Republic Services reported results for the third quarter and first nine months of 2026 and updated its full-year outlook. The company raised its guidance for adjusted EBITDA and adjusted free cash flow, while leaving its stated ranges for revenue, net income and cash from operations at the levels provided in the update.
Key details
- Revenue: Republic expects 2026 revenue of $17.425 billion to $17.475 billion.
- Net income: It expects net income attributable to Republic Services of $2.210 billion to $2.220 billion.
- Adjusted EBITDA: The company raised its full-year forecast to $5.550 billion to $5.575 billion. Its estimate includes expected income taxes of $520 million to $525 million, net interest expense of $610 million, depreciation, depletion, amortization and accretion of $2.025 billion to $2.035 billion, a $200 million loss from equity-method investments, $30 million of other income and $15 million of restructuring charges.
- Cash from operations: The company expects $4.510 billion to $4.570 billion for the year.
- Adjusted free cash flow: Republic raised its forecast to $2.565 billion to $2.585 billion. The measure starts with cash from operations, subtracts expected property and equipment expenditures of $1.970 billion to $2.010 billion, and adds about $10 million in proceeds from property and equipment sales. It excludes about $15 million of cash restructuring costs, net of tax.
- The company said its outlook reflects current economic conditions. It identified economic and interest-rate changes, tariffs, labor disruptions and the performance of acquisitions among factors that could cause actual results to differ from expectations.
What the changes mean
The higher adjusted EBITDA and adjusted free cash flow ranges indicate improved expectations for those measures compared with Republic’s prior guidance. Both are adjusted measures rather than direct measures of net income or cash available for discretionary spending. In particular, adjusted free cash flow excludes debt service and dividend payments, among other commitments.