Key Highlights

  • Revenue rose 8.2% to $4,559 million from $4,212 million in the third quarter of 2025.
  • Operating income was $921 million, a 20.2% margin, against $836 million and 19.9%.
  • Diluted EPS was $1.93, compared with $1.76, and adjusted diluted EPS was $1.94 versus $1.90.
  • Environmental solutions net Revenue grew to $529 million from $433 million.
  • Full-year 2026 revenue is expected between $17.425 billion and $17.475 billion.

Price and acquisitions carry an 8.2% revenue gain

Republic Services (NYSE:RSG) is one of the largest providers of environmental services in the United States, running collection operations, transfer stations, recycling centers and landfills across the United States and Canada. It disclosed third quarter results for the period ended September 30, 2026 in a Quarterly Report filed on October 30, 2026.

Revenue was $4,559 million, up from $4,212 million. Total price contributed 4.7%, made up of average Yield of 2.9% and fuel recovery fees of 1.8%, while acquisitions net of divestitures added 1.3% and Volume subtracted 0.6%.

Environmental solutions and collection drive the service line mix

Total collection revenue was $3,039 million, compared with $2,835 million. Small-container collection was $1,379 million, up from $1,267 million, and large-container was $859 million, against $797 million.

Environmental solutions net revenue rose to $529 million from $433 million, an increase of about 22% on a calculated basis, and the company said it added 2.1% to total revenue growth. Landfill net revenue was flat at $516 million, and recycling processing and Commodity sales were $122 million, versus $107 million. Core price was 5.3%, compared with 5.9% a year earlier.

Operating Margin edges up to 20.2%

Cost of operations was $2,663 million, or 58.4% of revenue, against $2,463 million, or 58.5%. Selling, general and administrative expense was $447 million, or 9.8% of revenue, compared with $422 million and 10.0%. Operating Income rose to $921 million from $836 million, up about 10.2% on a calculated basis.

The prior year quarter included a $56 million labor disruption impact, which includes $16 million of customer credits and $40 million of cost of operations, so the year over year comparison is flattered somewhat on a reported basis.

Earnings per share, adjusted and reported

Pre-tax income was $719 million, up from $645 million, and Net Income attributable to the company was $592 million, or $1.93 per diluted share, compared with $550 million, or $1.76. After adjustments for restructuring charges of $4 million, adjusted diluted EPS was $1.94, versus $1.90 a year earlier, which had been adjusted for the labor disruption.

For the nine months, revenue rose 5.2% to $13,103 million, operating income was $2,652 million, and diluted EPS was $5.47, compared with $5.10. Adjusted nine month EPS was $5.49, against $5.26.

Cash flow, Capital returns and the revenue outlook

Cash provided by Operating Activities for the nine months was $3,519 million, compared with $3,315 million. Capital expenditures were $1,363 million, and $1,117 million went to acquisitions and investments. The company repurchased 4.0 million shares for $856 million and paid dividends of $577 million, and it expects to invest at least $1.2 billion in acquisitions in 2026.

The board approved a quarterly Dividend of $0.670 per share in July 2026. Total Debt had a carrying value of $14.1 billion at September 30, 2026, against $13.6 billion at December 31, 2025. Revenue for 2026 is anticipated between $17.425 billion and $17.475 billion.

What to watch as price outpaces volume

Pricing and acquisitions did most of the lifting this quarter, with volume still negative. Readers following the company will likely watch core price, volume trends, the pace of environmental solutions growth and how debt and Buybacks evolve.