Here are 1-2 brief analogies for Republic Services (RSG):

• UPS for waste.
• The electric utility of trash.

• Solid Waste Collection: Providing comprehensive collection services for residential, commercial, industrial, and construction customers.
• Recycling Services: Operating material recovery facilities to process and market various recyclable materials.
• Landfill Services: Managing and operating landfills for the environmentally sound disposal of solid waste.
• Transfer Station Services: Operating facilities that consolidate collected waste for efficient transportation to disposal or processing sites.
• Special Waste Services: Offering tailored solutions for the collection and disposal of specific waste streams, including hazardous or medical waste.
• Renewable Energy Solutions: Capturing landfill gas to convert it into renewable energy or other beneficial products.

Republic Services (RSG) primarily sells its environmental services to other companies, governmental entities, and commercial establishments, rather than directly to individual consumers as its primary customer base. Due to the highly diversified nature of its operations and for competitive reasons, Republic Services does not typically disclose specific major customer companies by name in its public filings, as no single customer is usually material to its overall revenue.

However, based on its reported revenue segments and operational focus, its major customer categories can be identified as:

• Commercial Businesses: This is Republic Services' largest customer segment. It encompasses a vast array of enterprises across diverse sectors such as retail (e.g., shopping centers, grocery stores), hospitality (e.g., hotels, restaurants), office complexes, healthcare facilities, and educational institutions. These customers require regular waste collection, recycling, and disposal services for their daily operations.
• Industrial Customers: This segment includes manufacturing facilities, industrial plants, warehouses, and construction sites. These customers often generate significant and sometimes specialized waste streams, requiring tailored collection, processing, and disposal solutions.
• Municipalities and Government Entities: Republic Services secures contracts with cities, counties, and other governmental bodies to provide comprehensive residential waste and recycling collection services for their communities. In these arrangements, the municipality itself is the direct customer, managing the service for its residents.

• PACCAR Inc. (PCAR)
• Caterpillar Inc. (CAT)
• Oshkosh Corporation (OSK)
• Dover Corporation (DOV)

Jon Vander Ark, President | Chief Executive Officer

Jon Vander Ark has been the President and CEO of Republic Services since June 26, 2021. He joined the company in 2013 as Executive Vice President, Chief Marketing Officer, and later served as Chief Operating Officer from January 1, 2018, before becoming President in 2019. Prior to his tenure at Republic Services, Mr. Vander Ark was a partner at McKinsey & Company's Detroit office, where he managed clients across various industries, including transportation, logistics, manufacturing, and consumer products. He is also a co-author of "Sales Growth: Five Proven Strategies from the World's Sales Leaders," published in 2012.

Brian DelGhiaccio, Executive Vice President | Chief Financial Officer

Brian DelGhiaccio is the Executive Vice President and Chief Financial Officer for Republic Services, a role he assumed in 2020. He has over 25 years of experience with Republic Services, having joined the company in 1998. Before becoming CFO, he served as Executive Vice President and Chief Transformation Officer. His previous roles also include Senior Vice President of Business Transformation, Senior Vice President of Finance, and Vice President of Investor Relations. Mr. DelGhiaccio began his career in the audit practice of Arthur Andersen. He currently serves on the Board of Directors of Aramark.

Gregg Brummer, Executive Vice President | Chief Operating Officer

Gregg Brummer serves as the Executive Vice President and Chief Operating Officer for Republic Services. In this role, he is responsible for operationalizing the company's strategy and executing its business plan across field operations. His functional responsibilities encompass operational support departments such as safety, engineering, environmental compliance, and fleet management.

Catharine Ellingsen, Executive Vice President, Chief Legal Officer, Chief Ethics & Compliance Officer and Corporate Secretary

Catharine Ellingsen is the Executive Vice President, Chief Legal Officer, Chief Ethics & Compliance Officer, and Corporate Secretary for Republic Services. She joined Republic Services in 2001 as corporate counsel. Over her career at Republic Services, she has held roles of increasing responsibility, including Senior Vice President, Human Resources; Vice President and Deputy General Counsel; Associate General Counsel; and Managing Corporate Counsel. Prior to joining Republic Services, Ms. Ellingsen practiced law at Steptoe & Johnson LLP and Bryan Cave LLP, specializing in employment and labor law.

Amanda Hodges, Executive Vice President | Chief Commercial Officer

Amanda Hodges is the Executive Vice President and Chief Commercial Officer at Republic Services. She is responsible for driving growth, enhancing the Republic Services brand, and leading the company's efforts to deliver a superior customer experience. Her oversight includes marketing, communications, product development, customer engagement, and revenue management.

Key Risks to Republic Services (RSG)

Republic Services, Inc. (RSG) faces several key risks that could impact its business operations and financial performance. These risks primarily stem from labor relations, the evolving regulatory landscape, environmental factors, and competitive market conditions.

1. Labor Shortages and Strikes: The waste management industry is susceptible to labor-related disruptions, and Republic Services has experienced recent and ongoing challenges, including strikes in various regions such as Massachusetts, Southern California, Illinois, and Georgia. These labor actions can lead to service interruptions, increased operational costs due to replacement workers, potential contract non-renewals, and reputational damage. The broader risk includes upward pressure on labor costs across the industry and the potential for labor actions to expand nationally.
2. Regulatory Changes and Environmental Risks: As a major player in waste management, Republic Services operates in a heavily regulated environment. Changes in federal, state, and local environmental regulations concerning waste disposal, recycling practices, and emissions can significantly increase compliance costs, necessitate substantial capital expenditures for new technologies or infrastructure, and potentially restrict operational activities. Furthermore, the company identifies climate-related hazards, such as extreme temperatures and altered precipitation patterns, as chronic physical risks that could lead to business interruptions, diminished productivity, worker safety concerns, and damage to facilities over the long term.
3. Industry Competition and Economic Downturns: The waste management sector is highly competitive, with Republic Services facing pressure from both large national firms and smaller local operators. Intense competition can result in pricing pressures, reduced profitability, and a loss of market share. Additionally, economic downturns can lead to a decrease in waste generation, thereby impacting revenues. Fluctuations in commodity prices, particularly for recycled materials, can also negatively affect the company's profitability.

Republic Services (RSG) operates primarily in the United States, providing comprehensive environmental services including non-hazardous solid waste collection, transfer, disposal, recycling, and energy services. The addressable markets for their main products and services are primarily within the U.S. and North America.

Addressable Markets:

• Overall U.S. Waste Management and Recycling Industry: The U.S. waste and recycling industry, which encompasses medical and hazardous waste markets, reached an estimated $104.63 billion in revenue in 2024.
• Solid Waste Collection Services (U.S.): Collection revenues constituted approximately two-thirds of the total U.S. waste and recycling industry revenue in 2024, amounting to approximately $69.46 billion.
• Solid Waste Disposal Services (U.S.): Disposal services accounted for 27% of the U.S. waste and recycling industry revenues in 2024, which is approximately $28.25 billion. Landfill operations alone generated an estimated $18.14 billion for public companies in 2024.
• Recycling Services (North America): The North America Waste Recycling Services Market is estimated to be worth USD 17.13 billion in 2025 and is projected to reach USD 20.19 billion by 2030.
• Special Waste and Hazardous Waste Services (U.S.): While explicitly included within the overall U.S. waste and recycling industry market of $104.63 billion in 2024, a distinct, separate market size for only special and hazardous waste services was not specified in the provided information.
• Energy Services (Landfill Gas-to-Energy): A specific addressable market size in monetary terms for landfill gas-to-energy projects was not found in the provided search results. Republic Services is involved in 79 landfill gas-to-energy and other renewable energy projects, highlighting its operational presence in this area.

Republic Services (RSG) is anticipated to drive future revenue growth over the next two to three years through a combination of strategic pricing, acquisitions, and expanding its sustainability initiatives.

1. Strategic Pricing and Yield Management: The company consistently leverages core price increases and average yield on its services to boost revenue. For instance, in the third quarter of 2024, core price on total revenue increased revenue by 6.2 percent, and average yield on total revenue contributed 4.6 percent to growth. This strategy is expected to continue, allowing the company to price ahead of cost inflation and expand margins. Republic Services forecasts average yield on total revenue to be approximately 4 percent in 2025.
2. Growth through Acquisitions: Republic Services actively pursues strategic acquisitions to expand its operations and market presence. Acquisitions contributed 2.3 percent to total revenue growth in the third quarter of 2024 and 1.3 percent in the fourth quarter of 2024. The company plans over $1 billion in acquisitions to further expand recycling and environmental solutions, which analysts believe will unlock new earnings streams and contribute to long-term growth.
3. Expansion of Environmental Solutions and Sustainability Initiatives: Investments in sustainability, including renewable natural gas (RNG) projects and plastic circularity, are expected to be significant revenue drivers. Republic Services has completed renewable natural gas projects and anticipates stronger financial contributions from these sustainability innovations in 2025. The company expects stabilization in its environmental solutions business and emphasizes ongoing investments in RNG projects and electric vehicle infrastructure as part of its commitment to sustainability.
4. Organic Growth and Customer Loyalty: Sustaining strong customer retention rates, which remained over 94% in Q3 2025, and delivering world-class service contribute to consistent organic growth. While volume sometimes experiences fluctuations, the focus on customer loyalty and service quality helps maintain a steady base for revenue generation.

Share Repurchases

• Republic Services repurchased $482 million in shares in 2024, $261.8 million in 2023, and $203.5 million in 2022.
• In October 2023, the Board of Directors approved a new $3.0 billion share repurchase authorization, effective from January 1, 2024, through December 31, 2026.
• The company returned nearly $1.2 billion to shareholders through dividends and share repurchases in 2024.

Share Issuance

• Republic Services has not made significant share issuances over the last 3-5 years; instead, the number of shares outstanding has generally declined, reflecting net share repurchases.

Outbound Investments

• Republic Services invested approximately $358 million in strategic acquisitions during 2024.
• In May 2022, the company completed the acquisition of US Ecology Inc. for $2.2 billion, expanding its environmental solutions footprint and capabilities in specialty waste handling, including hazardous waste.
• Republic Services expects to invest approximately $1 billion in acquisitions in 2025, continuing to focus on value-creating opportunities in recycling, waste, and environmental solutions.

Capital Expenditures

• In 2024, capital expenditures were approximately $1.81 billion.
• For 2025, Republic Services expects capital expenditures to be around $1.893 billion and adjusted free cash flow to be in the range of $2.320 billion to $2.360 billion.
• The primary focus of capital expenditures includes reinvesting in existing assets, investing in new assets to support customer growth, maintaining market position through business optimization, and advancing sustainability initiatives such as polymer centers and fleet electrification.