REPUBLIC SERVICES, INC.RSG
REPUBLIC SERVICES, INC. Debt Disclosure
DEBT
The carrying value of our credit facilities, finance leases and long-term debt as of December 31, 2025 and 2024 is listed in the following table, and is adjusted for unamortized discounts, deferred issuance costs and the unamortized portion of adjustments to fair value recorded in purchase accounting. Original issue discounts and adjustments to fair value recorded in purchase accounting are amortized to interest expense over the term of the applicable instrument using the effective interest method.
| December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||
| Maturity | Interest Rate | Principal | Adjustments | Carrying Value | Principal | Adjustments | Carrying Value | |||||||||||||||||||||||||||||||||||||
| Credit facilities: | ||||||||||||||||||||||||||||||||||||||||||||
| Uncommitted Credit Facility | Variable | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
| The Credit Facility | Variable | 425 | — | 425 | 514 | — | 514 | |||||||||||||||||||||||||||||||||||||
| Commercial Paper | Variable | 1,000 | (1) | 999 | 477 | — | 477 | |||||||||||||||||||||||||||||||||||||
| Senior notes: | ||||||||||||||||||||||||||||||||||||||||||||
| March 2025 | 3.200 | — | — | — | 500 | — | 500 | |||||||||||||||||||||||||||||||||||||
| November 2025 | 0.875 | — | — | — | 350 | — | 350 | |||||||||||||||||||||||||||||||||||||
| July 2026 | 2.900 | 500 | — | 500 | 500 | (1) | 499 | |||||||||||||||||||||||||||||||||||||
| November 2027 | 3.375 | 650 | (1) | 649 | 650 | (2) | 648 | |||||||||||||||||||||||||||||||||||||
| May 2028 | 3.950 | 800 | (5) | 795 | 800 | (7) | 793 | |||||||||||||||||||||||||||||||||||||
| April 2029 | 4.875 | 750 | (5) | 745 | 750 | (6) | 744 | |||||||||||||||||||||||||||||||||||||
| November 2029 | 5.000 | 400 | (3) | 397 | 400 | (4) | 396 | |||||||||||||||||||||||||||||||||||||
| March 2030 | 2.300 | 600 | (3) | 597 | 600 | (4) | 596 | |||||||||||||||||||||||||||||||||||||
| July 2030 | 4.750 | 500 | (5) | 495 | — | — | — | |||||||||||||||||||||||||||||||||||||
| February 2031 | 1.450 | 650 | (5) | 645 | 650 | (5) | 645 | |||||||||||||||||||||||||||||||||||||
| February 2032 | 1.750 | 750 | (4) | 746 | 750 | (5) | 745 | |||||||||||||||||||||||||||||||||||||
| March 2033 | 2.375 | 700 | (5) | 695 | 700 | (6) | 694 | |||||||||||||||||||||||||||||||||||||
| December 2033 | 5.000 | 650 | (8) | 642 | 650 | (9) | 641 | |||||||||||||||||||||||||||||||||||||
| April 2034 | 5.000 | 800 | (9) | 791 | 800 | (10) | 790 | |||||||||||||||||||||||||||||||||||||
| November 2034 | 5.200 | 500 | (5) | 495 | 500 | (6) | 494 | |||||||||||||||||||||||||||||||||||||
| March 2035 | 6.086 | 182 | (10) | 172 | 182 | (11) | 171 | |||||||||||||||||||||||||||||||||||||
| March 2035 | 5.150 | 700 | (10) | 690 | — | — | — | |||||||||||||||||||||||||||||||||||||
| March 2040 | 6.200 | 400 | (3) | 397 | 400 | (3) | 397 | |||||||||||||||||||||||||||||||||||||
| May 2041 | 5.700 | 386 | (5) | 381 | 386 | (5) | 381 | |||||||||||||||||||||||||||||||||||||
| March 2050 | 3.050 | 400 | (7) | 393 | 400 | (7) | 393 | |||||||||||||||||||||||||||||||||||||
| Debentures: | ||||||||||||||||||||||||||||||||||||||||||||
| September 2035 | 7.400 | 148 | (26) | 122 | 148 | (27) | 121 | |||||||||||||||||||||||||||||||||||||
| Tax-exempt: | ||||||||||||||||||||||||||||||||||||||||||||
2026 - 2054 | 3.000 - 4.375 | 1,378 | (9) | 1,369 | 1,418 | (9) | 1,409 | |||||||||||||||||||||||||||||||||||||
| Finance leases and other: | ||||||||||||||||||||||||||||||||||||||||||||
2026 - 2063 | 1.726 - 9.750 | 441 | — | 441 | 315 | — | 315 | |||||||||||||||||||||||||||||||||||||
| Total Debt | $ | 13,710 | $ | (129) | 13,581 | $ | 12,840 | $ | (127) | 12,713 | ||||||||||||||||||||||||||||||||||
| Less: current portion | (596) | (862) | ||||||||||||||||||||||||||||||||||||||||||
| Long-term portion | $ | 12,985 | $ | 11,851 | ||||||||||||||||||||||||||||||||||||||||
Future Maturities of Debt
Aggregate principal maturities of notes payable, finance leases and other long-term debt as of December 31, 2025 follow:
| 2026 | $ | 596 | |||
| 2027 | 663 | ||||
| 2028 | 845 | ||||
| 2029 | 2,614 | ||||
| 2030 | 1,128 | ||||
| Thereafter | 7,864 | ||||
| $ | 13,710 | ||||
Credit Facilities
Uncommitted Credit Facility
In January 2022, we entered into a $200 million unsecured uncommitted revolving credit facility (the Uncommitted Credit Facility). The Uncommitted Credit Facility bears interest at an annual percentage rate to be agreed upon by both parties. Borrowings under the Uncommitted Credit Facility can be used for working capital, letters of credit and other general corporate purposes. The agreement governing our Uncommitted Credit Facility requires us to comply with certain covenants. The Uncommitted Credit Facility may be terminated by either party at any time. As of December 31, 2025 and 2024, we had no borrowings outstanding under our Uncommitted Credit Facility.
The Credit Facility
In July 2024, we and our subsidiary, USE Canada Holdings, Inc. (the Canadian Borrower) entered into the Second Amended and Restated Credit Agreement (the Credit Facility) which amended and restated the unsecured revolving credit facility we entered into in August 2021. The total outstanding principal amount that we may borrow under the Credit Facility may not exceed the current aggregate lenders' commitments of $3.5 billion, and borrowings under the Credit Facility mature in July 2029. As permitted by the Credit Facility, we have the right to request two one-year extensions of the maturity date, but none of the lenders are committed to participate in such extensions. The Credit Facility also includes a feature that allows us to increase availability, at our option, by an aggregate amount of up to $1.0 billion through increased commitments from existing lenders or the addition of new lenders.
All loans to the Canadian Borrower and all loans denominated in Canadian dollars cannot exceed $1.0 billion (the Canadian Sublimit). The Canadian Sublimit is part of, and not in addition to, the aggregate commitments under the Credit Facility.
Borrowings under the Credit Facility in United States dollars bear interest at a Base Rate, a daily floating SOFR or a term SOFR plus a current applicable margin of 0.805% based on our Debt Ratings (all as defined in the Credit Facility agreement). The Canadian dollar-denominated loans bear interest based on the Canadian Prime Rate or the Canadian Dollar Offered Rate plus a current applicable margin of 0.805% based on our Debt Ratings. As of December 31, 2025 and 2024, C$204 million and C$232 million, respectively, were outstanding against the Canadian Sublimit.
The Credit Facility is subject to facility fees based on applicable rates defined in the Credit Facility agreement and the aggregate commitment, regardless of usage. The Credit Facility can be used for working capital, capital expenditures, acquisitions, letters of credit and other general corporate purposes. The Credit Facility agreement requires us to comply with financial and other covenants. We may pay dividends and repurchase common stock if we are in compliance with these covenants.
We had $425 million and $514 million outstanding under the Credit Facility as of December 31, 2025 and 2024, respectively. We had $319 million and $317 million of letters of credit outstanding under the Credit Facility as of December 31, 2025 and 2024, respectively. We also had $1.0 billion and $477 million of principal borrowings outstanding under our commercial paper program as of December 31, 2025 and 2024, respectively. As a result, availability under the Credit Facility was $1.8 billion and $2.2 billion as of December 31, 2025 and 2024, respectively.
Commercial Paper Program
In May 2022, we entered into a commercial paper program for the issuance and sale of unsecured commercial paper in an aggregate principal amount not to exceed $500 million outstanding at any one time (the Commercial Paper Cap). In August 2022, the Commercial Paper Cap was increased to $1.0 billion, and in October 2023, was increased to $1.5 billion. The weighted average interest rate for borrowings outstanding as of December 31, 2025 was 4.044%. The weighted average interest rate for borrowings outstanding as of December 31, 2024 was 4.646%.
We had $1.0 billion and $477 million principal value of commercial paper issued and outstanding under the program as of December 31, 2025 and 2024, respectively. In the event of a failed re-borrowing, we currently have availability under our Credit Facility to fund amounts currently borrowed under the commercial paper program until they are re-borrowed successfully. Accordingly, we have classified these borrowings as long-term in our consolidated balance sheet as of December 31, 2025 and 2024, respectively.
Senior Notes and Debentures
In June 2024, we issued $400 million of 5.000% senior notes due 2029 and $500 million of 5.200% senior notes due 2034. We used the proceeds from the June 2024 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding under the Commercial Paper Program and the Credit Facility; and repayment of all amounts then outstanding under the Uncommitted Credit Facility and certain other debt obligations.
In March 2025, we issued $500 million of 4.750% senior notes due 2030 and $700 million of 5.150% senior notes due 2035. We used the proceeds from the March 2025 notes issuance for general corporate purposes, including the repayment of a portion of amounts outstanding on our Credit Facility and a portion of outstanding borrowings under the Commercial Paper Program.
Our senior notes and debentures are general unsecured and unsubordinated obligations and rank equally with our other unsecured obligations.
Tax-Exempt Financings
As of both December 31, 2025 and December 31, 2024 we had $1.4 billion of tax-exempt financings outstanding with maturities ranging from 2026 to 2054 for both periods.
In June 2024, the Mission Economic Development Corporation issued, for our benefit, $50 million in principal amount of Solid Waste Disposal Revenue Bonds. The proceeds from the issuance, after deferred issuance costs, were used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within Texas.
In March 2024, the California Municipal Finance Authority issued, for our benefit, $100 million in principal amount of Solid Waste Disposal Revenue Bonds. The proceeds from the issuance, after deferred issuance costs, were used to fund the acquisition, construction, improvement, installation, and/or equipping of certain solid waste disposal facilities located within California.
We have $250 million of tax-exempt financings that have an initial remarketing period of 10 years. Our remaining tax-exempt financings are remarketed either quarterly or semiannually by remarketing agents to effectively maintain a variable yield. The holders of the bonds can put them back to the remarketing agents at the end of each interest period. If the remarketing agents are unable to remarket our bonds, the remarketing agents can put the bonds to us. In the event of a failed remarketing, we currently have availability under our Credit Facility to fund these bonds until they are remarketed successfully. Accordingly, we classified these borrowings as long-term in our consolidated balance sheets as of December 31, 2025 and December 31, 2024.
Finance Leases and Other
As of December 31, 2025, we had finance lease liabilities and other debt obligations of $441 million with maturities ranging from 2026 to 2063. As of December 31, 2024, we had finance lease liabilities and other debt obligations of $315 million with maturities ranging from 2025 to 2063.
In our consolidated balance sheet as of December 31, 2025, finance leases and other included $148 million related to construction costs for our corporate office building located in Phoenix, Arizona, which has been accounted for as a financing obligation. The amount is recorded within long-term debt, net of current maturities.
Interest Paid
Interest paid, excluding net swap settlements for interest rate swaps, was $500 million, $487 million and $423 million for the years ended December 31, 2025, 2024 and 2023, respectively.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 12, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.