REPUBLIC SERVICES, INC.RSG
REPUBLIC SERVICES, INC. Segments Disclosure
SEGMENT REPORTING
Our senior management evaluates, oversees and manages the financial performance of our operations through three field groups, referred to as Group 1, Group 2 and Group 3. Group 1 is our recycling and waste business operating primarily in geographic areas located in the western United States. Group 2 is our recycling and waste business operating primarily in geographic areas located in the southeastern and mid-western United States, the eastern seaboard of the United States, and Canada. Group 3 is our environmental solutions business operating in geographic areas located across the United States and Canada. These groups are presented below as our reportable segments, which each provide integrated environmental services, including but not limited to collection, transfer, recycling and disposal.
We generated $188 million, $182 million and $170 million of revenue in Canada for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, we had $136 million and $128 million, respectively, of long-lived assets in Canada. The remainder of our revenue and assets were related to our United States operations.
Our chief operating decision maker (CODM) is Jon Vander Ark, President and Chief Executive Officer of Republic Services, Inc. Adjusted EBITDA is the single financial measure our CODM uses to evaluate segment profitability and returns, which informs resource allocation. For all segments, the CODM uses adjusted EBITDA to evaluate income generated from segment assets (return on invested capital). The CODM considers budget-to-actual variances and year-over-year growth on a monthly basis to assess the performance of each segment. Cost of operations and selling, general and administrative expenses are significant segment expenses used in the evaluation.
Summarized financial information concerning our reportable segments for the years ended December 31, 2025, 2024 and 2023 follows:
| Group 1 | Group 2 | Recycling & Waste Subtotal(1) | Group 3 (Environmental Solutions) | Corporate entities and other | Total | ||||||||||||||||||||||||||||||
| 2025 | |||||||||||||||||||||||||||||||||||
| Gross revenue | $ | 8,630 | $ | 8,244 | $ | 16,874 | $ | 1,784 | $ | 369 | $ | 19,027 | |||||||||||||||||||||||
| Intercompany revenue | (1,271) | (1,069) | (2,340) | (48) | (48) | (2,436) | |||||||||||||||||||||||||||||
| Revenue allocations | 150 | 141 | 291 | 30 | (321) | — | |||||||||||||||||||||||||||||
| Net revenue | $ | 7,509 | $ | 7,316 | $ | 14,825 | $ | 1,766 | $ | — | $ | 16,591 | |||||||||||||||||||||||
| Cost of operations | 4,248 | 4,265 | 8,513 | 1,117 | — | 9,630 | |||||||||||||||||||||||||||||
| Selling, general and administrative | 750 | 683 | 1,433 | 277 | — | 1,710 | |||||||||||||||||||||||||||||
| Other segment items | (11) | (45) | (56) | — | — | (56) | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 2,522 | $ | 2,413 | $ | 4,935 | $ | 372 | $ | — | $ | 5,307 | |||||||||||||||||||||||
| Capital expenditures | $ | 876 | $ | 633 | $ | 1,509 | $ | 181 | $ | 197 | $ | 1,887 | |||||||||||||||||||||||
| Total assets | $ | 14,441 | $ | 11,616 | $ | 26,057 | $ | 5,217 | $ | 3,092 | $ | 34,366 | |||||||||||||||||||||||
| Group 1 | Group 2 | Recycling & Waste Subtotal(1) | Group 3 (Environmental Solutions) | Corporate entities and other | Total | ||||||||||||||||||||||||||||||
| 2024 | |||||||||||||||||||||||||||||||||||
| Gross revenue | $ | 8,130 | $ | 8,084 | $ | 16,214 | $ | 1,860 | $ | 344 | $ | 18,418 | |||||||||||||||||||||||
| Intercompany revenue | (1,208) | (1,064) | (2,272) | (49) | (65) | (2,386) | |||||||||||||||||||||||||||||
| Revenue allocations | 125 | 122 | 247 | 32 | (279) | — | |||||||||||||||||||||||||||||
| Net revenue | $ | 7,047 | $ | 7,142 | $ | 14,189 | $ | 1,843 | $ | — | $ | 16,032 | |||||||||||||||||||||||
| Cost of operations | 4,043 | 4,161 | 8,204 | 1,146 | — | 9,350 | |||||||||||||||||||||||||||||
| Selling, general and administrative | 721 | 689 | 1,410 | 264 | — | 1,674 | |||||||||||||||||||||||||||||
| Other segment items | — | 29 | 29 | — | — | 29 | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 2,283 | $ | 2,263 | $ | 4,546 | $ | 433 | $ | — | $ | 4,979 | |||||||||||||||||||||||
| Capital expenditures | $ | 883 | $ | 614 | $ | 1,497 | $ | 141 | $ | 217 | $ | 1,855 | |||||||||||||||||||||||
| Total assets | $ | 13,978 | $ | 11,318 | $ | 25,296 | $ | 4,462 | $ | 2,644 | $ | 32,402 | |||||||||||||||||||||||
| Group 1 | Group 2 | Recycling & Waste Subtotal(1) | Group 3 (Environmental Solutions) | Corporate entities and other | Total | ||||||||||||||||||||||||||||||
| 2023 | |||||||||||||||||||||||||||||||||||
| Gross revenue | $ | 7,573 | $ | 7,756 | $ | 15,329 | $ | 1,697 | $ | 253 | $ | 17,279 | |||||||||||||||||||||||
| Intercompany revenue | (1,145) | (1,036) | (2,181) | (57) | (76) | (2,314) | |||||||||||||||||||||||||||||
| Revenue allocations | 96 | 97 | 193 | (16) | (177) | — | |||||||||||||||||||||||||||||
| Net revenue | $ | 6,524 | $ | 6,817 | $ | 13,341 | $ | 1,624 | $ | — | $ | 14,965 | |||||||||||||||||||||||
| Cost of operations | 3,797 | 4,114 | 7,911 | 1,032 | — | 8,943 | |||||||||||||||||||||||||||||
| Selling, general and administrative | 664 | 666 | 1,330 | 279 | — | 1,609 | |||||||||||||||||||||||||||||
| Other segment items | — | — | — | (34) | — | (34) | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 2,063 | $ | 2,037 | $ | 4,100 | $ | 347 | $ | — | $ | 4,447 | |||||||||||||||||||||||
| Capital expenditures | $ | 672 | $ | 576 | $ | 1,248 | $ | 145 | $ | 238 | $ | 1,631 | |||||||||||||||||||||||
| Total assets | $ | 13,397 | $ | 11,256 | $ | 24,653 | $ | 4,471 | $ | 2,286 | $ | 31,410 | |||||||||||||||||||||||
(1) The Recycling & Waste Subtotal represents the combined results of our Group 1 and Group 2 reportable segments.
Corporate entities and other includes marketing, operations support, business development, legal, tax, treasury, information technology, risk management, human resources and other administrative functions. National Accounts revenue included in Corporate entities and other represents the portion of revenue generated from nationwide and regional contracts in markets
outside our operating areas where the associated material handling is subcontracted to local operators. Revenue and overhead costs of Corporate entities and other are either specifically assigned or allocated on a rational and consistent basis among our reportable segments to calculate adjusted EBITDA.
Intercompany revenue reflects transactions within and between segments. Capital expenditures for Corporate entities and other for the year ended December 31, 2025 largely included investments in our digital platforms and our third Polymer Center. Capital expenditures for Corporate entities and other for the years ended December 31, 2024 and December 31, 2023 primarily included vehicle inventory acquired but not yet assigned to operating locations and facilities.
As presented in the tables above, adjusted EBITDA reflects certain adjustments for loss from unconsolidated equity method investments, adjustments to withdrawal liability for multiemployer pension funds, restructuring charges, gain on certain divestitures and impairments, net, loss on extinguishment of debt and other related costs, and labor disruption. This presentation is consistent with how our CODM reviews our results of operations to make resource allocation decisions.
Other segment items during the year ended December 31, 2025, consist of the impact from labor disruptions that we experienced in certain isolated markets. Other segment items during the year ended December 31, 2024, consist of a gain on the sale of a transfer station facility. Other segment items during the year ended December 31, 2023, consist of US Ecology, Inc. acquisition integration and deal costs.
A reconciliation of the Company's single measure of segment profitability (segment adjusted EBITDA) to income before income taxes in the Consolidated Statements of Net Income is as follows:
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Group 1 Adjusted EBITDA | $ | 2,522 | $ | 2,283 | $ | 2,063 | ||||||||||||||
| Group 2 Adjusted EBITDA | 2,413 | 2,263 | 2,037 | |||||||||||||||||
| Group 3 Adjusted EBITDA | 372 | 433 | 347 | |||||||||||||||||
| Total Adjusted EBITDA | 5,307 | 4,979 | 4,447 | |||||||||||||||||
| Other income | (21) | (23) | (7) | |||||||||||||||||
| Interest income | (8) | (9) | (6) | |||||||||||||||||
| Interest expense | 574 | 539 | 508 | |||||||||||||||||
| Depreciation, depletion and amortization | 1,814 | 1,677 | 1,501 | |||||||||||||||||
| Accretion | 114 | 107 | 98 | |||||||||||||||||
| Loss from unconsolidated equity method investments | 163 | 255 | 94 | |||||||||||||||||
Adjustments to withdrawal liability for multiemployer pension funds | 1 | — | 5 | |||||||||||||||||
| Restructuring charges | 20 | 29 | 33 | |||||||||||||||||
| Gain on certain divestitures and impairments, net | — | (30) | (4) | |||||||||||||||||
| US Ecology, Inc. acquisition integration and deal costs | — | — | 34 | |||||||||||||||||
| Loss on extinguishment of debt and other related costs | — | 2 | — | |||||||||||||||||
| Labor disruption | 56 | — | — | |||||||||||||||||
| Income before income taxes | $ | 2,594 | $ | 2,432 | $ | 2,191 | ||||||||||||||
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.