Republic Services spends big on acquisitions, reports growth for 2025

Republic Services Inc. reported revenue growth of 2.2 percent in the fourth quarter and 3.5 percent for the full-year of 2025.

The Phoenix-based waste management company reported net income of $2.14 billion for 2025, up from $2.04 billion in 2024. The firm also reported $545 million in net income for the fourth quarter of 2025 compared to $512 million during the same three-month period of 2024.

Revenue also increased both for the year and the quarter, reporting $16.6 billion in 2025, up from $16 billion in 2024, and $4.14 billion for the fourth quarter compared to $4.05 billion in 2024.

“We delivered another strong year of results in 2025, underscoring the resilience of our business model and the strength of our differentiated capabilities,” President and CEO Jon Vander Ark says. “Through healthy pricing and disciplined cost management, we successfully navigated cyclical demand headwinds and exceeded expectations for full-year adjusted earnings and adjusted free cash flow.”

Republic says in the fourth quarter it achieved 2.9 percent organic growth from its waste and recycling business and 1.3 percent growth from acquisitions. This was offset by a 2 percent organic decline from its environmental solutions business for total revenue growth of 2.2 percent. The firm noted that in 2024 its environmental solutions revenue included about $50 million from a non-recurring emergency response project.

For 2025, its 3.5 percent total revenue growth came largely from a 3.2 percent organic increase within its waste and recycling business and 1.3 percent growth from acquisitions. This was partially offset from a 1 percent decline from its environmental solutions business. The firm says its customer retention level finished at 94 percent.

“We continued to invest across the business to position us for sustained, value-creating growth while returning $1.6 billion to shareholders through dividends and share repurchases,” Vander Ark says.

On the acquisitions front, the company says it invested $1.1 billion in value-creating acquisitions and returned $1.6 billion to shareholders in 2025. Republic added that it expects to invest about $1 billion in acquisitions in 2026.

As of Feb. 17, the company has invested about $400 million in acquisitions. Hamm Sanitary Landfill and Materials Recovery Facility (MRF) in Lawrence, Kansas, accounted for the bulk of the $400 million already invested for 2026, according to Vander Ark.

Vander Ark added that the company began production at its Indianapolis polymer center in the fourth quarter of 2025. Three new renewable natural gas (RNG) projects came online during the quarter and Republic launched nine RNG projects total for 2025. The firm plans to launch four more RNG projects in 2026.

“We expect to deliver another year of profitable growth in 2026 in a macro environment that remains dynamic,” Vander Ark says. “Our outlook is supported by continued pricing in excess of cost inflation, steady productivity gains from our digital tools, and ongoing investments in strategic acquisitions, all of which position us well to drive long-term value.”