RSG · 10-K filed 18 Feb 2026 · year to 31 Dec 2025

Republic Services

28 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Municipalities

earns from · approximately 18% of our total revenue related to residential servicesnamed as a risk

We typically perform residential collection services under contracts with municipalities, which we generally secure through competitive bids, which give us exclusive rights to service all or a portion of the homes in the municipalities.Business (Item 1)

Industrial, petrochemical and refining facilities

earns from · approximately 11% of our revenue

In 2025, approximately 11% of our revenue was derived from environmental solutions.Business (Item 1)

Suppliers

Truck and vehicle components supply chain

depends onnamed as a risk

In particular, disruption of the labor market and supply chains related to vehicles, especially trucks and the mechanical and electrical components necessary to service them, negatively impacts our ability to provide services.Risk factors (Item 1A)

Partners and platforms

Landfill gas-to-energy third-party operators

earns from · 77 landfill gas-to-energy projects

The majority of these projects were developed and are owned and operated by a third party, where we earn a royalty from our supply of landfill gas to the renewable energy production facilities.Business (Item 1)

Ravago (Blue Polymers joint venture)

earns from

In 2023, we announced the development of Blue Polymers, a joint-venture with Ravago JV Holdings, LLC, creating vertical integration that will further advance circularity by acquiring all olefins produced by the Polymer Centers to further process and manufacture custom blended pellets for food-grade and non-food-grade packaging.Business (Item 1)

Other companies

SOFR

exposed to its price · approximately $26 millionnamed as a risk

If interest rates increased or decreased by 100 basis points on our variable rate debt, annualized interest expense and net cash payments for interest would increase or decrease by approximately $26 million.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Collective bargaining agreements

approximately 22% of our workforcenamed as a risk

As of December 31, 2025, approximately 22% of our workforce was covered by collective bargaining agreements.Risk factors (Item 1A)

Also named by APG, BALL, CAG, CARR, HLT, HSY, IEX, KR and 10 more

Consumer price index

exposed to its pricenamed as a risk

Particularly in a weak or volatile United States economy, our costs may increase in excess of the increase, if any, in the consumer price index.Risk factors (Item 1A)

Also named by DOC, NNN, VEEV, VICI, WM, WPC

Places

California

subject tonamed as a risk

At the U.S. state level, California has taken action to require greenhouse gas emission disclosure, as well as information on climate-related financial risks, some of which are subject to legal challenge.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Hazards

PFAS

subject tonamed as a risk

For example, the EPA in 2024 listed two PFAS as hazardous substances under CERCLA, and has indicated it is considering listing additional PFAS as hazardous substances under CERCLA, which could trigger additional obligations or liabilities under CERCLA or other laws and regulations.Risk factors (Item 1A)

Also named by ACHR, APG, CAG, CAVA, CTVA, DD, ES, FDX and 12 more

Hurricanes and wildfires

operates innamed as a risk

For example, we have operations in multiple states that are affected by hurricanes and/or wildfires, and we have seen the impact of storms and associated flooding or other damage in our day-to-day operations and to our infrastructure.Risk factors (Item 1A)

Also named by AXP, UNH

Commodities and inputs

Diesel fuel

exposed to its price · approximately $26 millionnamed as a risk

At current consumption levels, a twenty-cent per gallon change in the price of diesel fuel changes our fuel costs by approximately $26 million on an annual basis.Risk factors (Item 1A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Recycled commodities

exposed to its price · approximately $13 millionnamed as a risk

At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities change both annual revenue and operating income by approximately $13 million.Risk factors (Item 1A)

Also named by CWST, WCN, WM

Old corrugated containers (OCC) and old newsprint (ONP)

earns from · Approximately 83% of our total recycling center volume is fiber basednamed as a risk

Approximately 83% of our total recycling center volume is fiber based and includes OCC, ONP and other mixed paper.Business (Item 1)

Petrochemicals

exposed to its pricenamed as a risk

An increase in the price of petrochemicals could increase the cost of those products, which would increase our operating and capital costs.Risk factors (Item 1A)

Also named by KEX, XOM

Compressed natural gas (CNG)

depends onnamed as a risk

As the CNG industry develops, new regulations, the availability of alternative fuel technologies, fluctuations in the price or availability of CNG or reductions in tax incentives for the use of CNG vehicles could substantially affect our revenue and costs of operations and reduce the benefits sought by investing in CNG vehicles and fueling stations.Risk factors (Item 1A)

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

The United States EPA and various other federal, state, provincial and local authorities administer these regulations.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Atomic Energy Act / U.S. Nuclear Regulatory Commission

subject to

The AEA assigns the United States Nuclear Regulatory Commission (USNRC) regulatory authority over receipt, possession, use and transfer of certain radioactive materials, including disposal.Business (Item 1)

Laws and programs

Renewable Fuel Standard (RFS)

subject to · 84 landfill gas-to-energy and other renewable energy projectsnamed as a risk

Changes in the RFS market, the structure of the RFS program or RIN prices and demand may impact the financial performance of the projects developed to capture and treat gas and could impact or alter our projected future investments.Risk factors (Item 1A)

Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more

Jones Act

subject to · 68 vesselsnamed as a risk

Failure to maintain compliance with these ownership requirements could adversely impact our Group 3 operations.Business (Item 1)

Also named by EPD, GD, KEX, KMI, MPLX, SUN

Canada Landfill Methane Regulations

subject to · 42% below 2019 levels by 2030named as a risk

Additionally, the Canadian federal government finalized new Landfill Methane Regulations in December 2025, which are intended to reduce waste sector methane emissions by 42% below 2019 levels by 2030.Risk factors (Item 1A)

Comprehensive Environmental Response, Compensation and Liability Act (CERCLA)

subject tonamed as a risk

We are a potentially responsible party at many sites under CERCLA, which provides for the remediation of contaminated facilities and imposes strict, joint and several liability for the cost of remediation on current owners and operators of a facility at which there has been a release or a threatened release of a hazardous substance.Risk factors (Item 1A)

Also named by ALSN, AME, BRK/B, BWA, CLH, CMI, DD, GIS and 10 more

Resource Conservation and Recovery Act (RCRA)

subject tonamed as a risk

Compliance with Subtitles C and D regulations has resulted in increased capital expenditures and operating costs and may in the future require substantial additional expenditures in addition to other costs normally associated with our waste management activities.Business (Item 1)

Also named by AN, CDE, CLH, CTAS, ESI, HL, LB, MLM and 7 more

Multiemployer pension plans

named as a risk

Based on the information available to us, we believe that some of the multiemployer plans to which we contribute are either critical or endangered as those terms are defined in the PPA.Risk factors (Item 1A)

Also named by ECG, IBP, LYV, MDLZ, NYT, PWR, STRL, TJX and 3 more

Extended Producer Responsibility laws

subject tonamed as a risk

These laws are intended to shift the cost of recycling from consumers to producers while also mandating increased supply, which could lead to lower commodity prices.Risk factors (Item 1A)

Also named by CAG, COST, HRL, WDFC

Greenhouse Gas Pollution Pricing Act (Canada)

subject tonamed as a risk

In Canada, the federal Greenhouse Gas Pollution Pricing Act imposes a carbon pricing system for industry in provinces and territories that have not implemented carbon pricing systems of their own or, in the opinion of the federal government, have implemented carbon pricing systems that do not align with the federal benchmark requirements.Risk factors (Item 1A)

Also named by ENB, WCN

Flow control regulations

subject tonamed as a risk

Such laws and regulations could negatively affect our operations, resulting in declines in landfill volumes and increased costs of alternate disposal.Risk factors (Item 1A)

Also named by CWST, WM

EPA and NHTSA vehicle emissions and fuel economy standards

subject tonamed as a risk

These standards and further federal efforts to curtail greenhouse gas emissions and to increase the fuel efficiency of light-duty and heavy-duty vehicles could have a material adverse effect on our consolidated financial condition, results of operations and cash flows.Risk factors (Item 1A)