REPUBLIC SERVICES, INC.RSG

REPUBLIC SERVICES, INC. Earnings Per Share Disclosure

10-KFiled Feb 18, 20261 min read
EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income attributable to Republic Services, Inc. by the weighted average number of common shares (including vested but unissued restricted stock units and performance stock units) outstanding during the period. Diluted earnings per share is based on the combined weighted average number of common shares and common share equivalents outstanding, which include, where appropriate, the assumed exercise of employee stock options, unvested RSUs and unvested PSUs at the expected attainment levels. We use the treasury stock method in computing diluted earnings per share.

Earnings per share for the years ended December 31, 2025, 2024 and 2023 are calculated as follows (in thousands, except per share amounts):
202520242023
Basic earnings per share:
Net income attributable to Republic Services, Inc.$2,139,249 $2,043,173 $1,730,985 
Weighted average common shares outstanding311,880 314,399 316,182 
Basic earnings per share$6.86 $6.50 $5.47 
Diluted earnings per share:
Net income attributable to Republic Services, Inc.$2,139,249 $2,043,173 $1,730,985 
Weighted average common shares outstanding311,880 314,399 316,182 
Effect of dilutive securities:
Unvested RSU awards92 126 104 
Unvested PSU awards196 284 379 
Weighted average common and common equivalent shares outstanding312,168 314,809 316,665 
Diluted earnings per share$6.85 $6.49 $5.47 

Historical Timeline

Fiscal YearFiled
2025Feb 18, 2026Showing above
2024Feb 14, 2025
2023Feb 29, 2024
2022Feb 23, 2023
2021Feb 11, 2022
2020Feb 23, 2021
2019Feb 14, 2020
2018Feb 8, 2019
2017Feb 9, 2018
2016Feb 17, 2017
2015Feb 12, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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