energy projects. Income taxes paid in 2024 and 2023 reflect benefits from tax credits from our continuing investments in qualified renewable energy projects.

The components of the net deferred income tax asset and liability as of December 31 follow:


	2025		2024
Deferred tax liabilities relating to:
Differences between book and tax basis of property and equipment	$	(1,400)	$	(1,258)
Difference between book and tax basis of intangible assets	(722)		(637)
Operating right-of-use lease assets	(52)		(57)
Basis difference due to redemption of partnership interests	(80)		(82)
Other	(10)		—
Total deferred tax liabilities	$	(2,264)	$	(2,034)
Deferred tax assets relating to:
Environmental reserves	$	182	$	218
Accruals not currently deductible	116		105
Net operating loss carryforwards	60		61
Difference between book and tax basis of other assets	9		48

Operating right-of-use lease liabilities	56		59
Other	15		15
Total deferred tax assets	438		506
Valuation allowance	(45)		(51)
Net deferred tax asset	393		455
Net overall deferred tax liability	$	(1,871)	$	(1,579)

Changes in the deferred tax valuation allowance for the years ended December 31 follow:


	2025		2024		2023
Valuation allowance, beginning of year	$	51	$	49	$	44
Additions charged to provision for income taxes	3		6		3
Deferred tax assets realized or written-off	(6)		—		—

Other, net	(3)		(4)		2
Valuation allowance, end of year	$	45	$	51	$	49

We have deferred tax assets related to state net operating loss carryforwards with an estimated tax effect of $51 million available as of December 31, 2025. These state net operating loss carryforwards expire at various times between 2026 and 2045. 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 December 31, 2025, we have provided a valuation allowance of $40 million.

We are subject to income tax in the United States and Canada, as well as multiple state and provincial jurisdictions. Our compliance with income tax rules and regulations is periodically audited by taxing authorities. These authorities may challenge

the positions taken in our tax filings. Thus, to provide for certain potential tax exposures, we maintain liabilities for uncertain tax positions for our estimate of the final outcome of the examinations. Our federal statute of limitations applicable to our federal tax returns is closed through 2021. In addition, we are currently under state examination or administrative review in various jurisdictions for tax years 2013 through 2024.

The following table summarizes the activity in our gross unrecognized tax benefits for the years ended December 31:


	2025		2024		2023
Balance at beginning of year	$	28	$	42	$	111
Additions for tax positions of current year	3		—		1
Additions for tax positions of prior years	—		1		3
Reductions for tax positions of prior years	—		(5)		(7)
Reductions for tax positions resulting from lapse of statute of limitations	(1)		(1)		—
Settlements	(7)		(9)		(66)
Balance at end of year	$	23	$	28	$	42

Included in our gross unrecognized tax benefits as of December 31, 2025, 2024 and 2023 are $18 million, $22 million and $33 million, respectively, of unrecognized tax benefits (net of the federal benefit) that, if recognized, would affect our effective income tax rate in future periods.

During 2023, we settled our 2014-2018 tax years with the Internal Revenue Service. These settlements reduced our gross unrecognized tax benefits by $66 million.

We recognize interest and penalties as incurred within the provision for income taxes in our consolidated statements of income. Related to the unrecognized tax benefits previously noted, we recorded a reduction to interest expense of $1 million during 2025 and, in total as of December 31, 2025, have recognized a liability for penalties of $4 million and interest of $4 million. During 2024, we recorded a reduction to interest expense of $6 million and, in total as of December 31, 2024, had recognized a liability for penalties of $1 million and interest of $5 million. During 2023, we recorded interest expense of $1 million and, in total as of December 31, 2023, had recognized a liability for interest of $14 million.

We believe the recorded liabilities for uncertain tax positions are adequate. However, a significant assessment against us in excess of the liabilities recorded could have a material adverse effect on our consolidated financial position, results of operations and cash flows.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets, Net - Schedule of Activity and Balances in Goodwill Accounts by Reporting Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Summary of the activity and balances in goodwill accounts, net, by operating segment [Roll forward]
Goodwill, Beginning Balance	$ 15,982	$ 15,834
Acquisitions	717	176
Divestitures	(3)	0
Adjustments and Other	19	(28)
Goodwill, Ending Balance	16,715	15,982
Group 1
Summary of the activity and balances in goodwill accounts, net, by operating segment [Roll forward]
Goodwill, Beginning Balance	7,492	7,312
Acquisitions	71	161
Divestitures	(1)	0
Adjustments and Other	11	19
Goodwill, Ending Balance	7,573	7,492
Group 2
Summary of the activity and balances in goodwill accounts, net, by operating segment [Roll forward]
Goodwill, Beginning Balance	6,438	6,445
Acquisitions	154	0
Divestitures	(1)	0
Adjustments and Other	6	(7)
Goodwill, Ending Balance	6,597	6,438
Group 3
Summary of the activity and balances in goodwill accounts, net, by operating segment [Roll forward]
Goodwill, Beginning Balance	2,052	2,077
Acquisitions	492	15
Divestitures	(1)	0
Adjustments and Other	2	(40)
Goodwill, Ending Balance	$ 2,545	$ 2,052

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Segment Reporting - Schedule of Adjusted EBITDA and EBITDA Margin (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Adjusted EBITDA	$ 5,307	$ 4,979	$ 4,447
Other income	(21)	(23)	(7)
Interest income	(8)	(9)	(6)
Interest expense	574	539	508
Depreciation, depletion and amortization	1,814	1,677	1,501
Accretion	114	107	98
Loss from unconsolidated equity method investments	163	255	94
Adjustments to withdrawal liability for multiemployer pension funds	1	0	5
Restructuring charges	20	29	33
Gain on certain divestitures and impairments, net	0	(30)	(4)
US Ecology, Inc. acquisition integration and deal costs	0	0	34
Loss on extinguishment of debt and other related costs	0	2	0
Labor disruption	56	0	0
Income before income taxes	2,594	2,432	2,191
Operating Segments \| Group 1 Adjusted EBITDA
Segment Reporting Information [Line Items]
Total Adjusted EBITDA	2,522	2,283	2,063
Operating Segments \| Group 2 Adjusted EBITDA
Segment Reporting Information [Line Items]
Total Adjusted EBITDA	2,413	2,263	2,037
Operating Segments \| Group 3 Adjusted EBITDA
Segment Reporting Information [Line Items]
Total Adjusted EBITDA	$ 372	$ 433	$ 347

Debt - Schedule of Carrying Values of Debt Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Finance leases and other	$ 441		$ 315
Long-term debt, gross and lease obligation	13,710		12,840
Adjustments	(129)		(127)
Carrying Value	13,710
Total Debt	13,581		12,713
Less: current portion	(596)		(862)
Long-term portion	12,985		11,851
Credit facilities: Uncommitted Credit Facility
Debt Instrument [Line Items]
Principal	0		0
Adjustments	0		0
Carrying Value	0		0
Credit facilities: The Credit Facility
Debt Instrument [Line Items]
Principal	425		514
Adjustments	0		0
Carrying Value	425		514
Credit facilities: Commercial Paper Facility
Debt Instrument [Line Items]
Principal	1,000		477
Adjustments	(1)		0
Carrying Value	$ 999
Senior notes: March 2025
Debt Instrument [Line Items]
Interest Rate	3.20%
Principal	$ 0		500
Adjustments	0		0
Carrying Value	$ 0		500
Senior notes: November 2025
Debt Instrument [Line Items]
Interest Rate	0.875%
Principal	$ 0		350
Adjustments	0		0
Carrying Value	$ 0		350
Senior notes: July 2026
Debt Instrument [Line Items]
Interest Rate	2.90%
Principal	$ 500		500
Adjustments	0		(1)
Carrying Value	$ 500		499
Senior notes: November 2027
Debt Instrument [Line Items]
Interest Rate	3.375%
Principal	$ 650		650
Adjustments	(1)		(2)
Carrying Value	$ 649		648
Senior notes: May 2028
Debt Instrument [Line Items]
Interest Rate	3.95%
Principal	$ 800		800
Adjustments	(5)		(7)
Carrying Value	$ 795		793
Senior notes: April 2029
Debt Instrument [Line Items]
Interest Rate	4.875%
Principal	$ 750		750
Adjustments	(5)		(6)
Carrying Value	$ 745		744
Senior notes: November 2029
Debt Instrument [Line Items]
Interest Rate	5.00%
Principal	$ 400		400	$ 400
Adjustments	(3)		(4)
Carrying Value	$ 397		396
Senior notes: March 2030
Debt Instrument [Line Items]
Interest Rate	2.30%
Principal	$ 600		600
Adjustments	(3)		(4)
Carrying Value	$ 597		596
Senior notes: July 2030
Debt Instrument [Line Items]
Interest Rate	4.75%
Principal	$ 500	$ 500	0
Adjustments	(5)		0
Carrying Value	$ 495		0
Senior notes: February 2031
Debt Instrument [Line Items]
Interest Rate	1.45%
Principal	$ 650		650
Adjustments	(5)		(5)
Carrying Value	$ 645		645
Senior notes: February 2032
Debt Instrument [Line Items]
Interest Rate	1.75%
Principal	$ 750		750
Adjustments	(4)		(5)
Carrying Value	$ 746		745
Senior notes: March 2033
Debt Instrument [Line Items]
Interest Rate	2.375%
Principal	$ 700		700
Adjustments	(5)		(6)
Carrying Value	$ 695		694
Senior notes: December 2033
Debt Instrument [Line Items]
Interest Rate	5.00%
Principal	$ 650		650
Adjustments	(8)		(9)
Carrying Value	$ 642		641
Senior notes: April 2034
Debt Instrument [Line Items]
Interest Rate	5.00%
Principal	$ 800		800
Adjustments	(9)		(10)
Carrying Value	$ 791		790
Senior notes: November 2034
Debt Instrument [Line Items]
Interest Rate	5.20%
Principal	$ 500		500	$ 500
Adjustments	(5)		(6)
Carrying Value	$ 495		494
Senior notes: March 2035
Debt Instrument [Line Items]
Interest Rate	6.086%
Principal	$ 182		182
Adjustments	(10)		(11)
Carrying Value	$ 172		171
Senior notes: March 2035
Debt Instrument [Line Items]
Interest Rate	5.15%
Principal	$ 700	$ 700	0
Adjustments	(10)		0
Carrying Value	$ 690		0
Senior notes: March 2040
Debt Instrument [Line Items]
Interest Rate	6.20%
Principal	$ 400		400
Adjustments	(3)		(3)
Carrying Value	$ 397		397
Senior notes: May 2041
Debt Instrument [Line Items]
Interest Rate	5.70%
Principal	$ 386		386
Adjustments	(5)		(5)
Carrying Value	$ 381		381
Senior notes: March 2050
Debt Instrument [Line Items]
Interest Rate	3.05%
Principal	$ 400		400
Adjustments	(7)		(7)
Carrying Value	$ 393		393
Debentures: September 2035
Debt Instrument [Line Items]
Interest Rate	7.40%
Principal	$ 148		148
Adjustments	(26)		(27)
Carrying Value	122		121
Tax-exempt
Debt Instrument [Line Items]
Principal	1,378		1,418
Adjustments	(9)		(9)
Carrying Value	$ 1,369		$ 1,409
Tax-exempt \| Minimum
Debt Instrument [Line Items]
Interest Rate	3.00%
Tax-exempt \| Maximum
Debt Instrument [Line Items]
Interest Rate	4.375%
Finance leases \| Minimum
Debt Instrument [Line Items]
Interest Rate	1.726%
Finance leases \| Maximum
Debt Instrument [Line Items]
Interest Rate	9.75%

Income Taxes - Schedule of Reconciliations of Statutory Federal Income Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
US Federal Statutory Tax Rate	$ 545	$ 510	$ 460
State and Local Income Taxes, Net of Federal Income Tax Effect	110	107	97
Renewable energy assets	(189)	(238)	(100)
Other	(46)	(23)	(3)
Nontaxable or Nondeductible Items	42	37	36
Other Adjustments	(7)	(5)	(30)
Provision for income taxes	$ 455	$ 388	$ 460
Percent
US Federal Statutory Tax Rate	21.00%	21.00%	21.00%
State and Local Income Taxes, Net of Federal Income Tax Effect	4.20%	4.40%	4.40%
Renewable energy assets	(7.30%)	(9.80%)	(4.60%)
Other	(1.80%)	(0.90%)	(0.10%)
Nontaxable or Nondeductible Items	1.60%	1.50%	1.60%
Other Adjustments	(0.20%)	(0.20%)	(1.30%)
Effective Tax Rate	17.50%	16.00%	21.00%

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Letters of credit utilizing availability our credit facilities	$ 319	$ 317
Percentage of ownership interest in company	19.90%
Outstanding amount for land fill operations	$ 2,000

Commitments and Contingencies - Schedule of Future Minimum Payments Under Unconditional Purchase Commitments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 196
2027	140
2028	90
2029	70
2030	64
Thereafter	384
Total	$ 944

Share Repurchases and Dividends (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Share Repurchase Activity

Share repurchase activity during the years ended December 31, 2025, 2024 and 2023 follows (in millions, except per share amounts):


	2025		2024		2023
Number of shares repurchased	3.8		2.5		1.8
Amount paid	$	864	$	480	$	262
Weighted average cost per share	$	224.50	$	193.59	$	145.72

Commitments and Contingencies - Schedule of Restricted Cash and Marketable Securities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Capping, closure and post-closure obligations	$ 67	$ 59
Insurance	192	149
Total restricted cash and marketable securities	$ 259	$ 208	$ 164

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Republic’s technology and cybersecurity programs are crucial to maintaining secure operations, which enable us to deliver on our promise to customers and maintain stakeholder trust. Our Cybersecurity organization, led by our Chief Information Security Officer (CISO), is responsible for establishing, implementing and executing our cybersecurity program and strategy. Our CISO has over 20 years of information technology, information technology audit, and cybersecurity experience, and is involved in assessing the latest developments in cybersecurity, including potential threats and innovative risk management techniques. Our cybersecurity program is a critical component of our enterprise risk management process overseen by our Board of Directors, and we have integrated cybersecurity-related risks into our overall enterprise risk management framework. Additionally, cybersecurity-related risks are included in the risk universe that the risk management function evaluates to assess top risks to the enterprise on an annual basis. Our Cybersecurity organization proactively identifies, manages, and mitigates cyber risk in a variety of ways, including but not limited to: a.A formal enterprise-wide cybersecurity policy and related standards; b.Cybersecurity training and employee phishing simulations; c.Scheduled and ad hoc internal and external penetration tests; d.Cyber incident response, IT disaster recovery, and business continuity plans; e.Operational technology assessments, testing, and incident response; f.Assessing and securing artificial intelligence (AI) enabled services and technologies; g.Cybersecurity assessments and remediation planning as part of our M&A due diligence process; h.Identity and access management controls; i.Third-party risk assessment and management for vendors and third-party service providers; and j.Cyber incident tabletop exercises for our Board of Directors and management. A primary element of our cybersecurity program is the implementation of controls that are aligned with industry guidelines and applicable regulations to identify threats, deter attacks, and protect our information security assets. We have procedures in place for selecting and managing our relationships with third-party service providers and other business partners, including to monitor compliance with our agreements and regulatory and legal requirements. We also actively engage with industry participants and intelligence and law enforcement communities as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures. Our cybersecurity program is designed based on the concepts of control maturity and control efficacy. For control maturity, our cybersecurity program is aligned to the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) and is assessed annually by an independent third party against our yearly control maturity targets in the context of current cyber threat and industry trends. The NIST CSF assessment results are used to validate the progress made against the current year maturity targets, inform the program’s strategic priorities and establish maturity targets for the following year. These assessment results are provided to our Audit Committee and our Board of Directors on an annual basis. For control efficacy, the cybersecurity program leverages a variety of metrics and measurements to demonstrate whether the control objectives are being consistently achieved within the target range. Monthly security operation (SecOps) reviews are utilized to monitor metric trends and root causes to determine potential capability improvements. The monthly SecOps reviews and related actions are aggregated into a subset of key metrics reviewed quarterly by the Audit Committee.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity program is a critical component of our enterprise risk management process overseen by our Board of Directors, and we have integrated cybersecurity-related risks into our overall enterprise risk management framework. Additionally, cybersecurity-related risks are included in the risk universe that the risk management function evaluates to assess top risks to the enterprise on an annual basis.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	On an annual basis, our Board of Directors meets with our CISO and our third-party cybersecurity consultant to review our cybersecurity strategy and the results of our consultant's NIST CSF assessment. In accordance with our cybersecurity incident response plan, our Board is promptly informed of potentially material cybersecurity incidents, including with respect to our third-party service providers.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee oversees the management of our cybersecurity risk exposures and the steps management has taken to monitor and control such exposures. At each quarterly meeting, the Audit Committee receives an update from our CISO and other members of management on relevant topics, including cybersecurity program maturity progress, new capabilities implemented, penetration testing results, key cyber risk metrics (e.g., simulated phishing testing and vulnerability management) and notable incidents or events should they occur. On an annual basis, our Board of Directors meets with our CISO and our third-party cybersecurity consultant to review our cybersecurity strategy and the results of our consultant's NIST CSF assessment. In accordance with our cybersecurity incident response plan, our Board is promptly informed of potentially material cybersecurity incidents, including with respect to our third-party service providers.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	On an annual basis, our Board of Directors meets with our CISO and our third-party cybersecurity consultant to review our cybersecurity strategy and the results of our consultant's NIST CSF assessment. In accordance with our cybersecurity incident response plan, our Board is promptly informed of potentially material cybersecurity incidents, including with respect to our third-party service providers.
Cybersecurity Risk Role of Management [Text Block]	Republic’s technology and cybersecurity programs are crucial to maintaining secure operations, which enable us to deliver on our promise to customers and maintain stakeholder trust. Our Cybersecurity organization, led by our Chief Information Security Officer (CISO), is responsible for establishing, implementing and executing our cybersecurity program and strategy. Our CISO has over 20 years of information technology, information technology audit, and cybersecurity experience, and is involved in assessing the latest developments in cybersecurity, including potential threats and innovative risk management techniques. Our Audit Committee oversees the management of our cybersecurity risk exposures and the steps management has taken to monitor and control such exposures. At each quarterly meeting, the Audit Committee receives an update from our CISO and other members of management on relevant topics, including cybersecurity program maturity progress, new capabilities implemented, penetration testing results, key cyber risk metrics (e.g., simulated phishing testing and vulnerability management) and notable incidents or events should they occur.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Cybersecurity organization, led by our Chief Information Security Officer (CISO), is responsible for establishing, implementing and executing our cybersecurity program and strategy.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over 20 years of information technology, information technology audit, and cybersecurity experience, and is involved in assessing the latest developments in cybersecurity, including potential threats and innovative risk management techniques.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Audit Committee oversees the management of our cybersecurity risk exposures and the steps management has taken to monitor and control such exposures. At each quarterly meeting, the Audit Committee receives an update from our CISO and other members of management on relevant topics, including cybersecurity program maturity progress, new capabilities implemented, penetration testing results, key cyber risk metrics (e.g., simulated phishing testing and vulnerability management) and notable incidents or events should they occur.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Financial Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL INSTRUMENTS

Fair Value Measurements

In measuring fair values of assets and liabilities, we use valuation techniques that maximize the use of observable inputs (Level 1) and minimize the use of unobservable inputs (Level 3). We also use market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate.

The carrying value for certain of our financial instruments, including cash, accounts receivable, accounts payable and certain other accrued liabilities, approximates fair value because of their short-term nature.

As of December 31, 2025 and 2024, our assets and liabilities that are measured at fair value on a recurring basis include the following:


	December 31, 2025
			Fair Value
	Carrying Amount		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds - restricted cash and marketable securities and other assets	$	75	$	75	$	75	$	—	$	—
Bonds and fixed income - restricted cash and marketable securities and other assets	97		97		—		97		—
Derivative and hedging assets - other assets, prepaid expenses and other current assets	32		32		—		32		—
Total assets	$	204	$	204	$	75	$	129	$	—
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and 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


	December 31, 2024
			Fair Value
	Carrying Amount		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds - restricted cash and marketable securities and other assets	$	62	$	62	$	62	$	—	$	—
Bonds and fixed income - restricted cash and marketable securities and other assets	90		90		—		90		—
Derivative and hedging assets - other assets, prepaid expenses and other current assets	55		55		—		55		—
Total assets	$	207	$	207	$	62	$	145	$	—
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	$	72	$	72	$	—	$	72	$	—
Contingent consideration - other accrued liabilities and other long-term liabilities	65		65		—		—		65
Total liabilities	$	137	$	137	$	—	$	72	$	65

Total Debt

As of December 31, 2025 and 2024, the carrying value of our total debt was $13.6 billion and $12.7 billion, respectively, and the fair value of our total debt was $13.5 billion and $12.2 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 December 31, 2025 and 2024. See Note 9, Debt, for further information related to our debt.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Income Taxes - Schedule of Activity in Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of year	$ 28	$ 42	$ 111
Additions for tax positions of current year	3	0	1
Additions for tax positions of prior years	0	1	3
Reductions for tax positions of prior years	0	(5)	(7)
Reductions for tax positions resulting from lapse of statute of limitations	(1)	(1)	0
Settlements	(7)	(9)	(66)
Balance at end of year	$ 23	$ 28	$ 42

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer, Duration [Extensible Enumeration]	Long-Term Contract with Customer [Member]
Deferred contract costs and sales commissions	$ 81	$ 82

Employee Benefit Plans - Deferred Compensation Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation plan, employee base salary deferral, maximum percentage	80.00%
Deferred compensation plan, employee bonus deferral, maximum percentage (up to)	100.00%
Deferred compensation plan, maximum contractual term	15 years
Deferred compensation plan	$ 143	$ 125
Deferred compensation plan liability	$ 125	$ 120
Employer Matching, Option 1
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation plan, employer matching contribution based on participant's compensation over established 401K limits	2.00%
Employer Matching, Option 2
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation plan, employer matching contribution based on percent of amount deferred	50.00%

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 81	$ 204	$ 260
Foreign	10	13	9
State	95	84	90
Deferred:
Federal	240	55	72
Foreign	(11)	2	(3)
State	40	30	32
Provision for income taxes	$ 455	$ 388	$ 460

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Employee Benefit Plans - Stock-Based Compensation Narrative - (Details) shares in Millions	Dec. 31, 2025 shares
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserve for stock issuance (in shares)	10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Management’s Estimates and Assumptions

Cash and Cash Equivalents

We consider liquid investments with a maturity at the date of acquisition of three months or less to be cash equivalents.

We may have net book credit balances in our primary disbursement accounts at the end of a reporting period. We classify such credit balances as accounts payable in our consolidated balance sheets as checks presented for payment to these accounts are not payable by our banks under overdraft arrangements, and, therefore, do not represent short-term borrowings. As of December 31, 2025 and 2024, there were net book credit balances of $119 million and $121 million, respectively, in our primary disbursement accounts that were classified as accounts payable on our consolidated balance sheets.

Concentration of Credit Risk

for doubtful accounts based on various factors including the credit risk of specific customers, age of receivables outstanding, historical trends, economic conditions and other information.

Accounts Receivable, Net

The following table reflects the activity in our allowance for doubtful accounts for the years ended December 31:


	2025		2024		2023
Balance at beginning of year	$	74	$	83	$	52
Additions charged to expense	40		27		53
Accounts written-off	(48)		(36)		(22)
Balance at end of year	$	66	$	74	$	83

Restricted Cash and Marketable Securities

Property and Equipment


Buildings and improvements			5 - 30 years
Vehicles			5 - 20 years
Landfill equipment			5 - 7 years
Other equipment			3 - 25 years
Furniture and fixtures			3 - 10 years

closure and post-closure assets. These costs are depleted or amortized based on consumed airspace. All indirect landfill development costs are expensed as incurred. For additional information, see Note 8, Landfill and Environmental Costs.

Capitalized Interest

Fair Value of Financial Instruments

•Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

See Note 17, Financial Instruments, for fair value disclosures related to our financial instruments.

Investments Other Than Derivatives

Landfill and Environmental Costs

Life Cycle Accounting

Probable Expansion Airspace

•We own the land associated with the expansion airspace or control it pursuant to an agreement;

•We are committed to supporting the expansion project financially and with appropriate resources;

•There are no identified fatal flaws or impediments associated with the project, including political impediments;

•Progress is being made on the project;

•The expansion is attainable within a reasonable time frame; and

•We believe it is probable the expansion permit will be received.

We have identified three steps that landfills generally follow to obtain expansion permits. These steps are as follows:

•Obtaining approval from local authorities;

•Submitting a permit application to state authorities; and

•Obtaining permit approval from state authorities.

Capitalized Landfill Costs

Final Capping, Closure and Post-Closure Costs

Final capping

Closure and post-closure

Estimated future expenditures

Fair value measurements

Changes in assets retirement obligations

Landfill operating expenses

Environmental Liabilities

Business Combinations

We acquire businesses in the environmental services industry as part of our growth strategy. Businesses are included in the consolidated financial statements from the date of acquisition.

Goodwill and Other Intangible Assets

Other intangible assets include values assigned to customer relationships, which are amortized on a straight-line basis over periods ranging from 1 to 15 years.

Asset Impairments

Events or changes in circumstances that may indicate that an asset may be impaired include the following:

•A significant decrease in the market price of an asset or asset group;

•A significant adverse change in the extent or manner in which an asset or asset group is being used or in its physical condition;

•A significant adverse change in legal factors or in the business climate that could affect the value of an asset or asset group, including an adverse action or assessment by a regulator;

•An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset;

•A current expectation that, more likely than not, a long-lived asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life; or

•An impairment of goodwill at a reporting unit.

Insurance Reserves

Contingent Liabilities

Accumulated Other Comprehensive Income

Accumulated other comprehensive income is a component of stockholders’ equity and includes the amortization of our settled interest rate locks and foreign currency translation adjustments.

Revenue Recognition

We generally provide services under contracts with municipalities or individual customers. Municipal and small-container

Income Taxes

Share Repurchases

Leases

Certain leases require payments that are variable in nature based on volume measurements, e.g. a fixed rate per ton at our

Leases are classified as either operating leases or finance leases, as appropriate. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheet.

Operating Leases

Finance Leases

Related Party Transactions

It is our policy that transactions with related parties must be on terms that, on the whole, are no less favorable than those that would be available from unaffiliated parties.

New Accounting Pronouncements

Accounting Standards Adopted

Improvements to Income Tax Disclosures

Accounting Standards Updates Issued but not yet Adopted as of December 31, 2025

Accounting Standards Update Codification Improvements

Narrow-Scope Improvements

Accounting for Government Grants Received by Business Entities

Targeted Improvements to the Accounting for Internal-Use Software

Measurement of Credit Losses for Accounts Receivable and Contract Assets

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

Disaggregation of Income Statement Expenses

Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative

Other Liabilities

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES

Other Accrued Liabilities

A summary of other accrued liabilities as of December 31 follows:


	2025		2024
Accrued payroll and benefits	$	313	$	339
Insurance reserves, current	251		220
Accrued fees and taxes	214		206
Accrued dividends	193		181
Operating right-of-use lease liabilities, current	48		55
Ceded insurance reserves, current	32		30
Accrued professional fees and legal settlement reserves	32		12
Contingent purchase price and acquisition holdbacks	25		14



Other	97		119
Total	$	1,205	$	1,176

Other Long-Term Liabilities

A summary of other long-term liabilities as of December 31 follows:


	2025		2024
Operating right-of-use lease liabilities	$	177	$	189
Deferred compensation plan liability	125		120
Ceded insurance reserves	90		86
Contingent purchase price and acquisition holdbacks	59		60
Derivative and hedging liabilities	46		72
Withdrawal liability - multiemployer pension funds	20		19

Other	39		42
Total	$	556	$	588

Insurance Reserves

Our liabilities for unpaid and incurred but not reported claims as of December 31, 2025 and 2024 (which include claims for workers’ compensation, commercial general and auto liability and employee-related health care benefits) were $687 million and $622 million, respectively, under our risk management program and are included in other accrued liabilities and insurance reserves, net of current portion, in our consolidated balance sheets. While the ultimate amount of claims incurred depends on future developments, we believe the recorded reserves are adequate to cover the future payment of claims; however, it is possible that these recorded reserves may not be adequate to cover the future payment of claims. Adjustments, if any, to estimates recorded resulting from ultimate claim payments will be reflected in our consolidated statements of income in the periods in which such adjustments are known.

The following table summarizes the activity in our insurance reserves for the years ended December 31:


	2025		2024		2023
Balance at beginning of year	$	622	$	566	$	503
Additions charged to expense	673		671		656
Payments	(717)		(701)		(636)
Premium written for third party risk assumed	109		86		43
Balance at end of year	687		622		566
Less: current portion	(251)		(220)		(217)
Long-term portion	$	436	$	402	$	349

Landfill and Environmental Costs (Tables)

12 Months Ended

Dec. 31, 2025

Environmental Remediation Obligations [Abstract]

Schedule of Accrued Landfill and Environmental Costs

A summary of our accrued landfill asset retirement obligations and environmental liabilities as of December 31 follows:


	2025		2024
Landfill final capping, closure and post-closure liabilities	$	2,313	$	2,144
Environmental remediation	443		447
Total accrued landfill and environmental costs	2,756		2,591
Less: current portion	(148)		(159)
Long-term portion	$	2,608	$	2,432

Schedule of Final Capping, Closure and Post-Closure Costs

The following table summarizes the activity in our asset retirement obligations, which includes liabilities for final capping, closure and post-closure, for the years ended December 31:


	2025		2024		2023
Asset retirement obligations, beginning of year	$	2,144	$	1,937	$	1,786
Non-cash additions	73		61		61
Acquisitions, net of divestitures and other adjustments	2		4		12
Asset retirement obligation adjustments	50		91		41
Payments	(70)		(56)		(61)
Accretion expense	114		107		98

Asset retirement obligations, end of year	2,313		2,144		1,937
Less: Current portion	(87)		(96)		(72)
Long-term portion	$	2,226	$	2,048	$	1,865

Schedule of Expected Future Payments for Final Capping, Closure, and Post-closure

The expected future payments for final capping, closure and post-closure as of December 31, 2025 follows:


2026	$	87
2027	112
2028	96
2029	80
2030	112
Thereafter	8,247
	$	8,734

Schedule of Activity in Environmental Remediation Liabilities

The following table summarizes the activity in our environmental remediation liabilities for the years ended December 31:


	2025		2024		2023
Environmental remediation liabilities, beginning of year	$	447	$	485	$	487
Net additions charged to expense	1		7		2
Payments	(54)		(62)		(55)
Accretion expense (non-cash interest expense)	17		17		18
Acquisitions, net of divestitures and other adjustments	32		—		33
Environmental remediation liabilities, end of year	443		447		485
Less: current portion	(61)		(63)		(69)
Long-term portion	$	382	$	384	$	416

Schedule of Expected Undiscounted Future Payments for Remediation Costs

The expected undiscounted future payments for remediation costs as of December 31, 2025 follows:


2026	$	61
2027	46
2028	39
2029	31
2030	36
Thereafter	286
	$	499

Debt - Schedule of Future Maturities of Debt (Details) $ in Millions	Dec. 31, 2025 USD ($)
Future maturities of debt
2026	$ 596
2027	663
2028	845
2029	2,614
2030	1,128
Thereafter	7,864
Carrying Value	$ 13,710

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Liabilities - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Liabilities for unpaid and incurred but not reported claims	$ 687	$ 622	$ 566	$ 503

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

The carrying value of our credit facilities, finance leases and long-term debt as of December 31, 2025 and 2024 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.


		December 31, 2025						December 31, 2024
Maturity	Interest Rate	Principal		Adjustments		Carrying Value		Principal		Adjustments		Carrying Value
Credit facilities:
Uncommitted Credit Facility	Variable	$	—	$	—	$	—	$	—	$	—	$	—
The Credit Facility	Variable	425		—		425		514		—		514

Commercial Paper	Variable	1,000		(1)		999		477		—		477
Senior notes:

March 2025	3.200	—		—		—		500		—		500
November 2025	0.875	—		—		—		350		—		350
July 2026	2.900	500		—		500		500		(1)		499
November 2027	3.375	650		(1)		649		650		(2)		648
May 2028	3.950	800		(5)		795		800		(7)		793
April 2029	4.875	750		(5)		745		750		(6)		744
November 2029	5.000	400		(3)		397		400		(4)		396
March 2030	2.300	600		(3)		597		600		(4)		596
July 2030	4.750	500		(5)		495		—		—		—
February 2031	1.450	650		(5)		645		650		(5)		645
February 2032	1.750	750		(4)		746		750		(5)		745
March 2033	2.375	700		(5)		695		700		(6)		694
December 2033	5.000	650		(8)		642		650		(9)		641
April 2034	5.000	800		(9)		791		800		(10)		790
November 2034	5.200	500		(5)		495		500		(6)		494
March 2035	6.086	182		(10)		172		182		(11)		171
March 2035	5.150	700		(10)		690		—		—		—
March 2040	6.200	400		(3)		397		400		(3)		397
May 2041	5.700	386		(5)		381		386		(5)		381
March 2050	3.050	400		(7)		393		400		(7)		393
Debentures:
September 2035	7.400	148		(26)		122		148		(27)		121
Tax-exempt:
2026 - 2054	3.000 - 4.375	1,378		(9)		1,369		1,418		(9)		1,409
Finance leases and other:
2026 - 2063	1.726 - 9.750	441		—		441		315		—		315
Total Debt		$	13,710	$	(129)	13,581		$	12,840	$	(127)	12,713
Less: current portion						(596)						(862)
Long-term portion						$	12,985					$	11,851

Future Maturities of Debt

Aggregate principal maturities of notes payable, finance leases and other long-term debt as of December 31, 2025 follow:


2026	$	596
2027	663
2028	845
2029	2,614
2030	1,128
Thereafter	7,864
	$	13,710

Credit Facilities

Uncommitted Credit Facility

In January 2022, we entered into a $200 million unsecured uncommitted revolving credit facility (the Uncommitted Credit Facility). The Uncommitted Credit Facility bears interest at an annual percentage rate to be agreed upon by both parties. Borrowings under the Uncommitted Credit Facility can be used for working capital, letters of credit and other general corporate purposes. The agreement governing our Uncommitted Credit Facility requires us to comply with certain covenants. The Uncommitted Credit Facility may be terminated by either party at any time. As of December 31, 2025 and 2024, we had no borrowings outstanding under our Uncommitted Credit Facility.

The Credit Facility

In July 2024, we and our subsidiary, USE Canada Holdings, Inc. (the Canadian Borrower) entered into the Second Amended and Restated Credit Agreement (the Credit Facility) which amended and restated the unsecured revolving credit facility we entered into in August 2021. The total outstanding principal amount that we may borrow under the Credit Facility may not exceed the current aggregate lenders' commitments of $3.5 billion, and borrowings under the Credit Facility mature in July 2029. As permitted by the Credit Facility, we have the right to request two one-year extensions of the maturity date, but none of the lenders are committed to participate in such extensions. The Credit Facility also includes a feature that allows us to increase availability, at our option, by an aggregate amount of up to $1.0 billion through increased commitments from existing lenders or the addition of new lenders.

All loans to the Canadian Borrower and all loans denominated in Canadian dollars cannot exceed $1.0 billion (the Canadian Sublimit). The Canadian Sublimit is part of, and not in addition to, the aggregate commitments under the Credit Facility.

Borrowings under the Credit Facility in United States dollars bear interest at a Base Rate, a daily floating SOFR or a term SOFR plus a current applicable margin of 0.805% based on our Debt Ratings (all as defined in the Credit Facility agreement). The Canadian dollar-denominated loans bear interest based on the Canadian Prime Rate or the Canadian Dollar Offered Rate plus a current applicable margin of 0.805% based on our Debt Ratings. As of December 31, 2025 and 2024, C$204 million and C$232 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. The Credit Facility can be used for working capital, capital expenditures, acquisitions, letters of credit and other general corporate purposes. The Credit Facility agreement requires us to comply with financial and other covenants. We may pay dividends and repurchase common stock if we are in compliance with these covenants.

We had $425 million and $514 million outstanding under the Credit Facility as of December 31, 2025 and 2024, respectively. We had $319 million and $317 million of letters of credit outstanding under the Credit Facility as of December 31, 2025 and 2024, respectively. We also had $1.0 billion and $477 million of principal borrowings outstanding under our commercial paper program as of December 31, 2025 and 2024, respectively. As a result, availability under the Credit Facility was $1.8 billion and $2.2 billion as of December 31, 2025 and 2024, 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 December 31, 2025 was 4.044%. The weighted average interest rate for borrowings outstanding as of December 31, 2024 was 4.646%.

We had $1.0 billion and $477 million principal value of commercial paper issued and outstanding under the program as of December 31, 2025 and 2024, 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 sheet as of December 31, 2025 and 2024, respectively.

Senior Notes and Debentures

In June 2024, we issued $400 million of 5.000% senior notes due 2029 and $500 million of 5.200% senior notes due 2034. We used the proceeds from the June 2024 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under the Commercial Paper Program and the Credit Facility; and repayment of all amounts then outstanding under the Uncommitted Credit Facility and certain other debt obligations.

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.

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 December 31, 2025 and December 31, 2024 we had $1.4 billion of tax-exempt financings outstanding with maturities ranging from 2026 to 2054 for both periods.

In June 2024, the Mission Economic Development Corporation issued, for our benefit, $50 million in principal amount of Solid Waste Disposal Revenue Bonds. The proceeds from the issuance, after deferred issuance costs, were used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within Texas.

In March 2024, 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, were used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within California.

We have $250 million of tax-exempt financings that have an initial remarketing period of 10 years. Our remaining tax-exempt financings are remarketed either quarterly or semiannually by remarketing agents to effectively maintain a variable yield. The holders of the bonds can put them back to the remarketing agents at the end of each interest period. If the remarketing agents are unable to remarket our bonds, the remarketing agents can put the bonds to us. 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 December 31, 2025 and December 31, 2024.

Finance Leases and Other

As of December 31, 2025, we had finance lease liabilities and other debt obligations of $441 million with maturities ranging from 2026 to 2063. As of December 31, 2024, we had finance lease liabilities and other debt obligations of $315 million with maturities ranging from 2025 to 2063.

In our consolidated balance sheet as of December 31, 2025, finance leases and other included $148 million related to construction costs for our corporate office building located in Phoenix, Arizona, which has been accounted for as a financing obligation. The amount is recorded within long-term debt, net of current maturities.

Interest Paid

Interest paid, excluding net swap settlements for interest rate swaps, was $500 million, $487 million and $423 million for the years ended December 31, 2025, 2024 and 2023, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Carrying Amount
Assets:
Derivative and hedging assets - other assets, prepaid expenses and other current assets	$ 32	$ 55
Total assets	204	207
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	46	72
Contingent consideration - other accrued liabilities and other long-term liabilities	63	65
Total liabilities	109	137
Carrying Amount \| Money market mutual funds
Assets:
Restricted cash and marketable securities and other assets	75	62
Carrying Amount \| Bonds and fixed income
Assets:
Restricted cash and marketable securities and other assets	97	90
Fair Value
Assets:
Derivative and hedging assets - other assets, prepaid expenses and other current assets	32	55
Total assets	204	207
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	46	72
Contingent consideration - other accrued liabilities and other long-term liabilities	63	65
Total liabilities	109	137
Fair Value \| Money market mutual funds
Assets:
Restricted cash and marketable securities and other assets	75	62
Fair Value \| Bonds and fixed income
Assets:
Restricted cash and marketable securities and other assets	97	90
Fair Value \| Quoted Prices in Active Markets (Level 1)
Assets:
Derivative and hedging assets - other assets, prepaid expenses and other current assets	0	0
Total assets	75	62
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	0	0
Contingent consideration - other accrued liabilities and other long-term liabilities	0	0
Total liabilities	0	0
Fair Value \| Quoted Prices in Active Markets (Level 1) \| Money market mutual funds
Assets:
Restricted cash and marketable securities and other assets	75	62
Fair Value \| Quoted Prices in Active Markets (Level 1) \| Bonds and fixed income
Assets:
Restricted cash and marketable securities and other assets	0	0
Fair Value \| Significant Other Observable Inputs (Level 2)
Assets:
Derivative and hedging assets - other assets, prepaid expenses and other current assets	32	55
Total assets	129	145
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	46	72
Contingent consideration - other accrued liabilities and other long-term liabilities	0	0
Total liabilities	46	72
Fair Value \| Significant Other Observable Inputs (Level 2) \| Money market mutual funds
Assets:
Restricted cash and marketable securities and other assets	0	0
Fair Value \| Significant Other Observable Inputs (Level 2) \| Bonds and fixed income
Assets:
Restricted cash and marketable securities and other assets	97	90
Fair Value \| Significant Unobservable Inputs (Level 3)
Assets:
Derivative and hedging assets - other assets, prepaid expenses and other current assets	0	0
Total assets	0	0
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	0	0
Contingent consideration - other accrued liabilities and other long-term liabilities	63	65
Total liabilities	63	65
Fair Value \| Significant Unobservable Inputs (Level 3) \| Money market mutual funds
Assets:
Restricted cash and marketable securities and other assets	0	0
Fair Value \| Significant Unobservable Inputs (Level 3) \| Bonds and fixed income
Assets:
Restricted cash and marketable securities and other assets	$ 0	$ 0

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

Earnings per share for the years ended December 31, 2025, 2024 and 2023 are calculated as follows (in thousands, except per share amounts):


	2025		2024		2023
Basic earnings per share:
Net income attributable to Republic Services, Inc.	$	2,139,249	$	2,043,173	$	1,730,985
Weighted average common shares outstanding	311,880		314,399		316,182
Basic earnings per share	$	6.86	$	6.50	$	5.47
Diluted earnings per share:
Net income attributable to Republic Services, Inc.	$	2,139,249	$	2,043,173	$	1,730,985
Weighted average common shares outstanding	311,880		314,399		316,182
Effect of dilutive securities:

Unvested RSU awards	92		126		104
Unvested PSU awards	196		284		379
Weighted average common and common equivalent shares outstanding	312,168		314,809		316,665
Diluted earnings per share	$	6.85	$	6.49	$	5.47

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Phoenix, Arizona

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

EMPLOYEE BENEFIT PLANS

Stock-Based Compensation

In October 2020, our Board of Directors amended and restated the Republic Services, Inc. Executive Incentive Plan (the 2021 Plan) to remove references to the performance-based compensation exception that was previously permitted but is no longer applicable under Section 162(m) of the Internal Revenue Code. The purposes of the 2021 Plan are to promote the success of the Company; to provide designated Executive Officers with an opportunity to receive incentive compensation dependent upon that success; and to attract, retain and motivate such individuals. We currently have approximately 10 million shares of common stock reserved for future grants under the 2021 Plan.

In February 2007, our Board of Directors approved the 2007 Stock Incentive Plan (the 2007 Plan); in May 2007 our shareholders approved the 2007 Plan. In March 2011, our Board of Directors approved the Amended and Restated 2007 Stock Incentive Plan (the Amended and Restated 2007 SIP); in May 2011 our shareholders approved the Amended and Restated 2007 SIP. In March 2013, our Board of Directors approved the Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan (the Republic Amended and Restated 2007 SIP); in May 2013 our shareholders approved the Republic Amended and Restated 2007 SIP (the 2007 Plan, the Amended and Restated 2007 SIP and the Republic Amended and Restated 2007 SIP are collectively referred to as the Amended and Restated 2007 Stock Incentive Plan). No further awards will be made under the Amended and Restated 2007 Stock Incentive Plan.

Restricted Stock Units

The following table summarizes restricted stock unit (RSU) activity for the years ended December 31, 2025, 2024 and 2023:


	Number of RSUs (in thousands)	Weighted-Average Grant Date Fair Value per Share		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Unissued as of December 31, 2022	914	$	85.43
Granted	250	$	133.03
Vested and issued	(208)	$	95.24
Forfeited	(41)	$	117.54
Unissued as of December 31, 2023	915	$	93.35
Granted	184	$	184.28
Vested and issued	(228)	$	102.81
Forfeited	(30)	$	139.24
Unissued as of December 31, 2024	841	$	107.81
Granted	153	$	221.18
Vested and issued	(206)	$	119.81
Forfeited	(21)	$	177.62
Unissued as of December 31, 2025	767	$	125.39	1.1	$	162.62
Vested and unissued as of December 31, 2025	410	$	76.87

During the years ended December 31, 2025, 2024 and 2023, we awarded our non-employee directors 13,800, 16,540 and 20,324 RSUs, respectively, which vested upon issuance.

During the years ended December 31, 2025, 2024 and 2023, we awarded 132,585, 158,789 and 216,610 RSUs, respectively, to executives and employees that vest in four equal annual installments beginning on the anniversary date of the original grant.

During the years ended December 31, 2025, 2024 and 2023, we granted an additional 6,980, 8,868 and 12,751 RSUs, respectively, as dividend equivalents.

The RSUs do not carry any voting or dividend rights, except the right to receive additional RSUs in lieu of dividends.

Compensation Expense

The fair value of RSUs is based on the closing market price on the date of the grant. The compensation expense related to RSUs is amortized ratably over the vesting period, or to the employee's retirement eligible date, if earlier.

During the years ended December 31, 2025, 2024 and 2023, compensation expense related to RSUs totaled $26 million, $25 million and $24 million, respectively. As of December 31, 2025, total unrecognized compensation expense related to outstanding RSUs was $43 million, which will be recognized over a weighted average period of approximately 2.5 years.

Performance Shares

The following table summarizes performance stock unit (PSU) activity for the years ended December 31, 2025, 2024 and 2023:


	Number of PSUs (in thousands)	Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2022	756	$	95.19
Granted	200	$	138.03
Vested and issued	(227)	$	100.06
Forfeited	(41)	$	123.30
Outstanding as of December 31, 2023	688	$	101.48
Granted	281	$	142.50
Vested and issued	(420)	$	90.54
Forfeited	(25)	$	136.27
Outstanding as of December 31, 2024	524	$	125.70
Granted	222	$	199.58
Vested and issued	(209)	$	117.01
Forfeited	(6)	$	176.82
Outstanding and Exercisable as of December 31, 2025	531	$	159.77

During the years ended December 31, 2025, 2024 and 2023, we awarded 117,968, 153,883 and 80,452 PSUs to our executive officers, respectively. These awards are performance-based as the number of shares ultimately earned depends on performance against pre-determined targets for return on invested capital (ROIC), cash flow value creation (CFVC) and total shareholder return relative to the S&P 500 index (RTSR). The PSUs are payable 50% in shares of common stock and 50% in cash after the end of a three-year performance period, when our financial performance for the entire performance period is reported, typically in February of the succeeding year. At the end of the performance period, the number of PSUs awarded can range from 0% to 220% of the targeted amount, depending on the performance against the pre-determined targets.

During the years ended December 31, 2025, 2024 and 2023, we awarded 98,613, 120,433 and 108,560 PSUs to our employees other than our executive officers, respectively. The PSUs are payable 100% in shares of common stock after the end of a three-year performance period, when our financial performance for the entire performance period is reported, typically in February of the succeeding year. At the end of the performance period, the number of PSUs awarded can range from 0% to 220% of the targeted amount, depending on the performance against the pre-determined targets.

The PSUs do not carry any voting or dividend rights, except the right to accumulate additional PSUs in lieu of dividends.

During the years ended December 31, 2025, 2024 and 2023, we granted an additional 5,666, 6,795 and 10,511 PSUs to our executive officers, respectively, as dividend equivalents.

Compensation Expense

For the stock-settled portion of the award that vests based on future ROIC and CFVC performance, compensation expense is measured using the fair value of our common stock at the grant date. For the cash-settled portion of the award that vests based on future ROIC and CFVC performance, compensation expense is recorded based on the fair value of our common stock at the end of each reporting period. Compensation expense is recognized ratably over the performance period based on our estimated achievement of the established performance criteria. Compensation expense is only recognized for the portion of the award that we expect to vest, which we estimate based on an assessment of the probability that the performance criteria will be achieved.

For the stock-settled portion of the award that vests based on RTSR, the grant date fair value is based on a Monte Carlo valuation and compensation expense is recognized on a straight-line basis over the vesting period. For the cash-settled portion of the award that vests based on RTSR, compensation expense also incorporates the fair value of our PSUs at the end of each reporting period. Compensation expense is recognized for the RTSR portion of the award whether or not the market conditions are achieved.

During the years ended December 31, 2025, 2024 and 2023, compensation expense related to PSUs totaled $27 million, $30 million and $29 million, respectively. As of December 31, 2025, total unrecognized compensation expense related to outstanding PSUs was $30 million, which will be recognized over a weighted average period of approximately 1.7 years.

Collective Bargaining Agreements

As of December 31, 2025, approximately 22% of our workforce was covered by collective bargaining agreements (CBAs), and approximately 8% of our workforce was covered by CBAs that will expire during 2026.

Multiemployer Pension Plans

We participate in multiemployer pension plans that generally provide retirement benefits to participants of contributing employers. We do not administer these plans. In general, these plans are managed by a board of trustees with the unions appointing certain trustees and other contributing employers of the plan appointing certain members. We generally are not represented on the board of trustees.

Based on the information available to us, we believe that some of the multiemployer plans to which we contribute are either critical or endangered as those terms are defined in the Pension Protection Act (PPA). The PPA requires underfunded pension plans to improve their funding ratios within prescribed intervals based on the level of their underfunding. Until the plan trustees develop the funding improvement plans or rehabilitation plans as required by the PPA, we cannot determine the amount of any additional contribution or other financial obligations that we may be subject to, if any. Accordingly, we cannot presently determine the effect that the PPA may have on our consolidated financial position, results of operations or cash flows.

Furthermore, under current law regarding multiemployer benefit plans, a plan’s termination, our voluntary withdrawal (which we consider from time to time), or the mass withdrawal from any under-funded multiemployer pension plan would require us to make payments to the plan for our proportionate share of the multiemployer plan’s unfunded vested liabilities. During the course of operating our business, we may incur withdrawal events regarding certain of the multiemployer pension plans in which we participate. We accrue for such events when losses become probable and reasonably estimable.


		Pension Protection Act Zone Status		Funding Improvement or Rehabilitation Plan Status Pending /	Republic Contributions to Plan						Surcharge	Expiration Dates
Legal Plan Name	EIN	2025	2024	Implemented	2025		2024		2023		Imposed	of CBAs
Western Conference of Teamsters Pension Plan	91-6145047	Safe	Safe	No	$	83	$	75	$	70	No	Various dates through 9/30/2030
All other plans	N/A	N/A	N/A	N/A	29		29		29		N/A
Total					$	112	$	104	$	99

Defined Contribution Plan

We maintain the Republic Services 401(k) Plan (the 401(k) Plan), which is a defined contribution plan covering all eligible employees. Under the 401(k) Plan, participants may direct us to defer a portion of their compensation to the 401(k) Plan, subject to Internal Revenue Code limitations. We provide for an employer matching contribution equal to 100% of the first 3% of eligible compensation and 50% of the next 2% of eligible compensation contributed by each employee, which is funded in cash. All contributions vest immediately.

Total expense recorded for matching 401(k) contributions in 2025, 2024 and 2023 was $98 million, $95 million and $82 million, respectively.

Deferred Compensation Plan

We provide eligible Republic employees, officers and directors with the opportunity to voluntarily defer base salary, bonus payments, long-term incentive awards and other compensation, as applicable, on a pre-tax basis through the Republic Services, Inc. Deferred Compensation Plan (the DCP). The DCP is a nonqualified deferred compensation plan that conforms to Section 409A of the Internal Revenue Code. Eligible participants can defer up to 80% of base salary and up to 100% of bonus,

long-term compensation and directors’ fees. Under the DCP, some participants also are eligible for matching contributions. The matching contribution under the DCP is equal to the lesser of 2% of the participant’s compensation over established 401(k) limits or 50% of the amount the participant has deferred. The DCP participants have no ownership or security interest in any of the amounts deferred or the measurement funds under the DCP. The right of each participant in the DCP is solely that of a general, unsecured creditor of Republic with respect to his or her own interest under the DCP. Deferred amounts may be subject to forfeiture and are deemed invested among investment funds offered under the DCP, as directed by each participant. Payments of deferred amounts are payable following separation from service or at a date or dates elected by the participant when the deferral is elected. Payments of deferred amounts are made in either a lump sum or in annual installments over a period not exceeding 15 years.

Republic invested in corporate-owned life insurance policies to satisfy future obligations under the DCP. These corporate-owned life insurance policies are held in a Rabbi Trust and are recorded at the amount that can be realized under insurance contracts at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. The aggregate cash surrender value of these life insurance policies was $143 million and $125 million as of December 31, 2025 and 2024, respectively, and is classified in other assets in our consolidated balance sheets. The DCP liability was $125 million and $120 million as of December 31, 2025 and 2024, respectively, and is classified in other long-term liabilities in our consolidated balance sheets.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Legal Proceedings

We are subject to extensive and evolving laws and regulations and have implemented safeguards to respond to regulatory requirements. In the normal course of our business, we become involved in legal proceedings. Some may result in fines, penalties or judgments against us, or settlements, which may impact earnings and cash flows for a particular period. Although we cannot predict the ultimate outcome of any legal matter with certainty, we do not believe the outcome of any of our pending legal proceedings will have a material adverse impact on our consolidated financial position, results of operations or cash flows.

As used herein, the term legal proceedings refers to litigation and similar claims against us and our subsidiaries, excluding: (1) ordinary course accidents, general commercial liability and workers' compensation claims, which are covered by insurance programs, subject to customary deductibles, and which, together with insured employee health care costs, are discussed in Note 7, Other Liabilities; and (2) environmental remediation liabilities, which are discussed in Note 8, Landfill and Environmental Costs.

We accrue for legal proceedings when losses become probable and reasonably estimable. As of the end of each applicable reporting period, we review each of our legal proceedings and, where it is probable that a liability has been incurred, we accrue for all probable and reasonably estimable losses. Where we can reasonably estimate a range of losses we may incur regarding such a matter, we record an accrual for the amount within the range that constitutes our best estimate. 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 December 31, 2025, 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

We participate in multiemployer pension plans that generally provide retirement benefits to participants of contributing employers. We do not administer these plans.

Under current law regarding multiemployer pension plans, our withdrawal (which we consider from time to time) or the mass withdrawal from any under-funded multiemployer pension plan (each, a Withdrawal Event) could require us to make payments to the plan for our proportionate share of the plan’s unfunded vested liabilities. During the course of operating our business, we incur Withdrawal Events regarding certain of the multiemployer pension plans in which we participate. We accrue for such events when losses become probable and reasonably estimable.

Unconditional Purchase Commitments

Royalties

We have entered into agreements to pay royalties to prior landowners or host communities, based on, among other things, revenue received and waste tonnage disposed at specified landfills. These royalties are generally payable quarterly and amounts incurred, but not paid, are accrued in our consolidated balance sheets. Royalties are accrued as revenue is received or tonnage is disposed of, as applicable, in the landfills.

Disposal Agreements

We have several agreements that require us to dispose of a minimum number of tons at third-party disposal facilities. Under these put-or-pay agreements, we must pay for agreed-upon minimum volumes regardless of the actual number of tons placed at the facilities.

Our unconditional purchase commitments have varying expiration dates, with some extending through the remaining life of the respective landfill. Future minimum payments under unconditional purchase commitments, consisting primarily of (1) disposal related agreements, which include fixed or minimum royalty payments, host agreements and take-or-pay and put-or-pay agreements, and (2) other obligations including committed capital expenditures and consulting service agreements, as of December 31, 2025 are as follows:


2026	$	196
2027	140
2028	90
2029	70
2030	64
Thereafter	384
	$	944

Cash and Cash Equivalents and Restricted Cash and Marketable Securities

Restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. Beginning-of-period and end-of-period cash, cash equivalents, restricted cash and restricted cash equivalents as presented in the statements of cash flows are reconciled as follows:


	December 31, 2025		December 31, 2024		December 31, 2023
Cash and cash equivalents	$	76	$	74	$	140
Restricted cash and marketable securities	259		208		164
Less: restricted marketable securities	(86)		(79)		(76)
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	249	$	203	$	228

Our restricted cash and marketable securities includes amounts pledged to regulatory agencies and governmental entities as financial guarantees of our performance under certain collection, landfill and transfer station contracts and permits and relating to our final capping, closure and post-closure obligations at our landfills and restricted cash and marketable securities related to our insurance obligations.

The following table summarizes our restricted cash and marketable securities as of December 31:


	2025		2024


Capping, closure and post-closure obligations	$	67	$	59
Insurance	192		149

Total restricted cash and marketable securities	$	259	$	208

We must provide financial assurance to governmental agencies and a variety of other entities under applicable environmental regulations relating to our landfill operations for capping, closure and post-closure costs and our performance under certain collection, landfill and transfer station contracts. We satisfy our financial assurance requirements by providing surety bonds, letters of credit, insurance policies or trust deposits. The amount of the financial assurance requirements for capping, closure and post-closure costs is determined by applicable state environmental regulations, which vary by state. The financial assurance requirements for capping, closure and post-closure costs can either be for costs associated with a portion of the landfill or the entire landfill. Generally, states will require a third-party engineering specialist to determine the estimated capping, closure and post-closure costs that are used to determine the required amount of financial assurance for a landfill. The amount of financial assurance required can, and generally will, differ from the obligation determined and recorded under U.S. GAAP. The amount of the financial assurance requirements related to contract performance varies by contract. Additionally, we are required to provide financial assurance for our insurance program and collateral for certain performance obligations.

We had the following financial instruments and collateral in place to secure our financial assurances as of December 31:


	2025		2024
Letters of credit	$	474	$	464
Surety bonds	$	5,414	$	5,045

We had $319 million and $317 million of letters of credit outstanding under our Credit Facility as of December 31, 2025 and 2024, respectively. Surety bonds subject to expiration will expire on various dates through 2033.

These financial instruments are issued in the normal course of business and are not classified as debt. Because we currently have no liability for this financial assurance, it is not reflected in our consolidated balance sheets. However, we have recorded capping, closure and post-closure obligations and insurance reserves as they are incurred.

We own a 19.9% interest in a company that, among other activities, issues financial surety bonds to secure capping, closure and post-closure obligations for companies operating in the environmental services industry. We account for this investment using an alternative measurement approach. There have been no identified events or changes in circumstances that may have a significant adverse effect on the recoverability of this investment. This investee company and the parent company of the investee had written surety bonds for us relating primarily to our landfill operations for capping, closure and post-closure, of which $2.0 billion were outstanding as of December 31, 2025. Our reimbursement obligations under these bonds are secured by an indemnity agreement with the investee.

Off-Balance Sheet Arrangements

We have no off-balance sheet debt or similar obligations, other than short-term operating leases and financial assurances, which are not classified as debt. We have no transactions or obligations with related parties that are not disclosed, consolidated into or reflected in our reported financial position or results of operations. We have not guaranteed any third-party debt.

Guarantees

We enter into contracts in the normal course of business that include indemnification clauses. Indemnifications relating to known liabilities are recorded in the consolidated financial statements based on our best estimate of required future payments. Certain of these indemnifications relate to contingent events or occurrences, such as the imposition of additional taxes due to a change in the tax law or adverse interpretation of the tax law and indemnifications made in divestiture agreements where we indemnify the buyer for liabilities that relate to our activities prior to the divestiture and that may become known in the future. We do not believe that these contingent obligations will have a material effect on our consolidated financial position, results of operations or cash flows.

We have entered into agreements with property owners to guarantee the value of property that is adjacent to certain of our landfills. These agreements have varying terms. We do not believe that these contingent obligations will have a material effect on our consolidated financial position, results of operations or cash flows.

Other Matters

Our business activities are conducted in the context of a developing and changing statutory and regulatory framework. Governmental regulation of the environmental services industry requires us to obtain and retain numerous governmental permits to conduct various aspects of our operations. These permits are subject to revocation, modification or denial. The costs and other capital expenditures that may be required to obtain or retain the applicable permits or comply with applicable regulations could be significant. Any revocation, modification or denial of permits could have a material adverse effect on us.

Leases - Schedule of Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted-average remaining lease term (years)
Operating leases	5 years 8 months 12 days	6 years 1 month 6 days
Finance leases	26 years	27 years 9 months 18 days
Weighted-average discount rate
Operating leases	3.70%	3.30%
Finance leases	4.20%	4.30%

Income Taxes - Schedule of Components of Net Deferred Income Tax Asset And Liability (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax liabilities relating to:
Differences between book and tax basis of property and equipment	$ (1,400)	$ (1,258)
Difference between book and tax basis of intangible assets	(722)	(637)
Operating right-of-use lease assets	(52)	(57)
Basis difference due to redemption of partnership interests	(80)	(82)
Other	(10)	0
Total deferred tax liabilities	(2,264)	(2,034)
Deferred tax assets relating to:
Environmental reserves	182	218
Accruals not currently deductible	116	105
Net operating loss carryforwards	60	61
Difference between book and tax basis of other assets	9	48
Operating right-of-use lease liabilities	56	59
Other	15	15
Total deferred tax assets	438	506
Valuation allowance	(45)	(51)
Net deferred tax asset	393	455
Net overall deferred tax liability	$ (1,871)	$ (1,579)

Debt - Interest Paid (Details) - USD ($) $ in Millions	12 Months Ended
Debt - Interest Paid (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest paid	$ 500	$ 487	$ 423

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Carrying Value of Notes Payable, Capital Leases and Long-Term Debt


		December 31, 2025						December 31, 2024
Maturity	Interest Rate	Principal		Adjustments		Carrying Value		Principal		Adjustments		Carrying Value
Credit facilities:
Uncommitted Credit Facility	Variable	$	—	$	—	$	—	$	—	$	—	$	—
The Credit Facility	Variable	425		—		425		514		—		514

Commercial Paper	Variable	1,000		(1)		999		477		—		477
Senior notes:

March 2025	3.200	—		—		—		500		—		500
November 2025	0.875	—		—		—		350		—		350
July 2026	2.900	500		—		500		500		(1)		499
November 2027	3.375	650		(1)		649		650		(2)		648
May 2028	3.950	800		(5)		795		800		(7)		793
April 2029	4.875	750		(5)		745		750		(6)		744
November 2029	5.000	400		(3)		397		400		(4)		396
March 2030	2.300	600		(3)		597		600		(4)		596
July 2030	4.750	500		(5)		495		—		—		—
February 2031	1.450	650		(5)		645		650		(5)		645
February 2032	1.750	750		(4)		746		750		(5)		745
March 2033	2.375	700		(5)		695		700		(6)		694
December 2033	5.000	650		(8)		642		650		(9)		641
April 2034	5.000	800		(9)		791		800		(10)		790
November 2034	5.200	500		(5)		495		500		(6)		494
March 2035	6.086	182		(10)		172		182		(11)		171
March 2035	5.150	700		(10)		690		—		—		—
March 2040	6.200	400		(3)		397		400		(3)		397
May 2041	5.700	386		(5)		381		386		(5)		381
March 2050	3.050	400		(7)		393		400		(7)		393
Debentures:
September 2035	7.400	148		(26)		122		148		(27)		121
Tax-exempt:
2026 - 2054	3.000 - 4.375	1,378		(9)		1,369		1,418		(9)		1,409
Finance leases and other:
2026 - 2063	1.726 - 9.750	441		—		441		315		—		315
Total Debt		$	13,710	$	(129)	13,581		$	12,840	$	(127)	12,713
Less: current portion						(596)						(862)
Long-term portion						$	12,985					$	11,851

Schedule of Future Maturities of Debt

Aggregate principal maturities of notes payable, finance leases and other long-term debt as of December 31, 2025 follow:


2026	$	596
2027	663
2028	845
2029	2,614
2030	1,128
Thereafter	7,864
	$	13,710

Debt - Tax-Exempt Financings and Finance Leases and Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Long-term debt	$ 13,710
Finance leases and other	441	$ 315
Arizona
Debt Instrument [Line Items]
Finance leases and other	148
Tax-exempt
Debt Instrument [Line Items]
Long-term debt	1,369	1,409
Principal	1,378	$ 1,418
Solid Waste Disposal Revenue Bonds
Debt Instrument [Line Items]
Principal	$ 250		$ 50	$ 100
Weighted average maturity term	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Other Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Operating right-of-use lease liabilities	$ 177	$ 189
Deferred compensation plan liability	125	120
Ceded insurance reserves	90	86
Contingent purchase price and acquisition holdbacks	59	60
Derivative and hedging liabilities	46	72
Withdrawal liability - multiemployer pension funds	20	19
Other	39	42
Total	$ 556	$ 588

Landfill and Environmental Costs - Schedule of Final Capping, Closure and Post-Closure Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Activity in Asset Retirement Obligation Liabilities
Asset retirement obligations, beginning of year	$ 2,144	$ 1,937	$ 1,786
Non-cash additions	73	61	61
Acquisitions, net of divestitures and other adjustments	2	4	12
Asset retirement obligation adjustments	50	91	41
Payments	(70)	(56)	(61)
Accretion expense	114	107	98
Asset retirement obligations, end of year	2,313	2,144	1,937
Less: Current portion	(87)	(96)	(72)
Long-term portion	$ 2,226	$ 2,048	$ 1,865

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Accrued Liabilities

A summary of other accrued liabilities as of December 31 follows:


	2025		2024
Accrued payroll and benefits	$	313	$	339
Insurance reserves, current	251		220
Accrued fees and taxes	214		206
Accrued dividends	193		181
Operating right-of-use lease liabilities, current	48		55
Ceded insurance reserves, current	32		30
Accrued professional fees and legal settlement reserves	32		12
Contingent purchase price and acquisition holdbacks	25		14



Other	97		119
Total	$	1,205	$	1,176

Schedule of Other Long-term Liabilities

A summary of other long-term liabilities as of December 31 follows:


	2025		2024
Operating right-of-use lease liabilities	$	177	$	189
Deferred compensation plan liability	125		120
Ceded insurance reserves	90		86
Contingent purchase price and acquisition holdbacks	59		60
Derivative and hedging liabilities	46		72
Withdrawal liability - multiemployer pension funds	20		19

Other	39		42
Total	$	556	$	588

Schedule of Activity of Self Insurance Reserves

The following table summarizes the activity in our insurance reserves for the years ended December 31:


	2025		2024		2023
Balance at beginning of year	$	622	$	566	$	503
Additions charged to expense	673		671		656
Payments	(717)		(701)		(636)
Premium written for third party risk assumed	109		86		43
Balance at end of year	687		622		566
Less: current portion	(251)		(220)		(217)
Long-term portion	$	436	$	402	$	349

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income attributable to Republic Services, Inc. by the weighted average number of common shares (including vested but unissued restricted stock units and performance stock units) outstanding during the period. Diluted earnings per share is based on the combined weighted average number of common shares and common share equivalents outstanding, which include, where appropriate, the assumed exercise of employee stock options, unvested RSUs and unvested PSUs at the expected attainment levels. We use the treasury stock method in computing diluted earnings per share.

Earnings per share for the years ended December 31, 2025, 2024 and 2023 are calculated as follows (in thousands, except per share amounts):


	2025		2024		2023
Basic earnings per share:
Net income attributable to Republic Services, Inc.	$	2,139,249	$	2,043,173	$	1,730,985
Weighted average common shares outstanding	311,880		314,399		316,182
Basic earnings per share	$	6.86	$	6.50	$	5.47
Diluted earnings per share:
Net income attributable to Republic Services, Inc.	$	2,139,249	$	2,043,173	$	1,730,985
Weighted average common shares outstanding	311,880		314,399		316,182
Effect of dilutive securities:

Unvested RSU awards	92		126		104
Unvested PSU awards	196		284		379
Weighted average common and common equivalent shares outstanding	312,168		314,809		316,665
Diluted earnings per share	$	6.85	$	6.49	$	5.47

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Payments Under Unconditional Purchase Commitments

Future minimum payments under unconditional purchase commitments, consisting primarily of (1) disposal related agreements, which include fixed or minimum royalty payments, host agreements and take-or-pay and put-or-pay agreements, and (2) other obligations including committed capital expenditures and consulting service agreements, as of December 31, 2025 are as follows:


2026	$	196
2027	140
2028	90
2029	70
2030	64
Thereafter	384
	$	944

Schedule of Cash Equivalents, Restricted Cash and Marketable Securities

Beginning-of-period and end-of-period cash, cash equivalents, restricted cash and restricted cash equivalents as presented in the statements of cash flows are reconciled as follows:


	December 31, 2025		December 31, 2024		December 31, 2023
Cash and cash equivalents	$	76	$	74	$	140
Restricted cash and marketable securities	259		208		164
Less: restricted marketable securities	(86)		(79)		(76)
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	249	$	203	$	228

Schedule of Restricted Cash and Marketable Securities

The following table summarizes our restricted cash and marketable securities as of December 31:


	2025		2024


Capping, closure and post-closure obligations	$	67	$	59
Insurance	192		149

Total restricted cash and marketable securities	$	259	$	208

Schedule of Financial Instruments and Collateral in Place

We had the following financial instruments and collateral in place to secure our financial assurances as of December 31:


	2025		2024
Letters of credit	$	474	$	464
Surety bonds	$	5,414	$	5,045

Goodwill and Other Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Activity and Balances in Goodwill Accounts by Reporting Segment

A summary of the activity and balances in goodwill accounts by reporting segment follows:


	Balance as of December 31, 2024		Acquisitions		Divestitures		Adjustments and Other		Balance as of December 31, 2025
Group 1	$	7,492	$	71	$	(1)	$	11	$	7,573
Group 2	6,438		154		(1)		6		6,597
Group 3	2,052		492		(1)		2		2,545
Total	$	15,982	$	717	$	(3)	$	19	$	16,715


	Balance as of December 31, 2023		Acquisitions		Divestitures		Adjustments and Other		Balance as of December 31, 2024
Group 1	$	7,312	$	161	$	—	$	19	$	7,492
Group 2	6,445		—		—		(7)		6,438
Group 3	2,077		15		—		(40)		2,052
Total	$	15,834	$	176	$	—	$	(28)	$	15,982

Schedule of Activity and Balances by Intangible Asset Type

A summary of the activity and balances by intangible asset type follows:


	Gross Intangible Assets								Accumulated Amortization								Other Intangible Assets, Net as of December 31, 2025
	Balance as of December 31, 2024		Acquisitions		Adjustments and Other		Balance as of December 31, 2025		Balance as of December 31, 2024		Additions Charged to Expense		Adjustments and Other		Balance as of December 31, 2025
Customer relationships	$	690	$	198	$	(7)	$	881	$	(215)	$	(81)	$	7	$	(289)	$	592

Other intangible assets	91		1		(8)		84		(20)		(8)		7		(21)		63
Total	$	781	$	199	$	(15)	$	965	$	(235)	$	(89)	$	14	$	(310)	$	655


	Gross Intangible Assets								Accumulated Amortization								Other Intangible Assets, Net as of December 31, 2024
	Balance as of December 31, 2023		Acquisitions		Adjustments and Other		Balance as of December 31, 2024		Balance as of December 31, 2023		Additions Charged to Expense		Adjustments and Other		Balance as of December 31, 2024
Customer relationships	$	632	$	38	$	20	$	690	$	(166)	$	(69)	$	20	$	(215)	$	475

Other intangible assets	53		6		32		91		(23)		(10)		13		(20)		71
Total	$	685	$	44	$	52	$	781	$	(189)	$	(79)	$	33	$	(235)	$	546

Schedule of Amortization Expense

Based on the amortizable intangible assets recorded in the consolidated balance sheet as of December 31, 2025, amortization expense for each of the next five years is estimated as follows:


2026	$	87
2027	$	80
2028	$	77
2029	$	71
2030	$	60

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Income Taxes - Schedule of Components of Income Tax Payments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 98	$ 195	$ 243
Foreign	16	10	17
Income tax payments (net of refunds received)	206	313	343
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	29	27	24
Texas
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	11	10	0
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	$ 52	$ 71	$ 59

Employee Benefit Plans - Collective Bargaining Agreements and Multiemployer Pension Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Multiemployer Plans [Line Items]
Percentage of workforce covered by collective bargaining agreement	22.00%
Individually insignificant, contributions in excess of	$ 10
Percentage of funded status of pension protection act critical zone maximum, less than	65.00%
Percentage of funded status of pension protection act endangered zone maximum, less than	80.00%
Percentage of funded status of pension protection act safe zone minimum, at least	80.00%
Collective Bargaining Arrangements That Will Expire
Multiemployer Plans [Line Items]
Percentage of workforce covered by collective bargaining agreement	8.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Basic earnings per share:
Net income attributable to Republic Services, Inc.	$ 2,139,249	$ 2,043,173	$ 1,730,985
Weighted average common shares outstanding (in shares)	311,880	314,399	316,182
Basic earnings per share (in dollars per share)	$ 6.86	$ 6.50	$ 5.47
Diluted earnings per share:
Net income attributable to Republic Services, Inc.	$ 2,139,249	$ 2,043,173	$ 1,730,985
Weighted average common shares outstanding (in shares)	311,880	314,399	316,182
Effect of dilutive securities:
Weighted average common and common equivalent shares outstanding (in shares)	312,168	314,809	316,665
Diluted earnings per share (in dollars per share)	$ 6.85	$ 6.49	$ 5.47
Unvested RSU awards
Effect of dilutive securities:
Unvested awards (in shares)	92	126	104
Unvested PSU awards
Effect of dilutive securities:
Unvested awards (in shares)	196	284	379

Landfill and Environmental Costs - Schedule of Expected Undiscounted Future Payments for Remediation Costs (Details) $ in Millions	Dec. 31, 2025 USD ($)
Environmental Remediation Obligations [Abstract]
2026	$ 61
2027	46
2028	39
2029	31
2030	36
Thereafter	286
Total expected undiscounted future payments for remediation costs	$ 499

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Classification

A summary of the lease classification on our consolidated balance sheet as of December 31, 2025 and 2024 follows:


		2025		2024
Assets
Operating right-of-use lease assets	Other assets	$	208	$	232
Finance lease assets	Property and equipment, net	318		294
Total leased assets		$	526	$	526

Liabilities
Current
Operating	Other accrued liabilities	$	48	$	55
Finance	Notes payable and current maturities of long-term debt	15		13
Long-term
Operating	Other long-term liabilities	177		189
Finance	Long-term debt, net of current maturities	278		249
Total lease liabilities		$	518	$	506

Schedule of Lease Cost

A summary of the lease cost reflected in our consolidated statements of income for the years ended December 31, 2025 and 2024 follows:


		2025		2024
Operating lease cost
Fixed lease cost	Cost of operations	$	62	$	50
Short-term lease cost	Cost of operations	86		105
Variable lease cost	Cost of operations	26		26
Finance lease cost
Amortization of leased assets	Depreciation, depletion and amortization	16		17
Interest on lease liabilities	Interest expense	11		9
Variable lease cost	Interest expense	25		26
Total lease cost		$	226	$	233

A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2025 and 2024 follows:


	2025		2024
Weighted-average remaining lease term (years)
Operating leases	5.7		6.1
Finance leases	26.0		27.8
Weighted-average discount rate
Operating leases	3.7	%	3.3	%
Finance leases	4.2	%	4.3	%

Supplemental cash flow and other non-cash information for the years ended December 31, 2025, 2024, and 2023 follow:


	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	174	$	181	$	177
Operating cash flows from finance leases	$	36	$	35	$	31
Financing cash flows from finance leases	$	12	$	10	$	12
Leased assets obtained in exchange for new operating lease liabilities	$	45	$	44	$	33
Leased assets obtained in exchange for new finance lease liabilities	$	44	$	25	$	17

Schedule of Maturities for Operating Lease Liabilities

As of December 31, 2025, maturities for operating and finance lease liabilities were as follows:


	Operating Leases		Finance Leases		Total
2026	$	59	$	23	$	82
2027	50		23		73
2028	42		23		65
2029	32		22		54
2030	22		20		42
Thereafter	43		374		417
Total lease payments	248		485		733
Less: interest	(23)		(192)		(215)
Present value of lease liabilities	$	225	$	293	$	518

Schedule of Maturities for Financing Lease Liabilities

As of December 31, 2025, maturities for operating and finance lease liabilities were as follows:


	Operating Leases		Finance Leases		Total
2026	$	59	$	23	$	82
2027	50		23		73
2028	42		23		65
2029	32		22		54
2030	22		20		42
Thereafter	43		374		417
Total lease payments	248		485		733
Less: interest	(23)		(192)		(215)
Present value of lease liabilities	$	225	$	293	$	518

Segment Reporting - Narrative (Details) $ in Millions	12 Months Ended
Segment Reporting - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	3
Number of reportable segments \| segment	3
Revenue	$ 16,591	$ 16,032	$ 14,965
Total assets	34,366	32,402	31,410
Canada
Segment Reporting Information [Line Items]
Revenue	188	182	$ 170
Total assets	$ 136	$ 128

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Segment Reporting - Schedule of Financial Information by Regional Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Gross revenue	$ 19,027	$ 18,418	$ 17,279
Net revenue	16,591	16,032	14,965
Cost of operations	9,630	9,350	8,943
Selling, general and administrative	1,710	1,674	1,609
Other segment items	(56)	29	(34)
Adjusted EBITDA	5,307	4,979	4,447
Capital expenditures	1,887	1,855	1,631
Total assets	34,366	32,402	31,410
Operating Segments \| Recycling & Waste Subtotal
Segment Reporting Information [Line Items]
Gross revenue	16,874	16,214	15,329
Revenue allocations	291	247	193
Net revenue	14,825	14,189	13,341
Cost of operations	8,513	8,204	7,911
Selling, general and administrative	1,433	1,410	1,330
Other segment items	(56)	29	0
Adjusted EBITDA	4,935	4,546	4,100
Capital expenditures	1,509	1,497	1,248
Total assets	26,057	25,296	24,653
Operating Segments \| Group 1
Segment Reporting Information [Line Items]
Gross revenue	8,630	8,130	7,573
Revenue allocations	150	125	96
Net revenue	7,509	7,047	6,524
Cost of operations	4,248	4,043	3,797
Selling, general and administrative	750	721	664
Other segment items	(11)	0	0
Adjusted EBITDA	2,522	2,283	2,063
Capital expenditures	876	883	672
Total assets	14,441	13,978	13,397
Operating Segments \| Group 2
Segment Reporting Information [Line Items]
Gross revenue	8,244	8,084	7,756
Revenue allocations	141	122	97
Net revenue	7,316	7,142	6,817
Cost of operations	4,265	4,161	4,114
Selling, general and administrative	683	689	666
Other segment items	(45)	29	0
Adjusted EBITDA	2,413	2,263	2,037
Capital expenditures	633	614	576
Total assets	11,616	11,318	11,256
Operating Segments \| Group 3 (Environmental Solutions)
Segment Reporting Information [Line Items]
Gross revenue	1,784	1,860	1,697
Revenue allocations	30	32	(16)
Net revenue	1,766	1,843	1,624
Cost of operations	1,117	1,146	1,032
Selling, general and administrative	277	264	279
Other segment items	0	0	(34)
Adjusted EBITDA	372	433	347
Capital expenditures	181	141	145
Total assets	5,217	4,462	4,471
Intercompany Revenue and Corporate entities and other
Segment Reporting Information [Line Items]
Gross revenue	(48)	(65)	(76)
Intercompany revenue
Segment Reporting Information [Line Items]
Gross revenue	(2,436)	(2,386)	(2,314)
Intercompany revenue \| Recycling & Waste Subtotal
Segment Reporting Information [Line Items]
Gross revenue	(2,340)	(2,272)	(2,181)
Intercompany revenue \| Group 1
Segment Reporting Information [Line Items]
Gross revenue	(1,271)	(1,208)	(1,145)
Intercompany revenue \| Group 2
Segment Reporting Information [Line Items]
Gross revenue	(1,069)	(1,064)	(1,036)
Intercompany revenue \| Group 3 (Environmental Solutions)
Segment Reporting Information [Line Items]
Gross revenue	(48)	(49)	(57)
Corporate entities and other
Segment Reporting Information [Line Items]
Gross revenue	369	344	253
Revenue allocations	(321)	(279)	(177)
Net revenue	0	0	0
Capital expenditures	197	217	238
Total assets	$ 3,092	$ 2,644	$ 2,286

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2025
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	20 years
Landfill equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Landfill equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Other equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Other equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	25 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years

Goodwill and Other Intangible Assets, Net - Schedule of Amortization Expense (Details) $ in Millions	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2026	$ 87
2027	80
2028	77
2029	71
2030	$ 60

Other Assets

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

Prepaid Expenses and Other Current Assets

A summary of prepaid expenses and other current assets as of December 31 follows:


	2025		2024
Income taxes receivable	$	146	$	124
Prepaid expenses	131		$	127
Parts and supplies	106		98
Other non-trade receivables	94		96
Reinsurance receivable	32		30

Other	41		36
Total	$	550	$	511

Other Assets

A summary of other assets as of December 31 follows:


	2025		2024
Investments	$	815	$	637
Operating right-of-use lease assets	208		232
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements	159		123
Deferred compensation plan	143		125
Reinsurance receivable	90		86
Deferred contract costs and sales commissions	81		82
Derivative and hedging assets	32		55

Other	47		43
Total	$	1,575	$	1,383

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) landfill reportingUnit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Net book credit balances in our primary disbursement accounts	$ 119,000,000	$ 121,000,000
Restricted cash and marketable securities	259,000,000	208,000,000	$ 164,000,000
Insurance	$ 192,000,000	$ 149,000,000
Post-closure period	30 years
Number of closed landfills \| landfill	124
Asset retirement obligation, costs to discharge, inflation rate	2.00%	2.00%	2.00%
Years of historical moving average increase of the U.S. Consumer Price Index used as our basis for inflation rate	20 years	20 years	10 years
Number of reporting units \| reportingUnit	3
Goodwill impairment losses	$ 0	$ 0	$ 0
Impairment losses for long-lived assets	$ 0	$ 0	$ 0
Minimum
Concentration Risk [Line Items]
Amortization period for other intangible assets	1 year
Maximum
Concentration Risk [Line Items]
Amortization period for other intangible assets	15 years

Debt - Credit Facilities and Commercial Paper Program (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2024 USD ($) extension	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Oct. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Aug. 31, 2022 USD ($)	May 31, 2022 USD ($)	Jan. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt		$ 13,710,000,000
Letters of credit utilizing availability our credit facilities		319,000,000		$ 317,000,000
Remaining borrowing capacity		1,800,000,000		2,200,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt		$ 425,000,000		514,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Number of available extensions \| extension	2
Extension period	1 year
Facility feature, increase limit	$ 1,000,000,000.0
Basis spread		0.805%
Uncommitted Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity										$ 200,000,000
Principal borrowings outstanding		$ 0		0
Long-term debt		0		0
Credit facilities: The Credit Facility
Debt Instrument [Line Items]
Principal borrowings outstanding		425,000,000		514,000,000
Long-term debt		425,000,000		514,000,000
Credit facilities: The Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 3,500,000,000
Canadian Sublimit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 1,000,000,000.0
Long-term debt			$ 204		$ 232
Credit facilities: Commercial Paper Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 1,500,000,000		$ 1,000,000,000.0	$ 500,000,000
Principal borrowings outstanding		1,000,000,000		$ 477,000,000
Long-term debt		$ 999,000,000
Weighted average interest rate		4.044%	4.044%	4.646%	4.646%

Employee Benefit Plans - Schedule Of Individually Significant Multiemployer Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Multiemployer Plans [Line Items]
Republic Contributions to Plan	$ 112	$ 104	$ 99
Western Conference of Teamsters Pension Plan
Multiemployer Plans [Line Items]
Republic Contributions to Plan	83	75	70
All other plans
Multiemployer Plans [Line Items]
Republic Contributions to Plan	$ 29	$ 29	$ 29

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Employee Benefit Plans - Schedule of Restricted Stock Unit (RSU) Activity (Details) - Restricted Stock Units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of RSUs (in thousands)
Beginning balance (in shares)	841	915	914
Granted (in shares)	153	184	250
Vested and issued (in shares)	(206)	(228)	(208)
Forfeited (in shares)	(21)	(30)	(41)
Ending balance (in shares)	767	841	915
Vested and unissued (in shares)	410
Weighted-Average Grant Date Fair Value per Share
Unissued, beginning balance (in dollars per share)	$ 107.81	$ 93.35	$ 85.43
Granted (in dollars per share)	221.18	184.28	133.03
Vested and Issued (in dollars per share)	119.81	102.81	95.24
Forfeited (in dollars per share)	177.62	139.24	117.54
Unissued, ending balance (in dollars per share)	125.39	$ 107.81	$ 93.35
Vested and unissued (in dollars per share)	$ 76.87
Weighted-Average Remaining Contractual Term (years)	1 year 1 month 6 days
Aggregate Intrinsic Value	$ 162,620

Commitments and Contingencies - Schedule of Financial Instruments and Collateral in Place (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Letters of credit
Debt Instrument [Line Items]
Securities collateral	$ 474	$ 464
Surety bonds
Debt Instrument [Line Items]
Securities collateral	$ 5,414	$ 5,045

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.12-04(a))
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Share Repurchases and Dividends - Schedule of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Number of shares repurchased (in shares)	3.8	2.5	1.8
Amount paid	$ 864	$ 480	$ 262
Weighted average cost per share (in dollars per share)	$ 224.50	$ 193.59	$ 145.72

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

A summary of the lease classification on our consolidated balance sheet as of December 31, 2025 and 2024 follows:


		2025		2024
Assets
Operating right-of-use lease assets	Other assets	$	208	$	232
Finance lease assets	Property and equipment, net	318		294
Total leased assets		$	526	$	526

Liabilities
Current
Operating	Other accrued liabilities	$	48	$	55
Finance	Notes payable and current maturities of long-term debt	15		13
Long-term
Operating	Other long-term liabilities	177		189
Finance	Long-term debt, net of current maturities	278		249
Total lease liabilities		$	518	$	506

A summary of the lease cost reflected in our consolidated statements of income for the years ended December 31, 2025 and 2024 follows:


		2025		2024
Operating lease cost
Fixed lease cost	Cost of operations	$	62	$	50
Short-term lease cost	Cost of operations	86		105
Variable lease cost	Cost of operations	26		26
Finance lease cost
Amortization of leased assets	Depreciation, depletion and amortization	16		17
Interest on lease liabilities	Interest expense	11		9
Variable lease cost	Interest expense	25		26
Total lease cost		$	226	$	233

During the years ended December 31, 2025 and 2024, we recognized changes in our operating right-of-use lease liabilities and assets, resulting from the recognition of non-cash lease expense of $47 million and $46 million, respectively.

As of December 31, 2025, maturities for operating and finance lease liabilities were as follows:


	Operating Leases		Finance Leases		Total
2026	$	59	$	23	$	82
2027	50		23		73
2028	42		23		65
2029	32		22		54
2030	22		20		42
Thereafter	43		374		417
Total lease payments	248		485		733
Less: interest	(23)		(192)		(215)
Present value of lease liabilities	$	225	$	293	$	518

A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2025 and 2024 follows:


	2025		2024
Weighted-average remaining lease term (years)
Operating leases	5.7		6.1
Finance leases	26.0		27.8
Weighted-average discount rate
Operating leases	3.7	%	3.3	%
Finance leases	4.2	%	4.3	%

Supplemental cash flow and other non-cash information for the years ended December 31, 2025, 2024, and 2023 follow:


	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	174	$	181	$	177
Operating cash flows from finance leases	$	36	$	35	$	31
Financing cash flows from finance leases	$	12	$	10	$	12
Leased assets obtained in exchange for new operating lease liabilities	$	45	$	44	$	33
Leased assets obtained in exchange for new finance lease liabilities	$	44	$	25	$	17

LEASES

A summary of the lease classification on our consolidated balance sheet as of December 31, 2025 and 2024 follows:


		2025		2024
Assets
Operating right-of-use lease assets	Other assets	$	208	$	232
Finance lease assets	Property and equipment, net	318		294
Total leased assets		$	526	$	526

Liabilities
Current
Operating	Other accrued liabilities	$	48	$	55
Finance	Notes payable and current maturities of long-term debt	15		13
Long-term
Operating	Other long-term liabilities	177		189
Finance	Long-term debt, net of current maturities	278		249
Total lease liabilities		$	518	$	506

A summary of the lease cost reflected in our consolidated statements of income for the years ended December 31, 2025 and 2024 follows:


		2025		2024
Operating lease cost
Fixed lease cost	Cost of operations	$	62	$	50
Short-term lease cost	Cost of operations	86		105
Variable lease cost	Cost of operations	26		26
Finance lease cost
Amortization of leased assets	Depreciation, depletion and amortization	16		17
Interest on lease liabilities	Interest expense	11		9
Variable lease cost	Interest expense	25		26
Total lease cost		$	226	$	233

As of December 31, 2025, maturities for operating and finance lease liabilities were as follows:


	Operating Leases		Finance Leases		Total
2026	$	59	$	23	$	82
2027	50		23		73
2028	42		23		65
2029	32		22		54
2030	22		20		42
Thereafter	43		374		417
Total lease payments	248		485		733
Less: interest	(23)		(192)		(215)
Present value of lease liabilities	$	225	$	293	$	518

A summary of the weighted-average remaining lease term and weighted-average discount rate as of December 31, 2025 and 2024 follows:


	2025		2024
Weighted-average remaining lease term (years)
Operating leases	5.7		6.1
Finance leases	26.0		27.8
Weighted-average discount rate
Operating leases	3.7	%	3.3	%
Finance leases	4.2	%	4.3	%

Supplemental cash flow and other non-cash information for the years ended December 31, 2025, 2024, and 2023 follow:


	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	174	$	181	$	177
Operating cash flows from finance leases	$	36	$	35	$	31
Financing cash flows from finance leases	$	12	$	10	$	12
Leased assets obtained in exchange for new operating lease liabilities	$	45	$	44	$	33
Leased assets obtained in exchange for new finance lease liabilities	$	44	$	25	$	17

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

As of December 31, 2025 and 2024, our assets and liabilities that are measured at fair value on a recurring basis include the following:


	December 31, 2025
			Fair Value
	Carrying Amount		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds - restricted cash and marketable securities and other assets	$	75	$	75	$	75	$	—	$	—
Bonds and fixed income - restricted cash and marketable securities and other assets	97		97		—		97		—
Derivative and hedging assets - other assets, prepaid expenses and other current assets	32		32		—		32		—
Total assets	$	204	$	204	$	75	$	129	$	—
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and 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


	December 31, 2024
			Fair Value
	Carrying Amount		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market mutual funds - restricted cash and marketable securities and other assets	$	62	$	62	$	62	$	—	$	—
Bonds and fixed income - restricted cash and marketable securities and other assets	90		90		—		90		—
Derivative and hedging assets - other assets, prepaid expenses and other current assets	55		55		—		55		—
Total assets	$	207	$	207	$	62	$	145	$	—
Liabilities:
Derivative and hedging liabilities - other accrued liabilities and other long-term liabilities	$	72	$	72	$	—	$	72	$	—
Contingent consideration - other accrued liabilities and other long-term liabilities	65		65		—		—		65
Total liabilities	$	137	$	137	$	—	$	72	$	65

Leases - Schedule of Lease Classification (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Operating right-of-use lease assets	$ 208	$ 232
Finance lease assets	318	294
Total leased assets	526	526
Current
Operating	48	55
Finance	15	13
Long-term
Operating	177	189
Finance	278	249
Total lease liabilities	$ 518	$ 506
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Accrued Liabilities, Current	Other Accrued Liabilities, Current
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-Term Debt and Lease Obligation, Current	Long-Term Debt and Lease Obligation, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term portion	Long-term portion

Debt - Senior Notes and Debentures (Details) - USD ($) $ in Millions	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024
Senior notes: November 2029
Debt Instrument [Line Items]
Principal	$ 400		$ 400	$ 400
Interest rate	5.00%
Senior notes: November 2034
Debt Instrument [Line Items]
Principal	$ 500		500	$ 500
Interest rate	5.20%
Senior notes: July 2030
Debt Instrument [Line Items]
Principal	$ 500	$ 500	0
Interest rate	4.75%
Senior notes: March 2035
Debt Instrument [Line Items]
Principal	$ 700	$ 700	$ 0
Interest rate	5.15%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Business Acquisitions, Investments and Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Aggregate Purchase Price and Allocation of Purchase Price in Other Acquisitions

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


	2025		2024
Purchase price:
Cash used in acquisitions, net of cash acquired of $8 and $1, respectively	$	1,063	$	274

Holdbacks	20		7
Fair value, future minimum lease payments	1		—

Total	$	1,084	$	281
Allocated as follows:

Accounts receivable	29		6


Property and equipment	189		57



Other assets	23		4

Accounts payable	(5)		—

Accrued landfill and environmental costs	(24)		—



Other liabilities	(44)		(6)
Fair value of tangible assets acquired and liabilities assumed	168		61
Excess purchase price to be allocated	$	916	$	220
Excess purchase price allocated as follows:
Other intangible assets	$	199	$	44
Goodwill	717		176

Total allocated	$	916	$	220

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Non-cash lease expense	$ 47	$ 46

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes for the years ended December 31 follow:


	2025		2024		2023
Current:
Federal	$	81	$	204	$	260
Foreign	10		13		9
State	95		84		90
Deferred:
Federal	240		55		72
Foreign	(11)		2		(3)
State	40		30		32

Provision for income taxes	$	455	$	388	$	460

Schedule of Reconciliations of Statutory Federal Income Tax Rate to Effective Tax Rate

The reconciliations of the statutory federal income tax rate to our effective tax rate for the years ended December 31 follow:


	2025				2024				2023
US Federal Statutory Tax Rate	$	545	21.0	%	$	510	21.0	%	$	460	21.0	%
State and Local Income Taxes, Net of Federal Income Tax Effect(1)	110		4.2		107		4.4		97		4.4


Tax Credits
Renewable energy assets	(189)		(7.3)		(238)		(9.8)		(100)		(4.6)

Other	(46)		(1.8)		(23)		(0.9)		(3)		(0.1)

Nontaxable or Nondeductible Items	42		1.6		37		1.5		36		1.6

Other Adjustments	(7)		(0.2)		(5)		(0.2)		(30)		(1.3)
Effective Tax Rate	$	455	17.5	%	$	388	16.0	%	$	460	21.0	%

(1) State taxes in California, Illinois, Massachusetts, & Texas made up the majority (greater than 50 percent) of the tax effect in this category for 2025, 2024, and 2023.

Schedule of Components of Income Tax Payments

The components of the income tax payments (net of refunds received) for the period ended December 31 follow:


	2025		2024		2023
Federal	$	98	$	195	$	243
State
California	29		27		24
Texas	11		10		—
Other	52		71		59
Foreign	16		10		17
Income tax payments (net of refunds received)	$	206	$	313	$	343

Schedule of Components of Net Deferred Income Tax Asset And Liability

The components of the net deferred income tax asset and liability as of December 31 follow:


	2025		2024
Deferred tax liabilities relating to:
Differences between book and tax basis of property and equipment	$	(1,400)	$	(1,258)
Difference between book and tax basis of intangible assets	(722)		(637)
Operating right-of-use lease assets	(52)		(57)
Basis difference due to redemption of partnership interests	(80)		(82)
Other	(10)		—
Total deferred tax liabilities	$	(2,264)	$	(2,034)
Deferred tax assets relating to:
Environmental reserves	$	182	$	218
Accruals not currently deductible	116		105
Net operating loss carryforwards	60		61
Difference between book and tax basis of other assets	9		48

Operating right-of-use lease liabilities	56		59
Other	15		15
Total deferred tax assets	438		506
Valuation allowance	(45)		(51)
Net deferred tax asset	393		455
Net overall deferred tax liability	$	(1,871)	$	(1,579)

Schedule of Changes in Deferred Tax Valuation Allowance

Changes in the deferred tax valuation allowance for the years ended December 31 follow:


	2025		2024		2023
Valuation allowance, beginning of year	$	51	$	49	$	44
Additions charged to provision for income taxes	3		6		3
Deferred tax assets realized or written-off	(6)		—		—

Other, net	(3)		(4)		2
Valuation allowance, end of year	$	45	$	51	$	49

Schedule of Activity in Gross Unrecognized Tax Benefits

The following table summarizes the activity in our gross unrecognized tax benefits for the years ended December 31:


	2025		2024		2023
Balance at beginning of year	$	28	$	42	$	111
Additions for tax positions of current year	3		—		1
Additions for tax positions of prior years	—		1		3
Reductions for tax positions of prior years	—		(5)		(7)
Reductions for tax positions resulting from lapse of statute of limitations	(1)		(1)		—
Settlements	(7)		(9)		(66)
Balance at end of year	$	23	$	28	$	42

Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss, Net of Tax	Non-controlling Interests In Consolidated Subsidiary
Beginning balance (in shares) at Dec. 31, 2022		321
Treasury stock beginning balance (in shares) at Dec. 31, 2022					(4)
Balance at beginning of period at Dec. 31, 2022	$ 9,686	$ 3	$ 2,843	$ 7,356	$ (505)	$ (12)	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,731			1,731
Other comprehensive income (loss)	0
Cash dividends declared	(650)			(650)
Issuances of common stock	(1)		14		$ (15)
Stock-based compensation	41		44	(3)
Purchase of common stock for treasury (in shares)					(2)
Purchase of common stock for treasury	(264)				$ (264)
Ending balance (in shares) at Dec. 31, 2023		321
Treasury stock ending balance (in shares) at Dec. 31, 2023					(6)
Balance at end of period at Dec. 31, 2023	10,543	$ 3	2,901	8,434	$ (784)	(12)	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,044			2,043			1
Other comprehensive income (loss)	(14)					(14)
Cash dividends declared	(699)			(699)
Issuances of common stock	(14)		16		$ (30)
Stock-based compensation	41		45	(4)
Purchase of common stock for treasury (in shares)					(3)
Purchase of common stock for treasury	(494)				$ (494)
Shares returned to unissued status (in shares)		8			8
Shares returned to unissued status	$ 0	$ (1)	(1,195)		$ 1,195
Ending balance (in shares) at Dec. 31, 2024	313	313
Treasury stock ending balance (in shares) at Dec. 31, 2024	(1)				(1)
Balance at end of period at Dec. 31, 2024	$ 11,407	$ 3	1,767	9,774	$ (113)	(26)	2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,139			2,139
Other comprehensive income (loss)	(3)					(3)
Cash dividends declared	(749)			(749)
Issuances of common stock	(5)		19		$ (24)
Stock-based compensation	44		47	(3)
Purchase of common stock for treasury (in shares)					(4)
Purchase of common stock for treasury	(863)				$ (863)
Distributions paid	$ (1)						(1)
Ending balance (in shares) at Dec. 31, 2025	313	313
Treasury stock ending balance (in shares) at Dec. 31, 2025	(5)				(5)
Balance at end of period at Dec. 31, 2025	$ 11,969	$ 3	$ 1,833	$ 11,161	$ (1,000)	$ (29)	$ 1

Basis of Presentation	12 Months Ended
Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Republic Services, Inc., a Delaware corporation, and its consolidated subsidiaries (also referred to collectively as Republic, the Company, we, us, or our), is one of the largest providers of environmental services in the United States, as measured by revenue. Our senior management evaluates, oversees and manages the financial performance of our operations through three field groups, referred to as Group 1, Group 2 and Group 3. Group 1 is our recycling and waste business operating primarily in geographic areas located in the western United States. Group 2 is our recycling and waste business operating primarily in geographic areas located in the southeastern and mid-western United States, the eastern seaboard of the United States, and Canada. Group 3 is our environmental solutions business operating primarily in geographic areas located across the United States and Canada. These groups represent our reportable segments, which provide integrated environmental services, including but not limited to collection, transfer, recycling, and disposal. The consolidated financial statements include the accounts of Republic Services, Inc. and its wholly owned and majority-owned subsidiaries in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). We account for investments in entities in which we do not have a controlling financial interest under the equity method of accounting or, for investments that do not meet the criteria to be accounted for under the equity method, we reflect these investments at their fair value when it is readily determinable. If fair value is not readily determinable, we use an alternative measurement approach. All material intercompany accounts and transactions have been eliminated in consolidation. For comparative purposes, certain prior year amounts have been reclassified to conform to the current year presentation and are not material to our consolidated financial statements. All dollar amounts in tabular presentations are in millions, except per share amounts and unless otherwise noted.

Employee Benefit Plans - Schedule of Performance Stock Unit (PSU) Activity (Details) - Performance Shares - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of PSUs (in thousands)
Beginning balance (in shares)	524	688	756
Granted (in shares)	222	281	200
Vested and issued (in shares)	(209)	(420)	(227)
Forfeited (in shares)	(6)	(25)	(41)
Ending balance (in shares)	531	524	688
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)	$ 125.70	$ 101.48	$ 95.19
Granted (in dollars per share)	199.58	142.50	138.03
Vested and Issued (in dollars per share)	117.01	90.54	100.06
Forfeited (in dollars per share)	176.82	136.27	123.30
Ending balance (in dollars per share)	$ 159.77	$ 125.70	$ 101.48

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 76	$ 74
Accounts receivable, less allowance for doubtful accounts and other of $66 and $74, respectively	1,897	1,821
Prepaid expenses and other current assets	550	511
Total current assets	2,523	2,406
Restricted cash and marketable securities	259	208
Property and equipment, net	12,639	11,877
Goodwill	16,715	15,982
Other intangible assets, net	655	546
Other assets	1,575	1,383
Total assets	34,366	32,402
Current liabilities:
Accounts payable	1,374	1,345
Notes payable and current maturities of long-term debt	596	862
Deferred revenue	496	485
Accrued landfill and environmental costs, current portion	148	159
Accrued interest	109	101
Other accrued liabilities	1,205	1,176
Total current liabilities	3,928	4,128
Long-term debt, net of current maturities	12,985	11,851
Accrued landfill and environmental costs, net of current portion	2,608	2,432
Deferred income taxes and other long-term tax liabilities, net	1,884	1,594
Insurance reserves, net of current portion	436	402
Other long-term liabilities	556	588
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued	0	0
Common stock, par value $0.01 per share; 750 shares authorized; 313 and 313 issued including shares held in treasury, respectively	3	3
Additional paid-in capital	1,833	1,767
Retained earnings	11,161	9,774
Treasury stock, at cost; 5 and 1 shares, respectively	(1,000)	(113)
Accumulated other comprehensive income, net of tax	(29)	(26)
Total Republic Services, Inc. stockholders’ equity	11,968	11,405
Non-controlling interests in consolidated subsidiary	1	2
Total stockholders’ equity	11,969	11,407
Total liabilities and stockholders’ equity	$ 34,366	$ 32,402

Employee Benefit Plans - Performance Shares and Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	222,000	281,000	200,000
Percentage of award paid in stock	50.00%
Percentage of award paid in cash	50.00%
Performance period	3 years
Compensation expense	$ 27	$ 30	$ 29
Total unrecognized compensation expense related to outstanding restricted stock units and restricted shares	$ 30
Weighted average period for compensation expense recognition	1 year 8 months 12 days
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded after performance period, as a percentage of targeted amount	0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded after performance period, as a percentage of targeted amount	220.00%
Performance Shares Earned as Dividend Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	5,666	6,795	10,511
Executive Officer \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	117,968	153,883	80,452
Employees Other Than Named Executive Officers \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	98,613	120,433	108,560
Percentage of award paid in stock	100.00%

Other Liabilities - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued payroll and benefits	$ 313	$ 339
Insurance reserves, current	251	220	$ 217
Accrued fees and taxes	214	206
Accrued dividends	193	181
Operating right-of-use lease liabilities, current	48	55
Ceded insurance reserves, current	32	30
Accrued professional fees and legal settlement reserves	32	12
Contingent purchase price and acquisition holdbacks	25	14
Other	97	119
Total	$ 1,205	$ 1,176

Revenue - Schedule of Disaggregation of Revenue (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Revenue	$ 16,591	$ 16,032	$ 14,965
Revenue as a percentage of total revenue	1.000	1.000	1.000
Transfer
Disaggregation of Revenue [Line Items]
Revenue	$ 848	$ 805	$ 766
Revenue as a percentage of total revenue	0.051	0.050	0.051
Landfill
Disaggregation of Revenue [Line Items]
Revenue	$ 1,920	$ 1,741	$ 1,679
Revenue as a percentage of total revenue	0.116	0.109	0.112
Environmental solutions
Disaggregation of Revenue [Line Items]
Revenue	$ 1,766	$ 1,843	$ 1,625
Revenue as a percentage of total revenue	0.106	0.115	0.109
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 824	$ 788	$ 642
Revenue as a percentage of total revenue	0.050	0.049	0.043
Recycling processing and commodity sales
Disaggregation of Revenue [Line Items]
Revenue	$ 433	$ 409	$ 312
Revenue as a percentage of total revenue	0.026	0.025	0.021
Other non-core
Disaggregation of Revenue [Line Items]
Revenue	$ 391	$ 379	$ 330
Revenue as a percentage of total revenue	0.024	0.024	0.022
Operating Segments \| Collection
Disaggregation of Revenue [Line Items]
Revenue	$ 11,233	$ 10,855	$ 10,253
Revenue as a percentage of total revenue	0.677	0.677	0.685
Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Revenue	$ 3,010	$ 2,939	$ 2,823
Revenue as a percentage of total revenue	0.181	0.183	0.189
Operating Segments \| Small-container
Disaggregation of Revenue [Line Items]
Revenue	$ 5,055	$ 4,820	$ 4,439
Revenue as a percentage of total revenue	0.305	0.301	0.297
Operating Segments \| Large-container
Disaggregation of Revenue [Line Items]
Revenue	$ 3,098	$ 3,024	$ 2,922
Revenue as a percentage of total revenue	0.187	0.189	0.195
Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Revenue	$ 70	$ 72	$ 69
Revenue as a percentage of total revenue	0.004	0.004	0.004
Operating Segments \| Transfer
Disaggregation of Revenue [Line Items]
Revenue	$ 1,833	$ 1,780	$ 1,699
Operating Segments \| Landfill
Disaggregation of Revenue [Line Items]
Revenue	3,202	2,981	2,885
Operating Segments \| Environmental solutions
Disaggregation of Revenue [Line Items]
Revenue	1,828	1,907	1,701
Intercompany revenue \| Transfer
Disaggregation of Revenue [Line Items]
Revenue	(985)	(975)	(933)
Intercompany revenue \| Landfill
Disaggregation of Revenue [Line Items]
Revenue	(1,282)	(1,240)	(1,206)
Intercompany revenue \| Environmental solutions
Disaggregation of Revenue [Line Items]
Revenue	$ (62)	$ (64)	$ (76)

Share Repurchases and Dividends

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

SHARE REPURCHASES AND DIVIDENDS

Available Shares

We currently have approximately 10 million shares of common stock reserved for future grants under the Republic Services, Inc. 2021 Stock Incentive Plan.

Share Repurchases

In October 2020, our Board of Directors approved a $2.0 billion share repurchase authorization effective starting January 1, 2021, extending through December 31, 2023. In October 2023, our Board of Directors approved a $3.0 billion share repurchase authorization effective January 1, 2024 and extending through December 31, 2026. Share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws. While the Board of Directors has approved the program, the timing of any purchases, the prices and the number of shares of common stock to be purchased will be determined by our management, at its discretion, and will depend upon market conditions and other factors. The share repurchase program may be extended, suspended or discontinued at any time. 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 years ended December 31, 2025, 2024 and 2023 follows (in millions, except per share amounts):


	2025		2024		2023
Number of shares repurchased	3.8		2.5		1.8
Amount paid	$	864	$	480	$	262
Weighted average cost per share	$	224.50	$	193.59	$	145.72

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 December 31, 2025, there were no repurchased shares pending settlement. As of December 31, 2024, there were less than 1 million repurchased shares pending settlement, resulting in an associated $10 million of share repurchases unpaid and included within other accrued liabilities. As of December 31, 2023, there were no repurchased shares pending settlement. As of December 31, 2025, the remaining authorized purchase capacity under our October 2023 repurchase program was $1.7 billion.

In December 2024, our board of directors changed the status of 8 million treasury shares to authorized and unissued. In doing so, the number of our issued shares was reduced by the stated amount. Our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital. The reduction in issued shares resulted in a change of $1.2 billion in treasury stock which was reclassified as less than 1 million in common stock, and $1.2 billion in additional paid-in capital. There was no effect on our total stockholders' equity position as a result of the change.

Dividends

In October 2025, our Board of Directors approved a quarterly dividend of $0.625 per share. Aggregate cash dividends declared were $749 million, $699 million and $650 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, we recorded a quarterly dividend payable of $193 million to shareholders of record at the close of business on January 2, 2026.

- Definition

The entire disclosure for equity.

+ References

+ Details

Basis of Presentation (Details)	12 Months Ended
Basis of Presentation (Details)	Dec. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3
Number of reportable segments	3

Landfill and Environmental Costs - Schedule of Accrued Landfill and Environmental Costs (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Environmental Remediation Obligations [Abstract]
Landfill final capping, closure and post-closure liabilities	$ 2,313	$ 2,144	$ 1,937	$ 1,786
Environmental remediation	443	447	$ 485	$ 487
Total accrued landfill and environmental costs	2,756	2,591
Less: current portion	(148)	(159)
Long-term portion	$ 2,608	$ 2,432

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

Our operations primarily consist of providing environmental services. The following table disaggregates our revenue by service line for the years ended December 31 (in millions of dollars and as a percentage of revenue):


	2025				2024				2023
Collection:
Residential	$	3,010	18.1	%	$	2,939	18.3	%	$	2,823	18.9	%
Small-container	5,055		30.5		4,820		30.1		4,439		29.7
Large-container	3,098		18.7		3,024		18.9		2,922		19.5
Other	70		0.4		72		0.4		69		0.4
Total collection	11,233		67.7		10,855		67.7		10,253		68.5
Transfer	1,833				1,780				1,699
Less: intercompany	(985)				(975)				(933)
Transfer, net	848		5.1		805		5.0		766		5.1
Landfill	3,202				2,981				2,885
Less: intercompany	(1,282)				(1,240)				(1,206)
Landfill, net	1,920		11.6		1,741		10.9		1,679		11.2
Environmental solutions	1,828				1,907				1,701
Less: intercompany	(62)				(64)				(76)
Environmental solutions, net	1,766		10.6		1,843		11.5		1,625		10.9
Other:
Recycling processing and commodity sales	433		2.6		409		2.5		312		2.1
Other non-core	391		2.4		379		2.4		330		2.2
Total other	824		5.0		788		4.9		642		4.3
Total revenue	$	16,591	100.0	%	$	16,032	100.0	%	$	14,965	100.0	%

Other non-core revenue consists primarily of revenue from National Accounts, which represents the portion of revenue generated from nationwide or regional contracts in markets outside our operating areas where the associated material handling is subcontracted to local operators. Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations.

Intercompany revenue reflects transactions within and between lines of business.

See Note 15, Segment Reporting, for additional information regarding revenue by reportable segment.

Revenue by Service Line

Collection Services

Our collection business involves the collection of material for transport to transfer stations, or directly to landfills or recycling centers. Our collection services business includes both recurring and temporary customer relationships. Our standard contract duration is three years, although some of our exclusive franchises are for significantly longer periods. The fees received for collection services are based primarily on the market, collection frequency, type of service, type and volume or weight of the material collected, the distance to the disposal facility and the cost of disposal.

In general, small-container and residential collection fees are billed monthly or quarterly in advance. Our large-container customers are typically billed on a monthly basis based on the nature of the services provided during the period.

Revenue recognized under these collection services agreements is variable in nature based on the number of residential homes or businesses serviced during the period, the frequency of collection and the volume of material collected. In addition, certain of our contracts have annual price escalation clauses that are tied to changes in an underlying base index such as a consumer price index which are unknown at contract inception.

Transfer Services

Revenue at our transfer stations is primarily generated by charging tipping or disposal fees. The fees received for transfer services are based primarily on the market, type and volume or weight of the material accepted, the distance to the disposal

facility and the cost of disposal. In general, fees are billed and revenue is recognized at the time the service is performed. Revenue recognized under these transfer services agreements is variable in nature based on the volume and nature of the material accepted at the transfer station.

Landfill Services

Revenue at our landfills is primarily generated by charging tipping fees to third parties based on the volume disposed and the nature of the waste. In general, fees are variable in nature and revenue is recognized at the time the waste is disposed at the facility.

Environmental Solutions

Environmental solutions revenue is primarily generated from the fees we charge for the collection, treatment, consolidation, disposal and recycling of hazardous and non-hazardous waste, field and industrial services, equipment rental, emergency response and standby services and in-plant services, such as transportation and logistics, including at our treatment, storage and disposal facilities (TSDF). Activity for this service line varies across markets and reflects the regulatory environment, pricing and disposal alternatives available in any given market. Revenue recognized under these environmental solutions agreements is variable in nature and primarily based on the volume and type of waste accepted or processed during the period. For certain field and industrial services contracts, we have a right to consideration from our customers in an amount that corresponds directly with the value to the customer of the Company's performance completed to date. Therefore, we have applied the practical expedient to recognize revenue in the amount to which we have the right to invoice.

Recycling Processing and Commodity Sales

Our recycling centers generate revenue through the processing and sale of old corrugated cardboard (OCC), old newsprint (ONP), aluminum, glass, plastic and other materials at market prices. In certain instances, we issue recycling rebates to our municipal or large-container customers, which can be based on the price we receive upon the final sale of recycled commodities, a fixed contractual rate or other measures. We also receive rebates when we dispose of recycled commodities at third-party facilities. The fees received are based primarily on the market, type and volume or weight of the materials sold. In general, fees are billed and revenue is recognized at the time title is transferred. Revenue recognized under these recycling processing and commodity sales agreements is variable in nature based on the volume and type of materials sold. In addition, the amount of revenue recognized is based on commodity prices at the time of sale, which are unknown at contract inception.

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. 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. We do not disclose the value of unsatisfied performance obligations for these contracts as our right to consideration corresponds directly to the value provided to the customer for services completed to date and all future variable consideration is allocated to wholly unsatisfied performance obligations.

Additionally, certain elements of our long-term customer contracts are unknown upon entering into the contract, including the amount that will be billed in accordance with annual price escalation clauses, our fuel recovery fee program and commodity prices. The amount to be billed is often tied to changes in an underlying base index such as a consumer price index or a fuel or commodity index, and revenue can be recognized once the index is established for the period.

Deferred Revenue

The factors that impact the timing and amount of revenue recognized for each service line may vary based on the nature of the service performed. Generally, we recognize revenue at the time we perform a service. In the event that we bill for services in advance of performance, we recognize deferred revenue for the amount billed and subsequently recognize revenue at the time the service is provided. 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, 2024 was recognized as revenue during 2025 when the service was performed.

Deferred Contract Costs

We incur certain upfront payments to acquire customer contracts which are recognized as other assets in our consolidated balance sheet, and we amortize the asset over the respective contract life. 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. As of December 31, 2025 and 2024, we recognized $81 million and $82 million, respectively, of deferred contract costs and capitalized sales commissions.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Other Intangible Assets, Net - Schedule of Activity and Balances by Intangible Asset Type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Gross Intangible Assets
Beginning Balance	$ 781	$ 685
Acquisitions	199	44
Adjustments and Other	(15)	52
Ending Balance	965	781
Accumulated Amortization
Beginning Balance	(235)	(189)
Additions Charged to Expense	(89)	(79)
Adjustments and Other	14	33
Ending Balance	(310)	(235)
Other Intangible Assets, Net	655	546
Customer relationships
Gross Intangible Assets
Beginning Balance	690	632
Acquisitions	198	38
Adjustments and Other	(7)	20
Ending Balance	881	690
Accumulated Amortization
Beginning Balance	(215)	(166)
Additions Charged to Expense	(81)	(69)
Adjustments and Other	7	20
Ending Balance	(289)	(215)
Other Intangible Assets, Net	592	475
Other intangible assets
Gross Intangible Assets
Beginning Balance	91	53
Acquisitions	1	6
Adjustments and Other	(8)	32
Ending Balance	84	91
Accumulated Amortization
Beginning Balance	(20)	(23)
Additions Charged to Expense	(8)	(10)
Adjustments and Other	7	13
Ending Balance	(21)	(20)
Other Intangible Assets, Net	$ 63	$ 71

Landfill and Environmental Costs - Narrative (Details) $ in Millions, cubicYard in Billions			12 Months Ended
	Jan. 17, 2025 USD ($)	Sep. 27, 2018 USD ($)	Dec. 31, 2025 USD ($) cubicYard landfill	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Environmental Exit Cost [Line Items]
Number of active solid waste landfills \| landfill			207
Total available disposal capacity (in cubic yards) \| cubicYard			5
Number of closed landfills \| landfill			124
Net increase (decrease) in amortization expense			$ 3	$ 13	$ 5
Aggregate potential remediation liability, amount higher than amount recorded			$ 276
West Lake Landfill Superfund Site
Environmental Exit Cost [Line Items]
Anticipated remediation costs	$ 392	$ 229
West Lake Landfill Superfund Site \| Minimum
Environmental Exit Cost [Line Items]
Time period allotted for remediation		4 years
West Lake Landfill Superfund Site \| Maximum
Environmental Exit Cost [Line Items]
Time period allotted for remediation		5 years

Landfill and Environmental Costs - Schedule of Expected Future Payments for Final Capping, Closure, and Post-Closure (Details) $ in Millions	Dec. 31, 2025 USD ($)
Environmental Remediation Obligations [Abstract]
2026	$ 87
2027	112
2028	96
2029	80
2030	112
Thereafter	8,247
Total future payments for final capping, closure and post-closure	$ 8,734

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates our revenue by service line for the years ended December 31 (in millions of dollars and as a percentage of revenue):


	2025				2024				2023
Collection:
Residential	$	3,010	18.1	%	$	2,939	18.3	%	$	2,823	18.9	%
Small-container	5,055		30.5		4,820		30.1		4,439		29.7
Large-container	3,098		18.7		3,024		18.9		2,922		19.5
Other	70		0.4		72		0.4		69		0.4
Total collection	11,233		67.7		10,855		67.7		10,253		68.5
Transfer	1,833				1,780				1,699
Less: intercompany	(985)				(975)				(933)
Transfer, net	848		5.1		805		5.0		766		5.1
Landfill	3,202				2,981				2,885
Less: intercompany	(1,282)				(1,240)				(1,206)
Landfill, net	1,920		11.6		1,741		10.9		1,679		11.2
Environmental solutions	1,828				1,907				1,701
Less: intercompany	(62)				(64)				(76)
Environmental solutions, net	1,766		10.6		1,843		11.5		1,625		10.9
Other:
Recycling processing and commodity sales	433		2.6		409		2.5		312		2.1
Other non-core	391		2.4		379		2.4		330		2.2
Total other	824		5.0		788		4.9		642		4.3
Total revenue	$	16,591	100.0	%	$	16,032	100.0	%	$	14,965	100.0	%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation, depletion and amortization	$ 1,814	$ 1,677	$ 1,501
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Depreciation, depletion and amortization	$ 1,600	$ 1,500	$ 1,400

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Goodwill and Other Intangible Assets, Net - Narrative (Details)	Dec. 31, 2025
Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization period for other intangible assets	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization period for other intangible assets	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Business Acquisitions, Investments and Restructuring Charges

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS ACQUISITIONS, INVESTMENTS AND RESTRUCTURING CHARGES

We acquired various environmental services businesses during the years ended December 31, 2025 and 2024. The purchase price paid for these business acquisitions and the allocations of the purchase price follows:


	2025		2024
Purchase price:
Cash used in acquisitions, net of cash acquired of $8 and $1, respectively	$	1,063	$	274

Holdbacks	20		7
Fair value, future minimum lease payments	1		—

Total	$	1,084	$	281
Allocated as follows:

Accounts receivable	29		6


Property and equipment	189		57



Other assets	23		4

Accounts payable	(5)		—

Accrued landfill and environmental costs	(24)		—



Other liabilities	(44)		(6)
Fair value of tangible assets acquired and liabilities assumed	168		61
Excess purchase price to be allocated	$	916	$	220
Excess purchase price allocated as follows:
Other intangible assets	$	199	$	44
Goodwill	717		176

Total allocated	$	916	$	220

Certain of the purchase price allocations are preliminary and based on information existing at the acquisition dates. Accordingly, the purchase price allocations are subject to change. For the acquisitions that closed during the year ended December 31, 2025, we expect that a majority of the goodwill and intangible assets recognized as a result of these acquisitions will not be deductible for tax purposes.

These acquisitions are not material to the Company's results of operations, individually or in the aggregate. As a result, no pro forma financial information is provided.

In February 2025, we acquired all of the issued and outstanding shares of COP Shamrock Parent, Inc. (Shamrock). Shamrock is a leading provider of environmental solutions offering industrial waste and wastewater treatment services. Shamrock’s environmental solutions operations are primarily located in the northeastern and southeastern United States and provide us with a platform to pursue additional growth in our environmental solutions line of business. The preliminary purchase price allocation for the Shamrock acquisition is reflected in the table above and remains subject to revisions 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 of certain tangible and intangible assets acquired, such as property and equipment, other intangible assets, and environmental remediation liabilities assumed, is based on the best estimates of management and is subject to revision based on the final valuations. We expect our final valuations to be completed in 2026.

In February 2026, we acquired certain assets and assumed certain liabilities from Hamm, LLC, N.R. Hamm Quarry, LLC, N.R. Hamm Contractor, LLC, and Cornejo & Sons, LLC constituting a vertically-integrated recycling and waste business located in Kansas.

As of February 17, 2026, we paid approximately $400 million for acquisitions closed through that date.

Investments

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. In exchange for our non-controlling interests, we made capital contributions of approximately $227 million and $236 million, which were recorded to other assets in our December 31, 2025 and 2024 consolidated balance sheets, respectively. During 2025 and 2024, the carrying value of these investments was decreased by $135 million and $254 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 provisions reflect benefits of approximately $175 million and $222 million for the years ended December 31, 2025 and 2024, respectively, due to tax credits net of nondeductible items, related to these investments. For further discussion of the income tax benefits, refer to Note 11, Income Taxes, in Part II, Item 8 of this Annual Report on Form 10-K for the year ended December 31, 2025.

In 2022, we acquired a non-controlling equity interest in a joint venture with a landfill gas-to-energy developer to construct renewable natural gas projects at our landfills across the United States. Certain of these investments qualified for investment tax credits under Section 48 of the Internal Revenue Code. As of December 31, 2025 and 2024, our carrying value in the joint venture was approximately $314 million and $270 million, respectively. During the years ended December 31, 2025, 2024 and 2023, we contributed $61 million, $98 million and $68 million, respectively, into the joint venture. 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 produce custom blended pellets for food-grade and non-food-grade packaging. As of December 31, 2025 and 2024, our carrying value in the joint venture was $101 million and $55 million, respectively. During the years ended December 31, 2025, 2024 and 2023, we contributed $57 million, $38 million and $9 million, respectively, into the joint venture. 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. Our risk of loss is materially consistent with our contributions to-date.

These investments were recorded as other assets in our consolidated financial statements as of December 31, 2025.

Restructuring Charges

In 2025, 2024 and 2023 we incurred restructuring charges of $20 million, $29 million, and $33 million, respectively. The 2025 charges primarily related to the design and implementation of a new accounts receivable system. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems. Of the 2023 charges, $9 million related to the early termination of certain leases and $24 million related to the redesign of our asset management, and customer and order management software systems. We paid $12 million, $25 million, and $39 million during 2025, 2024 and 2023, respectively, related to these restructuring efforts.

- Definition

The entire disclosure for business combination.

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+ Details

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investments	$ 815	$ 637
Operating right-of-use lease assets	208	232
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements	159	123
Deferred compensation plan	143	125
Reinsurance receivable	90	86
Deferred contract costs and sales commissions	81	82
Derivative and hedging assets	32	55
Other	47	43
Total	$ 1,575	$ 1,383

Landfill and Environmental Costs

12 Months Ended

Dec. 31, 2025

Environmental Remediation Obligations [Abstract]

LANDFILL AND ENVIRONMENTAL COSTS

As of December 31, 2025, we owned or operated 207 active landfills with total available disposal capacity estimated to be 5 billion in-place cubic yards. Additionally, we have post-closure responsibility for 124 closed landfills.

Accrued Landfill and Environmental Costs

A summary of our accrued landfill asset retirement obligations and environmental liabilities as of December 31 follows:


	2025		2024
Landfill final capping, closure and post-closure liabilities	$	2,313	$	2,144
Environmental remediation	443		447
Total accrued landfill and environmental costs	2,756		2,591
Less: current portion	(148)		(159)
Long-term portion	$	2,608	$	2,432

Final Capping, Closure and Post-Closure Costs

The following table summarizes the activity in our asset retirement obligations, which includes liabilities for final capping, closure and post-closure, for the years ended December 31:


	2025		2024		2023
Asset retirement obligations, beginning of year	$	2,144	$	1,937	$	1,786
Non-cash additions	73		61		61
Acquisitions, net of divestitures and other adjustments	2		4		12
Asset retirement obligation adjustments	50		91		41
Payments	(70)		(56)		(61)
Accretion expense	114		107		98

Asset retirement obligations, end of year	2,313		2,144		1,937
Less: Current portion	(87)		(96)		(72)
Long-term portion	$	2,226	$	2,048	$	1,865

We review annually, in the fourth quarter, and update as necessary, our estimates of asset retirement obligations. As a result, we increased amortization expense by $3 million, $13 million and $5 million for the years ended December 31, 2025, 2024 and 2023, respectively, primarily related to changes in estimates and assumptions concerning the anticipated waste flow, cost and timing of future final capping, closure and post-closure activities.

The expected future payments for final capping, closure and post-closure as of December 31, 2025 follows:


2026	$	87
2027	112
2028	96
2029	80
2030	112
Thereafter	8,247
	$	8,734

The estimated remaining final capping, closure and post-closure expenditures presented above are not inflated and not discounted and reflect the total estimated future payments for liabilities which include those incurred and recorded as of December 31, 2025 as well as liabilities yet to be incurred over the remaining life of our landfills.

Environmental Remediation Liabilities

We accrue for remediation costs when they become probable and can be reasonably estimated. There can sometimes be a range of reasonable estimates of the costs associated with remediation of a site. In these cases, we use the amount within the range that constitutes our best estimate. If no amount within the range appears to be a better estimate than any other, we use the amount that is at the low end of such range. 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 December 31, 2025 would be approximately $276 million higher than the amounts 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 years ended December 31:


	2025		2024		2023
Environmental remediation liabilities, beginning of year	$	447	$	485	$	487
Net additions charged to expense	1		7		2
Payments	(54)		(62)		(55)
Accretion expense (non-cash interest expense)	17		17		18
Acquisitions, net of divestitures and other adjustments	32		—		33
Environmental remediation liabilities, end of year	443		447		485
Less: current portion	(61)		(63)		(69)
Long-term portion	$	382	$	384	$	416

The expected undiscounted future payments for remediation costs as of December 31, 2025 follows:


2026	$	61
2027	46
2028	39
2029	31
2030	36
Thereafter	286
	$	499

The following is a discussion of certain of our significant remediation matters:

West Lake Landfill Superfund Site. Our subsidiary Bridgeton Landfill, LLC is one of several currently designated Potentially Responsible Parties for the West Lake Landfill Superfund site (West Lake) in Missouri. On September 27, 2018, the United States Environmental Protection Agency (EPA) issued a Record of Decision Amendment for West Lake that includes a total undiscounted cost estimate of $229 million over a four to five year design and construction timeline. On March 11, 2019, the EPA issued special notice letters under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) to Bridgeton Landfill, LLC and the other currently designated Potentially Responsible Parties to initiate negotiations to implement the remedy. On January 17, 2025, the EPA issued an Explanation of Significant Differences (ESD) applying the prior Record of Decision Amendment to an increased number of acres at the site found to contain radiologically-impacted material. The ESD includes a revised undiscounted cost estimate of $392 million. At this time we are neither able to predict the final design of that remedy, nor estimate how much of the future response costs of the site our subsidiary may agree or be required to pay. During any subsequent administrative proceedings or litigation, our subsidiary will vigorously contest liability for the costs of remediating radiologically-impacted materials generated on behalf of the federal government during the Manhattan Project and delivered to the site by an Atomic Energy Commission licensee and its subcontractor. However, subsequent events related to remedy design, divisibility, or allocation may require us to modify our expected remediation liability.

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

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+ Details

Employee Benefit Plans - Restricted Stock Units and Compensation Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) installment shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	153,000	184,000	250,000
Number of vesting installments \| installment	4
Compensation expense \| $	$ 26	$ 25	$ 24
Total unrecognized compensation expense related to outstanding restricted stock units and restricted shares \| $	$ 43
Weighted average period for compensation expense recognition	2 years 6 months
Restricted Stock Unit Earned As Dividend Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	6,980	8,868	12,751
Director \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	13,800	16,540	20,324
Executives and Employees \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares awarded (in shares)	132,585	158,789	216,610

Leases - Schedule of Maturities for Operating and Financing Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 59
2027	50
2028	42
2029	32
2030	22
Thereafter	43
Total lease payments	248
Less: interest	(23)
Operating lease, liability	225
Finance Leases
2026	23
2027	23
2028	23
2029	22
2030	20
Thereafter	374
Total lease payments	485
Less: interest	(192)
Finance lease, liability	293
Total
2026	82
2027	73
2028	65
2029	54
2030	42
Thereafter	417
Total lease payments	733
Less: interest	(215)
Total lease liabilities	$ 518	$ 506

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating lease cost
Fixed lease cost	$ 62	$ 50
Short-term lease cost	86	105
Variable lease cost	26	26
Finance lease cost
Amortization of leased assets	16	17
Interest on lease liabilities	11	9
Variable lease cost	25	26
Total lease cost	$ 226	$ 233

Commitments and Contingencies - Schedule of Cash Equivalents, Restricted Cash and Marketable Securities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Cash and cash equivalents	$ 76	$ 74	$ 140
Restricted cash and marketable securities	259	208	164
Less: restricted marketable securities	(86)	(79)	(76)
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 249	$ 203	$ 228	$ 214