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Republic Services, Inc. Reports
Second Quarter 2025 Results

●
Reported Earnings Per Share of $1.75 and Adjusted Earnings Per Share of $1.77
●
Expanded Net Income Margin 40 Basis Points and Adjusted EBITDA Margin 100 Basis Points
●
Generated Year-to-Date Cash Flow from Operations of $2.13 Billion and Adjusted Free Cash Flow of $1.42 Billion
●
Invested Nearly $900 Million in Value-Creating Acquisitions During the First-Half of the Year
●
Updated Full-Year Financial Guidance
●
Increased Quarterly Dividend by Approximately 8 Percent
    


PHOENIX (July 29, 2025) – Republic Services, Inc. (NYSE: RSG) today reported net income of $550 million, or $1.75 per diluted share, for the three months ended June 30, 2025, versus $512 million, or $1.62 per diluted share, for the comparable 2024 period. Excluding certain expenses and other items, on an adjusted basis, net income for the three months ended June 30, 2025, was $556 million, or $1.77 per diluted share, versus $509 million, or $1.61 per diluted share, for the comparable 2024 period.

“We are pleased with our second quarter results which demonstrate the resilience of our business model and the benefit of the investments in our differentiated capabilities," said Jon Vander Ark, president and chief executive officer. "We produced double-digit growth in EBITDA and 100 basis points of adjusted EBITDA margin expansion by continuing to price ahead of cost inflation and consistently executing our operational plan."
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Second-Quarter and Year-to-Date 2025 Highlights:

•Total revenue growth of 4.6 percent includes 3.1 percent organic growth and 1.5 percent growth from acquisitions.

•Core price on total revenue increased revenue by 5.7 percent. Core price on related business revenue increased revenue by 7.0 percent, which consisted of 8.6 percent in the open market and 4.6 percent in the restricted portion of the business.

•Revenue growth from average yield on total revenue was 4.1 percent, and volume increased revenue by 0.2 percent. Revenue growth from average yield on related business revenue was 5.0 percent, and volume increased related business revenue by 0.2 percent.

•Net income was $550 million, or a margin of 13.0 percent.

•EPS was $1.75 per share, an increase of 8.0 percent over the prior year.

•Adjusted EPS, a non-GAAP measure, was $1.77 per share, an increase of 9.9 percent over the prior year.

•Adjusted EBITDA, a non-GAAP measure, was $1.36 billion, and adjusted EBITDA margin, a non-GAAP measure, was 32.1 percent of revenue, an increase of 100 basis points over the prior year.

•Year-to-date cash flow from operations was $2.13 billion.

•Year-to-date adjusted free cash flow, a non-GAAP measure, was $1.42 billion.

•Year-to-date cash invested in acquisitions was $888 million.

•Year-to-date cash returned to shareholders was $407 million, which included $45 million of share repurchases and $362 million of dividends paid.

•The Company's average recycled commodity price per ton sold at its recycling centers during the second quarter was $149. This represents a decrease of $24 per ton over the prior year.

•The Company completed and commenced operations on four renewable natural gas projects during the quarter.










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Updated Full-Year 2025 Financial Guidance
Republic's financial guidance is based on current economic conditions and does not assume any significant changes in the overall economy for the remainder of 2025. Please refer to the Reconciliation of Full-Year 2025 Financial Guidance section of this document for detail relating to the computation of non-GAAP measures as well as the Information Regarding Forward-Looking Statements section of this document.

The Company provided additional details as follows:

•Revenue: Now expected in the range of $16.675 billion to $16.750 billion

•Adjusted EBITDA: Reiterated original guidance in the range of $5.275 billion to $5.325 billion

•Adjusted Diluted Earnings per Share: Reiterated original guidance in the range of $6.82 to $6.90

•Adjusted Free Cash Flow: Increased original guidance to a range of $2.375 billion to $2.415 billion

Company Increases Quarterly Dividend

Republic continues to increase cash returns to shareholders, and previously announced that its Board of Directors approved a 4.5-cent increase in the quarterly dividend. The quarterly dividend of $0.625 per share for shareholders of record on October 2, 2025, will be paid on October 15, 2025.

Presentation of Certain Performance Metrics and Non-GAAP Measures

Adjusted diluted earnings per share, adjusted net income - Republic, EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA by business type, adjusted EBITDA margin by business type and adjusted free cash flow are described in the Performance Metrics and Reconciliations of Certain Non-GAAP Measures section of this document.


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About Republic Services

Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the Company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste and field services. Republic’s industry-leading commitments to advance circularity and support decarbonization are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit RepublicServices.com.

For more information, contact:
Media Inquiries    
Investor Inquiries
Roman Blahoski (480) 718-0328    
Aaron Evans (480) 718-0309
media@RepublicServices.com
investor@RepublicServices.com



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SUPPLEMENTAL UNAUDITED FINANCIAL INFORMATION
AND OPERATING DATA
REPUBLIC SERVICES, INC.
CONSOLIDATED BALANCE SHEETS
 (in millions, except per share amounts)
June 30,December 31,
20252024
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$122 $74 
Accounts receivable, less allowance for doubtful accounts and other of $66 and $74, respectively
1,880 1,821 
Prepaid expenses and other current assets414 511 
Total current assets2,416 2,406 
Restricted cash and marketable securities224 208 
Property and equipment, net12,049 11,877 
Goodwill16,626 15,982 
Other intangible assets, net612 546 
Other assets1,470 1,383 
Total assets$33,397 $32,402 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$1,199 $1,345 
Notes payable and current maturities of long-term debt421 862 
Deferred revenue490 485 
Accrued landfill and environmental costs, current portion141 159 
Accrued interest110 101 
Other accrued liabilities1,286 1,176 
Total current liabilities3,647 4,128 
Long-term debt, net of current maturities12,546 11,851 
Accrued landfill and environmental costs, net of current portion2,541 2,432 
Deferred income taxes and other long-term tax liabilities, net1,604 1,594 
Insurance reserves, net of current portion427 402 
Other long-term liabilities580 588 
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share; 50 shares authorized; none issued
— — 
Common stock, par value $0.01 per share; 750 shares authorized; 313 and 313 issued including shares held in treasury, respectively
3 3 
Additional paid-in capital1,801 1,767 
Retained earnings10,455 9,774 
Treasury stock, at cost; 1 and 1 shares, respectively
(181)(113)
Accumulated other comprehensive loss, net of tax(28)(26)
Total Republic Services, Inc. stockholders' equity12,050 11,405 
Non-controlling interests in consolidated subsidiary2 2 
Total stockholders' equity12,052 11,407 
Total liabilities and stockholders' equity$33,397 $32,402 

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REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
 (in millions, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenue$4,235 $4,048 $8,244 $7,910 
Expenses:
Cost of operations2,449 2,383 4,763 4,666 
Depreciation, depletion and amortization463 413 897 812 
Accretion28 27 57 53 
Selling, general and administrative425 407 852 822 
Loss (gain) on business divestitures and impairments, net3 (2)1 (2)
Restructuring charges6 6 9 12 
Operating income861 814 1,665 1,547 
Interest expense(145)(128)(285)(268)
Loss from unconsolidated equity method investments(2)(34)(14)(42)
Interest income2 1 4 3 
Other income, net4 1 15 13 
Income before income taxes720 654 1,385 1,253 
Provision for income taxes170 142 340 287 
Net income550 512 1,045 966 
Net income attributable to non-controlling interests in consolidated subsidiary— — — (1)
Net income attributable to Republic Services, Inc.$550 $512 $1,045 $965 
Basic earnings per share attributable to Republic Services, Inc. stockholders:
Basic earnings per share$1.76 $1.62 $3.34 $3.06 
Weighted average common shares outstanding313.1 314.9 313.0 315.1 
Diluted earnings per share attributable to Republic Services, Inc. stockholders:
Diluted earnings per share$1.75 $1.62 $3.33 $3.06 
Weighted average common and common equivalent shares outstanding313.4 315.2 313.3 315.5 
Cash dividends per common share$0.580 $0.535 $1.160 $1.070 

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REPUBLIC SERVICES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in millions)
Six Months Ended June 30,
20252024
Cash provided by operating activities:
Net income$1,045 $966 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion, amortization and accretion954 865 
Non-cash interest expense37 35 
Stock-based compensation23 22 
Deferred tax provision(8)48 
Provision for doubtful accounts, net of adjustments18 20 
Loss on disposition of assets and asset impairments, net1 — 
Loss from unconsolidated equity method investments14 42 
Other non-cash items(5)(1)
Change in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivable(51)(69)
Prepaid expenses and other assets21 36 
Accounts payable(13)19 
Capping, closure and post-closure expenditures(21)(22)
Remediation expenditures(19)(27)
Other liabilities138 (47)
Proceeds for retirement of certain hedging relationships— 24 
Cash provided by operating activities2,134 1,911 
Cash used in investing activities:
Purchases of property and equipment(866)(918)
Proceeds from sales of property and equipment8 5 
Cash used in acquisitions and investments, net of cash and restricted cash acquired(963)(201)
Cash received from business divestitures7 2 
Purchases of restricted marketable securities(9)(17)
Sales of restricted marketable securities8 16 
Cash used in investing activities(1,815)(1,113)
Cash used in financing activities:
Proceeds from credit facilities and notes payable, net of fees20,025 10,484 
Proceeds from issuance of senior notes, net of discount and fees1,183 889 
Payments of credit facilities and notes payable(21,030)(11,274)
Issuances of common stock, net(14)(21)
Purchases of common stock for treasury(59)(168)
Cash dividends paid(362)(337)
Contingent consideration payments(3)(8)
Cash used in financing activities(260)(435)
Effect of foreign exchange rate changes on cash1 1 
Increase in cash, cash equivalents, restricted cash and restricted cash equivalents60 364 
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period203 228 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$263 $592 


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You should read the following information in conjunction with our audited consolidated financial statements and notes thereto appearing in our Annual Report on Form 10-K as of and for the year ended December 31, 2024. All amounts below are in millions and as a percentage of our revenue, except per share data.
REVENUE
The following table reflects our total revenue by line of business for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Collection:
Residential$752 17.8 %$733 18.1 %$1,496 18.1 %$1,457 18.4 %
Small-container 1,259 29.7 1,201 29.7 2,502 30.3 2,390 30.2 
Large-container 794 18.7 770 19.0 1,532 18.6 1,503 19.0 
Other17 0.4 19 0.5 35 0.4 36 0.5 
Total collection
2,822 66.6 2,723 67.3 5,565 67.4 5,386 68.1 
Transfer479 458 903 877 
Less: intercompany(258)(250)(494)(486)
Transfer, net221 5.2 208 5.1 409 5.0 391 4.9 
Landfill854 761 1,577 1,466 
Less: intercompany(338)(321)(640)(621)
Landfill, net516 12.2 440 10.9 937 11.4 845 10.7 
Environmental solutions478 490 944 929 
Less: intercompany(16)(17)(33)(33)
Environmental solutions, net462 10.9 473 11.7 911 11.1 896 11.3 
Other:
Recycling processing and commodity sales
114 2.7 107 2.7 222 2.7 203 2.6 
Other non-core100 2.4 97 2.3 200 2.4 189 2.4 
Total other214 5.1 204 5.0 422 5.1 392 5.0 
Total revenue$4,235 100.0 %$4,048 100.0 %$8,244 100.0 %$7,910 100.0 %
The following table reflects changes in components of our revenue, as a percentage of total revenue, for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Average yield4.1 %5.5 %4.3 %5.8 %
Fuel recovery fees(0.3)— (0.4)(0.2)
Total price
3.8 5.5 3.9 5.6 
Volume0.2 (0.8)(0.5)(0.9)
Change in workdays— — (0.2)0.1 
Recycling processing and commodity sales — 0.5 0.1 0.4 
Environmental solutions(0.9)0.4 (0.3)(0.4)
Total internal growth3.1 5.6 3.0 4.8 
Acquisitions / divestitures, net1.5 3.0 1.2 3.4 
Total4.6 %8.6 %4.2 %8.2 %
Core price5.7 %6.8 %5.9 %6.9 %
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Average yield is defined as revenue growth from the change in average price per unit of service, expressed as a percentage. Core price is defined as price increases to our customers and fees, excluding fuel recovery fees, net of price decreases to retain customers. We also measure changes in core price, average yield and volume as a percentage of related-business revenue, defined as total revenue excluding recycled commodities, fuel recovery fees and environmental solutions revenue, to determine the effectiveness of our pricing and organic growth strategies. The following table reflects core price, average yield and volume as a percentage of related-business revenue for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
As a % of Related BusinessAs a % of Related Business
Core price7.0 %8.1 %7.2 %8.3 %
Average yield5.0 %6.6 %5.2 %7.0 %
Volume0.2 %(1.0)%(0.6)%(1.0)%
The following table reflects changes in average yield and volume, as a percentage of related business revenue by line of business, for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
YieldVolumeYieldVolumeYieldVolumeYieldVolume
Collection:
Residential5.1 %(3.2)%6.0 %(2.5)%5.3 %(3.1)%6.4 %(2.6)%
Small-container6.0 %(0.9)%9.6 %(0.6)%6.1 %(1.1)%10.1 %(0.2)%
Large-container5.5 %(3.4)%6.6 %(3.3)%5.6 %(3.3)%6.8 %(3.9)%
Landfill:
Municipal solid waste5.5 %(2.1)%5.4 %1.1 %6.1 %(2.8)%5.5 %1.4 %
Construction and demolition waste3.9 %47.3 %3.5 %(1.6)%4.0 %30.9 %4.7 %(2.2)%
Special waste— %22.4 %— %(1.4)%— %14.5 %— %(2.0)%
COST OF OPERATIONS
The following table summarizes the major components of our cost of operations for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Labor and related benefits$844 19.9 %$809 20.0 %$1,662 20.2 %$1,599 20.2 %
Transfer and disposal costs279 6.6 288 7.1 533 6.5 552 7.0 
Maintenance and repairs379 9.0 370 9.1 738 8.9 726 9.2 
Transportation and subcontract costs
302 7.1 301 7.4 594 7.2 581 7.3 
Fuel116 2.7 121 3.0 230 2.8 247 3.1 
Disposal fees and taxes
96 2.3 90 2.2 179 2.2 174 2.2 
Landfill operating costs104 2.5 96 2.4 193 2.3 186 2.4 
Risk management109 2.6 102 2.5 213 2.6 197 2.5 
Other220 5.2 206 5.1 421 5.1 404 5.1 
Total cost of operations$2,449 57.9 %$2,383 58.8 %$4,763 57.8 %$4,666 59.0 %
These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our cost of operations by cost component to that of other companies and of ours for prior periods.
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SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
The following table summarizes our selling, general and administrative expenses for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Salaries and related benefits$280 6.6 %$276 6.8 %$573 6.9 %$556 7.0 %
Provision for doubtful accounts8 0.2 12 0.3 18 0.2 20 0.3 
Other137 3.2 119 3.0 261 3.2 246 3.1 
Total selling, general and administrative expenses$425 10.0 %$407 10.1 %$852 10.3 %$822 10.4 %
These cost categories may change from time to time and may not be comparable to similarly titled categories used by other companies. As such, you should take care when comparing our selling, general and administrative expenses by cost component to those of other companies and of ours for prior periods.
PERFORMANCE METRICS AND RECONCILIATIONS OF CERTAIN NON-GAAP MEASURES
The following tables calculate EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBITDA and adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, adjusted diluted earnings per share, and adjusted free cash flow, which are not measures determined in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for the three and six months ended June 30, 2025 and 2024. Our definitions of the foregoing non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.



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Adjusted EBITDA and Adjusted EBITDA Margin
The following table calculates adjusted EBITDA and adjusted EBITDA margin for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and as a percentage of revenue):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Net income attributable to Republic Services, Inc. and net income margin$550 13.0 %$512 12.6 %1,045 12.7 %$965 12.2 %
Net income attributable to non-controlling interests— — — 1 
Provision for income taxes170 142 340 287 
Other income, net(4)(1)(15)(13)
Interest income(2)(1)(4)(3)
Interest expense145 128 285 268 
Depreciation, depletion and amortization463 413 897 812 
Accretion28 27 57 53 
EBITDA and EBITDA margin$1,350 31.9 %$1,220 30.1 %$2,605 31.6 %$2,370 30.0 %
Loss from unconsolidated equity method investments2 34 14 42 
Restructuring charges6 6 9 12 
Loss (gain) on business divestitures and impairments, net3 (2)1 (2)
Total adjustments$11 $38 $24 $52 
Adjusted EBITDA and adjusted EBITDA margin$1,361 32.1 %$1,258 31.1 %$2,629 31.9 %$2,422 30.6 %
Adjusted EBITDA and Adjusted EBITDA Margin by Business Type
The following table summarizes revenue, adjusted EBITDA and adjusted EBITDA margin by business type for the three and six months ended June 30, 2025 and 2024 (in millions of dollars and adjusted EBITDA margin as a percentage of revenue):
Three Months Ended June 30, 2025Three Months Ended June 30, 2024
Recycling & Waste
Environmental Solutions(b)
Total
Recycling & Waste(b)
Environmental SolutionsTotal
Revenue
$3,773 $462 $4,235 $3,575 $473 $4,048 
Adjusted EBITDA(a)
$1,252 $109 $1,361 $1,146 $112 $1,258 
Adjusted EBITDA Margin33.2 %23.7 %32.1 %32.0 %23.7 %31.1 %
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Recycling & Waste
Environmental Solutions(b)
TotalRecycling & WasteEnvironmental SolutionsTotal
Revenue
$7,333 $911 $8,244 $7,014 $896 $7,910 
Adjusted EBITDA(a)
$2,430 $199 $2,629 $2,224 $198 $2,422 
Adjusted EBITDA Margin33.1 %21.9 %31.9 %31.7 %22.1 %30.6 %
(a) Certain corporate expenses, including selling, general and administrative expenses, and National Accounts revenue are allocated to the two business types.
(b) Adjusted EBITDA Margin does not calculate due to rounding.
The amounts shown for Recycling & Waste represent the sum of our Group 1 and Group 2 reportable segments, and Environmental Solutions represents our Group 3 reportable segment.
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Adjusted Earnings Per Share
The following table calculates adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share for the three and six months ended June 30, 2025 and 2024 (in millions of dollars except per share data):
Three Months Ended June 30, 2025
Three Months Ended June 30, 2024
DilutedDiluted
NetEarningsNetEarnings
Pre-taxTaxIncome -perPre-taxTaxIncome -per
Income
Impact(1)
RepublicShareIncome
Impact(1)
RepublicShare
As reported$720 $170 $550 $1.75 $654 $142 $512 $1.62 
Gain on extinguishment of debt and other related costs— — — — (8)(2)(6)(0.02)
Restructuring charges6 2 4 0.01 6 2 4 0.01 
Loss (gain) on business divestitures and impairments, net(2)
3 1 2 0.01 (2)(1)(1)— 
Total adjustments9 3 6 0.02 (4)(1)(3)(0.01)
As adjusted$729 $173 $556 $1.77 $650 $141 $509 $1.61 
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
DilutedDiluted
NetEarningsNetEarnings
Pre-taxTaxIncome -perPre-taxTaxIncome -per
Income
Impact(1)
RepublicShareIncome
Impact(1)
RepublicShare
As reported$1,385 $340 $1,045 $3.33 $1,253 $288 $965 $3.06 
Gain on extinguishment of debt and other related costs— — — — (8)(2)(6)(0.02)
Restructuring charges9 2 7 0.03 12 3 9 0.02 
Loss (gain) on business divestitures and impairments, net(3)
1 — 1 — (2)(1)(1)— 
Total adjustments10 2 8 0.03 2 — 2 — 
As adjusted$1,395 $342 $1,053 $3.36 $1,255 $288 $967 $3.06 
(1) The income tax effect related to our adjustments includes both current and deferred income tax impact and is individually calculated based on the statutory rates applicable to each adjustment.
(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the three months ended June 30, 2024.
(3) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the six months ended June 30, 2025 and June 30, 2024.
We believe that presenting EBITDA and EBITDA margin is useful to investors because they provide important information concerning our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDA margin demonstrate our ability to execute our financial strategy, which includes reinvesting in existing capital assets to ensure a high level of customer service, investing in capital assets to facilitate growth in our customer base and services provided, maintaining our investment grade credit ratings and minimizing debt, paying cash dividends, repurchasing our common stock, and maintaining and improving our market position through business optimization. Although depreciation, depletion, amortization and accretion are considered operating costs in accordance with U.S. GAAP, they represent the allocation of non-cash costs generally associated with long-lived assets acquired or constructed in prior years.
We believe that presenting adjusted EBITDA and adjusted EBITDA margin, adjusted EBITDA margin by business type, adjusted pre-tax income, adjusted tax impact, adjusted net income - Republic, and adjusted diluted earnings per share provide an understanding of operational activities before the financial impact of certain items. We use these measures, and believe investors will find them helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods.
Gain on extinguishment of debt and other related costs. During the three and six months ended June 30, 2025, we did not recognize a gain or loss on extinguishment of debt and other related costs. During the three and six months ended June 30, 2024, we recognized a gain of $8 million attributable to the early settlement of certain cash flow hedges related to certain debt obligations. The gain was recognized as a reduction of interest expense.
Restructuring charges. During the three and six months ended June 30, 2025, we incurred restructuring charges of $6 million and $9 million, respectively, and during the three and six months ended June 30, 2024, we incurred restructuring charges of $6 million and $12 million, respectively. The 2025 charges primarily related to the design and implementation of a new accounts
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receivable system. The 2024 charges primarily related to the redesign of our asset management, and customer and order management software systems.
Loss (gain) on business divestitures and impairments, net. During the three and six months ended June 30, 2025, we recorded a loss on business divestitures and impairments of $3 million and $1 million, respectively. During the three and six months ended June 30, 2024, we recorded a net gain on business divestitures and impairments of $2 million.
Adjusted Free Cash Flow
The following table calculates our adjusted free cash flow, which is not a measure determined in accordance with U.S. GAAP, for the six months ended June 30, 2025 and 2024 (in millions of dollars):
Six Months Ended June 30,
20252024
Cash provided by operating activities$2,134 $1,911 
Property and equipment received(727)(773)
Proceeds from sales of property and equipment8 5 
Restructuring payments, net of tax5 7 
Divestiture related tax payments— 1 
Adjusted free cash flow$1,420 $1,151 
We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain expenditures or recoveries. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments.
Purchases of property and equipment as reflected on our consolidated statements of cash flows represent amounts paid during the period for such expenditures. A reconciliation of property and equipment expenditures reflected on our consolidated statements of cash flows to property and equipment received during the period follows for the six months ended June 30, 2025 and 2024 (in millions of dollars):
Six Months Ended June 30,
20252024
Purchases of property and equipment per the unaudited consolidated statements of cash flows
$866 $918 
Adjustments for property and equipment received in a different period
(139)(145)
Property and equipment received during the period$727 $773 
The adjustments noted above do not affect our net change in cash, cash equivalents, restricted cash and restricted cash equivalents as reflected in our consolidated statements of cash flows.
ACCOUNTS RECEIVABLE
As of June 30, 2025 and December 31, 2024, accounts receivable were $1,880 million and $1,821 million, net of allowance for doubtful accounts of $66 million and $74 million, respectively, resulting in days sales outstanding of 40.4, or 29.9 days net of deferred revenue, compared to 40.9, or 30.0 days net of deferred revenue, respectively.
CASH DIVIDENDS
In April 2025, we paid a cash dividend of $181 million to shareholders of record as of April 2, 2025. As of June 30, 2025, we recorded a quarterly dividend payable of $182 million to shareholders of record at the close of business on July 2, 2025, which was paid on July 15, 2025.
SHARE REPURCHASE PROGRAM
During the three months ended June 30, 2025, there were no shares of common stock repurchased. As of June 30, 2025, the remaining authorized purchase capacity under our October 2023 repurchase program was approximately $2.5 billion.
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RECONCILIATION OF FULL-YEAR 2025 FINANCIAL GUIDANCE
Adjusted EBITDA
The following is a summary of our anticipated adjusted EBITDA, which is not a measure determined in accordance with U.S. GAAP, for the year ending December 31, 2025:
(Anticipated)
Year Ending December 31, 2025
Net income attributable to Republic Services, Inc.$ 2,090 - 2,100
Provision for income taxes485 - 490
Interest expense, net570
Depreciation, depletion, amortization and accretion1,920 - 1,930
Loss from unconsolidated equity method investments170
Restructuring charges15
Labor disruption25 - 50
Adjusted EBITDA$ 5,275 - 5,325
We believe that presenting adjusted EBITDA provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods.
Adjusted Diluted Earnings per Share
The following is a summary of anticipated adjusted diluted earnings per share, which is not a measure determined in accordance with U.S. GAAP, for the year ending December 31, 2025:
(Anticipated)
Year Ending December 31, 2025
Diluted earnings per share$ 6.72 - 6.74
Restructuring charges0.04
Labor disruption0.06 - 0.12
Adjusted diluted earnings per share$ 6.82 - 6.90
We believe that presenting adjusted diluted earnings per share provides an understanding of operational activities before the financial impact of certain items. We use this measure, and believe investors will find it helpful, in understanding the ongoing performance of our operations separate from items that have a disproportionate impact on our results for a particular period. We have incurred comparable charges, costs and recoveries in prior periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Our definition of adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.
Adjusted Free Cash Flow
Our anticipated adjusted free cash flow, which is not a measure determined in accordance with U.S. GAAP, for the year ending December 31, 2025, is calculated as follows:
(Anticipated)
Year Ending December 31, 2025
Cash provided by operating activities$ 4,230 - 4,290
Property and equipment received(1,895) - (1,935)
Proceeds from sales of property and equipment10
Restructuring payments, net of tax10
Labor disruption, net of tax20 - 40
Adjusted free cash flow$ 2,375 - 2,415
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We believe that presenting adjusted free cash flow provides useful information regarding our recurring cash provided by operating activities after certain expenditures or recoveries. It also demonstrates our ability to execute our financial strategy and is a key metric we use to determine compensation. The presentation of adjusted free cash flow has material limitations. Adjusted free cash flow does not represent our cash flow available for discretionary payments because it excludes certain payments that are required or to which we have committed, such as debt service requirements and dividend payments. Our definition of adjusted free cash flow may not be comparable to similarly titled measures presented by other companies.
Our financial guidance is based on current economic conditions.
In July 2025, we began to experience labor disruptions in certain isolated markets. We estimated in the table above the impact we expect to incur in the year ended December 31, 2025, due to these labor disruptions. The impact to our consolidated financial statements will ultimately be determined by the duration of these disruptions.
INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking information about us that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Words such as “guidance,” “expect,” “will,” “may,” “anticipate,” “plan,” “estimate,” “project,” “intend,” “should,” “can,” “likely,” “could,” “outlook” and similar expressions are intended to identify forward-looking statements. These statements include information about our plans, strategies, and expectations of future financial performance and prospects. Forward-looking statements are not guarantees of performance. These statements are based upon the current beliefs and expectations of our management and are subject to risk and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such expectations may not prove to be correct. Among the factors that could cause actual results to differ materially from the expectations expressed in the forward-looking statements are the impacts of the overall global economy and changing interest rates, impacts from international trade restrictions, tariffs, our ability to effectively integrate and manage companies we acquire, and to realize the anticipated benefits of any such acquisitions, the impact of work stoppages or other labor disruptions, the amount of the financial contribution of our sustainability initiatives, acts of war, riots or terrorism, and the impact of these acts on economic, financial and social conditions in the United States, as well as our dependence on large, long-term collection, transfer and disposal contracts. More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024, particularly under Part I, Item 1A – Risk Factors. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. We undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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