It spends real money on trucks and landfills — and still throws off billions in free cash afterward.
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✦ The bottom line
Republic generated $4.3B of operating cash, spent $1.9B on trucks and sites, and kept ~$2.4B of free cash. Profit was $2.1B.
↓ the brief below
Net income · fiscal year 2025
$2.1
B
A solid profit on $19B of sales — steady margins from disciplined pricing on its routes.
Source · 10-K · Consolidated Statements of Income · FY2025 · Filed Feb 18, 2026
✦ Teach me
Real cash left over
Take the cash the business brings in. Subtract spending on trucks, equipment, and landfills (). What's left is free cash flow — what funds dividends, buybacks, and acquisitions of smaller haulers.
Wall Street calls this
Free cash flow
Free cash flow is what lets Republic pay shareholders and keep buying up rivals.
Free cash flow · fiscal year 2025
~$2.4
B
Operating cash of $4.3B minus $1.9B for trucks and landfills. Real money left to deploy.