0001060391-26-000327 | 10-Q | XBRL Viewer

Segment Reporting - Adjusted EBITDA and Adjusted EBITDA Margin (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Adjusted EBITDA	$ 1,449	$ 1,383	$ 4,194	$ 4,012
Other income, net	0	(7)	(31)	(22)
Interest income	(3)	(2)	(7)	(6)
Interest expense	157	143	459	428
Depreciation, depletion and amortization	494	459	1,442	1,356
Accretion	30	29	91	85
Loss from unconsolidated equity method investment	48	57	158	72
Restructuring charges	4	3	10	13
Gain on business divestitures and impairments, net	0	0	(1)	0
Labor disruption	0	56	0	56
Income before income taxes	719	645	2,073	2,030
Operating Segments \| Group 1
Segment Reporting [Line Items]
Adjusted EBITDA	721	659	2,098	1,876
Operating Segments \| Group 2
Segment Reporting [Line Items]
Adjusted EBITDA	594	633	1,792	1,838
Operating Segments \| Group 3
Segment Reporting [Line Items]
Adjusted EBITDA	$ 134	$ 91	$ 304	$ 298

Debt

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

DEBT

The carrying value of our credit facilities, finance leases and long-term debt as of September 30, 2026 and December 31, 2025 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.


		September 30, 2026						December 31, 2025
Maturity	Interest Rate	Principal		Adjustments		Carrying Value		Principal		Adjustments		Carrying Value
Credit facilities:
Uncommitted Credit Facility	Variable	$	80	$	—	$	80	$	—	$	—	$	—
The Credit Facility	Variable	183		—		183		425		—		425

Commercial Paper	Variable	899		—		899		1,000		(1)		999
Senior notes:


July 2026	2.900	—		—		—		500		—		500
November 2027	3.375	650		(1)		649		650		(1)		649
May 2028	3.950	800		(3)		797		800		(5)		795
April 2029	4.875	750		(4)		746		750		(5)		745
November 2029	5.000	400		(3)		397		400		(3)		397
March 2030	2.300	600		(3)		597		600		(3)		597
July 2030	4.750	500		(5)		495		500		(5)		495
February 2031	1.450	650		(4)		646		650		(5)		645
July 2031	4.750	700		(7)		693		—		—		—
February 2032	1.750	750		(4)		746		750		(4)		746
March 2033	2.375	700		(5)		695		700		(5)		695
December 2033	5.000	650		(7)		643		650		(8)		642
April 2034	5.000	800		(8)		792		800		(9)		791
November 2034	5.200	500		(5)		495		500		(5)		495
March 2035	6.086	182		(9)		173		182		(10)		172
March 2035	5.150	700		(10)		690		700		(10)		690
July 2036	5.000	500		(9)		491		—		—		—
March 2040	6.200	400		(3)		397		400		(3)		397
May 2041	5.700	386		(4)		382		386		(5)		381
March 2050	3.050	400		(6)		394		400		(7)		393
Debentures:
September 2035	7.400	148		(25)		123		148		(26)		122
Tax-exempt:
2026 - 2056	2.500 - 4.375	1,422		(10)		1,412		1,378		(9)		1,369
Finance leases and other:
2026 - 2063	1.726 - 9.750	440		—		440		441		—		441
Total Debt		$	14,190	$	(135)	14,055		$	13,710	$	(129)	13,581
Less: current portion						(48)						(596)
Long-term portion						$	14,007					$	12,985

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 September 30, 2026, we had $80 million of borrowings outstanding under our Uncommitted Credit Facility. As of December 31, 2025, 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 (all as defined in the Credit Facility agreement) plus a current applicable margin of 0.805% based on our Debt Ratings. As of September 30, 2026 and December 31, 2025, C$260 million and C$204 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 $183 million and $425 million outstanding under the Credit Facility as of September 30, 2026 and December 31, 2025, respectively. We had $315 million and $319 million of letters of credit outstanding under the Credit Facility as of September 30, 2026 and December 31, 2025, respectively. We also had $899 million and $1.0 billion of principal borrowings outstanding under our commercial paper program as of September 30, 2026 and December 31, 2025, respectively. As a result, availability under the Credit Facility was $2.1 billion and $1.8 billion as of September 30, 2026 and December 31, 2025, respectively.

Commercial Paper Program

In May 2022, we entered into a commercial paper program for the issuance and sale of unsecured commercial paper that stipulates a maximum principal amount that can be outstanding at any one time (the Commercial Paper Cap). In 2025, the Commercial Paper Cap was $1.5 billion. In August 2026, the Commercial Paper Cap was increased to $2.0 billion. The weighted average interest rate for borrowings outstanding as of September 30, 2026 was 4.094%. The weighted average interest rate for borrowings outstanding as of December 31, 2025 was 4.044%.

We had $899 million and $1.0 billion principal value of commercial paper issued and outstanding under the program as of September 30, 2026 and December 31, 2025, 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 sheets as of September 30, 2026 and December 31, 2025, respectively.

Senior Notes and Debentures

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 under our credit facilities and a portion of outstanding borrowings under our commercial paper program.

In June 2026, we issued $700 million of 4.750% senior notes due 2031 and $500 million of 5.000% senior notes due 2036. We used the proceeds from the June 2026 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under our credit facilities and a portion of outstanding borrowings under our 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 September 30, 2026 and December 31, 2025, we had $1.4 billion of tax-exempt financings outstanding with maturities ranging from 2026 to 2056 and 2026 to 2054, respectively.

In March 2026, 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 September 30, 2026 and December 31, 2025.

Finance Leases and Other

As of September 30, 2026 and December 31, 2025, we had finance leases and other liabilities of $440 million and $441 million, respectively, with maturities ranging from 2026 to 2063 for both periods, respectively.

As of September 30, 2026 and December 31, 2025, finance leases and other included $156 million and $148 million, respectively, related to construction costs for our corporate office building located in Phoenix, Arizona, which has been accounted for as a financing obligation.

- 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

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+ Details

Unaudited Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Statement [Abstract]
Revenue	$ 4,559,000	$ 4,212,000	$ 13,103,000	$ 12,456,000
Expenses:
Cost of operations	2,663,000	2,463,000	7,593,000	7,226,000
Depreciation, depletion and amortization	494,000	459,000	1,442,000	1,356,000
Accretion	30,000	29,000	91,000	85,000
Selling, general and administrative	447,000	422,000	1,316,000	1,274,000
Restructuring charges	4,000	3,000	10,000	13,000
Gain on business divestitures and impairments, net	0	0	(1,000)	0
Operating income	921,000	836,000	2,652,000	2,502,000
Interest expense	(157,000)	(143,000)	(459,000)	(428,000)
Loss from unconsolidated equity method investments	(48,000)	(57,000)	(158,000)	(72,000)
Interest income	3,000	2,000	7,000	6,000
Other income, net	0	7,000	31,000	22,000
Income before income taxes	719,000	645,000	2,073,000	2,030,000
Provision for income taxes	126,000	95,000	389,000	435,000
Net income	593,000	550,000	1,684,000	1,595,000
Net income attributable to non-controlling interests in consolidated subsidiary	(1,000)	0	(1,000)	0
Net income attributable to Republic Services, Inc.	$ 591,562	$ 549,672	$ 1,682,898	$ 1,594,573
Basic earnings per share attributable to Republic Services, Inc. stockholders:
Basic earnings per share (in dollars per share)	$ 1.93	$ 1.76	$ 5.47	$ 5.10
Weighted average common shares outstanding (in shares)	306,308	311,729	307,630	312,590
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
Diluted earnings per share (in dollars per share)	$ 1.93	$ 1.76	$ 5.47	$ 5.10
Weighted average common and common equivalent shares outstanding (in shares)	306,479	312,011	307,794	312,884
Cash dividends per common share (in dollars per share)	$ 0.670	$ 0.625	$ 1.920	$ 1.785

Goodwill and Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [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, 2025		Acquisitions		Divestitures		Adjustments and Other		Balance as of September 30, 2026
Group 1	$	7,573	$	340	$	—	$	6	$	7,919
Group 2	6,597		87		—		(8)		6,676
Group 3	2,545		190		—		—		2,735
Total	$	16,715	$	617	$	—	$	(2)	$	17,330

Other Intangible Assets, Net

Other intangible assets, net, is 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
	Balance as of December 31, 2025		Acquisitions		Adjustments and Other		Balance as of September 30, 2026		Balance as of December 31, 2025		Additions Charged to Expense		Adjustments and Other		Balance as of September 30, 2026		Other Intangible Assets, Net as of September 30, 2026
Customer relationships	$	881	$	104	$	(3)	$	982	$	(289)	$	(65)	$	—	$	(354)	$	628

Other intangible assets	84		94		—		178		(21)		(4)		(2)		(27)		151
Total	$	965	$	198	$	(3)	$	1,160	$	(310)	$	(69)	$	(2)	$	(381)	$	779

Other Assets - Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Investments	$ 680	$ 815
Operating right-of-use lease assets	201	208
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements	189	159
Deferred compensation plan	151	143
Reinsurance receivable, net of current	83	90
Deferred contract costs and sales commissions	77	81
Derivative and hedging assets	52	32
Other	50	47
Total	$ 1,483	$ 1,575

Other Liabilities - Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Other Liabilities Disclosure [Abstract]
Operating right-of-use lease liabilities	$ 170	$ 177
Deferred compensation plan liability	133	125
Ceded insurance reserves	83	90
Derivative and hedging liabilities	64	46
Contingent purchase price and acquisition holdbacks	58	59
Withdrawal liability - multiemployer pension funds	18	20
Other	38	39
Total	$ 564	$ 556

Goodwill and Other Intangible Assets, Net - Narrative (Details)	Sep. 30, 2026
Minimum
Intangible Asset, Finite-Lived [Line Items]
Amortization period for other intangible assets	1 year
Maximum
Intangible Asset, Finite-Lived [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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Liabilities:
Contingent consideration - other accrued liabilities and other long-term liabilities	$ 58	$ 59
Carrying Amount
Assets:
Derivative and hedging assets - other assets	52	32
Total assets	246	204
Liabilities:
Derivative and hedging liabilities - other long-term liabilities	64	46
Contingent consideration - other accrued liabilities and other long-term liabilities	63	63
Total liabilities	127	109
Carrying Amount \| Money market mutual funds
Assets:
Restricted cash and marketable securities and other assets	79	75
Carrying Amount \| Bonds and fixed income
Assets:
Restricted cash and marketable securities and other assets	115	97
Fair Value
Assets:
Derivative and hedging assets - other assets	52	32
Total assets	246	204
Liabilities:
Derivative and hedging liabilities - other long-term liabilities	64	46
Contingent consideration - other accrued liabilities and other long-term liabilities	63	63
Total liabilities	127	109
Fair Value \| Money market mutual funds
Assets:
Restricted cash and marketable securities and other assets	79	75
Fair Value \| Bonds and fixed income
Assets:
Restricted cash and marketable securities and other assets	115	97
Fair Value \| Quoted Prices in Active Markets (Level 1)
Assets:
Derivative and hedging assets - other assets	0	0
Total assets	79	75
Liabilities:
Derivative and hedging liabilities - 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	79	75
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	52	32
Total assets	167	129
Liabilities:
Derivative and hedging liabilities - other long-term liabilities	64	46
Contingent consideration - other accrued liabilities and other long-term liabilities	0	0
Total liabilities	64	46
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	115	97
Fair Value \| Significant Unobservable Inputs (Level 3)
Assets:
Derivative and hedging assets - other assets	0	0
Total assets	0	0
Liabilities:
Derivative and hedging liabilities - other long-term liabilities	0	0
Contingent consideration - other accrued liabilities and other long-term liabilities	63	63
Total liabilities	63	63
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

Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2026

Other Liabilities Disclosure [Abstract]

Schedule of Other Accrued Liabilities

A summary of other accrued liabilities as of September 30, 2026 and December 31, 2025 follows:


	2026		2025
Accrued payroll and benefits	$	328	$	313
Insurance reserves, current	255		251
Accrued fees and taxes	237		214
Accrued dividends	205		193
Operating right-of-use lease liabilities, current	48		48
Ceded insurance reserves, current	28		32

Accrued professional fees and legal settlement reserves	25		32
Contingent purchase price and acquisition holdbacks	19		25
Other	163		97
Total	$	1,308	$	1,205

Schedule of Other Long-Term Liabilities

A summary of other long-term liabilities as of September 30, 2026 and December 31, 2025 follows:


	2026		2025
Operating right-of-use lease liabilities	$	170	$	177
Deferred compensation plan liability	133		125
Ceded insurance reserves	83		90
Derivative and hedging liabilities	64		46
Contingent purchase price and acquisition holdbacks	58		59
Withdrawal liability - multiemployer pension funds	18		20

Other	38		39
Total	$	564	$	556

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Financial Information Concerning Reportable Segments

Summarized financial information concerning our reportable segments for the three months ended September 30, 2026 and 2025 follows:


	Group 1		Group 2		Recycling & Waste Subtotal (1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
Three Months Ended September 30, 2026
Gross revenue	$	2,392	$	2,189	$	4,581	$	532	$	92	$	5,205
Intercompany revenue	(341)		(287)		(628)		(11)		(7)		(646)
Revenue allocations	41		36		77		8		(85)		—
Net revenue	2,092		1,938		4,030		529		—		4,559
Cost of operations	1,174		1,160		2,334		329		—		2,663
Selling, general and administrative	197		184		381		66		—		447
Other segment items	—		—		—		—		—		—
Adjusted EBITDA	$	721	$	594	$	1,315	$	134	$	—	$	1,449
Capital expenditures	$	228	$	169	$	397	$	45	$	54	$	496
Total assets	$	15,224	$	11,768	$	26,992	$	5,569	$	2,951	$	35,512

Three Months Ended September 30, 2025
Gross revenue	$	2,190	$	2,106	$	4,296	$	440	$	91	$	4,827
Intercompany revenue	(319)		(274)		(593)		(13)		(9)		(615)
Revenue allocations	39		37		76		6		(82)		—
Net revenue	1,910		1,869		3,779		433		—		4,212
Cost of operations	1,077		1,110		2,187		276		—		2,463
Selling, general and administrative	185		171		356		66		—		422
Other segment items	(11)		(45)		(56)		—		—		(56)
Adjusted EBITDA	$	659	$	633	$	1,292	$	91	$	—	$	1,383
Capital expenditures	$	176	$	176	$	352	$	47	$	45	$	444
Total assets	$	14,207	$	11,492	$	25,699	$	5,142	$	2,948	$	33,789

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

Summarized financial information concerning our reportable segments for the nine months ended September 30, 2026 and 2025 follows:


	Group 1		Group 2		Recycling & Waste Subtotal (1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
Nine Months Ended September 30, 2026
Gross revenue	$	6,920	$	6,365	$	13,285	$	1,403	$	295	$	14,983
Intercompany revenue	(997)		(831)		(1,828)		(33)		(19)		(1,880)
Revenue allocations	134		120		254		22		(276)		—
Net revenue	6,057		5,654		11,711		1,392		—		13,103
Cost of operations	3,373		3,325		6,698		895		—		7,593
Selling, general and administrative	586		537		1,123		193		—		1,316
Other segment items	—		—		—		—		—		—
Adjusted EBITDA	$	2,098	$	1,792	$	3,890	$	304	$	—	$	4,194
Capital expenditures	$	678	$	467	$	1,145	$	101	$	117	$	1,363
Total assets	$	15,224	$	11,768	$	26,992	$	5,569	$	2,951	$	35,512

Nine Months Ended September 30, 2025
Gross revenue	$	6,433	$	6,220	$	12,653	$	1,360	$	287	$	14,300
Intercompany revenue	(951)		(807)		(1,758)		(38)		(48)		(1,844)
Revenue allocations	111		106		217		22		(239)		—
Net revenue	5,593		5,519		11,112		1,344		—		12,456
Cost of operations	3,170		3,209		6,379		847		—		7,226
Selling, general and administrative	558		517		1,075		199		—		1,274
Other segment items	(11)		(45)		(56)		—		—		(56)
Adjusted EBITDA	$	1,876	$	1,838	$	3,714	$	298	$	—	$	4,012
Capital expenditures	$	581	$	465	$	1,046	$	125	$	139	$	1,310
Total assets	$	14,207	$	11,492	$	25,699	$	5,142	$	2,948	$	33,789

(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 Income is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Group 1 Adjusted EBITDA	$	721	$	659	$	2,098	$	1,876
Group 2 Adjusted EBITDA	594		633		1,792		1,838
Group 3 Adjusted EBITDA	134		91		304		298
Total Adjusted EBITDA	1,449		1,383		4,194		4,012
Other income, net	—		(7)		(31)		(22)
Interest income	(3)		(2)		(7)		(6)
Interest expense	157		143		459		428
Depreciation, depletion and amortization	494		459		1,442		1,356
Accretion	30		29		91		85
Loss from unconsolidated equity method investment	48		57		158		72

Restructuring charges	4		3		10		13

Gain on business divestitures and impairments, net	—		—		(1)		—
Labor disruption	—		56		—		56
Income before income taxes	$	719	$	645	$	2,073	$	2,030

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

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 statement of cash flows are reconciled as follows:


	September 30, 2026		December 31, 2025		September 30, 2025		December 31, 2024
Cash and cash equivalents	$	92	$	76	$	84	$	74
Restricted cash and marketable securities	279		259		225		208
Less: restricted marketable securities	(83)		(86)		(84)		(79)
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	288	$	249	$	225	$	203

Schedule of Restricted Cash and Marketable Securities

The following table summarizes our restricted cash and marketable securities:


	September 30, 2026		December 31, 2025

Capping, closure and post-closure obligations	$	69	$	67
Insurance	210		192


Total restricted cash and marketable securities	$	279	$	259

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	17.60%	14.70%	18.80%	21.40%
Investment tax credits	$ 41	$ 65	$ 119	$ 65
Income tax benefit from renewable energy tax credits	11	$ 8	24	18
Income tax benefit, other adjustments			11	9
Cash paid for income taxes			122	$ 166
Deferred tax assets related to state net operating loss carryforwards	47		47
Deferred tax assets, valuation allowance	39		39
Liability for penalties	3		3
Liability for interest related to uncertain tax positions	$ 6		$ 6

Commitments and Contingencies - Restricted Cash and Marketable Securities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Restricted Cash and Marketable Securities [Abstract]
Capping, closure and post-closure obligations	$ 69	$ 67
Insurance	210	192
Total restricted cash and marketable securities	$ 279	$ 259	$ 225	$ 208

Share Repurchases, Dividends and Earnings per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Basic earnings per share:
Net income attributable to Republic Services, Inc.	$ 591,562	$ 549,672	$ 1,682,898	$ 1,594,573
Weighted average common shares outstanding (in shares)	306,308	311,729	307,630	312,590
Basic earnings per share (in dollars per share)	$ 1.93	$ 1.76	$ 5.47	$ 5.10
Diluted earnings per share:
Net income attributable to Republic Services, Inc.	$ 591,562	$ 549,672	$ 1,682,898	$ 1,594,573
Weighted average common shares outstanding (in shares)	306,308	311,729	307,630	312,590
Effect of dilutive securities:
Weighted average common and common equivalent shares outstanding (in shares)	306,479	312,011	307,794	312,884
Diluted earnings per share (in dollars per share)	$ 1.93	$ 1.76	$ 5.47	$ 5.10
Unvested RSU awards
Effect of dilutive securities:
Unvested awards (in shares)	28	86	33	99
Unvested PSU awards
Effect of dilutive securities:
Unvested awards (in shares)	143	196	131	195

Landfill and Environmental Costs - Accrued Landfill and Environmental Costs (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Environmental Remediation Obligations [Abstract]
Landfill final capping, closure and post-closure liabilities	$ 2,387	$ 2,313	$ 2,253	$ 2,144
Environmental remediation	423	443	$ 450	$ 447
Total accrued landfill and environmental costs	2,810	2,756
Less: current portion	(158)	(148)
Long-term portion	$ 2,652	$ 2,608

Share Repurchases, Dividends and Earnings per Share

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

SHARE REPURCHASES, DIVIDENDS AND EARNINGS PER SHARE

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 2023, our Board of Directors approved a $3.0 billion share repurchase authorization effective January 1, 2024 and extending through December 31, 2026. In October 2026, our Board of Directors approved a $5.0 billion share repurchase authorization effective January 1, 2027 and extending through December 31, 2029. 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 three and nine months ended September 30, 2026 and 2025 follows (in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Number of shares repurchased	0.9		2.3		4.0		2.6
Amount paid	$	197	$	539	$	848	$	594
Weighted average cost per share	$	215.18	$	232.00	$	212.84	$	228.81

As of September 30, 2026 and 2025, there were no repurchased shares pending settlement. As of September 30, 2026, the remaining authorized purchase capacity under our October 2023 repurchase program was $0.8 billion.

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.

Dividends

In July 2026, our Board of Directors approved a quarterly dividend of $0.670 per share. Cash dividends declared were $588 million for the nine months ended September 30, 2026. As of September 30, 2026, we recorded a quarterly dividend payable of $205 million to shareholders of record at the close of business on October 2, 2026.

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 unvested restricted stock units (RSUs) and the unvested performance stock units (PSUs) at the expected attainment levels. We use the treasury stock method in computing diluted earnings per share.

Earnings per share for the three and nine months ended September 30, 2026 and 2025 are calculated as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Basic earnings per share:
Net income attributable to Republic Services, Inc.	$	591,562	$	549,672	$	1,682,898	$	1,594,573
Weighted average common shares outstanding	306,308		311,729		307,630		312,590
Basic earnings per share	$	1.93	$	1.76	$	5.47	$	5.10
Diluted earnings per share:
Net income attributable to Republic Services, Inc.	$	591,562	$	549,672	$	1,682,898	$	1,594,573
Weighted average common shares outstanding	306,308		311,729		307,630		312,590
Effect of dilutive securities:

Unvested RSU awards	28		86		33		99
Unvested PSU awards	143		196		131		195
Weighted average common and common equivalent shares outstanding	306,479		312,011		307,794		312,884
Diluted earnings per share	$	1.93	$	1.76	$	5.47	$	5.10

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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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
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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 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets, Net - Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($)
Goodwill [Roll forward]
Beginning balance	$ 16,715
Acquisitions	617
Divestitures	0
Adjustments and Other	(2)
Ending balance	17,330
Group 1
Goodwill [Roll forward]
Beginning balance	7,573
Acquisitions	340
Divestitures	0
Adjustments and Other	6
Ending balance	7,919
Group 2
Goodwill [Roll forward]
Beginning balance	6,597
Acquisitions	87
Divestitures	0
Adjustments and Other	(8)
Ending balance	6,676
Group 3
Goodwill [Roll forward]
Beginning balance	2,545
Acquisitions	190
Divestitures	0
Adjustments and Other	0
Ending balance	$ 2,735

- 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

+ Details

Basis of Presentation (Details)	9 Months Ended
Basis of Presentation (Details)	Sep. 30, 2026 segment
Accounting Policies [Abstract]
Number of operating segments	3
Number of reportable segments	3

Business Acquisitions, Investments and Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Business Combination [Line Items]
Capital contributions to noncontrolling equity interest			$ 0	$ 170
Income (loss) from unconsolidated equity method investments	$ (48)	$ (57)	(158)	(72)
Investment tax credits	41	65	119	65
Restructuring charges	4	3	10	13
Restructuring expenditures			9	10
Certain Limited Liability Companies
Business Combination [Line Items]
Income (loss) from unconsolidated equity method investments	(36)	(50)	(123)	(55)
Investment tax credits	41	$ 65	119	$ 65
Joint Venture with Landfill Gas to Energy Developer
Business Combination [Line Items]
Equity method investments	300		300		$ 314
Ravago, Blue Polymers
Business Combination [Line Items]
Equity method investments	$ 102		$ 102		$ 101

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

As of September 30, 2026 and December 31, 2025, our assets and liabilities that are measured at fair value on a recurring basis include the following:


	September 30, 2026
			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	$	79	$	79	$	79	$	—	$	—
Bonds and fixed income - restricted cash and marketable securities and other assets	115		115		—		115		—
Derivative and hedging assets - other assets	52		52		—		52		—
Total assets	$	246	$	246	$	79	$	167	$	—
Liabilities:
Derivative and hedging liabilities - other long-term liabilities	$	64	$	64	$	—	$	64	$	—
Contingent consideration - other accrued liabilities and other long-term liabilities	63		63		—		—		63
Total liabilities	$	127	$	127	$	—	$	64	$	63


	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	32		32		—		32		—
Total assets	$	204	$	204	$	75	$	129	$	—
Liabilities:
Derivative and hedging liabilities - 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

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	$ 14,055	$ 13,581
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	14,100	13,600
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	$ 13,400	$ 13,500

Segment Reporting

9 Months Ended

Sep. 30, 2026

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.

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 three months ended September 30, 2026 and 2025 follows:


	Group 1		Group 2		Recycling & Waste Subtotal (1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
Three Months Ended September 30, 2026
Gross revenue	$	2,392	$	2,189	$	4,581	$	532	$	92	$	5,205
Intercompany revenue	(341)		(287)		(628)		(11)		(7)		(646)
Revenue allocations	41		36		77		8		(85)		—
Net revenue	2,092		1,938		4,030		529		—		4,559
Cost of operations	1,174		1,160		2,334		329		—		2,663
Selling, general and administrative	197		184		381		66		—		447
Other segment items	—		—		—		—		—		—
Adjusted EBITDA	$	721	$	594	$	1,315	$	134	$	—	$	1,449
Capital expenditures	$	228	$	169	$	397	$	45	$	54	$	496
Total assets	$	15,224	$	11,768	$	26,992	$	5,569	$	2,951	$	35,512

Three Months Ended September 30, 2025
Gross revenue	$	2,190	$	2,106	$	4,296	$	440	$	91	$	4,827
Intercompany revenue	(319)		(274)		(593)		(13)		(9)		(615)
Revenue allocations	39		37		76		6		(82)		—
Net revenue	1,910		1,869		3,779		433		—		4,212
Cost of operations	1,077		1,110		2,187		276		—		2,463
Selling, general and administrative	185		171		356		66		—		422
Other segment items	(11)		(45)		(56)		—		—		(56)
Adjusted EBITDA	$	659	$	633	$	1,292	$	91	$	—	$	1,383
Capital expenditures	$	176	$	176	$	352	$	47	$	45	$	444
Total assets	$	14,207	$	11,492	$	25,699	$	5,142	$	2,948	$	33,789

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

Summarized financial information concerning our reportable segments for the nine months ended September 30, 2026 and 2025 follows:


	Group 1		Group 2		Recycling & Waste Subtotal (1)		Group 3 (Environmental Solutions)		Corporate entities and other		Total
Nine Months Ended September 30, 2026
Gross revenue	$	6,920	$	6,365	$	13,285	$	1,403	$	295	$	14,983
Intercompany revenue	(997)		(831)		(1,828)		(33)		(19)		(1,880)
Revenue allocations	134		120		254		22		(276)		—
Net revenue	6,057		5,654		11,711		1,392		—		13,103
Cost of operations	3,373		3,325		6,698		895		—		7,593
Selling, general and administrative	586		537		1,123		193		—		1,316
Other segment items	—		—		—		—		—		—
Adjusted EBITDA	$	2,098	$	1,792	$	3,890	$	304	$	—	$	4,194
Capital expenditures	$	678	$	467	$	1,145	$	101	$	117	$	1,363
Total assets	$	15,224	$	11,768	$	26,992	$	5,569	$	2,951	$	35,512

Nine Months Ended September 30, 2025
Gross revenue	$	6,433	$	6,220	$	12,653	$	1,360	$	287	$	14,300
Intercompany revenue	(951)		(807)		(1,758)		(38)		(48)		(1,844)
Revenue allocations	111		106		217		22		(239)		—
Net revenue	5,593		5,519		11,112		1,344		—		12,456
Cost of operations	3,170		3,209		6,379		847		—		7,226
Selling, general and administrative	558		517		1,075		199		—		1,274
Other segment items	(11)		(45)		(56)		—		—		(56)
Adjusted EBITDA	$	1,876	$	1,838	$	3,714	$	298	$	—	$	4,012
Capital expenditures	$	581	$	465	$	1,046	$	125	$	139	$	1,310
Total assets	$	14,207	$	11,492	$	25,699	$	5,142	$	2,948	$	33,789

(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. Additionally, intercompany revenue reflects transactions within and between segments.

As presented in the table below, Adjusted EBITDA reflects certain adjustments for loss from unconsolidated equity method investments, restructuring charges, and (gain) loss on business divestitures and impairments, net. This presentation is consistent with how our CODM reviews our results of operations to make resource allocation decisions.

Other segment items consist of the impact from labor disruptions that we experienced in certain isolated markets during the three and nine months ended September 30, 2025.

A reconciliation of the Company's single measure of segment profitability (segment Adjusted EBITDA) to income before income taxes in the Consolidated Statements of Income is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Group 1 Adjusted EBITDA	$	721	$	659	$	2,098	$	1,876
Group 2 Adjusted EBITDA	594		633		1,792		1,838
Group 3 Adjusted EBITDA	134		91		304		298
Total Adjusted EBITDA	1,449		1,383		4,194		4,012
Other income, net	—		(7)		(31)		(22)
Interest income	(3)		(2)		(7)		(6)
Interest expense	157		143		459		428
Depreciation, depletion and amortization	494		459		1,442		1,356
Accretion	30		29		91		85
Loss from unconsolidated equity method investment	48		57		158		72

Restructuring charges	4		3		10		13

Gain on business divestitures and impairments, net	—		—		(1)		—
Labor disruption	—		56		—		56
Income before income taxes	$	719	$	645	$	2,073	$	2,030

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Debt - Carrying Values of Debt Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026	Dec. 31, 2025	Mar. 31, 2025
Debt Instrument [Line Items]
Finance leases and other	$ 440		$ 441
Long-term debt, gross and lease obligation	14,190		13,710
Adjustments	(135)		(129)
Total Debt	14,055		13,581
Less: current portion	(48)		(596)
Long-term portion	14,007		12,985
Credit facilities: Uncommitted Credit Facility
Debt Instrument [Line Items]
Principal	80		0
Adjustments	0		0
Carrying Value	80		0
Credit facilities: The Credit Facility
Debt Instrument [Line Items]
Principal	183		425
Adjustments	0		0
Carrying Value	183		425
Credit facilities: Commercial Paper
Debt Instrument [Line Items]
Principal	899		1,000
Adjustments	0		(1)
Carrying Value	$ 899		999
Senior notes: July 2026
Debt Instrument [Line Items]
Interest Rate	2.90%
Principal	$ 0		500
Adjustments	0		0
Carrying Value	$ 0		500
Senior notes: November 2027
Debt Instrument [Line Items]
Interest Rate	3.375%
Principal	$ 650		650
Adjustments	(1)		(1)
Carrying Value	$ 649		649
Senior notes: May 2028
Debt Instrument [Line Items]
Interest Rate	3.95%
Principal	$ 800		800
Adjustments	(3)		(5)
Carrying Value	$ 797		795
Senior notes: April 2029
Debt Instrument [Line Items]
Interest Rate	4.875%
Principal	$ 750		750
Adjustments	(4)		(5)
Carrying Value	$ 746		745
Senior notes: November 2029
Debt Instrument [Line Items]
Interest Rate	5.00%
Principal	$ 400		400
Adjustments	(3)		(3)
Carrying Value	$ 397		397
Senior notes: March 2030
Debt Instrument [Line Items]
Interest Rate	2.30%
Principal	$ 600		600
Adjustments	(3)		(3)
Carrying Value	$ 597		597
Senior notes: July 2030
Debt Instrument [Line Items]
Interest Rate	4.75%
Principal	$ 500		500	$ 500
Adjustments	(5)		(5)
Carrying Value	$ 495		495
Senior notes: February 2031
Debt Instrument [Line Items]
Interest Rate	1.45%
Principal	$ 650		650
Adjustments	(4)		(5)
Carrying Value	$ 646		645
Senior notes: July 2031
Debt Instrument [Line Items]
Interest Rate	4.75%
Principal	$ 700	$ 700	0
Adjustments	(7)		0
Carrying Value	$ 693		0
Senior notes: February 2032
Debt Instrument [Line Items]
Interest Rate	1.75%
Principal	$ 750		750
Adjustments	(4)		(4)
Carrying Value	$ 746		746
Senior notes: March 2033
Debt Instrument [Line Items]
Interest Rate	2.375%
Principal	$ 700		700
Adjustments	(5)		(5)
Carrying Value	$ 695		695
Senior notes: December 2033
Debt Instrument [Line Items]
Interest Rate	5.00%
Principal	$ 650		650
Adjustments	(7)		(8)
Carrying Value	$ 643		642
Senior notes: April 2034
Debt Instrument [Line Items]
Interest Rate	5.00%
Principal	$ 800		800
Adjustments	(8)		(9)
Carrying Value	$ 792		791
Senior notes: November 2034
Debt Instrument [Line Items]
Interest Rate	5.20%
Principal	$ 500		500
Adjustments	(5)		(5)
Carrying Value	$ 495		495
Senior notes: March 2035
Debt Instrument [Line Items]
Interest Rate	6.086%
Principal	$ 182		182
Adjustments	(9)		(10)
Carrying Value	$ 173		172
Senior notes: March 2035
Debt Instrument [Line Items]
Interest Rate	5.15%
Principal	$ 700		700	$ 700
Adjustments	(10)		(10)
Carrying Value	$ 690		690
Senior notes: July 2036
Debt Instrument [Line Items]
Interest Rate	5.00%
Principal	$ 500	$ 500	0
Adjustments	(9)		0
Carrying Value	$ 491		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	(4)		(5)
Carrying Value	$ 382		381
Senior notes: March 2050
Debt Instrument [Line Items]
Interest Rate	3.05%
Principal	$ 400		400
Adjustments	(6)		(7)
Carrying Value	$ 394		393
Debentures: September 2035
Debt Instrument [Line Items]
Interest Rate	7.40%
Principal	$ 148		148
Adjustments	(25)		(26)
Carrying Value	123		122
Tax-exempt
Debt Instrument [Line Items]
Principal	1,422		1,378
Adjustments	(10)		(9)
Carrying Value	$ 1,412		$ 1,369
Tax-exempt \| Minimum
Debt Instrument [Line Items]
Interest Rate	2.50%
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%

Business Acquisitions, Investments and Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2026

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


	2026		2025
Purchase price:
Cash used in acquisitions, net of cash acquired of $3 and $7, respectively	$	1,103	$	977

Holdbacks	13		18
Fair value, future minimum finance lease payments	—		1

Total	$	1,116	$	996
Allocated as follows:
Restricted cash	$	1	$	—
Accounts receivable	14		28


Property and equipment	307		180



Other assets	5		20

Accounts payable	(3)		(5)

Accrued landfill and environmental costs	(10)		(13)


Deferred income tax liabilities	(4)		(16)
Other liabilities	(9)		(19)
Fair value of tangible assets acquired and liabilities assumed	301		175
Excess purchase price to be allocated	$	815	$	821
Excess purchase price allocated as follows:
Other intangible assets	$	198	$	119
Goodwill	617		702

Total allocated	$	815	$	821

- Definition

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

+ References + Details

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2026
Accounting Policies [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 in geographic areas located across the United States and Canada. These groups represent our reportable segments, which each provide integrated environmental services, including but not limited to collection, transfer, recycling and disposal. The unaudited 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. We have prepared these unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information related to our organization, significant accounting policies and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, these financial statements include all adjustments that, unless otherwise disclosed, are of a normal recurring nature and necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. Operating results for interim periods are not necessarily indicative of the results you can expect for a full year. You should read these financial statements in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. 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. 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. For more detail on significant accounting policies, refer to Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Our actual results may differ significantly from our estimates. New Accounting Pronouncements Accounting Standards Adopted Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the Financial Accounting Standards Board (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 Company adopted ASU 2025-05 and elected this practical expedient on January 1, 2026. The election of this practical expedient did not have a material impact on our consolidated financial statements. Accounting Standards Updates Issued but not yet Adopted Codification Improvements In December 2025, the FASB issued Accounting Standards Update 2025-12, Codification Improvements. The amendments from this ASU address a range of accounting topics and clarify or 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 principle 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. We are currently assessing the effect this guidance may have on our consolidated financial statements. 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 Accounting Standards Codification (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 International Accounting Standards (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. Disaggregation of Income Statement Expenses In November 2024, the FASB issued Accounting Standards Update 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. We are currently assessing the effect this guidance may have on our 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.

Revenue and Credit Losses

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUE AND CREDIT LOSSES

Our operations primarily consist of providing environmental services. The following table disaggregates our revenue by service line for the three and nine months ended September 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Collection:
Residential	$	782	17.2	%	$	754	17.9	%	$	2,297	17.5	%	$	2,249	18.0	%
Small-container	1,379		30.2		1,267		30.1		4,054		30.9		3,768		30.3
Large-container	859		18.9		797		18.9		2,466		18.8		2,330		18.7
Other	19		0.4		17		0.4		54		0.5		53		0.4
Total collection	3,039		66.7		2,835		67.3		8,871		67.7		8,400		67.4
Transfer	510				472				1,444				1,376
Less: intercompany	(268)				(248)				(771)				(741)
Transfer, net	242		5.3		224		5.3		673		5.1		635		5.1
Landfill	857				845				2,479				2,421
Less: intercompany	(341)				(329)				(993)				(968)
Landfill, net	516		11.3		516		12.3		1,486		11.3		1,453		11.7
Environmental solutions	544				449				1,435				1,393
Less: intercompany	(15)				(16)				(43)				(49)
Environmental solutions, net	529		11.6		433		10.3		1,392		10.6		1,344		10.8
Other:
Recycling processing and commodity sales	122		2.7		107		2.5		356		2.7		328		2.6
Other non-core	111		2.4		97		2.3		325		2.6		296		2.4
Total other	233		5.1		204		4.8		681		5.3		624		5.0
Total revenue	$	4,559	100.0	%	$	4,212	100.0	%	$	13,103	100.0	%	$	12,456	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 11, Segment Reporting, for additional information regarding revenue by reportable segment.

Revenue Recognition

Our service obligations are generally long-term in 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.

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 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 for the amount to which we have the right to invoice.

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, 2025 was recognized as revenue during the nine months ended September 30, 2026 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 September 30, 2026 and December 31, 2025, we recognized $77 million and $81 million, respectively, of deferred contract costs and capitalized sales commissions.

Credit Losses

Accounts receivable represent 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 their 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. We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables.

The following table reflects the activity in our allowance for doubtful accounts for the nine months ended September 30, 2026 and 2025:


	2026		2025
Balance at beginning of year	$	66	$	74
Additions charged to expense	39		27
Accounts written-off	(46)		(31)
Balance at end of period	$	59	$	70

- 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.

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+ Details

Segment Reporting - Financial Information by Regional Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Segment Reporting [Line Items]
Gross revenue	$ 5,205	$ 4,827	$ 14,983	$ 14,300
Revenue allocations	0	0	0	0
Net revenue	4,559	4,212	13,103	12,456
Cost of operations	2,663	2,463	7,593	7,226
Selling, general and administrative	447	422	1,316	1,274
Other segment items	0	(56)	0	(56)
Adjusted EBITDA	1,449	1,383	4,194	4,012
Capital expenditures	496	444	1,363	1,310
Total assets	35,512	33,789	35,512	33,789	$ 34,366
Operating Segments \| Recycling & Waste Subtotal
Segment Reporting [Line Items]
Gross revenue	4,581	4,296	13,285	12,653
Revenue allocations	77	76	254	217
Net revenue	4,030	3,779	11,711	11,112
Cost of operations	2,334	2,187	6,698	6,379
Selling, general and administrative	381	356	1,123	1,075
Other segment items	0	(56)	0	(56)
Adjusted EBITDA	1,315	1,292	3,890	3,714
Capital expenditures	397	352	1,145	1,046
Total assets	26,992	25,699	26,992	25,699
Operating Segments \| Group 1
Segment Reporting [Line Items]
Gross revenue	2,392	2,190	6,920	6,433
Revenue allocations	41	39	134	111
Net revenue	2,092	1,910	6,057	5,593
Cost of operations	1,174	1,077	3,373	3,170
Selling, general and administrative	197	185	586	558
Other segment items	0	(11)	0	(11)
Adjusted EBITDA	721	659	2,098	1,876
Capital expenditures	228	176	678	581
Total assets	15,224	14,207	15,224	14,207
Operating Segments \| Group 2
Segment Reporting [Line Items]
Gross revenue	2,189	2,106	6,365	6,220
Revenue allocations	36	37	120	106
Net revenue	1,938	1,869	5,654	5,519
Cost of operations	1,160	1,110	3,325	3,209
Selling, general and administrative	184	171	537	517
Other segment items	0	(45)	0	(45)
Adjusted EBITDA	594	633	1,792	1,838
Capital expenditures	169	176	467	465
Total assets	11,768	11,492	11,768	11,492
Operating Segments \| Group 3 (Environmental Solutions)
Segment Reporting [Line Items]
Gross revenue	532	440	1,403	1,360
Revenue allocations	8	6	22	22
Net revenue	529	433	1,392	1,344
Cost of operations	329	276	895	847
Selling, general and administrative	66	66	193	199
Other segment items	0	0	0	0
Adjusted EBITDA	134	91	304	298
Capital expenditures	45	47	101	125
Total assets	5,569	5,142	5,569	5,142
Intercompany Revenue and Corporate entities and other
Segment Reporting [Line Items]
Gross revenue	(7)	(9)	(19)	(48)
Intercompany revenue
Segment Reporting [Line Items]
Gross revenue	(646)	(615)	(1,880)	(1,844)
Intercompany revenue \| Recycling & Waste Subtotal
Segment Reporting [Line Items]
Gross revenue	(628)	(593)	(1,828)	(1,758)
Intercompany revenue \| Group 1
Segment Reporting [Line Items]
Gross revenue	(341)	(319)	(997)	(951)
Intercompany revenue \| Group 2
Segment Reporting [Line Items]
Gross revenue	(287)	(274)	(831)	(807)
Intercompany revenue \| Group 3 (Environmental Solutions)
Segment Reporting [Line Items]
Gross revenue	(11)	(13)	(33)	(38)
Corporate entities and other
Segment Reporting [Line Items]
Gross revenue	92	91	295	287
Revenue allocations	(85)	(82)	(276)	(239)
Net revenue	0	0	0	0
Cost of operations	0	0	0	0
Selling, general and administrative	0	0	0	0
Other segment items	0	0	0	0
Adjusted EBITDA	0	0	0	0
Capital expenditures	54	45	117	139
Total assets	$ 2,951	$ 2,948	$ 2,951	$ 2,948

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 593	$ 550	$ 1,684	$ 1,595
Other comprehensive loss, net of tax	0	(3)	(4)	(5)
Comprehensive income	593	547	1,680	1,590
Comprehensive income attributable to non-controlling interests	(1)	0	(1)	0
Comprehensive income attributable to Republic Services, Inc.	$ 592	$ 547	$ 1,679	$ 1,590

- Definition

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.

+ References + Details

- Definition

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

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash provided by operating activities:
Net income	$ 1,684	$ 1,595
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion, amortization and accretion	1,533	1,442
Non-cash interest expense	59	57
Deferred tax provision	119	130
Loss from unconsolidated equity method investments	158	72
Other non-cash items	78	54
Change in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable	(254)	(78)
Prepaid expenses and other assets	(49)	(93)
Accounts payable	176	23
Capping, closure and post-closure expenditures	(54)	(38)
Remediation expenditures	(36)	(31)
Other liabilities	105	182
Cash provided by operating activities	3,519	3,315
Cash used in investing activities:
Purchases of property and equipment	(1,363)	(1,310)
Proceeds from sales of property and equipment	9	10
Cash used in acquisitions and investments, net of cash and restricted cash acquired	(1,117)	(1,259)
Cash received from business divestitures	2	7
Other	(4)	(19)
Cash used in investing activities	(2,473)	(2,571)
Cash used in financing activities:
Proceeds from credit facilities and notes payable, net of fees	38,330	26,896
Proceeds from issuance of senior notes, net of discount and fees	1,183	1,183
Payments of credit facilities and notes payable	(39,061)	(27,639)
Issuances of common stock, net	(3)	(10)
Purchases of common stock for treasury	(856)	(599)
Cash dividends paid	(577)	(544)
Distributions paid to non-controlling interests in consolidated subsidiary	0	(1)
Contingent consideration payments	(22)	(9)
Cash used in financing activities	(1,006)	(723)
Effect of foreign exchange rate changes on cash	(1)	1
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents	39	22
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	249	203
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$ 288	$ 225

Landfill and Environmental Costs - Final Capping, Closure and Post-Closure Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Activity in asset retirement obligation liabilities
Asset retirement obligation liabilities, beginning of year			$ 2,313	$ 2,144
Non-cash additions			48	57
Acquisitions, net of divestitures and other adjustments			6	1
Asset retirement obligation adjustments			(17)	4
Payments			(54)	(38)
Accretion expense	$ 30	$ 29	91	85
Asset retirement obligation liabilities, end of period	2,387	2,253	2,387	2,253
Less: current portion	(105)	(85)	(105)	(85)
Long-term portion	$ 2,282	$ 2,168	$ 2,282	$ 2,168

Other Liabilities

9 Months Ended

Sep. 30, 2026

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES

Other Accrued Liabilities

A summary of other accrued liabilities as of September 30, 2026 and December 31, 2025 follows:


	2026		2025
Accrued payroll and benefits	$	328	$	313
Insurance reserves, current	255		251
Accrued fees and taxes	237		214
Accrued dividends	205		193
Operating right-of-use lease liabilities, current	48		48
Ceded insurance reserves, current	28		32

Accrued professional fees and legal settlement reserves	25		32
Contingent purchase price and acquisition holdbacks	19		25
Other	163		97
Total	$	1,308	$	1,205

Other Long-Term Liabilities

A summary of other long-term liabilities as of September 30, 2026 and December 31, 2025 follows:


	2026		2025
Operating right-of-use lease liabilities	$	170	$	177
Deferred compensation plan liability	133		125
Ceded insurance reserves	83		90
Derivative and hedging liabilities	64		46
Contingent purchase price and acquisition holdbacks	58		59
Withdrawal liability - multiemployer pension funds	18		20

Other	38		39
Total	$	564	$	556

Goodwill and Other Intangible Assets, Net - Other Intangible Assets, Net (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Gross Intangible Assets
Beginning balance	$ 965
Acquisitions	198
Adjustments and Other	(3)
Ending balance	1,160
Accumulated Amortization
Beginning balance	(310)
Additions Charged to Expense	(69)
Adjustments and Other	(2)
Ending balance	(381)
Other intangible assets, net	779	$ 655
Customer relationships
Gross Intangible Assets
Beginning balance	881
Acquisitions	104
Adjustments and Other	(3)
Ending balance	982
Accumulated Amortization
Beginning balance	(289)
Additions Charged to Expense	(65)
Adjustments and Other	0
Ending balance	(354)
Other intangible assets, net	628
Other intangible assets
Gross Intangible Assets
Beginning balance	84
Acquisitions	94
Adjustments and Other	0
Ending balance	178
Accumulated Amortization
Beginning balance	(21)
Additions Charged to Expense	(4)
Adjustments and Other	(2)
Ending balance	(27)
Other intangible assets, net	$ 151

Revenue and Credit Losses (Tables)

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates our revenue by service line for the three and nine months ended September 30, 2026 and 2025 (in millions of dollars and as a percentage of revenue):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Collection:
Residential	$	782	17.2	%	$	754	17.9	%	$	2,297	17.5	%	$	2,249	18.0	%
Small-container	1,379		30.2		1,267		30.1		4,054		30.9		3,768		30.3
Large-container	859		18.9		797		18.9		2,466		18.8		2,330		18.7
Other	19		0.4		17		0.4		54		0.5		53		0.4
Total collection	3,039		66.7		2,835		67.3		8,871		67.7		8,400		67.4
Transfer	510				472				1,444				1,376
Less: intercompany	(268)				(248)				(771)				(741)
Transfer, net	242		5.3		224		5.3		673		5.1		635		5.1
Landfill	857				845				2,479				2,421
Less: intercompany	(341)				(329)				(993)				(968)
Landfill, net	516		11.3		516		12.3		1,486		11.3		1,453		11.7
Environmental solutions	544				449				1,435				1,393
Less: intercompany	(15)				(16)				(43)				(49)
Environmental solutions, net	529		11.6		433		10.3		1,392		10.6		1,344		10.8
Other:
Recycling processing and commodity sales	122		2.7		107		2.5		356		2.7		328		2.6
Other non-core	111		2.4		97		2.3		325		2.6		296		2.4
Total other	233		5.1		204		4.8		681		5.3		624		5.0
Total revenue	$	4,559	100.0	%	$	4,212	100.0	%	$	13,103	100.0	%	$	12,456	100.0	%

Schedule of Activity in Allowance for Doubtful Accounts

The following table reflects the activity in our allowance for doubtful accounts for the nine months ended September 30, 2026 and 2025:


	2026		2025
Balance at beginning of year	$	66	$	74
Additions charged to expense	39		27
Accounts written-off	(46)		(31)
Balance at end of period	$	59	$	70

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
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

Landfill and Environmental Costs - Narrative (Details) $ in Millions	Jan. 17, 2025 USD ($)	Sep. 27, 2018 USD ($)	Sep. 30, 2026 USD ($) landfill
Environmental Exit Cost [Line Items]
Number of active solid waste landfills \| landfill			208
Number of closed landfills \| landfill			125
Amount of aggregate potential remediation liability \| $			$ 276
West Lake Landfill Superfund Site
Environmental Exit Cost [Line Items]
Environmental exit costs, anticipated cost \| $	$ 392	$ 229
West Lake Landfill Superfund Site \| Minimum
Environmental Exit Cost [Line Items]
Environmental exit costs, time period allotted for completion		4 years
West Lake Landfill Superfund Site \| Maximum
Environmental Exit Cost [Line Items]
Environmental exit costs, time period allotted for completion		5 years

Landfill and Environmental Costs

9 Months Ended

Sep. 30, 2026

Environmental Remediation Obligations [Abstract]

LANDFILL AND ENVIRONMENTAL COSTS

As of September 30, 2026, we owned or operated 208 active landfills, and we had post-closure responsibility for 125 closed landfills.

Accrued Landfill and Environmental Costs

A summary of accrued landfill and environmental costs as of September 30, 2026 and December 31, 2025 follows:


	2026		2025
Landfill final capping, closure and post-closure liabilities	$	2,387	$	2,313
Environmental remediation	423		443
Total accrued landfill and environmental costs	2,810		2,756
Less: current portion	(158)		(148)
Long-term portion	$	2,652	$	2,608

Final Capping, Closure and Post-Closure Costs

The following table summarizes the activity in our asset retirement obligation liabilities, which includes liabilities for final capping, closure and post-closure, for the nine months ended September 30, 2026 and 2025:


	2026		2025
Asset retirement obligation liabilities, beginning of year	$	2,313	$	2,144
Non-cash additions	48		57
Acquisitions, net of divestitures and other adjustments	6		1
Asset retirement obligation adjustments	(17)		4
Payments	(54)		(38)
Accretion expense	91		85

Asset retirement obligation liabilities, end of period	2,387		2,253
Less: current portion	(105)		(85)
Long-term portion	$	2,282	$	2,168

We review annually, in the fourth quarter, and update as necessary, our estimates of asset retirement obligation liabilities. However, if there are significant changes in the facts and circumstances related to a site during the year, we will update our assumptions prospectively in the period that we know all the relevant facts and circumstances and make adjustments as appropriate.

Landfill Operating Expenses

In the normal course of business, we incur various operating costs associated with environmental compliance. These costs include, among other things, leachate treatment and disposal, methane gas and groundwater monitoring, systems maintenance, interim cap maintenance, costs associated with the application of daily cover materials, and the legal and administrative costs of ongoing environmental compliance. These costs are expensed as cost of operations in the periods in which they are incurred.

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 September 30, 2026 would be approximately $276 million higher than the amount 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 nine months ended September 30, 2026 and 2025:


	2026		2025
Environmental remediation liabilities, beginning of year	$	443	$	447

Payments	(36)		(31)
Accretion expense (non-cash interest expense)	12		13
Acquisitions, net of divestitures and other adjustments	4		21
Environmental remediation liabilities, end of period	423		450
Less: current portion	(53)		(60)
Long-term portion	$	370	$	390

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 410
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Subparagraph (d)(2)
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+ Details

Business Acquisitions, Investments and Restructuring Charges - Acquisitions (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Purchase price:
Cash used in acquisitions, net of cash acquired of $3 and $7, respectively	$ 1,117	$ 1,259
Excess purchase price allocated as follows:
Goodwill	17,330		$ 16,715
Business Combination, Series of Individually Immaterial Business Combinations
Purchase price:
Cash used in acquisitions, net of cash acquired of $3 and $7, respectively	1,103	977
Cash acquired	3	7
Holdbacks	13	18
Fair value, future minimum finance lease payments	0	1
Total	1,116	996
Allocated as follows:
Restricted cash	1	0
Accounts receivable	14	28
Property and equipment	307	180
Other assets	5	20
Accounts payable	(3)	(5)
Accrued landfill and environmental costs	(10)	(13)
Deferred income tax liabilities	(4)	(16)
Other liabilities	(9)	(19)
Fair value of tangible assets acquired and liabilities assumed	301	175
Excess purchase price to be allocated	815	821
Excess purchase price allocated as follows:
Other intangible assets	198	119
Goodwill	617	702
Total allocated	$ 815	$ 821

Other Liabilities - Other Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Other Liabilities Disclosure [Abstract]
Accrued payroll and benefits	$ 328	$ 313
Insurance reserves, current	255	251
Accrued fees and taxes	237	214
Accrued dividends	205	193
Operating right-of-use lease liabilities, current	48	48
Ceded insurance reserves, current	28	32
Accrued professional fees and legal settlement reserves	25	32
Contingent purchase price and acquisition holdbacks	19	25
Other	163	97
Total	$ 1,308	$ 1,205

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 92	$ 76
Accounts receivable, less allowance for doubtful accounts and other of $59 and $66, respectively	2,126	1,897
Prepaid expenses and other current assets	460	550
Total current assets	2,678	2,523
Restricted cash and marketable securities	279	259
Property and equipment, net	12,963	12,639
Goodwill	17,330	16,715
Other intangible assets, net	779	655
Other assets	1,483	1,575
Total assets	35,512	34,366
Current liabilities:
Accounts payable	1,448	1,374
Notes payable and current maturities of long-term debt	48	596
Deferred revenue	481	496
Accrued landfill and environmental costs, current portion	158	148
Accrued interest	134	109
Other accrued liabilities	1,308	1,205
Total current liabilities	3,577	3,928
Long-term debt, net of current maturities	14,007	12,985
Accrued landfill and environmental costs, net of current portion	2,652	2,608
Deferred income taxes and other long-term tax liabilities, net	2,030	1,884
Insurance reserves, net of current portion	442	436
Other long-term liabilities	564	556
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; 314 and 313 issued including shares held in treasury, respectively	3	3
Additional paid-in capital	1,891	1,833
Retained earnings	12,253	11,161
Treasury stock, at cost; 9 and 5 shares, respectively	(1,876)	(1,000)
Accumulated other comprehensive loss, net of tax	(33)	(29)
Total Republic Services, Inc. stockholders’ equity	12,238	11,968
Non-controlling interests in consolidated subsidiary	2	1
Total stockholders’ equity	12,240	11,969
Total liabilities and stockholders’ equity	$ 35,512	$ 34,366

Share Repurchases, Dividends and Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Schedule of Stock Repurchase Activity

Share repurchase activity during the three and nine months ended September 30, 2026 and 2025 follows (in millions, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Number of shares repurchased	0.9		2.3		4.0		2.6
Amount paid	$	197	$	539	$	848	$	594
Weighted average cost per share	$	215.18	$	232.00	$	212.84	$	228.81

Schedule of Earnings Per Share

Earnings per share for the three and nine months ended September 30, 2026 and 2025 are calculated as follows (in thousands, except per share amounts):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Basic earnings per share:
Net income attributable to Republic Services, Inc.	$	591,562	$	549,672	$	1,682,898	$	1,594,573
Weighted average common shares outstanding	306,308		311,729		307,630		312,590
Basic earnings per share	$	1.93	$	1.76	$	5.47	$	5.10
Diluted earnings per share:
Net income attributable to Republic Services, Inc.	$	591,562	$	549,672	$	1,682,898	$	1,594,573
Weighted average common shares outstanding	306,308		311,729		307,630		312,590
Effect of dilutive securities:

Unvested RSU awards	28		86		33		99
Unvested PSU awards	143		196		131		195
Weighted average common and common equivalent shares outstanding	306,479		312,011		307,794		312,884
Diluted earnings per share	$	1.93	$	1.76	$	5.47	$	5.10

Debt - Credit Facilities (Details) $ in Millions, $ in Millions	1 Months Ended	9 Months Ended
	Jul. 31, 2024 USD ($) extension	Sep. 30, 2026 USD ($)	Sep. 30, 2026 CAD ($)	Aug. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CAD ($)	Jan. 31, 2022 USD ($)
Debt Instrument [Line Items]
Letters of credit utilizing availability under our credit facilities		$ 315			$ 319
Remaining borrowing capacity		2,100			1,800
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt		$ 183			425
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
Basis spread		0.805%
Uncommitted Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 200
Principal		$ 80			0
Long-term debt		80			0
Credit facilities: The Credit Facility
Debt Instrument [Line Items]
Principal		183			425
Long-term debt		183			425
Credit facilities: The Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 3,500
Canadian Sublimit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		1,000
Long-term debt			$ 260			$ 204
Credit facilities: Commercial Paper
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 2,000	1,500
Principal		899			1,000
Long-term debt		$ 899			$ 999
Weighted average interest rate		4.094%	4.094%		4.044%	4.044%

Landfill and Environmental Costs - Environmental Remediation Liability (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Activity in environmental remediation liabilities
Environmental remediation liabilities, beginning of year	$ 443	$ 447
Payments	(36)	(31)
Accretion expense (non-cash interest expense)	12	13
Acquisitions, net of divestitures and other adjustments	4	21
Environmental remediation liabilities, end of period	423	450
Less: current portion	(53)	(60)
Long-term portion	$ 370	$ 390

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2026	Oct. 22, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		304,639,653
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001060391
Current Fiscal Year End Date	--12-31

Other Assets (Tables)

9 Months Ended

Sep. 30, 2026

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 September 30, 2026 and December 31, 2025 follows:


	2026		2025
Prepaid expenses	$	168	$	131
Parts and supplies	122		106

Other non-trade receivables	72		94
Reinsurance receivable	28		32

Income taxes receivable	21		146
Other	49		41
Total	$	460	$	550

Schedule of Other Assets

A summary of other assets as of September 30, 2026 and December 31, 2025 follows:


	2026		2025
Investments	$	680	$	815
Operating right-of-use lease assets	201		208
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements	189		159
Deferred compensation plan	151		143
Reinsurance receivable, net of current	83		90
Deferred contract costs and sales commissions	77		81
Derivative and hedging assets	52		32

Other	50		47
Total	$	1,483	$	1,575

Revenue and Credit Losses - Activity in Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 66	$ 74
Additions charged to expense	39	27
Accounts written-off	(46)	(31)
Balance at end of period	$ 59	$ 70

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2026
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. For more detail on significant accounting policies, refer to Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Our actual results may differ significantly from our estimates.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Adopted Measurement of Credit Losses for Accounts Receivable and Contract Assets In July 2025, the Financial Accounting Standards Board (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 Company adopted ASU 2025-05 and elected this practical expedient on January 1, 2026. The election of this practical expedient did not have a material impact on our consolidated financial statements. Accounting Standards Updates Issued but not yet Adopted Codification Improvements In December 2025, the FASB issued Accounting Standards Update 2025-12, Codification Improvements. The amendments from this ASU address a range of accounting topics and clarify or 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 principle 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. We are currently assessing the effect this guidance may have on our consolidated financial statements. 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 Accounting Standards Codification (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 International Accounting Standards (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. Disaggregation of Income Statement Expenses In November 2024, the FASB issued Accounting Standards Update 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. We are currently assessing the effect this guidance may have on our 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.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Commitments and Contingencies - Cash Equivalents, Restricted Cash and Marketable Securities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Cash and cash equivalents	$ 92	$ 76	$ 84	$ 74
Restricted cash and marketable securities	279	259	225	208
Less: restricted marketable securities	(83)	(86)	(84)	(79)
Cash, cash equivalents, restricted cash and restricted cash equivalents	$ 288	$ 249	$ 225	$ 203

Debt - Senior Notes and Debentures (Details) - USD ($) $ in Millions	Sep. 30, 2026	Jun. 30, 2026	Dec. 31, 2025	Mar. 31, 2025
Senior notes: July 2030
Debt Instrument [Line Items]
Principal	$ 500		$ 500	$ 500
Interest rate	4.75%
Senior notes: March 2035
Debt Instrument [Line Items]
Principal	$ 700		700	$ 700
Interest rate	5.15%
Senior notes: July 2031
Debt Instrument [Line Items]
Principal	$ 700	$ 700	0
Interest rate	4.75%
Senior notes: July 2036
Debt Instrument [Line Items]
Principal	$ 500	$ 500	$ 0
Interest rate	5.00%

- 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.

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+ Details

Financial Instruments

9 Months Ended

Sep. 30, 2026

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 September 30, 2026 and December 31, 2025, our assets and liabilities that are measured at fair value on a recurring basis include the following:


	September 30, 2026
			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	$	79	$	79	$	79	$	—	$	—
Bonds and fixed income - restricted cash and marketable securities and other assets	115		115		—		115		—
Derivative and hedging assets - other assets	52		52		—		52		—
Total assets	$	246	$	246	$	79	$	167	$	—
Liabilities:
Derivative and hedging liabilities - other long-term liabilities	$	64	$	64	$	—	$	64	$	—
Contingent consideration - other accrued liabilities and other long-term liabilities	63		63		—		—		63
Total liabilities	$	127	$	127	$	—	$	64	$	63


	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	32		32		—		32		—
Total assets	$	204	$	204	$	75	$	129	$	—
Liabilities:
Derivative and hedging liabilities - 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

Total Debt

As of September 30, 2026 and December 31, 2025, the carrying value of our total debt was $14.1 billion and $13.6 billion, respectively, and the fair value of our total debt was $13.4 billion and $13.5 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 September 30, 2026 and December 31, 2025. See Note 7, 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

Revenue and Credit Losses - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Deferred contract costs and sales commissions	$ 77	$ 81

Debt (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

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


		September 30, 2026						December 31, 2025
Maturity	Interest Rate	Principal		Adjustments		Carrying Value		Principal		Adjustments		Carrying Value
Credit facilities:
Uncommitted Credit Facility	Variable	$	80	$	—	$	80	$	—	$	—	$	—
The Credit Facility	Variable	183		—		183		425		—		425

Commercial Paper	Variable	899		—		899		1,000		(1)		999
Senior notes:


July 2026	2.900	—		—		—		500		—		500
November 2027	3.375	650		(1)		649		650		(1)		649
May 2028	3.950	800		(3)		797		800		(5)		795
April 2029	4.875	750		(4)		746		750		(5)		745
November 2029	5.000	400		(3)		397		400		(3)		397
March 2030	2.300	600		(3)		597		600		(3)		597
July 2030	4.750	500		(5)		495		500		(5)		495
February 2031	1.450	650		(4)		646		650		(5)		645
July 2031	4.750	700		(7)		693		—		—		—
February 2032	1.750	750		(4)		746		750		(4)		746
March 2033	2.375	700		(5)		695		700		(5)		695
December 2033	5.000	650		(7)		643		650		(8)		642
April 2034	5.000	800		(8)		792		800		(9)		791
November 2034	5.200	500		(5)		495		500		(5)		495
March 2035	6.086	182		(9)		173		182		(10)		172
March 2035	5.150	700		(10)		690		700		(10)		690
July 2036	5.000	500		(9)		491		—		—		—
March 2040	6.200	400		(3)		397		400		(3)		397
May 2041	5.700	386		(4)		382		386		(5)		381
March 2050	3.050	400		(6)		394		400		(7)		393
Debentures:
September 2035	7.400	148		(25)		123		148		(26)		122
Tax-exempt:
2026 - 2056	2.500 - 4.375	1,422		(10)		1,412		1,378		(9)		1,369
Finance leases and other:
2026 - 2063	1.726 - 9.750	440		—		440		441		—		441
Total Debt		$	14,190	$	(135)	14,055		$	13,710	$	(129)	13,581
Less: current portion						(48)						(596)
Long-term portion						$	14,007					$	12,985

Share Repurchases, Dividends and Earnings per Share - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025	Oct. 31, 2026	Dec. 31, 2025	Oct. 31, 2023
Dividends Payable [Line Items]
Share repurchase authorized amount											$ 3,000
Stock repurchased and pending settlement (in shares)	0			0			0	0
Remaining authorized repurchase amount	$ 800						$ 800
Quarterly dividend declared (in dollars per share)	$ 0.670			$ 0.625			$ 1.920	$ 1.785
Cash dividends declared	$ 205	$ 191	$ 192	$ 194	$ 182	$ 181	$ 588
Quarterly dividend payable	$ 205						$ 205			$ 193
Subsequent Event
Dividends Payable [Line Items]
Share repurchase authorized amount									$ 5,000
2021 Plan
Dividends Payable [Line Items]
Reserve for stock issuance (in shares)	10						10

Commitments and Contingencies

9 Months Ended

Sep. 30, 2026

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

5, Other Liabilities; and (2) environmental remediation liabilities, which are discussed in Note 6, 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 September 30, 2026, 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.

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

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


	September 30, 2026		December 31, 2025		September 30, 2025		December 31, 2024
Cash and cash equivalents	$	92	$	76	$	84	$	74
Restricted cash and marketable securities	279		259		225		208
Less: restricted marketable securities	(83)		(86)		(84)		(79)
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	288	$	249	$	225	$	203

Our restricted cash and marketable securities include 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 as well as restricted cash and marketable securities related to our insurance obligations.

The following table summarizes our restricted cash and marketable securities:


	September 30, 2026		December 31, 2025

Capping, closure and post-closure obligations	$	69	$	67
Insurance	210		192


Total restricted cash and marketable securities	$	279	$	259

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.

Unaudited 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, 2024		313
Beginning balance at Dec. 31, 2024	$ 11,407	$ 3	$ 1,767	$ 9,774	$ (113)	$ (26)	$ 2
Treasury stock beginning balance (in shares) at Dec. 31, 2024					(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	495			495
Other comprehensive (loss) income	(5)					(5)
Cash dividends declared	(181)			(181)
Issuances of common stock	(19)		3		$ (22)
Stock-based compensation	13		14	(1)
Purchase of common stock for treasury	(45)				(45)
Ending balance (in shares) at Mar. 31, 2025		313
Ending balance at Mar. 31, 2025	11,665	$ 3	1,784	10,087	$ (180)	(31)	2
Treasury stock ending balance (in shares) at Mar. 31, 2025					(1)
Beginning balance (in shares) at Dec. 31, 2024		313
Beginning balance at Dec. 31, 2024	11,407	$ 3	1,767	9,774	$ (113)	(26)	2
Treasury stock beginning balance (in shares) at Dec. 31, 2024					(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,595
Other comprehensive (loss) income	(5)
Ending balance (in shares) at Sep. 30, 2025		313
Ending balance at Sep. 30, 2025	11,872	$ 3	1,816	10,810	$ (727)	(31)	1
Treasury stock ending balance (in shares) at Sep. 30, 2025					(3)
Beginning balance (in shares) at Mar. 31, 2025		313
Beginning balance at Mar. 31, 2025	11,665	$ 3	1,784	10,087	$ (180)	(31)	2
Treasury stock beginning balance (in shares) at Mar. 31, 2025					(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	550			550
Other comprehensive (loss) income	3					3
Cash dividends declared	(182)			(182)
Issuances of common stock	5		6		$ (1)
Stock-based compensation	11		11
Ending balance (in shares) at Jun. 30, 2025		313
Ending balance at Jun. 30, 2025	12,052	$ 3	1,801	10,455	$ (181)	(28)	2
Treasury stock ending balance (in shares) at Jun. 30, 2025					(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	550			550
Other comprehensive (loss) income	(3)					(3)
Cash dividends declared	(194)			(194)
Issuances of common stock	4		5		$ (1)
Stock-based compensation	9		10	(1)
Purchase of common stock for treasury (in shares)					(2)
Purchase of common stock for treasury	(545)				$ (545)
Distributions paid	(1)						(1)
Ending balance (in shares) at Sep. 30, 2025		313
Ending balance at Sep. 30, 2025	$ 11,872	$ 3	1,816	10,810	$ (727)	(31)	1
Treasury stock ending balance (in shares) at Sep. 30, 2025					(3)
Beginning balance (in shares) at Dec. 31, 2025	313	313
Beginning balance at Dec. 31, 2025	$ 11,969	$ 3	1,833	11,161	$ (1,000)	(29)	1
Treasury stock beginning balance (in shares) at Dec. 31, 2025	(5)				(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 525			525
Other comprehensive (loss) income	(2)					(2)
Cash dividends declared	(192)			(192)
Issuances of common stock (in shares)		1
Issuances of common stock	(14)		5		$ (19)
Stock-based compensation	12		13	(1)
Purchase of common stock for treasury (in shares)					(1)
Purchase of common stock for treasury	(317)				$ (317)
Ending balance (in shares) at Mar. 31, 2026		314
Ending balance at Mar. 31, 2026	$ 11,981	$ 3	1,851	11,493	$ (1,336)	(31)	1
Treasury stock ending balance (in shares) at Mar. 31, 2026					(6)
Beginning balance (in shares) at Dec. 31, 2025	313	313
Beginning balance at Dec. 31, 2025	$ 11,969	$ 3	1,833	11,161	$ (1,000)	(29)	1
Treasury stock beginning balance (in shares) at Dec. 31, 2025	(5)				(5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 1,684
Other comprehensive (loss) income	(4)
Cash dividends declared	$ (588)
Ending balance (in shares) at Sep. 30, 2026	314	314
Ending balance at Sep. 30, 2026	$ 12,240	$ 3	1,891	12,253	$ (1,876)	(33)	2
Treasury stock ending balance (in shares) at Sep. 30, 2026	(9)				(9)
Beginning balance (in shares) at Mar. 31, 2026		314
Beginning balance at Mar. 31, 2026	$ 11,981	$ 3	1,851	11,493	$ (1,336)	(31)	1
Treasury stock beginning balance (in shares) at Mar. 31, 2026					(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	566			566
Other comprehensive (loss) income	(2)					(2)
Cash dividends declared	(191)			(191)
Issuances of common stock	6		7		$ (1)
Stock-based compensation	13		14	(1)
Purchase of common stock for treasury (in shares)					(2)
Purchase of common stock for treasury	(340)				$ (340)
Ending balance (in shares) at Jun. 30, 2026		314
Ending balance at Jun. 30, 2026	12,033	$ 3	1,872	11,867	$ (1,677)	(33)	1
Treasury stock ending balance (in shares) at Jun. 30, 2026					(8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	593			592			1
Other comprehensive (loss) income	0
Cash dividends declared	(205)			(205)
Issuances of common stock	5		5
Stock-based compensation	13		14	(1)
Purchase of common stock for treasury (in shares)					(1)
Purchase of common stock for treasury	$ (199)				$ (199)
Ending balance (in shares) at Sep. 30, 2026	314	314
Ending balance at Sep. 30, 2026	$ 12,240	$ 3	$ 1,891	$ 12,253	$ (1,876)	$ (33)	$ 2
Treasury stock ending balance (in shares) at Sep. 30, 2026	(9)				(9)

Revenue and Credit Losses - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Net revenue	$ 4,559	$ 4,212	$ 13,103	$ 12,456
Revenue as a percentage of total revenue	100.00%	100.00%	100.00%	100.00%
Transfer
Disaggregation of Revenue [Line Items]
Net revenue	$ 242	$ 224	$ 673	$ 635
Revenue as a percentage of total revenue	5.30%	5.30%	5.10%	5.10%
Landfill
Disaggregation of Revenue [Line Items]
Net revenue	$ 516	$ 516	$ 1,486	$ 1,453
Revenue as a percentage of total revenue	11.30%	12.30%	11.30%	11.70%
Environmental solutions
Disaggregation of Revenue [Line Items]
Net revenue	$ 529	$ 433	$ 1,392	$ 1,344
Revenue as a percentage of total revenue	11.60%	10.30%	10.60%	10.80%
Other
Disaggregation of Revenue [Line Items]
Net revenue	$ 233	$ 204	$ 681	$ 624
Revenue as a percentage of total revenue	5.10%	4.80%	5.30%	5.00%
Recycling processing and commodity sales
Disaggregation of Revenue [Line Items]
Net revenue	$ 122	$ 107	$ 356	$ 328
Revenue as a percentage of total revenue	2.70%	2.50%	2.70%	2.60%
Other non-core
Disaggregation of Revenue [Line Items]
Net revenue	$ 111	$ 97	$ 325	$ 296
Revenue as a percentage of total revenue	2.40%	2.30%	2.60%	2.40%
Operating Segments \| Collection
Disaggregation of Revenue [Line Items]
Net revenue	$ 3,039	$ 2,835	$ 8,871	$ 8,400
Revenue as a percentage of total revenue	66.70%	67.30%	67.70%	67.40%
Operating Segments \| Residential
Disaggregation of Revenue [Line Items]
Net revenue	$ 782	$ 754	$ 2,297	$ 2,249
Revenue as a percentage of total revenue	17.20%	17.90%	17.50%	18.00%
Operating Segments \| Small-container
Disaggregation of Revenue [Line Items]
Net revenue	$ 1,379	$ 1,267	$ 4,054	$ 3,768
Revenue as a percentage of total revenue	30.20%	30.10%	30.90%	30.30%
Operating Segments \| Large-container
Disaggregation of Revenue [Line Items]
Net revenue	$ 859	$ 797	$ 2,466	$ 2,330
Revenue as a percentage of total revenue	18.90%	18.90%	18.80%	18.70%
Operating Segments \| Other
Disaggregation of Revenue [Line Items]
Net revenue	$ 19	$ 17	$ 54	$ 53
Revenue as a percentage of total revenue	0.40%	0.40%	0.50%	0.40%
Operating Segments \| Transfer
Disaggregation of Revenue [Line Items]
Net revenue	$ 510	$ 472	$ 1,444	$ 1,376
Operating Segments \| Landfill
Disaggregation of Revenue [Line Items]
Net revenue	857	845	2,479	2,421
Operating Segments \| Environmental solutions
Disaggregation of Revenue [Line Items]
Net revenue	544	449	1,435	1,393
Intercompany revenue \| Transfer
Disaggregation of Revenue [Line Items]
Net revenue	(268)	(248)	(771)	(741)
Intercompany revenue \| Landfill
Disaggregation of Revenue [Line Items]
Net revenue	(341)	(329)	(993)	(968)
Intercompany revenue \| Environmental solutions
Disaggregation of Revenue [Line Items]
Net revenue	$ (15)	$ (16)	$ (43)	$ (49)

Other Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 168	$ 131
Parts and supplies	122	106
Other non-trade receivables	72	94
Reinsurance receivable	28	32
Income taxes receivable	21	146
Other	49	41
Total	$ 460	$ 550

Share Repurchases, Dividends and Earnings per Share - Share Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Equity [Abstract]
Number of shares repurchased (in shares)	0.9	2.3	4.0	2.6
Amount paid	$ 197	$ 539	$ 848	$ 594
Weighted average cost per share (in dollars per share)	$ 215.18	$ 232.00	$ 212.84	$ 228.81

Landfill and Environmental Costs (Tables)

9 Months Ended

Sep. 30, 2026

Environmental Remediation Obligations [Abstract]

Schedule of Accrued Landfill and Environmental Costs

A summary of accrued landfill and environmental costs as of September 30, 2026 and December 31, 2025 follows:


	2026		2025
Landfill final capping, closure and post-closure liabilities	$	2,387	$	2,313
Environmental remediation	423		443
Total accrued landfill and environmental costs	2,810		2,756
Less: current portion	(158)		(148)
Long-term portion	$	2,652	$	2,608

Schedule of Final Capping, Closure and Post-Closure Costs


	2026		2025
Asset retirement obligation liabilities, beginning of year	$	2,313	$	2,144
Non-cash additions	48		57
Acquisitions, net of divestitures and other adjustments	6		1
Asset retirement obligation adjustments	(17)		4
Payments	(54)		(38)
Accretion expense	91		85

Asset retirement obligation liabilities, end of period	2,387		2,253
Less: current portion	(105)		(85)
Long-term portion	$	2,282	$	2,168

Schedule of Activity in Environmental Remediation Liabilities

The following table summarizes the activity in our environmental remediation liabilities for the nine months ended September 30, 2026 and 2025:


	2026		2025
Environmental remediation liabilities, beginning of year	$	443	$	447

Payments	(36)		(31)
Accretion expense (non-cash interest expense)	12		13
Acquisitions, net of divestitures and other adjustments	4		21
Environmental remediation liabilities, end of period	423		450
Less: current portion	(53)		(60)
Long-term portion	$	370	$	390

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 59	$ 66
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)	314	313
Treasury stock (in shares)	9	5

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

Business Acquisitions, Investments and Restructuring Charges

9 Months Ended

Sep. 30, 2026

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

BUSINESS ACQUISITIONS, INVESTMENTS AND RESTRUCTURING CHARGES

Acquisitions

We acquired various environmental services businesses during the nine months ended September 30, 2026 and 2025. The aggregate purchase price paid for these business acquisitions and the allocations of the aggregate purchase price follows:


	2026		2025
Purchase price:
Cash used in acquisitions, net of cash acquired of $3 and $7, respectively	$	1,103	$	977

Holdbacks	13		18
Fair value, future minimum finance lease payments	—		1

Total	$	1,116	$	996
Allocated as follows:
Restricted cash	$	1	$	—
Accounts receivable	14		28


Property and equipment	307		180



Other assets	5		20

Accounts payable	(3)		(5)

Accrued landfill and environmental costs	(10)		(13)


Deferred income tax liabilities	(4)		(16)
Other liabilities	(9)		(19)
Fair value of tangible assets acquired and liabilities assumed	301		175
Excess purchase price to be allocated	$	815	$	821
Excess purchase price allocated as follows:
Other intangible assets	$	198	$	119
Goodwill	617		702

Total allocated	$	815	$	821

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 nine months ended September 30, 2026, we expect that a majority of the goodwill and intangible assets recognized as a result of these acquisitions will 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 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. The purchase price allocation is preliminary and remains subject to revision 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 assigned to certain tangible assets acquired as well as certain landfill and environmental liabilities assumed, is based on the best estimates of management and is subject to revision based on the final valuations. We expect our valuations to be substantially complete by the end of 2026.

In May 2026, we acquired the equity interests of Robinson Waste Holdings Group, LLC (Robinson). Robinson's vertically integrated recycling and waste services operations are located in Utah and complement Republic's existing core competencies and expertise in the environmental services industry. The purchase price allocation is preliminary and remains subject to revision 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 assigned to certain tangible and intangible assets acquired, is based on the best estimates of management and is subject to revision based on the final valuations. We expect our valuations to be substantially complete by the end of 2026.

In July 2026, we acquired certain assets from TD*X Associates LP, constituting a hazardous waste thermal treatment business located on one of our landfills in Texas. The purchase price allocation is preliminary and remains subject to revision 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 assigned to certain tangible and intangible assets acquired, is based on the best estimates of management and is subject to revision based on the final valuations. We expect our valuations to be substantially complete by the end of 2026.

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 $170 million, which were recorded to other assets in our unaudited consolidated balance sheet during the nine months ended September 30, 2025. We made no capital contributions during the nine months ended September 30, 2026. During the three and nine months ended September 30, 2026, the carrying value of these investments was decreased by $36 million and $123 million, respectively, as a result of our share of income and loss pursuant to the terms of the limited liability company agreements. During the three and nine months ended September 30, 2025, the carrying value of these investments was decreased by $50 million and $55 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 $41 million and $119 million for the three and nine months ended September 30, 2026, respectively, and $65 million for both the three and nine months ended September 30, 2025, due to tax credits, net of related 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 our 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 September 30, 2026 and December 31, 2025, our carrying value in the joint venture was approximately $300 million and $314 million, respectively. 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 producing custom blended pellets for food-grade and non-food-grade packaging. As of September 30, 2026 and December 31, 2025, our carrying value in the joint venture was $102 million and $101 million, respectively. This investment is an unconsolidated variable interest entity ("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 unaudited consolidated balance sheet as of September 30, 2026.

Restructuring Charges

During the three and nine months ended September 30, 2026, we incurred restructuring charges of $4 million and $10 million, respectively, and during the three and nine months ended September 30, 2025, we incurred restructuring charges of $3 million and $13 million, respectively. The charges in these periods related primarily to the design and implementation of our new

accounts receivable system. During the nine months ended September 30, 2026 and 2025, we paid $9 million and $10 million, respectively, related to these restructuring efforts.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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+ Details

Goodwill and Other Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of the 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, 2025		Acquisitions		Divestitures		Adjustments and Other		Balance as of September 30, 2026
Group 1	$	7,573	$	340	$	—	$	6	$	7,919
Group 2	6,597		87		—		(8)		6,676
Group 3	2,545		190		—		—		2,735
Total	$	16,715	$	617	$	—	$	(2)	$	17,330

Schedule of the Activity and Balances by Intangible Asset Type

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


	Gross Intangible Assets								Accumulated Amortization
	Balance as of December 31, 2025		Acquisitions		Adjustments and Other		Balance as of September 30, 2026		Balance as of December 31, 2025		Additions Charged to Expense		Adjustments and Other		Balance as of September 30, 2026		Other Intangible Assets, Net as of September 30, 2026
Customer relationships	$	881	$	104	$	(3)	$	982	$	(289)	$	(65)	$	—	$	(354)	$	628

Other intangible assets	84		94		—		178		(21)		(4)		(2)		(27)		151
Total	$	965	$	198	$	(3)	$	1,160	$	(310)	$	(69)	$	(2)	$	(381)	$	779

- Definition

Tabular disclosure of goodwill.

+ References

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective tax rate, exclusive of non-controlling interests, for the three and nine months ended September 30, 2026 was 17.6% and 18.8%, respectively. Our effective tax rate, exclusive of non-controlling interests, for the three and nine months ended September 30, 2025 was 14.7% and 21.4%, respectively. Our effective tax rate for the three months ended September 30, 2026, reflects net benefits of $41 million from investments in renewable energy assets and $11 million from investments in renewable natural gas projects and electric vehicle infrastructure. Our effective tax rate for the nine months ended September 30, 2026, reflects net benefits of $119 million from investments in renewable energy assets and $24 million from investments in renewable natural gas projects and electric vehicle infrastructure. The effective tax rate for both the three and nine months ended September 30, 2026, reflects a benefit of $11 million from the realization of additional federal and state tax benefits and adjustments to deferred taxes resulting from the completion of our 2025 tax returns. Our effective tax rate for the three and nine months ended September 30, 2025 reflects a benefit of $65 million due to our investments in renewable energy assets, $8 million and $18 million, respectively, due to investments in renewable natural gas projects and commercial electric vehicles, and $9 million due to the realization of additional federal and state tax benefits, as well as adjustments to deferred taxes resulting from the completion of our 2024 tax returns. For the nine months ended September 30, 2026 and 2025, net cash paid for income taxes was $122 million and $166 million, respectively. We have deferred tax assets related to state net operating loss carryforwards with an estimated tax effect of $47 million available as of September 30, 2026. These state net operating loss carryforwards expire at various times between 2027 and 2046. 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 September 30, 2026, we have provided a valuation allowance of $39 million. We are subject to income tax in the United States and Canada, as well as multiple state 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 these examinations. Our federal statute of limitations applicable to our federal tax returns is closed through 2022. In addition, we are currently under state examination or administrative review in various jurisdictions for tax years 2013 through 2024. We recognize interest and penalties as incurred within the provision for income taxes in the consolidated statement of income. As of September 30, 2026, we accrued a liability for penalties of $3 million and a liability for interest (including interest on penalties) of $6 million related to our uncertain tax positions. 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.

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+ Details

Other Assets

9 Months Ended

Sep. 30, 2026

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 September 30, 2026 and December 31, 2025 follows:


	2026		2025
Prepaid expenses	$	168	$	131
Parts and supplies	122		106

Other non-trade receivables	72		94
Reinsurance receivable	28		32

Income taxes receivable	21		146
Other	49		41
Total	$	460	$	550

Other Assets

A summary of other assets as of September 30, 2026 and December 31, 2025 follows:


	2026		2025
Investments	$	680	$	815
Operating right-of-use lease assets	201		208
Prepaid fees and capitalized implementation costs for cloud-based hosting arrangements	189		159
Deferred compensation plan	151		143
Reinsurance receivable, net of current	83		90
Deferred contract costs and sales commissions	77		81
Derivative and hedging assets	52		32

Other	50		47
Total	$	1,483	$	1,575

Debt - Tax-Exempt Financings and Finance Leases and Other (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Finance leases and other	$ 440		$ 441
Arizona
Debt Instrument [Line Items]
Finance leases and other	156		148
Tax-exempt
Debt Instrument [Line Items]
Long-term debt	1,412		1,369
Principal	1,422		$ 1,378
Solid Waste Disposal Revenue Bonds
Debt Instrument [Line Items]
Principal		$ 100
Tax exempt bond
Debt Instrument [Line Items]
Principal	$ 250
Debt instrument, 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.

+ References

+ Details

- Definition

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

+ References

+ Details