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Side-by-side financial comparison of Republic Services (RSG) and Waste Management (WM), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Waste Management is the larger business by last-quarter revenue ($6.3B vs $4.1B, roughly 1.5× Republic Services). Republic Services runs the higher net margin — 13.2% vs 11.8%, a 1.4% gap on every dollar of revenue. On growth, Waste Management posted the faster year-over-year revenue change (7.1% vs 2.2%). Waste Management produced more free cash flow last quarter ($810.0M vs $404.0M). Over the past eight quarters, Waste Management's revenue compounded faster (10.6% CAGR vs 3.5%).
Republic Services, Inc. is a North American waste disposal company whose services include non-hazardous solid waste collection, waste transfer, waste disposal, recycling, and energy services. It is the second largest provider of waste disposal in the United States after Waste Management. Its operations primarily consist of providing collection, transfer, and disposal of non-hazardous solid waste, recovering and recycling of certain materials, and energy services. The company is 35.
Waste management or waste disposal includes the processes and actions required to manage waste from its inception to its final disposal. This includes the collection, transport, treatment, and disposal of waste, together with monitoring and regulation of the waste management process and waste-related laws, technologies, and economic mechanisms.
RSG vs WM — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $4.1B | $6.3B |
| Net Profit | $544.7M | $742.0M |
| Gross Margin | 41.9% | 41.5% |
| Operating Margin | 19.4% | 18.3% |
| Net Margin | 13.2% | 11.8% |
| Revenue YoY | 2.2% | 7.1% |
| Net Profit YoY | 6.3% | 24.1% |
| EPS (diluted) | $1.76 | $1.83 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $4.1B | $6.3B | ||
| Q3 25 | $4.2B | $6.4B | ||
| Q2 25 | $4.2B | $6.4B | ||
| Q1 25 | $4.0B | $6.0B | ||
| Q4 24 | $4.0B | $5.9B | ||
| Q3 24 | $4.1B | $5.6B | ||
| Q2 24 | $4.0B | $5.4B | ||
| Q1 24 | $3.9B | $5.2B |
| Q4 25 | $544.7M | $742.0M | ||
| Q3 25 | $549.7M | $603.0M | ||
| Q2 25 | $549.9M | $726.0M | ||
| Q1 25 | $495.0M | $637.0M | ||
| Q4 24 | $512.2M | $598.0M | ||
| Q3 24 | $565.7M | $760.0M | ||
| Q2 24 | $511.5M | $680.0M | ||
| Q1 24 | $453.8M | $708.0M |
| Q4 25 | 41.9% | 41.5% | ||
| Q3 25 | 41.5% | 40.5% | ||
| Q2 25 | 42.2% | 40.3% | ||
| Q1 25 | 42.3% | 39.4% | ||
| Q4 24 | 42.7% | 39.7% | ||
| Q3 24 | 41.9% | 39.4% | ||
| Q2 24 | 41.1% | 39.1% | ||
| Q1 24 | 40.9% | 39.1% |
| Q4 25 | 19.4% | 18.3% | ||
| Q3 25 | 19.8% | 15.3% | ||
| Q2 25 | 20.3% | 17.9% | ||
| Q1 25 | 20.1% | 16.8% | ||
| Q4 24 | 19.9% | 15.6% | ||
| Q3 24 | 20.8% | 20.0% | ||
| Q2 24 | 20.1% | 18.7% | ||
| Q1 24 | 19.0% | 19.7% |
| Q4 25 | 13.2% | 11.8% | ||
| Q3 25 | 13.1% | 9.4% | ||
| Q2 25 | 13.0% | 11.3% | ||
| Q1 25 | 12.3% | 10.6% | ||
| Q4 24 | 12.7% | 10.1% | ||
| Q3 24 | 13.9% | 13.5% | ||
| Q2 24 | 12.6% | 12.6% | ||
| Q1 24 | 11.8% | 13.7% |
| Q4 25 | $1.76 | $1.83 | ||
| Q3 25 | $1.76 | $1.49 | ||
| Q2 25 | $1.75 | $1.80 | ||
| Q1 25 | $1.58 | $1.58 | ||
| Q4 24 | $1.63 | $1.49 | ||
| Q3 24 | $1.80 | $1.88 | ||
| Q2 24 | $1.62 | $1.69 | ||
| Q1 24 | $1.44 | $1.75 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $76.0M | $201.0M |
| Total DebtLower is stronger | $13.0B | $22.2B |
| Stockholders' EquityBook value | $12.0B | $10.0B |
| Total Assets | $34.4B | $45.8B |
| Debt / EquityLower = less leverage | 1.08× | 2.22× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $76.0M | $201.0M | ||
| Q3 25 | $84.0M | $175.0M | ||
| Q2 25 | $122.0M | $440.0M | ||
| Q1 25 | $83.0M | $216.0M | ||
| Q4 24 | $74.0M | $414.0M | ||
| Q3 24 | $83.4M | $614.0M | ||
| Q2 24 | $490.6M | $172.0M | ||
| Q1 24 | $91.6M | $322.0M |
| Q4 25 | $13.0B | $22.2B | ||
| Q3 25 | $12.4B | $22.5B | ||
| Q2 25 | $12.5B | $23.1B | ||
| Q1 25 | $12.9B | $22.9B | ||
| Q4 24 | $11.9B | $22.5B | ||
| Q3 24 | $12.0B | $16.0B | ||
| Q2 24 | $11.5B | $16.5B | ||
| Q1 24 | $11.4B | $15.8B |
| Q4 25 | $12.0B | $10.0B | ||
| Q3 25 | $11.9B | $9.5B | ||
| Q2 25 | $12.1B | $9.2B | ||
| Q1 25 | $11.7B | $8.7B | ||
| Q4 24 | $11.4B | $8.3B | ||
| Q3 24 | $11.2B | $8.0B | ||
| Q2 24 | $11.0B | $7.5B | ||
| Q1 24 | $10.8B | $7.1B |
| Q4 25 | $34.4B | $45.8B | ||
| Q3 25 | $33.8B | $45.6B | ||
| Q2 25 | $33.4B | $45.7B | ||
| Q1 25 | $33.1B | $44.5B | ||
| Q4 24 | $32.4B | $44.6B | ||
| Q3 24 | $31.8B | $34.7B | ||
| Q2 24 | $31.9B | $34.0B | ||
| Q1 24 | $31.4B | $32.7B |
| Q4 25 | 1.08× | 2.22× | ||
| Q3 25 | 1.04× | 2.36× | ||
| Q2 25 | 1.04× | 2.51× | ||
| Q1 25 | 1.10× | 2.65× | ||
| Q4 24 | 1.04× | 2.73× | ||
| Q3 24 | 1.07× | 2.00× | ||
| Q2 24 | 1.05× | 2.21× | ||
| Q1 24 | 1.05× | 2.23× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $981.0M | $1.7B |
| Free Cash FlowOCF − Capex | $404.0M | $810.0M |
| FCF MarginFCF / Revenue | 9.8% | 12.8% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 14.0% | 14.1% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.80× | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $2.4B | $2.8B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $981.0M | $1.7B | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.0B | $1.2B | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $811.5M | $1.4B |
| Q4 25 | $404.0M | $810.0M | ||
| Q3 25 | $737.0M | $816.0M | ||
| Q2 25 | $702.0M | $813.0M | ||
| Q1 25 | $566.0M | $377.0M | ||
| Q4 24 | $524.4M | $396.0M | ||
| Q3 24 | $563.6M | $577.0M | ||
| Q2 24 | $696.0M | $487.0M | ||
| Q1 24 | $297.0M | $699.0M |
| Q4 25 | 9.8% | 12.8% | ||
| Q3 25 | 17.5% | 12.7% | ||
| Q2 25 | 16.6% | 12.6% | ||
| Q1 25 | 14.1% | 6.3% | ||
| Q4 24 | 13.0% | 6.7% | ||
| Q3 24 | 13.8% | 10.3% | ||
| Q2 24 | 17.2% | 9.0% | ||
| Q1 24 | 7.7% | 13.5% |
| Q4 25 | 14.0% | 14.1% | ||
| Q3 25 | 10.5% | 12.0% | ||
| Q2 25 | 9.6% | 11.4% | ||
| Q1 25 | 11.4% | 13.8% | ||
| Q4 24 | 12.3% | 18.9% | ||
| Q3 24 | 10.8% | 13.9% | ||
| Q2 24 | 10.0% | 12.3% | ||
| Q1 24 | 13.3% | 12.9% |
| Q4 25 | 1.80× | 2.29× | ||
| Q3 25 | 2.15× | 2.64× | ||
| Q2 25 | 2.02× | 2.13× | ||
| Q1 25 | 2.07× | 1.90× | ||
| Q4 24 | 2.00× | 2.53× | ||
| Q3 24 | 1.77× | 1.79× | ||
| Q2 24 | 2.15× | 1.70× | ||
| Q1 24 | 1.79× | 1.93× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
RSG
| Other | $1.1B | 26% |
| Landfill Service Line | $780.0M | 19% |
| Collection Service Line Residential | $761.0M | 18% |
| Transfer Service Line | $458.0M | 11% |
| Environmental Solutions Service Line | $435.0M | 11% |
| Group3Segment | $423.0M | 10% |
| Other Service Line Sale Of Recycled Commodities | $104.0M | 3% |
| Other Service Line Other Noncore | $94.0M | 2% |
| Collection Service Line Other | $18.0M | 0% |
WM
| Commercial | $1.4B | 23% |
| Landfill | $910.0M | 14% |
| Residential | $882.0M | 14% |
| Other Collection | $807.0M | 13% |
| Industrial | $767.0M | 12% |
| Healthcare Solutions | $615.0M | 10% |
| Transfer | $381.0M | 6% |
| Recycling Processing And Sales | $355.0M | 6% |
| Renewable Energy Segment | $157.0M | 2% |
| Service Other | $6.0M | 0% |
