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• It's like a public utility company, similar to your electric or water provider, but for managing all of America's garbage and recycling.
• Imagine a massive logistics and infrastructure operation, like a nationwide FedEx or UPS, but specializing in collecting, transporting, and processing non-hazardous waste and recyclable materials instead of packages.

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• Solid Waste Collection, Transfer, and Disposal: Collection, transfer, and disposal services for non-hazardous solid and liquid waste, including curbside pickup and landfill operations.
• Recycling Services: Collection, processing, and sale of recyclable materials such as corrugated containers, newsprint, aluminum, glass, and other commodities.
• Container and Compactor Rental: Provision of recycling and waste containers, as well as compactors, for customer use.
• Specialized Environmental Solutions: Offers in-plant services, transportation, logistics, and management of specialized waste streams through facilities like saltwater disposal wells and deep injection wells.

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Republic Services (RSG) serves a diverse customer base, which can be categorized as follows:

• Residential Customers: This category includes individual households that utilize Republic Services for curbside collection of waste and recyclable materials.
• Small-Container Commercial Customers: These are typically small businesses, retail establishments, and offices that require smaller waste and recycling containers.
• Large-Container Commercial Customers: This category encompasses larger businesses, industrial facilities, and construction sites that generate higher volumes of waste and require larger containers, compactors, and in-plant services.

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Jon Vander Ark, President | Chief Executive Officer

Jon Vander Ark became President and Chief Executive Officer of Republic Services in June 2021. He joined the company in 2013 as executive vice president and chief marketing officer. He subsequently held roles including executive vice president of operations, chief operating officer, and president from 2019 to June 2021, overseeing operations, sales, marketing, business development, safety, engineering, environmental compliance, and fleet management. Prior to Republic Services, he was a partner at McKinsey & Company, where he advised clients in transportation, logistics, manufacturing, and consumer products. Mr. Vander Ark holds a Juris Doctorate from Harvard Law School. He also serves on the board of directors of Lennox International, Inc. and Chances for Children.

Brian DelGhiaccio, EVP, Chief Financial Officer

Brian DelGhiaccio is the Executive Vice President and Chief Financial Officer for Republic Services, a position he assumed in 2020. He joined Republic Services in 1998 and has held various roles of increasing responsibility across the finance organization, including assistant corporate controller, senior director of Financial Planning & Analysis, vice president of Investor Relations, senior vice president of finance, and executive vice president and chief transformation officer. Before joining Republic Services, he worked as a Senior Consultant with Arthur Andersen. Mr. DelGhiaccio earned Bachelor of Science degrees in Accounting and Finance from the University of Arizona. He currently serves on the Board of Directors of Aramark.

Gregg Brummer, EVP, Chief Operating Officer

Gregg Brummer serves as the Executive Vice President and Chief Operating Officer of Republic Services.

Catharine Ellingsen, EVP, Chief Legal Officer, Chief Ethics and Compliance Officer and Corporate Secretary

Catharine Ellingsen is the Executive Vice President, Chief Legal Officer, Chief Ethics and Compliance Officer, and Corporate Secretary for Republic Services. She is responsible for the company's legal affairs and ethics & compliance program.

Amanda Hodges, EVP, Chief Commercial Officer

Amanda Hodges holds the title of Executive Vice President, Chief Commercial Officer at Republic Services.

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Republic Services (RSG) faces several key risks inherent to the environmental services industry and its specific operations:

1. Regulatory and Environmental Compliance Risks: The waste management sector is highly regulated, meaning Republic Services is exposed to significant risks from evolving environmental regulations and enforcement. Changes in areas such as recycling mandates, landfill permitting, rules regarding PFAS (per- and polyfluoroalkyl substances), or renewable natural gas (RNG) credit regimes can materially alter project economics and increase compliance costs. Furthermore, the company faces ongoing legal and reputational risks associated with its landfill operations, including potential issues with gas emissions and groundwater contamination. A recent example includes a $3.01 million fine issued against a Republic Services subsidiary for multiple air quality violations at a landfill in Oregon, highlighting the tangible financial and operational impact of regulatory non-compliance. Increasing environmental, social, and governance (ESG) scrutiny and environmental justice concerns also contribute to these regulatory and reputational pressures, potentially affecting the company's ability to secure and retain contracts.

2. Economic Sensitivity and Commodity Price Volatility: Republic Services' financial performance is sensitive to economic fluctuations and the cyclical nature of recycled commodity prices. The company's industrial and commercial waste collection volumes can decline during economic slowdowns, directly impacting revenue and growth. Its recycling operations are particularly vulnerable to volatility in the prices of recovered materials such as old corrugated containers, newsprint, aluminum, and glass. Declines in these commodity prices can reduce revenue and negatively affect margins from its recycling processing centers. Additionally, a decrease in non-recurring, event-driven volumes (e.g., large-scale clean-up efforts) can create significant headwinds for revenue comparisons year-over-year.

3. Operational Risks, including Safety and Labor Disruptions: The waste management industry is recognized as one of the most hazardous sectors, with high rates of fatal and non-fatal injuries stemming from activities like manual handling, traffic incidents involving collection vehicles, exposure to harmful materials, and falls from height. Poor safety performance not only poses risks to employee well-being but also leads to financial consequences such as lost workdays, increased staff turnover, higher insurance premiums, and potential damage to the company's reputation. The company also faces risks from labor disruptions, which have had a financial impact in the past. Furthermore, the inherent operational challenges of managing extensive infrastructure (including 198 active landfills and 239 transfer stations) require substantial capital expenditure and are increasingly susceptible to climate change hazards like extreme heat and increased precipitation, which can disrupt services, diminish productivity, and damage facilities.

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Republic Services (RSG) operates within several key environmental services markets in the United States. Based on its primary offerings, the addressable markets include solid waste management, waste recycling services, hazardous waste management, and landfill gas-to-energy projects.

• U.S. Solid Waste Management Market: This market, which includes the collection, transfer, and disposal of non-hazardous solid waste, was estimated at USD 156.3 billion in 2024. It is anticipated to grow to USD 247.5 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 5.3% from 2025 to 2033.
• U.S. Waste Recycling Services Market: The market for waste recycling services in the U.S. was valued at USD 13.8 billion in 2024 and is projected to reach USD 21.92 billion by 2032.
• U.S. Hazardous Waste Management Market: The hazardous waste management market in the United States generated revenue of USD 4,660.1 million in 2025 and is expected to reach USD 7,257.5 million by 2033.
• U.S. Landfill Gas to Renewable Natural Gas Market: The revenue for the U.S. landfill gas to renewable natural gas industry was estimated at USD 11.65 billion in 2023. It is projected to grow at a CAGR of 5.8% from 2023 to 2033.

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Republic Services (RSG) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and ongoing operational strengths.

Here are 3-5 expected drivers of future revenue growth:

• Price Increases (Average Yield): Republic Services consistently leverages pricing strategies to grow revenue. The company anticipates growth from average yield on total revenue to be in a range of 3.2% to 3.7% in 2026, and average yield on related business revenue is expected to be in a range of 4.0% to 4.5%. This follows core price increases on total revenue of 5.8% in Q4 2025 and 5.9% for the full year 2025.
• Strategic Acquisitions: Acquisitions remain a key component of Republic Services' growth strategy. The company plans to invest approximately $1 billion in value-creating acquisitions in 2026, building on the $1.1 billion invested in acquisitions during 2025. These acquisitions contribute to expanding their business across recycling, waste, and environmental solutions.
• Growth in Environmental Solutions: Despite a temporary organic decline in Q4 2025 due to a non-recurring emergency response project in 2024, the Environmental Solutions business is a focus for continued expansion. Republic Services' acquisition pipeline supports ongoing activity in this segment, indicating a strategic intent to grow these offerings.
• Increased Recycling Processing and Volumes: Investments in the recycling business contribute to revenue growth. Initiatives such as increased volumes at polymer centers and the reopening of a recycling center on the West Coast are expected to offset impacts from fluctuating commodity prices, driving revenue through enhanced processing capabilities and volumes.

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Share Repurchases

• In 2025, Republic Services returned $1.6 billion to shareholders, including $854 million in share repurchases.
• The company returned $900 million to shareholders through dividends and share repurchases in 2023.
• In 2021, Republic Services returned $805 million to shareholders, which included share repurchases.

Outbound Investments

• Republic Services invested $1.1 billion in acquisitions in 2025.
• The company expects to invest approximately $1 billion in acquisitions in 2026, with over $400 million already completed.
• In 2022, Republic Services invested $2.7 billion in acquisitions, which included the significant acquisition of US Ecology.

Capital Expenditures

• Capital expenditures were $1.887 billion in 2025.
• In 2024, capital expenditures totaled $1.85 billion, primarily directed towards property, plant, equipment, and investments in renewable natural gas and recycling infrastructure.
• The company reported annual capital expenditures of $1.631 billion in 2023.