Republic Services, Inc. (RSG) Cash Flow Statement
Where RSG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.30B +9.1% vs 2024
- Capital expenditures
- $1.89B 11.4% of revenue
- Free cash flow
- $2.41B 14.5% margin
- Returned to shareholders
- $1.61B 67% of free cash flow
- Change in cash
- $46.0M cash at year-end $249.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RSG operating cash flow, capex and free cash flow
RSG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.85B2016 | $4.30B2025 | +9.8%/yr | |
| Capital expenditures | $927.8M2016 | $1.89B2025 | +8.2%/yr | |
| Free cash flow | $920.0M2016 | $2.41B2025 | +11.3%/yr | |
| Free cash flow margin | 9.8%2016 | 14.5%2025 | +4.7 pts | |
| Operating cash flow / net income | 3.012016 | 2.012025 | −1.00 | |
| Stock-based compensation | $23.2M2016 | $42.0M2024 | +7.7%/yr | |
| Dividends paid | $418.9M2016 | $738.0M2025 | +6.5%/yr | |
| Share buybacks (net) | $403.8M2016 | $870.0M2025 | +8.9%/yr | |
| Capex / revenue | 9.9%2016 | 11.4%2025 | +1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RSG cash flow by activity
RSG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RSG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.14B | $2.04B | $1.73B | $1.49B | $1.29B | $969.6M | $1.07B | $1.04B | $1.28B | $613.2M |
| Depreciation & amortization | $1.93B | $1.78B | $1.60B | $1.44B | $1.27B | $1.16B | $1.12B | $1.11B | $1.12B | $1.07B |
| Stock-based compensation | — | $42.0M | $40.9M | $38.8M | $57.0M | $37.3M | $39.5M | $39.0M | $34.6M | $23.2M |
| Change in working capital | −$359.0M | −$260.0M | $25.1M | −$111.7M | $22.7M | −$7.8M | −$89.7M | −$70.9M | −$94.8M | −$28.5M |
| Other non-cash items | $588.0M | $326.0M | $221.1M | $334.1M | $146.5M | $313.7M | $206.1M | $123.0M | −$424.2M | $169.7M |
| Cash from operating activities | $4.30B | $3.94B | $3.62B | $3.19B | $2.79B | $2.47B | $2.35B | $2.24B | $1.91B | $1.85B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.89B | −$1.85B | −$1.63B | −$1.45B | −$1.32B | −$1.19B | −$1.21B | −$1.07B | −$989.8M | −$927.8M |
| Investments (net) | — | −$2.56B | −$2.82B | −$4.42B | −$2.47B | −$1.92B | −$1.72B | −$1.23B | −$1.38B | −$961.2M |
| Acquisitions & other investing | −$1.43B | $1.85B | $787.2M | $1.45B | $1.32B | $1.19B | $1.21B | $1.07B | $989.8M | $927.8M |
| Cash from investing activities | −$3.31B | −$2.56B | −$3.67B | −$4.42B | −$2.47B | −$1.92B | −$1.72B | −$1.23B | −$1.38B | −$961.2M |
| Financing activities | ||||||||||
| Dividends paid | −$738.0M | −$687.0M | −$638.1M | −$592.9M | −$552.6M | −$522.5M | −$491.2M | −$461.8M | −$440.5M | −$418.9M |
| Share repurchases & issuance (net) | −$870.0M | −$482.0M | −$261.8M | −$217.1M | −$264.2M | −$98.8M | −$399.4M | −$736.9M | −$610.7M | −$403.8M |
| Net borrowing (repayment) | $692.0M | −$200.0M | $982.0M | $2.16B | $542.1M | $21.1M | $309.7M | $128.7M | $517.2M | −$73.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $3.9M | $9.3M | $23.2M | $0 | $0 |
| Other financing | −$22.0M | −$29.0M | −$20.2M | −$10.4M | −$54.5M | −$15.7M | −$17.4M | −$12.7M | $22.2M | $45.2M |
| Cash from financing activities | −$938.0M | −$1.40B | $61.9M | $1.34B | −$329.2M | −$612.0M | −$589.0M | −$1.06B | −$511.8M | −$851.2M |
| Summary | ||||||||||
| Net change in cash | $46.0M | −$25.0M | $13.2M | $108.7M | −$8.6M | −$63.2M | $44.1M | −$45.8M | $15.5M | $35.4M |
| Cash at end of period | $249.0M | $203.0M | $227.5M | $214.3M | $105.6M | $114.2M | $177.4M | $133.3M | $83.3M | $67.8M |
| Free cash flow | $2.41B | $2.08B | $1.99B | $1.74B | $1.47B | $1.28B | $1.15B | $1.17B | $920.9M | $920.0M |
| Free cash flow margin | 14.5% | 13.0% | 13.3% | 12.8% | 13.0% | 12.6% | 11.1% | 11.7% | 9.2% | 9.8% |
| Capex / revenue | 11.4% | 11.6% | 10.9% | 10.8% | 11.7% | 11.8% | 11.7% | 10.7% | 9.9% | 9.9% |
| Operating cash flow / net income | 2.01 | 1.93 | 2.09 | 2.14 | 2.16 | 2.55 | 2.19 | 2.16 | 1.49 | 3.01 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.09B | $525.0M | $545.0M | $550.0M | $550.0M | $495.0M | $512.5M | $565.7M | $511.5M | $453.7M | $439.6M | $480.3M |
| Depreciation & amortization | $1.01B | $491.0M | $487.0M | $489.0M | $491.0M | $462.0M | $469.7M | $448.7M | $439.7M | $425.8M | $426.7M | $424.0M |
| Stock-based compensation | — | — | — | $10.0M | $10.0M | $13.0M | $11.0M | $9.2M | $10.6M | $11.2M | $9.2M | $10.3M |
| Change in working capital | $17.0M | $83.0M | −$324.0M | −$90.0M | $36.0M | $36.0M | −$96.2M | −$102.8M | $78.3M | −$164.5M | −$159.5M | $24.6M |
| Other non-cash items | −$965.0M | $128.0M | $273.0M | $222.0M | $22.0M | $19.0M | $125.0M | $82.3M | $59.3M | $85.3M | $182.5M | $13.9M |
| Cash from operating activities | $1.15B | $1.23B | $981.0M | $1.18B | $1.11B | $1.02B | $1.02B | $1.00B | $1.10B | $811.5M | $898.5M | $953.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$392.0M | −$476.0M | −$577.0M | −$444.0M | −$407.0M | −$459.0M | −$497.6M | −$439.5M | −$403.4M | −$514.5M | −$547.9M | −$368.9M |
| Investments (net) | — | — | — | −$756.0M | −$527.0M | −$1.29B | −$812.5M | −$635.8M | −$433.8M | −$678.9M | −$1.57B | −$426.5M |
| Acquisitions & other investing | −$1.33B | −$434.0M | −$165.0M | $444.0M | $407.0M | $459.0M | $497.6M | $439.5M | $403.4M | $514.5M | $547.9M | −$1.31B |
| Cash from investing activities | −$1.73B | −$910.0M | −$742.0M | −$756.0M | −$527.0M | −$1.29B | −$812.5M | −$635.8M | −$433.8M | −$678.9M | −$1.57B | −$2.10B |
| Financing activities | ||||||||||||
| Dividends paid | −$385.0M | −$193.0M | −$194.0M | −$182.0M | −$181.0M | −$181.0M | −$182.2M | −$168.0M | −$168.5M | −$168.3M | −$168.6M | −$156.5M |
| Share repurchases & issuance (net) | −$659.0M | −$292.0M | −$271.0M | −$540.0M | −$4.0M | −$55.0M | −$161.3M | −$153.1M | −$167.6M | −$25.3M | −$71.4M | −$187.7M |
| Net borrowing (repayment) | $199.0M | $275.0M | $252.0M | $262.0M | −$362.0M | $540.0M | $130.2M | −$429.0M | — | — | — | −$198.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $250.0M | −$28.0M | −$2.0M | −$3.0M | $3.0M | −$20.0M | $3.4M | −$3.4M | $102.7M | −$7.6M | $881.1M | −$2.5M |
| Cash from financing activities | −$595.0M | −$238.0M | −$215.0M | −$463.0M | −$544.0M | $284.0M | −$209.9M | −$753.5M | −$233.4M | −$201.2M | $641.1M | −$545.5M |
| Summary | ||||||||||||
| Net change in cash | $57.0M | $42.0M | −$8.0M | −$38.0M | $39.0M | $21.0M | −$9.4M | −$385.8M | $433.8M | −$69.1M | −$26.3M | −$19.2M |
| Cash at end of period | $306.0M | $118.0M | $76.0M | $225.0M | $263.0M | $224.0M | $74.0M | $206.0M | $591.8M | $158.4M | $227.5M | $253.8M |
| Free cash flow | $1.51B | $751.0M | $404.0M | $737.0M | $702.0M | $566.0M | $524.4M | $563.6M | $696.0M | $297.0M | $350.6M | $584.2M |
| Free cash flow margin | 34.1% | 18.3% | 9.8% | 17.5% | 16.6% | 14.1% | 13.0% | 13.8% | 17.2% | 7.7% | 9.2% | 15.3% |
| Capex / revenue | 8.8% | 11.6% | 14.0% | 10.5% | 9.6% | 11.4% | 12.3% | 10.8% | 10.0% | 13.3% | 14.3% | 9.6% |
| Operating cash flow / net income | 1.06 | 2.34 | 1.80 | 2.15 | 2.02 | 2.07 | 1.99 | 1.77 | 2.15 | 1.79 | 2.04 | 1.98 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
RSG cash generation
In fiscal 2025 (ended December 31, 2025), Republic Services generated $4.3 billion of cash from operations (up 9.1%) and spent $1.9 billion on capital expenditures, leaving free cash flow of $2.4 billion, 14.5% of revenue. It returned $1.6 billion to shareholders through dividends ($738.0 million) and net share buybacks ($870.0 million). Cash and equivalents rose by $46.0 million over the year.
Related: RSG income statement, RSG balance sheet, RSG dividend history. See the RSG stock overview for the latest quote and news.
RSG cash flow FAQ
What is Republic Services's free cash flow?
Republic Services's free cash flow was $2.4 billion in fiscal 2025: $4.3 billion of operating cash flow minus $1.9 billion of capital expenditures It was $2.1 billion a year earlier..
How much cash does Republic Services generate from operations?
Republic Services generated $4.3 billion of cash from operating activities in fiscal 2025, 2.01 times its net income of $2.1 billion.
How much does Republic Services spend on capital expenditures?
Republic Services spent $1.9 billion on capital expenditures in fiscal 2025, 11.4% of revenue, compared with $1.9 billion the year before.
How much stock does Republic Services buy back?
Republic Services spent $870.0 million on net share repurchases in fiscal 2025.
How much does Republic Services pay in dividends?
Republic Services paid $738.0 million in dividends in fiscal 2025, 30.6% of free cash flow.