10-K comparison

Republic Services (RSG) 10-K risk factor changes: FY2025 vs FY2024

The 2025-12-31 10-K against the 2024-12-31 one, compared heading by heading and sentence by sentence.

Item 1A60 rewritten26 added24 removed252 unchanged

All filing items1,193 rewritten469 added467 removed2,390 unchanged

Republic Services Form 10-K, every itemFY2025, filed 18 February 2026, against FY2024, filed 14 February 2025FY2025 on sec.gov FY2024 on sec.gov Read this filing JSON

Summary

counted, not written

Item 1A lists 32 risk factor headings: 0 new, 8 reworded and 24 unchanged since FY2024. 0 headings from FY2024 no longer appear.
Sentence by sentence, 469 added, 467 removed, 1,193 rewritten and 2,390 unchanged across 21 items that differ.

New Item 1A headings (0)

No risk factor heading in this filing is absent from FY2024.

Removed Item 1A headings (0)

Every FY2024 risk factor heading is still here, word for word or reworded.

Reworded Item 1A headings (8)

Fluctuations in prices [added: and demand] for recycled commodities that we sell to customers may adversely affect our consolidated financial condition, results of operations and cash flows.
The environmental services industry is ~~[removed: a]~~ capital-intensive ~~[removed: industry]~~ and our capital expenditures may exceed current expectations, which could require us to obtain additional funding for our operations or impair our ability to grow our business.
Alternatives to landfill ~~[removed: disposal]~~ [added: disposal, and increasing customer preferences for these alternatives,] could reduce our disposal volumes and cause our revenues and operating results to decline.
We ~~[removed: may be]~~ [added: are periodically] subject to work stoppages and other workforce effects, which ~~[removed: could increase]~~ [added: increases] our operating costs and ~~[removed: disrupt]~~ [added: disrupts] our operations.
Our strategy includes an increasing dependence on ~~[removed: technology]~~ [added: technology, including the use of artificial intelligence (AI),] in our operations. If any of our key technology fails, our business could be adversely affected.
A [added: significant] cybersecurity incident could negatively impact our business and our relationships with ~~[removed: customers.]~~[added: employees, customers and vendors and expose us to increased liability.]
Price increases may not be adequate to offset the effect of increased costs and may cause us to lose ~~[removed: volume.]~~[added: volume and customers.]
The loss of key personnel [added: or the inability to attract, hire or retain key team members and a high-quality workforce] could have a material adverse effect on our consolidated financial condition, results of operations, cash flows and growth prospects.

A heading is new when no FY2024 heading matches it after ignoring case and punctuation, and reworded when it shares at least 60 percent of its words with one that went away. All current risk factor headings.

Sentences by item

24 items, with every count and a link to each item that changed

Item	Added	Removed	Rewritten	Unchanged
Item 1A. RISK FACTORS	26	24	60	252
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	149	117	295	393
Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	5	4	13	24
Item 1. BUSINESS	44	85	126	430
Item 3. LEGAL PROCEEDINGS	1	3	3	11
Cover and table of contents	3	1	29	58
Item 1B. UNRESOLVED STAFF COMMENTS	0	0	0	1
Item 1C. CYBERSECURITY	3	1	7	26
Item 2. PROPERTIES	1	0	4	3
Item 4. MINE SAFETY DISCLOSURES	1	1	0	2
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	8	8	11	27
Item 6. [RESERVED]	1	1	0	0
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	218	218	562	1,040
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	0	0	0	1
Item 9A. CONTROLS AND PROCEDURES	0	1	3	14
Item 9B. OTHER INFORMATION	0	0	1	0
Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	0	0	0	3
Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	0	0	1	0
Item 11. EXECUTIVE COMPENSATION	0	0	1	0
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	1	1	4	9
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	0	0	1	0
Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES	0	0	1	2
Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	5	0	56	49
Item 16. FORM 10-K SUMMARY	3	2	15	45

Item 1A. RISK FACTORS60 rewritten · 26 new · 24 gone
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS295 rewritten · 149 new · 117 gone
Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK13 rewritten · 5 new · 4 gone
Item 1. BUSINESS126 rewritten · 44 new · 85 gone
Item 3. LEGAL PROCEEDINGS3 rewritten · 1 new · 3 gone
Cover and table of contents29 rewritten · 3 new · 1 gone
Item 1C. CYBERSECURITY7 rewritten · 3 new · 1 gone
Item 2. PROPERTIES4 rewritten · 1 new · 0 gone
Item 4. MINE SAFETY DISCLOSURES0 rewritten · 1 new · 1 gone
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES11 rewritten · 8 new · 8 gone
Item 6. [RESERVED]0 rewritten · 1 new · 1 gone
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA562 rewritten · 218 new · 218 gone
Item 9A. CONTROLS AND PROCEDURES3 rewritten · 0 new · 1 gone
Item 9B. OTHER INFORMATION1 rewritten · 0 new · 0 gone
Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE1 rewritten · 0 new · 0 gone
Item 11. EXECUTIVE COMPENSATION1 rewritten · 0 new · 0 gone
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS4 rewritten · 1 new · 1 gone
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE1 rewritten · 0 new · 0 gone
Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES1 rewritten · 0 new · 0 gone
Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES56 rewritten · 5 new · 0 gone
Item 16. FORM 10-K SUMMARY15 rewritten · 3 new · 2 gone

Underlined words on a shaded ground are new in FY2025; ~~struck-through words~~ were in FY2024. Sentences that are wholly new or wholly gone are labelled rather than marked.

Item 1A. RISK FACTORS

60 rewritten, 26 added, 24 removed, 252 unchanged

Rewritten

Among other sections of this Form 10-K, the [added: Business,] Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations include forward-looking statements.

Rewritten

These statements are based upon the current beliefs and expectations of our management and are subject to ~~[removed: risk]~~ [added: risks] and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.

Rewritten

- general economic and market conditions, including inflation and changes in ~~[removed: fuel,]~~ [added: fuel costs,] interest rates, [added: tariffs and] international trade restrictions, labor, ~~[removed: risk,]~~ health insurance and other variable costs that generally are not within our control, and our exposure to credit and counterparty risk;

Rewritten

- fluctuations in prices [added: and demand] for recycled commodities that we sell to customers;

Rewritten

- ~~[removed: price increases]~~ [added: our ability] to [added: increase prices to] our customers, which may not be adequate to offset the impact of increased costs, including labor, third-party disposal and fuel and may cause us to lose volume;

Rewritten

- compliance with existing and future legal and regulatory requirements, including changes relating to ~~[removed: PFAS]~~ [added: per-] and [added: polyfluoroalkyl substances (commonly referred to as PFAS) and] other chemicals of emerging concern and limitations or bans on disposal of certain types of wastes or on the transportation of waste, which could limit our ability to conduct or grow our business, increase our costs to operate or require additional capital expenditures;

Rewritten

- the negative effect [added: on our revenues] that trends toward requiring recycling, waste reduction at the source and prohibiting the disposal of certain types of wastes could have on volumes of waste going to landfills;

Rewritten

- changes ~~[removed: by the Financial Accounting Standards Board or other accounting regulatory bodies]~~ to generally accepted accounting principles or policies;

Rewritten

- the negative impact that a [added: significant] cyber-security incident could have on our business and our relationships with [added: our employees,] customers and ~~[removed: employees;]~~ [added: vendors;] and

Rewritten

The risks ~~[removed: included here]~~ [added: identified in the bullet points above] are not exhaustive.

Rewritten

Refer to the Risk Factors [added: below] in this Item 1A for further discussion regarding our exposure to risks.

Rewritten

~~[removed: You should be aware that any]~~ [added: Any] forward-looking statement in this Annual Report on Form 10-K and the documents incorporated herein by reference or elsewhere, speaks only as of the date on which we make it.

Rewritten

You should not place undue reliance on any ~~[removed: forward-]~~[added: forward-looking statement.]

Rewritten

~~[removed: One of our]~~ [added: Certain] competitors may have greater financial and operational resources than we do.

Rewritten

~~[removed: If we were to lose market share or if we were to]~~ lower prices to address competitive issues, it could negatively impact our consolidated financial condition, results of operations and cash flows.

Rewritten

Our fuel costs were ~~[removed: $470]~~ [added: $466] million in ~~[removed: 2024,]~~ [added: 2025,] or ~~[removed: 2.9%]~~ [added: 2.8%] of revenue, compared to ~~[removed: $542]~~ [added: $470] million in ~~[removed: 2023,]~~ [added: 2024,] or ~~[removed: 3.6%]~~ [added: 2.9%] of revenue.

Rewritten

At current consumption levels, a twenty-cent per gallon change in the price of diesel fuel changes our fuel costs by approximately ~~[removed: $27]~~ [added: $26] million on an annual basis.

Rewritten

At current participation rates, we believe a twenty-cent per gallon change in the price of diesel fuel changes our fuel recovery fee by approximately ~~[removed: $38]~~ [added: $42] million.

Rewritten

We have invested ~~[removed: higher]~~ [added: significant] upfront capital costs ~~[removed: in order]~~ to purchase and support our CNG vehicles and fueling stations in order to reduce our overall fleet operating costs through lower fuel expenses and to create a competitive advantage in communities that focus on protecting the environment.

Rewritten

Fluctuations in prices [added: and demand] for recycled commodities that we sell to customers may adversely affect our consolidated financial condition, results of operations and cash flows.

Rewritten

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 ~~[removed: $11]~~ [added: $13] million.

Rewritten

Changing weather patterns and rising temperatures are expected to result in more ~~[removed: severe heat waves, fires, storms and other extreme weather events.]~~

Rewritten

The environmental services industry is ~~[removed: a]~~ capital-intensive ~~[removed: industry]~~ and our capital expenditures may exceed current expectations, which could require us to obtain additional funding for our operations or impair our ability to grow our business.

Rewritten

Additionally, ~~[removed: if]~~ [added: as] we make acquisitions ~~[removed: or]~~ [added: and] further expand our operations, the amount we spend on capital, capping, closure, post-closure, environmental remediation and other items will increase.

Rewritten

Local communities and citizen groups, adjacent landowners, governmental agencies and others [added: have in the past opposed and] may [added: in the future] oppose the issuance of a permit or approval we may need, allege violations of the permits under which we currently operate or laws or regulations to which we are subject, or seek to impose liability on us for environmental damage.

Rewritten

Alternatives to landfill ~~[removed: disposal]~~ [added: disposal, and increasing customer preferences for these alternatives,] could reduce our disposal volumes and cause our revenues and operating results to decline.

Rewritten

~~[removed: Many of]~~ the ~~[removed: largest companies in the]~~ United States are setting zero-waste goals in which they strive to send no waste to landfills and some jurisdictions have enacted or are considering waste reduction regulations such as extended producer responsibility, organic diversion and minimum recycled content regulations.

Rewritten

Further, even if we can develop such service offerings and lines of business, disposal alternatives nonetheless could ~~[removed: have a negative effect on]~~ [added: negatively affect] our consolidated financial condition, results of operations and cash flows.

Rewritten

The provision of environmental services, including the operation of our facilities, a substantial fleet of trucks and other ~~[removed: waste-related]~~ [added: environmental services-related] assets, involves risks.

Rewritten

We ~~[removed: may be]~~ [added: are periodically] subject to work stoppages and other workforce effects, which ~~[removed: could increase]~~ [added: increases] our operating costs and ~~[removed: disrupt]~~ [added: disrupts] our operations.

Rewritten

As of December 31, ~~[removed: 2024,]~~ [added: 2025,] approximately 22% of our workforce was covered by collective bargaining agreements.

Rewritten

~~[removed: our operations and an increase in]~~ [added: regulations to] our ~~[removed: operating costs, which]~~ [added: landfills] could have ~~[removed: an]~~ [added: a material] adverse effect on our [added: landfill operations and on our] consolidated financial condition, results of operations and cash flows.

Rewritten

We have experienced interrupted service when our union-represented employees have engaged in strikes and work stoppages in the past, [added: including in 2025,] and we would expect the same to occur as a result of any future strikes or work stoppages.

Rewritten

Additional groups of employees may seek union representation in the future which could result in [added: further] increased operating costs.

Rewritten

The execution of our plans and achievement of our goals are subject to risks and uncertainties, including our ability to develop, obtain, license or scale the innovations, technologies and modeling and measurement tools that may be necessary to achieve our plans and the availability, cost and benefits of materials and infrastructure associated with our sustainability projects, such as our CNG vehicles, fleet electrification, recycling, circularity of key materials, landfill ~~[removed: gas-to-energy]~~ [added: gas-to-energy, solar] and other renewable energy projects.

Rewritten

In addition, increasing governmental and societal attention to sustainability matters, including expanding mandatory and voluntary ~~[removed: reporting,]~~ [added: reporting in certain jurisdictions,] diligence and disclosure on topics such as climate change, waste production, water usage, talent management and risk oversight, could expand the nature, scope and complexity of matters that we are required to control, assess and report.

Rewritten

~~[removed: These and other rapidly changing laws, regulations, policies and related interpretations, as well as]~~ increased enforcement actions by various governmental and regulatory agencies, create challenges for us.

Rewritten

In addition, environmental regulatory changes, including those relating to ~~[removed: per- and polyfluoroalkyl substances (commonly referred to as PFAS)]~~ [added: PFAS] and other chemicals of emerging concern, could accelerate or increase expenditures for capping, closure, post-closure and environmental and remediation activities at our waste facilities and obligate us to spend sums in addition to those ~~[removed: presently]~~ accrued for such purposes, which could have a negative effect on our consolidated financial position, results of operations and cash flows.

Rewritten

Our ~~[removed: Group 3]~~ [added: environmental solutions] operations and facilities also are subject to Canadian environmental laws and regulations, including federal and provincial regulations governing the management of hazardous waste, as well as various treaties, laws and regulations governing the ownership, operation and maintenance of maritime vessels used in the business.

Rewritten

Our ~~[removed: Group 3]~~ [added: environmental solutions] operations are also subject to federal statutes regulating the treatment, storage and disposal of certain radioactive materials.

New in FY2025

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New in FY2025

If we were to lose market share or if we were to

New in FY2025

For instance, several states have passed legislation commonly referred to as Extended Producer Responsibility.

New in FY2025

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.

New in FY2025

severe heat waves, fires, storms and other extreme weather events.

New in FY2025

Many of the largest companies in

New in FY2025

When our union-represented employees engage in strikes, work stoppages or other slowdowns, we typically experience disruptions of our operations and increases in our operating costs, which may be significant, and which may have an adverse effect on our consolidated financial condition, results of operations and cash flows.

New in FY2025

These and other rapidly changing laws, regulations, policies and related interpretations, as well as

New in FY2025

The application of these or other greenhouse gas

New in FY2025

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.

New in FY2025

Similar bills have been introduced in other U.S. states; to-date, none have passed into law.

New in FY2025

In April 2025, the Canadian federal government effectively eliminated the fuel charge but the output-based pricing system remains.

New in FY2025

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.

New in FY2025

Our credit ratings depend on a number of factors, many of which are beyond our control, and we may not be able to maintain our investment grade ratings.

New in FY2025

Significant items requiring management to make subjective or complex judgments that are inherently uncertain include the recoverability of long-lived assets, the depletion

New in FY2025

Our operations are increasingly dependent on technology, including AI and machine learning tools that we deploy or that are embedded in systems provided by third parties.

New in FY2025

AI models and tools can produce inaccurate, biased, or inconsistent outputs and may rely on third-party content or training data for which we do not have sufficient rights.

New in FY2025

Dropped from FY2024

[Table of Contents](#ia741dac77d4a44c98e59804b33ecc307_7)

Dropped from FY2024

looking statement.

Dropped from FY2024

For instance, in 2017 the Chinese government imposed strict limits on the import of recyclable materials, including by restricting the amount of contaminants allowed in imported recycled paper.

Dropped from FY2024

These limitations significantly decreased the global demand for recyclable materials and resulted in lower commodity prices.

Dropped from FY2024

In 2024, approximately 82% of our recycling center volume was fiber-based and included OCC, ONP and other mixed paper.

Dropped from FY2024

These permits are also often subject to resistance from citizen or other groups and other political pressures.

Dropped from FY2024

If our union-represented employees engage in strikes, work stoppages or other slowdowns, we could experience a significant disruption of

Dropped from FY2024

carbon dioxide, which also is a greenhouse gas.

Dropped from FY2024

The application of these or other greenhouse gas regulations to our landfills could have a material adverse effect on our landfill operations and on our consolidated financial condition, results of operations and cash flows.

Dropped from FY2024

The carbon levy on fuel is administered by the Canada Revenue Agency and is a carbon tax that applies to the sale of 22 different types of fuel as set out in the statute and its regulations.

Dropped from FY2024

As of 2024, the Fuel Charge is $80 per ton of CO2e and will increase to $95 per ton on April 1, 2025 and to $170 per ton by 2030.

Dropped from FY2024

Additionally, the Canadian federal government proposed draft regulations in June 2024 intended to reduce methane emissions from solid waste landfills, the consultation period for which closed on August 28, 2024.

Dropped from FY2024

The credit rating process is contingent upon a number of factors, many of which are beyond our control.

Dropped from FY2024

We may not be able to maintain our investment grade ratings in the future.

Dropped from FY2024

Our operations are increasingly dependent on technology.

Dropped from FY2024

Also, the

Dropped from FY2024

In September 2024, the U.S. Treasury and the IRS proposed regulations regarding the calculation of the Corporate Alternative Minimum Tax (CAMT).

Dropped from FY2024

The CAMT was enacted as part of the Inflation Reduction Act of 2022 and generally applies to large corporations with average annual financial statement income exceeding $1 billion.

Dropped from FY2024

The proposed regulations include a mathematical formula that would be used to allocate an investor’s distributive share of income and loss from partnership investments, including investments in renewable energy projects through tax equity partnerships accounted for using the Hypothetical Liquidation at Book Value method (HLBV).

Dropped from FY2024

As currently proposed, the application of such mathematical formula to our investments accounted for using HLBV, particularly during the early phases of a renewable energy facility’s operation, could result in us incurring substantial taxes under the CAMT.

Dropped from FY2024

We believe such a result would be both unintended and inconsistent with the underlying policy of the CAMT.

Dropped from FY2024

In response, we have both submitted comments and testified at an IRS hearing to address our concerns.

Dropped from FY2024

If our concerns about this mathematical formula are not addressed in a favorable manner and the regulations are adopted as proposed, they could require the payment of significant additional income taxes that could adversely impact our results of operations or cause unanticipated fluctuations in our results of operations or financial conditions in future periods.

Dropped from FY2024

depreciation expense and accretion expense), which may be difficult to adjust quickly to match declining volume levels.

An excerpt. Shown here: 40 of 60 rewritten, all 26 added and all 24 removed. The counts are complete. For every sentence, read Item 1A. RISK FACTORS in the FY2025 filing and the FY2024 filing.

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

295 rewritten, 149 added, 117 removed, 393 unchanged

Rewritten

For further discussion regarding our results of operations for the year ended December 31, ~~[removed: 2023]~~ [added: 2024] as compared to the year ended December 31, ~~[removed: 2022,]~~ [added: 2023,] refer to Part II, Item 7.

Rewritten

*Management's Discussion and Analysis of Financial Condition and Results of Operations*, in our Annual Report on [Form 10-K for the fiscal year ended December 31, ~~[removed: 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001060391/000106039124000142/rsg-20231231.htm).]~~[added: 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001060391/000106039125000091/rsg-20241231.htm).]

Rewritten

~~[removed: 2025]~~ [added: 2026] Financial Guidance

Rewritten

In ~~[removed: 2025,]~~ [added: 2026,] we will focus on pricing in excess of cost inflation, driving profitable volume growth, investing in sustainability to improve the environment and drive growth, investing in value-creating acquisitions and advancing technology to improve productivity and increase customer retention.

Rewritten

We expect revenue to be in the range of ~~[removed: $16.850]~~ [added: $17.050] billion to ~~[removed: $16.950]~~ [added: $17.150] billion.

Rewritten

We expect growth from average yield on total revenue to be ~~[removed: approximately 4%]~~ [added: in a range of 3.2% to 3.7%] and related revenue to be ~~[removed: approximately 5%.]~~[added: in a range of 4.0% to 4.5%.]

Rewritten

We expect the impact from volume on total revenue to be ~~[removed: in a range of (0.25%) to 0.25%.]~~[added: approximately (1.0)%.]

Rewritten

The following is a summary of anticipated adjusted diluted earnings per share for the year ending December 31, ~~[removed: 2025]~~ [added: 2026] compared to the actual adjusted diluted earnings per share for the year ended December 31, ~~[removed: 2024.]~~[added: 2025.]

Rewritten

| | | | (Anticipated) Year Ending December 31, ~~[removed: 2025]~~ [added: 2026] | | | | | | (Actual) Year Ended December 31, ~~[removed: 2024]~~ [added: 2025] | | |

Rewritten

Rewritten

| Restructuring charges | | | ~~[removed: 0.03]~~ [added: 20] | | | | | | [added: 6 | | | | | | 14 | | | | | | 0.05 | | | | | | 29 | | | | | | 8 | | | | | | 21 | | | | | |] 0.07 | | |

Rewritten

| Gain on business divestitures and impairments, net | | | — | | | | | | ~~[removed: (0.07)]~~ [added: —] | | | [added: | | | (1) | | | | | | — | | | | | | | | | | | | | | |]

Rewritten

| Adjustment to withdrawal liability for multiemployer pension funds | | | [added: 1 | | | | | |] — | | | | | | ~~[removed: (0.02)]~~ [added: —] | | | [added: | | | — | | | | | | | | | | | | | | |]

Rewritten

| ~~[removed: Loss]~~ [added: Gain] on extinguishment of debt and other related ~~[removed: costs]~~ [added: costs, net] | | | — | | | | | | [added: — | | | | | | — | | | | | | — | | | | | | (6) | | | | | | (2) | | | | | | (4) | | | | | |] (0.01) | | |

Rewritten

Rewritten

As of December 31, ~~[removed: 2024,]~~ [added: 2025,] we operated across the United States and Canada through ~~[removed: 367]~~ [added: 377] collection operations, ~~[removed: 248]~~ [added: 255] transfer stations, ~~[removed: 75]~~ [added: 79] recycling centers, ~~[removed: 208]~~ [added: 207] active landfills, 2 treatment, recovery and disposal facilities, ~~[removed: 23]~~ [added: 24] treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, ~~[removed: 14]~~ [added: 15] deep injection ~~[removed: wells]~~ [added: wells, 9 industrial wastewater treatment facilities,] and ~~[removed: 1]~~ [added: 2] polymer ~~[removed: center.]~~[added: centers.]

Rewritten

We are engaged in ~~[removed: 79]~~ [added: 84] landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for ~~[removed: 125]~~ [added: 124] closed landfills.

Rewritten

The following table summarizes our revenue, costs and expenses for the years ended December 31, ~~[removed: 2024]~~ [added: 2025] and ~~[removed: 2023]~~ [added: 2024] (in millions of dollars and as a percentage of revenue):

Rewritten

| Revenue | | | $ | ~~[removed: 16,032]~~ [added: 16,591] | | | | | 100.0 | | % | | | | $ | ~~[removed: 14,965]~~ [added: 16,032] | | | | | 100.0 | | % | | | | | | | | | | | | |

Rewritten

Rewritten

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Rewritten

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| Gain on ~~[removed: business]~~ [added: certain] divestitures and impairments, net | | | ~~[removed: (1)]~~ [added: —] | | | | | | — | | | | | | ~~[removed: (4)]~~ [added: —] | | | | | | — | | | | | | [added: (30)] | | | | | | [added: (8)] | | | [added: | | | (22) | | | | | | (0.07) | | |]

Rewritten

Rewritten

| Operating income | | | $ | ~~[removed: 3,196]~~ [added: 3,302] | | | | | 19.9 | | % | | | | $ | ~~[removed: 2,780]~~ [added: 3,196] | | | | | ~~[removed: 18.5]~~ [added: 19.9] | | % | | | | | | | | | | | | |

Rewritten

Our pre-tax income was ~~[removed: $2,432 million]~~ [added: $2.6 billion] for the year ended December 31, ~~[removed: 2024,]~~ [added: 2025,] compared to ~~[removed: $2,191 million]~~ [added: $2.4 billion] in ~~[removed: 2023.]~~[added: 2024.]

Rewritten

Our net income attributable to Republic Services, Inc. was ~~[removed: $2,043 million,]~~ [added: $2.1 billion,] or ~~[removed: $6.49]~~ [added: $6.85] per diluted share, for ~~[removed: 2024,]~~ [added: 2025,] compared to ~~[removed: $1,731 million,]~~ [added: $2.0 billion,] or ~~[removed: $5.47]~~ [added: $6.49] per diluted share, for ~~[removed: 2023.]~~[added: 2024.]

Rewritten

During ~~[removed: 2024]~~ [added: 2025] and ~~[removed: 2023,]~~ [added: 2024,] we recorded a number of charges, other expenses and benefits that impacted our pre-tax income, tax impact, net income attributable to Republic Services, Inc. (net income – Republic) and diluted earnings per share as noted in the following table (in millions, except per share data).

Rewritten

Additionally, see our *Results of Operations* section of this *Management's Discussion and Analysis of Financial Condition and Results of Operations* for a discussion of other items that impacted our earnings during the years ended December 31, ~~[removed: 2024]~~ [added: 2025] and ~~[removed: 2023.]~~[added: 2024.]

Rewritten

| | | | Year Ended December 31, ~~[removed: 2024]~~ [added: 2025] | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, ~~[removed: 2023]~~ [added: 2024] | | | | | | | | | | | | | | | | | | | | |

Rewritten

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[added: Our definitions of] adjusted [added: pre-tax income, adjusted tax impact, adjusted] net income – Republic, and adjusted diluted earnings per share may not be comparable to similarly titled measures presented by other companies.

Rewritten

*Restructuring charges.* In ~~[removed: 2024]~~ [added: 2025] and ~~[removed: 2023,]~~ [added: 2024,] we incurred restructuring charges of ~~[removed: $29]~~ [added: $20] million and ~~[removed: $33]~~ [added: $29] million, respectively.

Rewritten

We paid ~~[removed: $25]~~ [added: $12] million and ~~[removed: $39]~~ [added: $25] million during ~~[removed: 2024]~~ [added: 2025] and ~~[removed: 2023,]~~ [added: 2024,] respectively, related to these restructuring efforts.

Rewritten

~~[removed: In 2025, we expect to incur restructuring]~~ [added: The 2025] charges ~~[removed: of approximately $15 million,]~~ primarily related to the design and implementation of a new accounts receivable system.

New in FY2025

| Restructuring charges | | | 0.06 | | | | | | 0.05 | | |

New in FY2025

| Labor disruption | | | — | | | | | | 0.12 | | |

New in FY2025

Revenue for the year ended December 31, 2025 increased by 3.5% to $16.6 billion compared to $16.0 billion in 2024.

New in FY2025

This change in revenue is due to increased average yield of 4.1% and acquisitions, net of divestitures of 1.3%, partially offset by decreases in environmental solutions revenue of 1.0%, volume of 0.6%, fuel recovery fees of 0.1% as well as the effect of a decrease in workdays of 0.1%.

New in FY2025

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | | | | | | | | | | | | | |

New in FY2025

| As reported | | | $ | 2,594 | | | | | $ | 455 | | | | | $ | 2,139 | | | | | $ | 6.85 | | | | | $ | 2,432 | | | | | $ | 389 | | | | | $ | 2,043 | | | | | $ | 6.49 | |

New in FY2025

| Labor disruption | | | 56 | | | | | | 18 | | | | | | 38 | | | | | | 0.12 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

New in FY2025

| As adjusted | | | $ | 2,671 | | | | | $ | 479 | | | | | $ | 2,192 | | | | | $ | 7.02 | | | | | $ | 2,417 | | | | | $ | 385 | | | | | $ | 2,032 | | | | | $ | 6.46 | |

New in FY2025

(2) The aggregate impact to adjusted diluted earnings per share totals to less than $0.01 for the year ended December 31, 2025.

New in FY2025

In 2026, we expect to incur restructuring charges of approximately $25 million, primarily related to the continuation of the design and implementation of our new accounts receivable system as well as the conversion of the general ledger, budgeting and procurement enterprise resource planning (ERP) systems for our environmental solutions segment.

New in FY2025

*Labor disruption.* During 2025, we experienced labor disruptions in certain isolated markets.

New in FY2025

The impact of these labor disruptions was $56 million, including $16 million of customer credits and $40 million of cost of operations.

New in FY2025

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

New in FY2025

| | | | 2025 | | | | | | 2024 | | |

New in FY2025

| Other(1) | | | (0.1) | | | | | | — | | |

New in FY2025

(1) Other represents customer credits recognized in connection with recent labor disruptions.

New in FY2025

| | | | | | | | | | | | | | | | 2025 | | | | | | 2024 | | |

New in FY2025

- Volume decreased revenue by 0.6% during 2025 as compared to 2024 due to a decrease in volume in our collection lines of business as well as a decrease in solid waste volumes in our landfill line of business.

New in FY2025

The decline in revenue in our large-container collection line of business was primarily driven by slowing in construction-related activity as well as adverse weather in January and February of 2025.

New in FY2025

The decrease in overall volume as compared to 2024 was partially offset by an increase in construction and demolition and special waste volumes at our landfills.

New in FY2025

The increase was primarily related to Hurricane Helene recovery efforts and the Los Angeles area wildfire remediation.

New in FY2025

These events increased revenue during 2025 by approximately $100 million.

New in FY2025

- Revenue decreased by 0.1% due to the impact of the number of workdays during 2025 as compared to 2024.

New in FY2025

- There was no net change to revenue as a result of recycling processing and commodity sales during 2025.

New in FY2025

In 2025, volume increased at the Las Vegas Polymer Center.

New in FY2025

Volume also increased due to the opening of the Indianapolis Polymer Center and reopening of a recycling center on the west coast.

New in FY2025

This increase was offset by a decrease in overall commodity prices compared to the same period in 2024.

New in FY2025

- During 2025, environmental solutions revenue decreased by 1.0% primarily due to a decline in manufacturing and emergency response activity as well as a decrease in event-based volumes into our landfills.

New in FY2025

In 2024, environmental solutions revenue included approximately $50 million from a non-recurring emergency response project.

New in FY2025

| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |

New in FY2025

| Other | | | 871 | | | | | | 5.3 | | | | | | 796 | | | | | | 5.0 | | |

New in FY2025

| Subtotal | | | 9,590 | | | | | | 57.8 | | | | | | 9,379 | | | | | | 58.5 | | |

New in FY2025

| Labor disruption | | | 40 | | | | | | 0.2 | | | | | | — | | | | | | — | | |

New in FY2025

- Transfer and disposal costs decreased primarily due to a decrease in collection volumes.

New in FY2025

- Transportation and subcontract costs decreased primarily due to a decrease in volume in our environmental solutions business.

Dropped from FY2024

Revenue for the year ended December 31, 2024 increased by 7.1% to $16,032 million compared to $14,965 million in 2023.

Dropped from FY2024

This change in revenue is due to increased average yield of 5.1%, acquisitions, net of divestitures of 2.6%, recycling processing

Dropped from FY2024

[Table of Contents](#ia741dac77d4a44c98e59804b33ecc307_7)

Dropped from FY2024

and commodity sales of 0.5%, change in workdays of 0.3% and environmental solutions revenue of 0.1%, partially offset by decreased volume of 1.1% and fuel recovery fees of 0.4%.

Dropped from FY2024

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | | | | | | | | | | | | | |

Dropped from FY2024

| Adjustment to withdrawal liability for multiemployer pension funds | | | — | | | | | | — | | | | | | 5 | | | | | | — | | | | | | | | | | | | | | |

Dropped from FY2024

| As reported | | | $ | 2,432 | | | | | $ | 389 | | | | | $ | 2,043 | | | | | $ | 6.49 | | | | | $ | 2,191 | | | | | $ | 460 | | | | | $ | 1,731 | | | | | $ | 5.47 | |

Dropped from FY2024

| Restructuring charges | | | 29 | | | | | | 8 | | | | | | 21 | | | | | | 0.07 | | | | | | 33 | | | | | | 8 | | | | | | 25 | | | | | | 0.08 | | |

Dropped from FY2024

| Gain on extinguishment of debt and other related costs, net | | | (6) | | | | | | (2) | | | | | | (4) | | | | | | (0.01) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

Dropped from FY2024

| US Ecology, Inc. acquisition integration and deal costs | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 34 | | | | | | 9 | | | | | | 25 | | | | | | 0.08 | | |

Dropped from FY2024

| As adjusted | | | $ | 2,417 | | | | | $ | 385 | | | | | $ | 2,032 | | | | | $ | 6.46 | | | | | $ | 2,259 | | | | | $ | 484 | | | | | $ | 1,775 | | | | | $ | 5.61 | |

Dropped from FY2024

Our definitions of adjusted pre-tax income, adjusted tax impact,

Dropped from FY2024

Of the 2023 charges, $9 million related to the early termination of certain leases and $24 million related to the redesign of our asset management, and customer and order management software systems.

Dropped from FY2024

Substantially all of these restructuring charges will be recorded in our corporate entities and other segment.

Dropped from FY2024

During 2023,we incurred a loss on the early extinguishment of debt related to the early repayment of a portion of our Term Loan Facility.

Dropped from FY2024

We incurred non-cash charges related to the proportional share of unamortized deferred issuance costs of less than $1 million.

Dropped from FY2024

During 2023, we recorded a net gain of $4 million related to business divestitures and impairments.

Dropped from FY2024

*US Ecology, Inc. acquisition integration and deal costs.* In 2023, we incurred acquisition integration and deal costs of $34 million in connection with the acquisition of US Ecology, which included certain costs to integrate the business.

Dropped from FY2024

The acquisition closed on May 2, 2022, and our integration of the business was substantially complete as of December 31, 2023.

Dropped from FY2024

Consequently, substantially all of this revenue is offset with related subcontract costs, which are recorded in cost of operations.

Dropped from FY2024

| | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

Dropped from FY2024

| | | | 2024 | | | | | | 2023 | | |

Dropped from FY2024

| | | | | | | | | | | | | | | | 2024 | | | | | | 2023 | | |

Dropped from FY2024

- Volume decreased revenue by 1.1% during 2024 as compared to 2023 primarily driven by a decrease in volume in our large container collection line of business, primarily driven by a slowing in construction-related activity.

Dropped from FY2024

- Revenue increased by 0.3% due to the impact of the number of workdays during 2024 as compared to 2023, which drove an increase in volume across all lines of business.

Dropped from FY2024

- Recycling processing and commodity sales increased revenue by 0.5% primarily due to an increase in overall commodity prices as compared to 2023.

Dropped from FY2024

- During 2024, environmental solutions revenue increased by 0.1% primarily due to an increase in event-based volumes and price increases relative to the same period in 2023.

Dropped from FY2024

| Other | | | 796 | | | | | | 5.5 | | | | | | 725 | | | | | | 4.9 | | |

Dropped from FY2024

| Subtotal | | | 9,379 | | | | | | 59.0 | | | | | | 8,943 | | | | | | 59.8 | | |

Dropped from FY2024

| Gain on certain divestitures and impairments, net | | | (29) | | | | | | (0.7) | | | | | | — | | | | | | — | | |

Dropped from FY2024

Acquisition-related growth also contributed to the increase in labor and related benefits.

Dropped from FY2024

- Transfer and disposal costs increased in aggregate dollars primarily due to acquisition-related growth and higher disposal rates.

Dropped from FY2024

*•*Transportation and subcontract costs increased in aggregate dollars due to an increase in transportation rates.

Dropped from FY2024

Acquisition-related growth also contributed to the increase in transportation and subcontract costs.

Dropped from FY2024

- Disposal fees and taxes increased in aggregate dollars in 2024 primarily due to increased royalties and host fees from an increase in volume at certain landfills as compared to 2023.

Dropped from FY2024

- Risk management expenses increased in aggregate dollars primarily due to higher premium costs as well as unfavorable claims development in our auto liability program, partially offset by favorable claims development in our general and worker's compensation liability programs.

Dropped from FY2024

These increases were partially offset by a favorable non-recurring insurance recovery related to a prior year claim.

Dropped from FY2024

| Subtotal | | | 1,674 | | | | | | 10.4 | | | | | | 1,575 | | | | | | 10.5 | | |

Dropped from FY2024

| US Ecology, Inc. acquisition integration and deal costs | | | — | | | | | | — | | | | | | 34 | | | | | | 0.2 | | |

Dropped from FY2024

- Salaries and related benefits increased in aggregate dollars primarily due to higher wages and benefits resulting from annual merit increases as well as higher management incentive expense as a result of outperforming our annual incentive metrics.

An excerpt. Shown here: 40 of 295 rewritten, 40 of 149 added and 40 of 117 removed. The counts are complete. For every sentence, read Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS in the FY2025 filing and the FY2024 filing.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

13 rewritten, 5 added, 4 removed, 24 unchanged

Rewritten

We ~~[removed: intend]~~ [added: seek] to manage interest rate risk through the use of a combination of fixed and ~~[removed: floating]~~ [added: variable] rate debt.

Rewritten

~~[removed: We]~~ [added: In the past, we] have ~~[removed: historically]~~ entered into ~~[removed: multiple]~~ swap agreements designated as cash flow hedges to [added: help] manage exposure to fluctuations in interest rates on our variable rate debt.

Rewritten

Rewritten

The fixed and variable rate debt amounts above exclude the remaining non-cash discounts, premiums and adjustments to fair value totaling ~~[removed: $127]~~ [added: $129] million.

Rewritten

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 ~~[removed: $22]~~ [added: $26] million.

Rewritten

As of December 31, ~~[removed: 2024,]~~ [added: 2025,] we had no fuel hedges in place.

Rewritten

At current consumption levels, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel costs by approximately ~~[removed: $27]~~ [added: $26] million per year.

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~~[removed: Offsetting these changes]~~ [added: Changes] in fuel expense would ~~[removed: result in]~~ [added: be offset by] changes in our fuel recovery fee charged to our customers.

Rewritten

At current participation rates, we believe a twenty-cent per gallon change in the price of diesel fuel would change our fuel recovery fee by approximately ~~[removed: $38]~~ [added: $42] million per year.

Rewritten

Our fuel costs were ~~[removed: $470]~~ [added: $466] million during ~~[removed: 2024,]~~ [added: 2025,] or ~~[removed: 3%]~~ [added: 2.8%] of revenue, compared to ~~[removed: $542]~~ [added: $470] million, or ~~[removed: 4%]~~ [added: 2.9%] of revenue, during ~~[removed: 2023.]~~[added: 2024.]

Rewritten

As of December 31, ~~[removed: 2024,]~~ [added: 2025,] we had no recycling commodity hedges in place.

Rewritten

At current volumes and mix of materials, we believe a $10 per ton change in the price of recycled commodities would change both annual revenue and operating income by approximately ~~[removed: $11]~~ [added: $13] million.

Rewritten

Revenue from recycling processing and commodity sales during the years ended December 31, ~~[removed: 2024]~~ [added: 2025] and ~~[removed: 2023]~~ [added: 2024] was ~~[removed: $409]~~ [added: $433] million and ~~[removed: $312]~~ [added: $409] million, respectively.

New in FY2025

| Amount outstanding (in millions) | | | $ | 514 | | | | | $ | 663 | | | | | $ | 815 | | | | | $ | 1,164 | | | | | $ | 1,113 | | | | | $ | 6,888 | | | | | $ | 11,157 | | | | | $ | 10,945 | |

New in FY2025

| Amount outstanding (in millions) | | | $ | 82 | | | | | $ | — | | | | | $ | 30 | | | | | $ | 1,450 | | | | | $ | 15 | | | | | $ | 976 | | | | | $ | 2,553 | | | | | $ | 2,546 | |

New in FY2025

As of December 31, 2025, we had $2.6 billion of principal variable rate debt.

New in FY2025

Dropped from FY2024

| Amount outstanding (in millions) | | | $ | 863 | | | | | $ | 512 | | | | | $ | 663 | | | | | $ | 814 | | | | | $ | 1,163 | | | | | $ | 6,666 | | | | | $ | 10,681 | | | | | $ | 10,029 | |

Dropped from FY2024

| Amount outstanding (in millions) | | | $ | — | | | | | $ | 82 | | | | | $ | — | | | | | $ | 30 | | | | | $ | 1,016 | | | | | $ | 1,032 | | | | | $ | 2,160 | | | | | $ | 2,152 | |

Dropped from FY2024

As of December 31, 2024, we had $2,160 million of principal floating rate debt.

Dropped from FY2024

[Table of Contents](#ia741dac77d4a44c98e59804b33ecc307_7)

Item 1. BUSINESS

126 rewritten, 44 added, 85 removed, 430 unchanged

Rewritten

Republic [added: Services] is one of the largest providers of environmental services in ~~[removed: the United States,]~~ [added: North America,] as measured by revenue.

Rewritten

We operate across the United States and Canada through ~~[removed: 367]~~ [added: 377] collection operations, ~~[removed: 248]~~ [added: 255] transfer stations, ~~[removed: 75]~~ [added: 79] recycling centers, ~~[removed: 208]~~ [added: 207] active landfills, 2 treatment, recovery and disposal facilities, ~~[removed: 23]~~ [added: 24] treatment, storage and disposal facilities (TSDF), 5 salt water disposal wells, ~~[removed: 14]~~ [added: 15] deep injection wells, [added: 9 industrial wastewater treatment facilities,] and ~~[removed: 1]~~ [added: 2] polymer ~~[removed: center.]~~[added: centers.]

Rewritten

We are engaged in ~~[removed: 79]~~ [added: 84] landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for ~~[removed: 125]~~ [added: 124] closed landfills.

Rewritten

We believe the total addressable ~~[removed: North American]~~ [added: United States and Canada] environmental services market in which we operate generates approximately ~~[removed: $165]~~ [added: $163] billion of annual revenue, which includes the ~~[removed: $105]~~ [added: $110] billion ~~[removed: United States and Canada]~~ recycling and waste industry, ~~[removed: $35]~~ [added: $37] billion of the broader environmental solutions industry, and ~~[removed: $25]~~ [added: $16] billion in sustainability innovation (described below) and emerging waste and recycling technologies.

Rewritten

Within our recycling and waste business, we prioritize investments in market verticals with ~~[removed: above average]~~ [added: above-average] growth rates and higher return profiles.

Rewritten

~~[removed: Environmental]~~ [added: The environmental] solutions [added: market] remains fragmented, which provides consolidation opportunities to drive scale.

Rewritten

~~[removed: We]~~ [added: In our sustainability innovation businesses, we] believe customer demand for products and services that respond to evolving environmental trends, including ~~[removed: decarbonization]~~ [added: circularity] and ~~[removed: circularity,]~~ [added: decarbonization,] should support above average growth rates and attractive ~~[removed: returns in our sustainability innovation businesses.]~~[added: returns.]

Rewritten

We operate throughout ~~[removed: North America,]~~ [added: the United States and Canada,] but the physical collection and recycling or disposal of material is ~~[removed: very much]~~ [added: largely] a local business, and the dynamics and opportunities differ in each ~~[removed: of the markets]~~ [added: market] we serve.

Rewritten

Our strategy is designed to generate profitable growth by sustainably managing our customers’ needs, and it is underpinned by three foundational elements – (1) our market position, (2) our operating model and (3) our people and talent ~~[removed: agenda.]~~[added: focus.]

Rewritten

~~[removed: - Volume Growth *-*]~~ We believe volumes are driven by population growth, household formation and new business formation.

Rewritten

[added: -] Volume [added: Growth *-* Volume] growth through increases in our customer base and service offerings is the most capital efficient method to grow our business.

Rewritten

We seek to obtain long-term contracts for collecting ~~[removed: recyclable,]~~ [added: recyclables,] solid waste and industrial waste ~~[removed: material]~~ under residential collection contracts with municipalities, exclusive franchise agreements, small-container and large-container contracts and environmental solutions service contracts.

Rewritten

We also look to enter into long-term ~~[removed: disposal and]~~ recycling [added: and disposal] contracts with municipalities and other third parties.

Rewritten

By obtaining such long-term agreements, we can grow our contracted revenue base at a rate consistent with the underlying economic growth in [added: these markets.]

Rewritten

~~[removed: In]~~ addition, by securing long-term agreements, we are better able to help ensure we earn an appropriate return on the capital deployed.

Rewritten

- Price Increases *-* We seek to secure price increases necessary to offset increased costs, improve our operating margins and earn an appropriate return on our substantial investments in vehicles, equipment, ~~[removed: recycling centers,]~~ transfer stations, [added: recycling centers,] TSDFs, deep well injection facilities, landfills, and other post-collection infrastructure.

Rewritten

As a key player in the circular economy, we are strategically focused on expanding recycling volume through innovative material handling processes and programs to help our customers achieve their goals related to sustainability and environmentally sound ~~[removed: waste]~~ practices while also generating an appropriate return.

Rewritten

In 2024, we commenced ~~[removed: operation]~~ [added: operations] at our first Polymer Center in Las Vegas, ~~[removed: Nevada, and completed construction at our Polymer Center in Indianapolis, Indiana.]~~[added: Nevada.]

Rewritten

~~[removed: Our]~~ [added: We believe our] Polymer Centers will enable us to produce food-grade drop-in substitutes for virgin plastics, while allowing us to expand ~~[removed: recycling of]~~ plastics [added: circularity] across North America.

Rewritten

[added: In 2025, operations commenced at the first] Blue Polymers ~~[removed: production facilities are currently being constructed]~~ [added: facility] in Indianapolis, Indiana, and [added: a second Blue Polymers facility is currently being constructed in] Buckeye, Arizona.

Rewritten

Our goal is to create market-specific, vertically integrated operations typically consisting of one or more collection operations, ~~[removed: recycling centers,]~~ transfer stations, [added: recycling centers,] TSDFs, deep well injection facilities, and landfills.

Rewritten

We undertake development projects when we believe there is a reasonable probability of success and ~~[removed: where]~~ reasonably priced acquisition opportunities are not available.

Rewritten

We [added: expect to] continue to invest in value-enhancing acquisitions in existing markets.

Rewritten

Our operating model ~~[removed: allows]~~ [added: enables] us to deliver ~~[removed: a]~~ consistent, high-quality service to all our customers through the Republic Way: *One Way.

Rewritten

Republic is ~~[removed: dedicated]~~ [added: committed] to the safety of our employees, customers and the communities we serve.

Rewritten

We have a dedicated team of safety professionals at our corporate headquarters and ~~[removed: in]~~ [added: within] our field operations, led by our Vice President of Environmental Health and Safety who reports directly to our Chief Operating Officer.

Rewritten

Due to the nature of our industry, ~~[removed: we make]~~ safety [added: is] a top ~~[removed: priority]~~ [added: priority,] and we recognize and reward employees for outstanding safety records.

Rewritten

Over the past 10 years, our safety performance (based on OSHA recordable rates) has been ~~[removed: 24%]~~ [added: 23%] better than the industry average.

Rewritten

Our *Think, Choose, Live* ~~[removed: slogan]~~ [added: motto] encapsulates our everyday safety messaging to our employees to: *Think* about what you are doing, *Choose* the safe answer and *Live* to go home to your family.

Rewritten

- Focus Together: This effort is the ~~[removed: very]~~ core of our safety program and is designed to help frontline employees eliminate the six most common types of serious incidents.

Rewritten

Republic drivers have won ~~[removed: 69%]~~ [added: 66%] of the Driver of the Year awards issued for the large truck category since 2009.

Rewritten

- Innovate Together: We employ the latest technologies in our fleet, including [added: driver-supported] automation, rear cameras, in-cab backup alarms and event recording systems, and we take a data-driven approach to support our ~~[removed: employees.]~~

Rewritten

[added: We also work with] equipment manufacturers to incorporate safety elements such as seat belt alarms, blind spot awareness, lane departure alarms and other potentially lifesaving equipment in our fleet.

Rewritten

- further strengthening relationships within the communities we ~~[removed: service;]~~[added: serve;]

Rewritten

- ~~[removed: building]~~ [added: maintaining] and sustaining a safety culture in all areas of our business; and

Rewritten

Approximately ~~[removed: 77%]~~ [added: 79%] of our residential routes have been converted to automated single-driver trucks.

Rewritten

We believe it will also improve our total cost of ownership [added: through reduced operating costs and maintenance,] while providing a competitive advantage in certain communities.

Rewritten

As ~~[removed: electric vehicle]~~ [added: electric-vehicle] technology continues to develop, we expect to further deploy electrification ~~[removed: to]~~ [added: within] our fleet.

Rewritten

As of December 31, ~~[removed: 2024,]~~ [added: 2025,] we operated ~~[removed: 52 electric collection]~~ [added: more than 180 electric-collection] vehicles and had ~~[removed: 22 commercial scale]~~ [added: 32 commercial-scale] electric charging facilities.

Rewritten

Based on an industry trade publication, we operate the third largest vocational [added: truck] fleet in the United States.

New in FY2025

Several key drivers of internal growth are discussed below:

New in FY2025

In 2025, we commenced operations at our second Polymer Center in Indianapolis, Indiana and construction began at our third Polymer Center in Allentown, Pennsylvania.

New in FY2025

employees.

New in FY2025

| Small-container | | | | | | 5,600 | | | | | | 7.3 | | |

New in FY2025

| Large-container | | | | | | 4,900 | | | | | | 8.8 | | |

New in FY2025

We review key progress metrics such as engagement and turnover

New in FY2025

Our commitment to paying market competitive wages enables us to

New in FY2025

attract and hire talent all across the country.

New in FY2025

service verification communications and enhancing the employee experience by providing better tools and technology designed around employee interaction.

New in FY2025

(3) SBTi, or Science Based Targets initiative, is a corporate climate action organization that helps companies set targets to reduce their GHG emissions in line with the goals of the Paris Agreement.

New in FY2025

(4) Interim goal of achieving 10% emissions reduction by 2025 was achieved in fiscal year 2023.

New in FY2025

transfer stations and landfills.

New in FY2025

In 2025, we commenced operations at our second Polymer Center in Indianapolis, Indiana and began construction at our third Polymer Center in Allentown, Pennsylvania.

New in FY2025

We plan to commence operations at our Allentown, Pennsylvania Polymer Center in 2027.

New in FY2025

As of December 31, 2025, we were engaged in 77 landfill gas-to-energy projects at our landfills.

New in FY2025

In addition, we

New in FY2025

under certain circumstances, to reduce the quantity of pollutants in those discharges.

New in FY2025

The Trump Administration has proposed to repeal certain EPA vehicle emissions standards and decrease certain NHTSA fuel economy standards.

New in FY2025

recycled content in certain types of packaging, including California.

New in FY2025

Failure to maintain compliance with these ownership requirements could adversely impact our Group 3 operations.

New in FY2025

We believe that additional security and environmental related regulations could be imposed on the maritime industry affecting our Group 3 operations.

New in FY2025

For example, in 2023, California became the first U.S. state to

New in FY2025

require annual greenhouse gas emission disclosure, as well as biennial disclosure of information on climate-related financial risks.

Dropped from FY2024

[Table of Contents](#ia741dac77d4a44c98e59804b33ecc307_7)

Dropped from FY2024

these markets.

Dropped from FY2024

We also work with

Dropped from FY2024

| Small-container | | | | | | 5,500 | | | | | | 7.2 | | |

Dropped from FY2024

| Large-container | | | | | | 4,800 | | | | | | 9.0 | | |

Dropped from FY2024

We review key

Dropped from FY2024

We continue to improve representation of diverse groups across all levels of the Company.

Dropped from FY2024

In May 2024, we launched a new BRG called AAPI in support of the Asian American and Pacific Islander community.

Dropped from FY2024

Our commitment to paying market competitive wages enables us to attract and hire talent all across the country, including an expansion of many opportunities to work remotely.

Dropped from FY2024

We expect the deployment of this technology to be complete in late 2025.

Dropped from FY2024

(3) SBTi, or Science Based Targets initiative, is a collaboration between CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature.

Dropped from FY2024

(4) Interim target achieved early, in fiscal year 2023.

Dropped from FY2024

Management Team

Dropped from FY2024

We believe that building and blending a diverse team of strong industry veterans, along with talented people from other industries who bring unique skill sets, will contribute to what we call our Composite Strength.

Dropped from FY2024

Composite Strength combines the vast, varied experience and capability of both strong environmental services industry veterans and talented people from other industries.

Dropped from FY2024

Additionally, Composite Strength helps ensure the continuity of leadership and preservation of institutional knowledge, while also bringing in skills and new ideas from other companies outside of our industry - many of them from leading companies.

Dropped from FY2024

*Jon Vander Ark* was named Chief Executive Officer in 2021.

Dropped from FY2024

Since joining Republic in 2013, Mr. Vander Ark has held management roles of increasing responsibility, including Executive Vice President, Chief Marketing Officer, Executive Vice President, Operations, Executive Vice President, Chief Operating Officer, President and his current role as President and Chief Executive Officer.

Dropped from FY2024

Prior to joining the Company, he served as a partner at McKinsey & Company’s Detroit office, managing clients across a variety of industries, including transportation, logistics, manufacturing and consumer products.

Dropped from FY2024

Mr. Vander Ark serves on the Board of Directors of Lennox International Inc.

Dropped from FY2024

*Brian Bales* was named Executive Vice President, Chief Development Officer in February 2015.

Dropped from FY2024

Mr. Bales has been with Republic for over 25 years, serving as Executive Vice President, Business Development from December 2008 to February 2015 and Vice President, Corporate Development from 1998 to December 2008.

Dropped from FY2024

Prior to his time at Republic, Mr. Bales held roles of increasing responsibility in finance and business development for Ryder System, Inc. from 1993 to 1998 and served as chief financial officer for EDIFEX & VTA Communications from 1988 through 1993.

Dropped from FY2024

Prior to that, Mr. Bales was an accountant for PwC (formerly Price Waterhouse) from 1986 to 1988.

Dropped from FY2024

Mr. Bales serves on the Board of Directors of RB Global, Inc.

Dropped from FY2024

*Gregg Brummer* was named Executive Vice President, Chief Operating Officer in August 2023.

Dropped from FY2024

Prior to his current role, Mr. Brummer served as Senior Vice President, Operations from June 2019 to August 2023 where he was responsible for maximizing field performance, ensuring superior service delivery, executing the operating plan, and achieving financial and operational results across the Company.

Dropped from FY2024

Mr. Brummer joined the Company in January 2014 as Area President, a role he held until June 2019.

Dropped from FY2024

Prior to joining the Company, Mr. Brummer was a Regional Vice President as well as General Manager at BlueLinx Corporation and held various leadership positions at Georgia Pacific Corporation.

Dropped from FY2024

*Brian DelGhiaccio* was named Executive Vice President, Chief Financial Officer in June 2020.

Dropped from FY2024

Mr. DelGhiaccio has over 25 years of experience with Republic in a variety of roles of increasing responsibility.

Dropped from FY2024

He was named Executive Vice President and Chief Transformation Officer in June 2019.

Dropped from FY2024

Before that, Mr. DelGhiaccio served as Vice President, Investor Relations from 2012 to 2014, progressed to Senior Vice President, Finance from 2014 to 2017 and then to Senior Vice President, Business Transformation in 2017.

Dropped from FY2024

Prior to his time at Republic, Mr. DelGhiaccio worked in the audit practice of Arthur Andersen.

Dropped from FY2024

Mr. DelGhiaccio serves on the Board of Directors of Aramark.

Dropped from FY2024

*Catharine D.

Dropped from FY2024

Ellingsen* was named Executive Vice President, Chief Legal Officer, Chief Ethics & Compliance Officer and Corporate Secretary in June 2016.

Dropped from FY2024

Ms. Ellingsen has over 20 years of experience with Republic in a variety of roles of increasing responsibility.

Dropped from FY2024

She was named Managing Corporate Counsel in January 2003, Director, Legal and Associate General Counsel in January 2005 and Vice President and Deputy General Counsel in June 2007.

Dropped from FY2024

Ms. Ellingsen was named Senior Vice President, Human Resources in August 2011 and served in that position until June 2016.

An excerpt. Shown here: 40 of 126 rewritten, 40 of 44 added and 40 of 85 removed. The counts are complete. For every sentence, read Item 1. BUSINESS in the FY2025 filing and the FY2024 filing.

Item 3. LEGAL PROCEEDINGS

3 rewritten, 1 added, 3 removed, 11 unchanged

Rewritten

As used in the immediately following paragraph, the term *legal proceedings* refers to litigation and similar claims against us and our subsidiaries, excluding: (1) ordinary course accidents, general commercial liability and workers' compensation claims, which are covered by insurance programs, subject to customary deductibles, and which, together with self-insured employee health care costs, are discussed in Note 7, *Other Liabilities,* to our audited consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K; and (2) environmental remediation liabilities, which totaled ~~[removed: $447]~~ [added: $443] million at December 31, ~~[removed: 2024]~~ [added: 2025] and which are discussed in Note 8, *Landfill and Environmental Costs,* to our audited consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K*.*

Rewritten

Where we ~~[removed: are able to]~~ [added: can] reasonably estimate a range of losses we may incur ~~[removed: with respect to]~~ [added: regarding such] a matter, we record an accrual for the amount within the range that constitutes our best estimate.

Rewritten

If we ~~[removed: are able to]~~ [added: can] reasonably estimate a range but no amount within the range appears to be a better estimate than any other, we use the amount that is the low end of such range.

New in FY2025

As of December 31, 2025, we estimate that the probable and reasonably estimable outcomes of any such legal proceedings, as well as the aggregate potential liability using reasonably possible high ends of our ranges, are immaterial to the Company's consolidated financial statements.

Dropped from FY2024

We have recorded an aggregate accrual of approximately $13 million relating to our outstanding legal proceedings as of December 31, 2024.

Dropped from FY2024

If we had used the high ends of such ranges, our aggregate potential liability would be approximately $6 million higher than the amount recorded as of December 31, 2024.

Dropped from FY2024

[Table of Contents](#ia741dac77d4a44c98e59804b33ecc307_7)

Cover and table of contents

29 rewritten, 3 added, 1 removed, 58 unchanged

Rewritten

For the fiscal year ended December 31, ~~[removed: 2024]~~[added: 2025]

Rewritten

| ~~[removed: 18500]~~ [added: 5353 East City] North ~~[removed: Allied Way]~~ [added: Drive] Phoenix, Arizona | | | 85054 *(Zip Code)* | | |

Rewritten

As of June 30, ~~[removed: 2024,]~~ [added: 2025,] the aggregate market value of the shares of the Common Stock held by non-affiliates of the registrant was ~~[removed: $61.0]~~ [added: $77.0] billion.

Rewritten

As of February ~~[removed: 6, 2025,]~~ [added: 10, 2026,] the registrant had outstanding ~~[removed: 312,284,953]~~ [added: 308,804,970] shares of Common Stock (excluding treasury shares of ~~[removed: 907,491).]~~[added: 4,827,437).]

Rewritten

Portions of the Registrant’s Proxy Statement relative to the ~~[removed: 2025]~~ [added: 2026] Annual Meeting of Shareholders are incorporated by reference in Part III hereof.

Rewritten

| Item 1A. | | | [Risk Factors](#ia741dac77d4a44c98e59804b33ecc307_16) | | | ~~[removed: [20](#ia741dac77d4a44c98e59804b33ecc307_16)]~~ [added: [19](#ia741dac77d4a44c98e59804b33ecc307_16)] | | |

Rewritten

| Item 1B. | | | [Unresolved Staff Comments](#ia741dac77d4a44c98e59804b33ecc307_19) | | | ~~[removed: [31](#ia741dac77d4a44c98e59804b33ecc307_19)]~~ [added: [29](#ia741dac77d4a44c98e59804b33ecc307_19)] | | |

Rewritten

| Item 1C. | | | Cybersecurity | | | ~~[removed: [31](#ia741dac77d4a44c98e59804b33ecc307_2093)]~~ [added: [29](#ia741dac77d4a44c98e59804b33ecc307_2093)] | | |

Rewritten

| Item 2. | | | [Properties](#ia741dac77d4a44c98e59804b33ecc307_22) | | | ~~[removed: [32](#ia741dac77d4a44c98e59804b33ecc307_22)]~~ [added: [30](#ia741dac77d4a44c98e59804b33ecc307_22)] | | |

Rewritten

| Item 3. | | | [Legal Proceedings](#ia741dac77d4a44c98e59804b33ecc307_25) | | | ~~[removed: [32](#ia741dac77d4a44c98e59804b33ecc307_25)]~~ [added: [31](#ia741dac77d4a44c98e59804b33ecc307_25)] | | |

Rewritten

| Item 4. | | | [Mine Safety Disclosures](#ia741dac77d4a44c98e59804b33ecc307_28) | | | ~~[removed: [33](#ia741dac77d4a44c98e59804b33ecc307_28)]~~ [added: [31](#ia741dac77d4a44c98e59804b33ecc307_28)] | | |

Rewritten

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ia741dac77d4a44c98e59804b33ecc307_34) | | | ~~[removed: [34](#ia741dac77d4a44c98e59804b33ecc307_34)]~~ [added: [32](#ia741dac77d4a44c98e59804b33ecc307_34)] | | |

Rewritten

| Item 6. | | | \[Reserved\] | | | ~~[removed: [35](#ia741dac77d4a44c98e59804b33ecc307_37)]~~ [added: [33](#ia741dac77d4a44c98e59804b33ecc307_37)] | | |

Rewritten

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ia741dac77d4a44c98e59804b33ecc307_43) | | | ~~[removed: [36](#ia741dac77d4a44c98e59804b33ecc307_43)]~~ [added: [34](#ia741dac77d4a44c98e59804b33ecc307_43)] | | |

Rewritten

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market Risk](#ia741dac77d4a44c98e59804b33ecc307_79) | | | ~~[removed: [59](#ia741dac77d4a44c98e59804b33ecc307_79)]~~ [added: [57](#ia741dac77d4a44c98e59804b33ecc307_79)] | | |

Rewritten

| Item 8. | | | [Financial Statements and Supplementary Data](#ia741dac77d4a44c98e59804b33ecc307_82) | | | ~~[removed: [61](#ia741dac77d4a44c98e59804b33ecc307_82)]~~ [added: [59](#ia741dac77d4a44c98e59804b33ecc307_82)] | | |

Rewritten

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#ia741dac77d4a44c98e59804b33ecc307_178) | | | ~~[removed: [110](#ia741dac77d4a44c98e59804b33ecc307_178)]~~ [added: [107](#ia741dac77d4a44c98e59804b33ecc307_178)] | | |

Rewritten

| Item 9A. | | | [Controls and Procedures](#ia741dac77d4a44c98e59804b33ecc307_181) | | | ~~[removed: [110](#ia741dac77d4a44c98e59804b33ecc307_181)]~~ [added: [107](#ia741dac77d4a44c98e59804b33ecc307_181)] | | |

Rewritten

| Item 9B. | | | [Other Information](#ia741dac77d4a44c98e59804b33ecc307_184) | | | ~~[removed: [111](#ia741dac77d4a44c98e59804b33ecc307_184)]~~ [added: [108](#ia741dac77d4a44c98e59804b33ecc307_184)] | | |

Rewritten

| Item 9C. | | | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | | | ~~[removed: [111](#ia741dac77d4a44c98e59804b33ecc307_1099511629844)]~~ [added: [108](#ia741dac77d4a44c98e59804b33ecc307_1099511629844)] | | |

Rewritten

| Item 10. | | | [Directors, Executive Officers and Corporate Governance](#ia741dac77d4a44c98e59804b33ecc307_190) | | | ~~[removed: [112](#ia741dac77d4a44c98e59804b33ecc307_190)]~~ [added: [109](#ia741dac77d4a44c98e59804b33ecc307_190)] | | |

Rewritten

| Item 11. | | | [Executive Compensation](#ia741dac77d4a44c98e59804b33ecc307_193) | | | ~~[removed: [112](#ia741dac77d4a44c98e59804b33ecc307_193)]~~ [added: [109](#ia741dac77d4a44c98e59804b33ecc307_193)] | | |

Rewritten

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ia741dac77d4a44c98e59804b33ecc307_196) | | | ~~[removed: [112](#ia741dac77d4a44c98e59804b33ecc307_196)]~~ [added: [109](#ia741dac77d4a44c98e59804b33ecc307_196)] | | |

Rewritten

| Item 13. | | | [Certain Relationships and Related Transactions](#ia741dac77d4a44c98e59804b33ecc307_199) [and Director Independence](#ia741dac77d4a44c98e59804b33ecc307_199) | | | ~~[removed: [112](#ia741dac77d4a44c98e59804b33ecc307_199)]~~ [added: [109](#ia741dac77d4a44c98e59804b33ecc307_199)] | | |

Rewritten

| Item 14. | | | [Principal Accountant Fees and Services](#ia741dac77d4a44c98e59804b33ecc307_202) | | | ~~[removed: [112](#ia741dac77d4a44c98e59804b33ecc307_202)]~~ [added: [109](#ia741dac77d4a44c98e59804b33ecc307_202)] | | |

Rewritten

| Item 15. | | | [Exhibits and Financial Statement Schedules](#ia741dac77d4a44c98e59804b33ecc307_208) | | | ~~[removed: [113](#ia741dac77d4a44c98e59804b33ecc307_208)]~~ [added: [110](#ia741dac77d4a44c98e59804b33ecc307_208)] | | |

Rewritten

| Item 16. | | | Form 10-K Summary | | | ~~[removed: [117](#ia741dac77d4a44c98e59804b33ecc307_211)]~~ [added: [114](#ia741dac77d4a44c98e59804b33ecc307_211)] | | |

Rewritten

| | | | [Signatures](#ia741dac77d4a44c98e59804b33ecc307_214) | | | ~~[removed: [118](#ia741dac77d4a44c98e59804b33ecc307_214)]~~ [added: [115](#ia741dac77d4a44c98e59804b33ecc307_214)] | | |

Rewritten

Unless the context requires otherwise, all references in this Form 10-K to Republic, [added: Republic Services,] the Company, we, us and our refer to Republic Services, Inc. and its consolidated subsidiaries.

New in FY2025

Dropped from FY2024

[Table of Contents](#ia741dac77d4a44c98e59804b33ecc307_7)

Item 1C. CYBERSECURITY

7 rewritten, 3 added, 1 removed, 26 unchanged

Rewritten

~~[removed: e.Cybersecurity]~~ [added: g.Cybersecurity] assessments and remediation planning as part of our M&A due diligence process;

Rewritten

~~[removed: f.Identity]~~ [added: h.Identity] and access management controls;

Rewritten

~~[removed: g.Third-party]~~ [added: i.Third-party] risk assessment and management for vendors and third-party service providers; and

Rewritten

~~[removed: h.Cyber]~~ [added: j.Cyber] incident tabletop exercises for our Board of Directors and management.

Rewritten

On an annual basis, our Board of Directors meets with our CISO and our third-party cybersecurity consultant to review our cybersecurity strategy and the results of our [added: consultant's] NIST CSF assessment.

Rewritten

For a discussion regarding risks from cybersecurity threats that have [added: affected] or are reasonably likely to affect the company, see our risk factors, including the risk factors titled “Our strategy includes an increasing dependence on ~~[removed: technology]~~ [added: technology, including the use of artificial intelligence (AI),] in our operations.

Rewritten

If any of our key technology fails, our business could be adversely affected.” and “A [added: significant] cybersecurity incident could negatively impact our business and our relationships with ~~[removed: customers.”]~~ [added: employees, customers and vendors and expose us to increased liability."] in Item 1A of this Annual Report on Form 10-K.

New in FY2025

e.Operational technology assessments, testing, and incident response;

New in FY2025

f.Assessing and securing artificial intelligence (AI) enabled services and technologies;

Dropped from FY2024

[Table of Contents](#ia741dac77d4a44c98e59804b33ecc307_7)

Item 2. PROPERTIES

4 rewritten, 1 added, 0 removed, 3 unchanged

Rewritten

Our corporate office is located at ~~[removed: 18500]~~ [added: 5353 East City] North ~~[removed: Allied Way,]~~ [added: Drive,] Phoenix, Arizona 85054, where we ~~[removed: currently]~~ lease approximately ~~[removed: 150,000]~~ [added: 250,000] square feet of office space.

Rewritten

As of December 31, ~~[removed: 2024,]~~ [added: 2025,] we operated across the United States and Canada through ~~[removed: 367]~~ [added: 377] collection operations, ~~[removed: 248]~~ [added: 255] transfer stations, ~~[removed: 75]~~ [added: 79] recycling centers, ~~[removed: 208]~~ [added: 207] active landfills, 2 treatment, recovery and disposal facilities, ~~[removed: 23]~~ [added: 24] TSDFs, 5 salt water disposal wells, ~~[removed: 14]~~ [added: 15] deep injection ~~[removed: wells]~~ [added: wells, 9 industrial wastewater treatment facilities,] and ~~[removed: 1]~~ [added: 2] polymer ~~[removed: center.]~~[added: centers.]

Rewritten

In the aggregate, our active solid waste landfills total ~~[removed: 118,938]~~ [added: 118,918] acres, including 41,158 permitted acres.

Rewritten

We are engaged in ~~[removed: 79]~~ [added: 84] landfill gas-to-energy and other renewable energy projects and had post-closure responsibility for ~~[removed: 125]~~ [added: 124] closed landfills.

New in FY2025

Item 4. MINE SAFETY DISCLOSURES

0 rewritten, 1 added, 1 removed, 2 unchanged

New in FY2025

Dropped from FY2024

[Table of Contents](#ia741dac77d4a44c98e59804b33ecc307_7)

Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

11 rewritten, 8 added, 8 removed, 27 unchanged

Rewritten

There were ~~[removed: 460]~~ [added: 440] holders of record of our common stock at February ~~[removed: 6, 2025,]~~ [added: 10, 2026,] which does not include beneficial owners for whom Cede & Co. or others act as nominees.

Rewritten

In ~~[removed: January]~~ [added: October] 2025, our Board of Directors declared a regular quarterly dividend of ~~[removed: $0.580]~~ [added: $0.625] per share for shareholders of record on January 2, ~~[removed: 2025.]~~[added: 2026.]

Rewritten

As of December 31, ~~[removed: 2024,]~~ [added: 2025,] we were in compliance with those financial covenants.

Rewritten

The following table provides information relating to our purchases of shares of our common stock during the three months ended December 31, ~~[removed: 2024:]~~[added: 2025:]

Rewritten

(a)In October 2023, our Board of Directors approved a $3 billion share repurchase authorization effective ~~[removed: starting]~~ January 1, 2024 and extending through December 31, 2026.

Rewritten

As of December 31, ~~[removed: 2024,]~~ [added: 2025,] there were ~~[removed: less than 1 million]~~ [added: no] repurchased shares pending settlement.

Rewritten

There were no sales of unregistered securities during the three months ended December 31, ~~[removed: 2024.]~~[added: 2025.]

Rewritten

The graph covers the period from December 31, ~~[removed: 2019]~~ [added: 2020] to December 31, ~~[removed: 2024]~~ [added: 2025] and assumes that the value of the investment in our common stock and in each index was $100 as of December 31, ~~[removed: 2019]~~ [added: 2020] and that all dividends were reinvested.

Rewritten

~~[removed: ![3213](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/rsg-20241231_g1.jpg)]~~[added: ![3213](https://www.sec.gov/Archives/edgar/data/1060391/000106039126000094/rsg-20251231_g1.jpg)]

Rewritten

Rewritten

New in FY2025

| October 1 – 31 | | | 678,563 | | | | | | $ | 223.65 | | | | | 678,563 | | | | | | $ | 1,774,604,691 | |

New in FY2025

| November 1 – 30 | | | 525,000 | | | | | | $ | 205.83 | | | | | 525,000 | | | | | | $ | 1,666,544,939 | |

New in FY2025

| December 1 – 31 | | | 50,000 | | | | | | $ | 208.21 | | | | | 50,000 | | | | | | $ | 1,656,134,454 | |

New in FY2025

| | | | 1,253,563 | | | | | | | | | | | | 1,253,563 | | | | | | | | |

New in FY2025

| Republic Services, Inc. | | | $ | 100 | | | | | $ | 147 | | | | | $ | 138 | | | | | $ | 179 | | | | | $ | 220 | | | | | $ | 234 | |

New in FY2025

| S&P 500 Index | | | $ | 100 | | | | | $ | 129 | | | | | $ | 105 | | | | | $ | 133 | | | | | $ | 166 | | | | | $ | 196 | |

New in FY2025

| DJ W&DS Index | | | $ | 100 | | | | | $ | 140 | | | | | $ | 132 | | | | | $ | 156 | | | | | $ | 186 | | | | | $ | 196 | |

Dropped from FY2024

| October 1 – 31 | | | 213,887 | | | | | | $ | 199.63 | | | | | 213,887 | | | | | | $ | 2,636,641,614 | |

Dropped from FY2024

| November 1 – 30 | | | 175,021 | | | | | | $ | 199.14 | | | | | 175,021 | | | | | | $ | 2,601,787,584 | |

Dropped from FY2024

| December 1 – 31 | | | 400,000 | | | | | | $ | 203.41 | | | | | 400,000 | | | | | | $ | 2,520,421,874 | |

Dropped from FY2024

| | | | 788,908 | | | | | | | | | | | | 788,908 | | | | | | | | |

Dropped from FY2024

[Table of Contents](#ia741dac77d4a44c98e59804b33ecc307_7)

Dropped from FY2024

| Republic Services, Inc. | | | $ | 100 | | | | | $ | 110 | | | | | $ | 161 | | | | | $ | 151 | | | | | $ | 196 | | | | | $ | 241 | |

Dropped from FY2024

| S&P 500 Index | | | $ | 100 | | | | | $ | 118 | | | | | $ | 152 | | | | | $ | 125 | | | | | $ | 158 | | | | | $ | 197 | |

Dropped from FY2024

| DJ W&DS Index | | | $ | 100 | | | | | $ | 107 | | | | | $ | 149 | | | | | $ | 141 | | | | | $ | 166 | | | | | $ | 198 | |

Item 6. [RESERVED]

0 rewritten, 1 added, 1 removed, 0 unchanged

New in FY2025

Dropped from FY2024

[Table of Contents](#ia741dac77d4a44c98e59804b33ecc307_7)

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

562 rewritten, 218 added, 218 removed, 1,040 unchanged

Rewritten

| ~~[removed: [Report]~~ [added: Report] of Independent Registered Public Accounting ~~[removed: Firm](#ia741dac77d4a44c98e59804b33ecc307_85)]~~ [added: Firm] (PCAOB ID: 42) | | | ~~[removed: [62](#ia741dac77d4a44c98e59804b33ecc307_85)]~~ [added: [60](#ia741dac77d4a44c98e59804b33ecc307_88)] | | |

Rewritten

| [Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting](#ia741dac77d4a44c98e59804b33ecc307_88) (PCAOB ID: 42) | | | ~~[removed: [64](#ia741dac77d4a44c98e59804b33ecc307_88)]~~ [added: [62](#ia741dac77d4a44c98e59804b33ecc307_2171)] | | |

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| Consolidated Balance Sheets as of December 31, ~~[removed: 2024]~~ [added: 2025] and ~~[removed: 2023]~~ [added: 2024] | | | ~~[removed: [65](#ia741dac77d4a44c98e59804b33ecc307_91)]~~ [added: [63](#ia741dac77d4a44c98e59804b33ecc307_91)] | | |

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| [Consolidated Statement](#ia741dac77d4a44c98e59804b33ecc307_94)[s of](#ia741dac77d4a44c98e59804b33ecc307_94) [Income for Each of the Three Years in the Period Ended](#ia741dac77d4a44c98e59804b33ecc307_94) December 31, ~~[removed: 2024]~~ [added: 2025] | | | ~~[removed: [66](#ia741dac77d4a44c98e59804b33ecc307_94)]~~ [added: [64](#ia741dac77d4a44c98e59804b33ecc307_94)] | | |

Rewritten

| Consolidated Statements of Comprehensive Income for Each of the Three Years in the Period Ended December 31, ~~[removed: 2024]~~ [added: 2025] | | | ~~[removed: [67](#ia741dac77d4a44c98e59804b33ecc307_97)]~~ [added: [65](#ia741dac77d4a44c98e59804b33ecc307_97)] | | |

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| Consolidated Statements of Stockholders' Equity for Each of the Three Years in the Period Ended December 31, ~~[removed: 2024]~~ [added: 2025] | | | ~~[removed: [68](#ia741dac77d4a44c98e59804b33ecc307_100)]~~ [added: [66](#ia741dac77d4a44c98e59804b33ecc307_100)] | | |

Rewritten

| Consolidated Statements of Cash Flows for Each of the Three Years in the Period Ended December 31, ~~[removed: 2024]~~ [added: 2025] | | | ~~[removed: [69](#ia741dac77d4a44c98e59804b33ecc307_106)]~~ [added: [67](#ia741dac77d4a44c98e59804b33ecc307_106)] | | |

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| [Notes to](#ia741dac77d4a44c98e59804b33ecc307_109) [Consolidated Financial Statements](#ia741dac77d4a44c98e59804b33ecc307_109) | | | ~~[removed: [70](#ia741dac77d4a44c98e59804b33ecc307_109)]~~ [added: [68](#ia741dac77d4a44c98e59804b33ecc307_109)] | | |

Rewritten

We have audited the accompanying consolidated balance sheets of Republic Services, Inc. (the Company) as of December 31, ~~[removed: 2024]~~ [added: 2025] and ~~[removed: 2023,]~~ [added: 2024,] the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, ~~[removed: 2024,]~~ [added: 2025,] and the related notes (collectively referred to as the “consolidated financial statements”).

Rewritten

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, ~~[removed: 2024]~~ [added: 2025] and ~~[removed: 2023,]~~ [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~[removed: 2024,]~~ [added: 2025,] in conformity with U.S. generally accepted accounting principles.

Rewritten

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, ~~[removed: 2024,]~~ [added: 2025,] based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February ~~[removed: 13, 2025]~~ [added: 17, 2026,] expressed an unqualified opinion thereon.

Rewritten

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, ~~[removed: subjective]~~ [added: subjective,] or complex judgments.

Rewritten

| *Description of the Matter* | | | | | | Landfill development asset depletion expense for the year ended December 31, ~~[removed: 2024]~~ [added: 2025] was ~~[removed: $408 million]~~ [added: $433 million.] As discussed in Note 2, management updates the assumptions used to estimate the landfill development asset depletion expense at least annually, or more often if there is a significant change in facts and circumstances related to a landfill. Significant assumptions used in the calculation of the expense include estimated future development costs and available disposal capacity. | | |

Rewritten

| | | | | | | To test the landfill development asset depletion expense, our audit procedures included, among others, assessing methodologies and testing the significant assumptions discussed above. To test the future development costs, we compared the estimated costs used by management to comparable landfills accepting the same type of waste. We also tested the completeness and accuracy of the data utilized in the development of depletion expense. Regarding disposal capacity, we evaluated the Company’s annual utilization and estimation of the landfill disposal capacity through a comparison of airspace to historical estimates and annual aerial surveys. In addition, we considered the professional qualifications and objectivity of management’s specialist responsible for performing the aerial ~~[removed: surveys. We involved]~~ [added: surveys with involvement from] EY engineering ~~[removed: specialists to assist us with evaluating estimated future development costs.]~~ [added: specialists.] | | |

Rewritten

| *Description of the Matter* | | | | | | At December 31, ~~[removed: 2024,]~~ [added: 2025,] the carrying value of the Company’s landfill final capping, closure and post-closure costs totaled ~~[removed: $2,144]~~ [added: $2,313] million. As discussed in Notes 2 and 8 of the consolidated financial statements, management updates the assumptions used to estimate the asset retirement obligations at least annually, or more often if there is a significant change in facts and circumstances related to a landfill. These assumptions include estimated future costs associated with the final capping, closure and post-closure activities at each landfill, projected timing of ~~[removed: capping,]~~ [added: future cash outflows,] and estimated inflation rate. | | |

Rewritten

| | | | | | | To test the landfill asset retirement obligations, our audit procedures included, among others, assessing methodologies used by the Company, testing the completeness of activities included in the estimate and testing the significant assumptions discussed above. To test the estimated future costs, we compared the estimated future costs used by management to comparable landfills accepting the same type of waste. We also tested the completeness and accuracy of the data utilized in preparing the cost estimate. Regarding the projected timing of ~~[removed: capping]~~ [added: future cash outflows] assumption, we evaluated the Company’s annual utilization and estimation of the landfill disposal capacity through a comparison of airspace to historical estimates and annual aerial surveys. We also performed a sensitivity analysis of the inflation rate assumption. In addition, we considered the professional qualifications and objectivity of management’s specialist responsible for performing the aerial surveys. We involved EY engineering specialists to assist us with evaluating assumptions used in estimated costs for the capping, closure and post-closure activities. | | |

Rewritten

We have audited Republic Services, Inc.’s internal control over financial reporting as of December 31, ~~[removed: 2024,]~~ [added: 2025,] based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

Rewritten

In our opinion, Republic Services, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~[removed: 2024,]~~ [added: 2025,] based on the COSO criteria.

Rewritten

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, ~~[removed: 2024]~~ [added: 2025] and ~~[removed: 2023,]~~ [added: 2024,] the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended December 31, ~~[removed: 2024,]~~ [added: 2025,] and the related notes and our report dated February ~~[removed: 13, 2025]~~ [added: 17, 2026,] expressed an unqualified opinion thereon.

Rewritten

| | | | December 31, ~~[removed: 2024]~~ [added: 2025] | | | | | | December 31, ~~[removed: 2023]~~ [added: 2024] | | |

Rewritten

| Cash and cash equivalents | | | [added: | | |] $ | [added: 76 | | | | | $ |] 74 | | | | | $ | 140 | |

Rewritten

| Accounts receivable, less allowance for doubtful accounts and other of ~~[removed: $74]~~ [added: $66] and ~~[removed: $83,]~~ [added: $74,] respectively | | | ~~[removed: 1,821]~~ [added: 1,897] | | | | | | ~~[removed: 1,768]~~ [added: 1,821] | | |

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| Restricted cash and marketable securities | | | [added: | | | 259 | | | | | |] 208 | | | | | | 164 | | |

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| Accrued landfill and environmental costs, net of current portion | | | ~~[removed: 2,432]~~ [added: 2,608] | | | | | | ~~[removed: 2,281]~~ [added: 2,432] | | |

Rewritten

| Deferred income taxes and other long-term tax liabilities, net | | | ~~[removed: 1,594]~~ [added: 1,884] | | | | | | ~~[removed: 1,527]~~ [added: 1,594] | | |

New in FY2025

| | | | | | | | | |

New in FY2025

February 17, 2026

New in FY2025

| Shares returned to unissued status | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

New in FY2025

| Balance as of December 31, 2025 | | | 313 | | | | | | $ | 3 | | | | | $ | 1,833 | | | | | $ | 11,161 | | | | | (5) | | | | | | $ | (1,000) | | | | | $ | (29) | | | | | $ | 1 | | | | | $ | 11,969 | |

New in FY2025

| Net income | | | $ | 2,139 | | | | | $ | 2,044 | | | | | $ | 1,731 | |

New in FY2025

Capitalized interest is immaterial to the Company’s consolidated financial statements.

New in FY2025

landfills.

New in FY2025

The required additional information can be found in Note 11, *Income Taxes,* in Part II, Item 8 of this Annual Report on Form 10-K for the year ended December 31, 2025.

New in FY2025

*Accounting Standards Update Codification Improvements*

New in FY2025

In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2025-12, *Codification Improvements:* The amendments from this ASU address a range of various accounting topics that represent changes that clarify and make minor improvements to the existing codification.

New in FY2025

The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods.

New in FY2025

Early adoption is permitted.

New in FY2025

*Narrow-Scope Improvements*

New in FY2025

In December 2025, the FASB issued Accounting Standards Update 2025-11, *Interim Reporting* (Topic 270)*:* Narrow-Scope Improvements: This guidance clarifies interim disclosure requirements and the applicability of Topic 270 resulting in a comprehensive list of interim disclosures required by GAAP and a disclosure principal for disclosing material events since the last reporting period.

New in FY2025

The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027.

New in FY2025

*Accounting for Government Grants Received by Business Entities*

New in FY2025

In December 2025, the FASB issued Accounting Standards Update 2025-10, *Government Grants* (Topic 832): Accounting for Government Grants Received by Business Entities.

New in FY2025

This ASU adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants.

New in FY2025

In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including IAS 20 or ASC 958-605, when accounting for government grants.

New in FY2025

This ASU will be effective for annual and interim periods in fiscal years beginning after December 15, 2028.

New in FY2025

We are currently assessing the effect this guidance may have on our consolidated financial statements.

New in FY2025

*Targeted Improvements to the Accounting for Internal-Use Software*

New in FY2025

In September 2025, the FASB issued Accounting Standards Update 2025-06, *Intangibles - Goodwill and Other - Internal-Use Software* (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.

New in FY2025

This guidance removes references to prescriptive and sequential development stages, requiring companies to capitalize internal-use software costs when management commits to funding the software project and it is probable the project will be completed.

New in FY2025

The amendments are effective for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods.

New in FY2025

Entities may apply the guidance using a prospective, retrospective or modified transition approach.

New in FY2025

We are currently assessing the effect this guidance may have on our consolidated financial statements.

New in FY2025

*Measurement of Credit Losses for Accounts Receivable and Contract Assets*

New in FY2025

In July 2025, the FASB issued Accounting Standards Update 2025-05, Financial Instruments - Credit Losses (Topic 326): *Measurement of Credit Losses for Accounts Receivable and Contract Asset*s (ASU 2025-05), which simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under Topic 606.

New in FY2025

In developing reasonable and supportable forecasts as part of estimating expected credit losses, the amendments in this update provide entities with a practical expedient that assumes that the current conditions as of the balance sheet date do not change for the remaining life of the asset.

New in FY2025

The update is effective for fiscal years beginning after December 15, 2025 and interim reporting periods within those annual reporting periods.

Dropped from FY2024

[Table of Contents](#ia741dac77d4a44c98e59804b33ecc307_7)

Dropped from FY2024

February 13, 2025

Dropped from FY2024

REPUBLIC SERVICES, INC.

Dropped from FY2024

| Balance as of December 31, 2021 | | | 320 | | | | | | $ | 3 | | | | | $ | 2,789 | | | | | $ | 6,475 | | | | | (2) | | | | | | $ | (275) | | | | | $ | (15) | | | | | $ | 1 | | | | | $ | 8,978 | |

Dropped from FY2024

| Purchase of minority interest | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

Dropped from FY2024

| Stock-based compensation | | | 42 | | | | | | 41 | | | | | | 39 | | |

Dropped from FY2024

| Provision for doubtful accounts, net of adjustments | | | 27 | | | | | | 53 | | | | | | 41 | | |

Dropped from FY2024

| Environmental adjustments | | | 7 | | | | | | 2 | | | | | | 3 | | |

Dropped from FY2024

| Sales of restricted marketable securities | | | 24 | | | | | | 13 | | | | | | 20 | | |

Dropped from FY2024

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

Dropped from FY2024

Interest capitalized was $11 million for the year ended December 31, 2024, $8 million for the year ended December 31, 2023 and $5 million for the year ended December 31, 2022.

Dropped from FY2024

The weight given to the positive and negative evidence is commensurate with the extent such evidence can be objectively verified.

Dropped from FY2024

*Improvements to Reportable Segment Disclosures*

Dropped from FY2024

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): *Improvements to Reportable Segment Disclosures* (ASU 2023-07)*.* ASU 2023-07 amends the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

Dropped from FY2024

ASU 2023-07 was adopted retrospectively to all periods presented in the financial statements.

Dropped from FY2024

See Note 15, *Segment Reporting*, for additional information and detailed disclosures prepared in accordance with ASU 2023-07.

Dropped from FY2024

Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant

Dropped from FY2024

*Climate-Related Disclosures*

Dropped from FY2024

In March 2024, the SEC adopted Final Rule 33-11275 and 34-99678 - *The Enhancement and Standardization of Climate-Related Disclosures for Investors*.

Dropped from FY2024

The rules require registrants to provide standardized disclosures related to material climate-related risks, governance and risk management strategies, and the financial impact of severe weather events and material Scope 1 and 2 greenhouse gas emissions.

Dropped from FY2024

The rules require implementation in phases between 2025 and 2033.

Dropped from FY2024

In April 2024, the SEC announced that it would voluntarily stay these rules pending judicial review.

Dropped from FY2024

The Company is currently evaluating the amendments and the impact on its future consolidated financial statements.

Dropped from FY2024

| Deferred revenue | | | (2) | | | | | | (11) | | |

Dropped from FY2024

Additionally, our tax provision reflects a benefit of approximately $8 million for the year ended December 31, 2024 related to these qualified investments in renewable natural gas projects.

Dropped from FY2024

Our risk of loss is materially consistent with our contributions to-date.

Dropped from FY2024

In 2024, we acquired a non-controlling equity interest in a thermal processing facility that treats and recycles contaminated soil, hazardous and non-hazardous waste, and contaminated water to expand our environmental services offerings in Canada.

Dropped from FY2024

During the year ended December 31, 2024 we invested $27 million in the joint venture.

Dropped from FY2024

The investment is accounted for under the equity method of accounting.

Dropped from FY2024

In 2022, we acquired a non-controlling equity interest in a joint venture with a landfill gas-to-energy developer to construct a number of renewable natural gas projects at our landfills across the United States.

Dropped from FY2024

As of December 31, 2024 and 2023, we had invested approximately $270 million and $170 million, respectively, in the joint venture.

Dropped from FY2024

Additionally, our tax provision reflects a benefit of approximately $6 million for the year ended December 31, 2024 related to these qualified investments in renewable natural gas projects.

Dropped from FY2024

As of December 31, 2024 and 2023, we had invested approximately $55 million and $19 million, respectively, in the joint venture.

Dropped from FY2024

During the years ended December 31, 2024, 2023 and 2022, we contributed $38 million, $9 million and $10 million, respectively, in the joint venture.

Dropped from FY2024

The 2022 charges primarily related to the redesign of our general ledger, budgeting and procurement enterprise resource planning systems.

Dropped from FY2024

| | | | $ | 25,544 | | | | | $ | 23,847 | |

Dropped from FY2024

| Landfill development costs | | | $ | (6,031) | | | | | $ | (5,516) | |

Dropped from FY2024

| | | | (13,667) | | | | | | (12,496) | | |

Dropped from FY2024

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Dropped from FY2024

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

An excerpt. Shown here: 40 of 562 rewritten, 40 of 218 added and 40 of 218 removed. The counts are complete. For every sentence, read Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA in the FY2025 filing and the FY2024 filing.

Item 9A. CONTROLS AND PROCEDURES

3 rewritten, 0 added, 1 removed, 14 unchanged

Rewritten

We, under the supervision of and with the participation of our management, including the Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer, assessed the effectiveness of our internal control over financial reporting as of December 31, ~~[removed: 2024,]~~ [added: 2025,] based on criteria for effective internal control over financial reporting described in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Rewritten

Based on this assessment, we concluded that we maintained effective internal control over financial reporting as of December 31, ~~[removed: 2024,]~~ [added: 2025,] based on the specified criteria.

Rewritten

Based on an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, there has been no change in our internal control over financial reporting during the quarter [added: ended December 31, 2025 identified in connection with that evaluation, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.]

Dropped from FY2024

ended December 31, 2024 identified in connection with that evaluation, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. OTHER INFORMATION

1 rewritten, 0 added, 0 removed, 0 unchanged

Rewritten

During the quarter ended December 31, ~~[removed: 2024,]~~ [added: 2025,] no director or officer adopted or terminated any contract, instrument or written plan for the purchase or sale of Republic securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any non-Rule 10b5-1 trading arrangement as defined in Item 408(c) of Regulation S-K.

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

1 rewritten, 0 added, 0 removed, 0 unchanged

Rewritten

Information required by this item is incorporated by reference to the material appearing under the headings Proposal 1 - Election of Directors, Biographical Information Regarding Director Nominees, Board of Directors and Corporate Governance Matters, Delinquent Section 16(a) Reports and Executive Officers in the Proxy Statement for the ~~[removed: 2025]~~ [added: 2026] Annual Meeting of Shareholders.

Item 11. EXECUTIVE COMPENSATION

1 rewritten, 0 added, 0 removed, 0 unchanged

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Information required by this item is incorporated by reference to the material appearing under the headings Executive Compensation and Director Compensation in the Proxy Statement for the ~~[removed: 2025]~~ [added: 2026] Annual Meeting of Shareholders.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

4 rewritten, 1 added, 1 removed, 9 unchanged

Rewritten

Information required by this item is incorporated by reference to the material appearing under the headings Security Ownership of Five Percent Shareholders and Security Ownership of the Board of Directors and Management in the Proxy Statement for the ~~[removed: 2025]~~ [added: 2026] Annual Meeting of Shareholders.

Rewritten

The following table sets forth certain information regarding equity compensation plans as of December 31, ~~[removed: 2024]~~ [added: 2025] (number of securities in millions):

Rewritten

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(d)The shares remaining available for future issuances include approximately ~~[removed: 11]~~ [added: 10] million shares under our 2021 Stock Incentive Plan and approximately 2 million shares under our ESPP.

New in FY2025

| Total | | | 1 | | | | | | $ | 201.33 | | | | | 28 | | |

Dropped from FY2024

| Total | | | 1 | | | | | | $ | 190.57 | | | | | 29 | | |

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

1 rewritten, 0 added, 0 removed, 0 unchanged

Rewritten

Information required by this item is incorporated by reference to the material appearing under the headings Board of Directors and Corporate Governance Matters and Certain Relationships and Related Party Transactions in the Proxy Statement for the ~~[removed: 2025]~~ [added: 2026] Annual Meeting of Shareholders.

Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

1 rewritten, 0 added, 0 removed, 2 unchanged

Rewritten

Information required by this item is incorporated by reference to the material appearing under the heading Audit and Related Fees in the Proxy Statement for the ~~[removed: 2025]~~ [added: 2026] Annual Meeting of Shareholders.

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

56 rewritten, 5 added, 0 removed, 49 unchanged

Rewritten

| [3.1](https://www.sec.gov/Archives/edgar/data/1060391/0000950144-98-009679.txt) | | | | | | ~~[removed: [Amended]~~ [added: Amended] and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q for the period ended June 30, ~~[removed: 1998).](http://www.sec.gov/Archives/edgar/data/1060391/0000950144-98-009679.txt)]~~ [added: 1998).] | | |

Rewritten

| [3.2](https://www.sec.gov/Archives/edgar/data/1060391/000095014499008298/0000950144-99-008298.txt) | | | | | | ~~[removed: [Certificate]~~ [added: Certificate] of Amendment of Amended and Restated Certificate of Incorporation of Republic Services, Inc. (incorporated by reference to Exhibit 4.2 of the Company’s Registration Statement on Form S-8, Registration No. 333-81801, filed with the Commission on June 29, ~~[removed: 1999).](http://www.sec.gov/Archives/edgar/data/1060391/000095014499008298/0000950144-99-008298.txt)]~~ [added: 1999).] | | |

Rewritten

| ~~[removed: [3.3](https://www.sec.gov/Archives/edgar/data/1060391/000106039122000027/rsgex3193022.htm)]~~ [added: [3.3](https://www.sec.gov/Archives/edgar/data/1060391/000106039126000072/amendedandrestatedbylaws.htm)] | | | | | | ~~[removed: [Amended]~~ [added: Amended] and Restated Bylaws of Republic Services, Inc. (incorporated by reference to Exhibit [removed: 3.](http://www.sec.gov/Archives/edgar/data/1060391/000106039116000079/exhibit33amendedandrestate.htm)[1](http://www.sec.gov/Archives/edgar/data/1060391/000106039116000079/exhibit33amendedandrestate.htm) [of the Company's](http://www.sec.gov/Archives/edgar/data/1060391/000106039116000079/exhibit33amendedandrestate.htm) [Quarterly Report](http://www.sec.gov/Archives/edgar/data/1060391/000106039116000079/exhibit33amendedandrestate.htm) [on Form](http://www.sec.gov/Archives/edgar/data/1060391/000106039116000079/exhibit33amendedandrestate.htm) [10-Q for] [added: 99.1 of] the [removed: period ended](http://www.sec.gov/Archives/edgar/data/1060391/000106039116000079/exhibit33amendedandrestate.htm) [September 30, 2022](http://www.sec.gov/Archives/edgar/data/1060391/000106039116000079/exhibit33amendedandrestate.htm)).] [added: Company’s Current Report on Form 8-K dated February 13, 2026).] | | |

Rewritten

| [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000095014499008298/0000950144-99-008298.txt) | | | | | | ~~[removed: [Republic]~~ [added: Republic] Services, Inc. Common Stock Certificate (incorporated by reference to Exhibit 4.4 of the Company’s Registration Statement on Form S-8, Registration No. 333-81801, filed with the Commission on June 29, ~~[removed: 1999).](http://www.sec.gov/Archives/edgar/data/1060391/000095014499008298/0000950144-99-008298.txt)]~~ [added: 1999).] | | |

Rewritten

| [4.3](https://www.sec.gov/Archives/edgar/data/1060391/000095014405005037/g95037exv4w1.htm) | | | | | | ~~[removed: [Second]~~ [added: Second] Supplemental Indenture, dated as of March 21, 2005, to the Indenture dated as of August 15, 2001, by and between Republic Services, Inc. and The Bank of New York, as trustee, including the form of 6.086% Note due March 15, 2035 (incorporated by reference to Exhibit 4.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, ~~[removed: 2005).](http://www.sec.gov/Archives/edgar/data/1060391/000095014405005037/g95037exv4w1.htm)]~~ [added: 2005).] | | |

Rewritten

| [4.4](https://www.sec.gov/Archives/edgar/data/1060391/000095012309042209/p15846exv4w1.htm) | | | | | | ~~[removed: [Indenture,]~~ [added: Indenture,] dated as of September 8, 2009, by and between Republic Services, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated September 9, ~~[removed: 2009).](http://www.sec.gov/Archives/edgar/data/1060391/000095012309042209/p15846exv4w1.htm)]~~ [added: 2009).] | | |

Rewritten

| ~~[removed: [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000095014408009225/g16932exv4w1.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000095014408009225/g16932exv4w1.htm)]~~ [added: [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000095014408009225/g16932exv4w1.htm)1] | | | | | | Third Supplemental Indenture, dated as of December 5, 2008, to the Restated Indenture dated as of September 1, 1991, by and among Allied Waste Industries, Inc., Allied Waste North America, Inc., Browning-Ferris Industries, LLC (successor to Browning-Ferris Industries, Inc.), BBCO, Inc., Republic Services, Inc., the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated December 10, 2008). | | |

Rewritten

| ~~[removed: [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000119312515087339/d888900dex41.htm)[2](https://www.sec.gov/Archives/edgar/data/1060391/000119312515087339/d888900dex41.htm)]~~ [added: [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000119312516641673/d207655dex41.htm)2] | | | | | | ~~[removed: Fourth]~~ [added: Fifth] Supplemental Indenture, dated as of ~~[removed: March 11, 2015,]~~ [added: July 5, 2016,] to the Indenture, dated as of November 25, 2009, between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of ~~[removed: 3.20%]~~ [added: 2.900%] Notes due ~~[removed: 2025]~~ [added: 2026] (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K dated ~~[removed: March 11, 2015).]~~ [added: July 5, 2016).] | | |

Rewritten

| ~~[removed: [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000119312516641673/d207655dex41.htm)[3](https://www.sec.gov/Archives/edgar/data/1060391/000119312516641673/d207655dex41.htm)]~~ [added: [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000119312517343919/d493740dex41.htm)3] | | | | | | ~~[removed: Fifth]~~ [added: Sixth] Supplemental Indenture, dated as of ~~[removed: July 5, 2016, to the Indenture, dated as of]~~ November ~~[removed: 25, 2009,]~~ [added: 16, 2017,] between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of ~~[removed: 2.900%]~~ [added: 3.375%] Notes due ~~[removed: 2026]~~ [added: 2027] (incorporated by reference to Exhibit 4.1 of the ~~[removed: Company's]~~ [added: Company’s] Current Report on Form 8-K dated ~~[removed: July 5, 2016).]~~ [added: November 15, 2017).] | | |

Rewritten

| ~~[removed: [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000119312517343919/d493740dex41.htm)[4](https://www.sec.gov/Archives/edgar/data/1060391/000119312517343919/d493740dex41.htm)]~~ [added: [4.](https://www.sec.gov/Archives/edgar/data/1060391/000119312520290904/d77048dex41.htm)[19](https://www.sec.gov/Archives/edgar/data/1060391/000119312520290904/d77048dex41.htm)] | | | | | | ~~[removed: Sixth]~~ [added: Eleventh] Supplemental Indenture, dated as of November ~~[removed: 16, 2017,]~~ [added: 24, 2020,] between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of ~~[removed: 3.375%]~~ [added: 0.875%] Notes due ~~[removed: 2027]~~ [added: 2025 and the form of 1.750% Notes due 2032] (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated November ~~[removed: 15, 2017).]~~ [added: 12, 2020).] | | |

Rewritten

| ~~[removed: [4.1](https://www.sec.gov/Archives/edgar/data/14827/0000014827-95-000020.txt)[5](https://www.sec.gov/Archives/edgar/data/14827/0000014827-95-000020.txt)]~~ [added: [4.1](https://www.sec.gov/Archives/edgar/data/14827/0000014827-95-000020.txt)[4](https://www.sec.gov/Archives/edgar/data/14827/0000014827-95-000020.txt)] | | | | | | Form of Browning-Ferris Industries, Inc. 7.4% Debentures due 2035 (incorporated by reference to Exhibit 4 of Browning-Ferris Industries, Inc.'s Current Report on Form 8-K dated September 15, 1995). | | |

Rewritten

| ~~[removed: [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000119312518160817/d582592dex41.htm)[6](https://www.sec.gov/Archives/edgar/data/1060391/000119312518160817/d582592dex41.htm)]~~ [added: [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000119312518160817/d582592dex41.htm)5] | | | | | | Seventh Supplemental Indenture, dated as of May 14, 2018, between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of 3.950% Notes due 2028 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated May 3, 2018). | | |

Rewritten

| [removed: [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000106039120000016/exhibit423descriptiono.htm)[7](https://www.sec.gov/Archives/edgar/data/1060391/000106039120000016/exhibit423descriptiono.htm)] [added: [4.1](https://www.sec.gov/Archives/edgar/data/1060391/000106039120000016/exhibit423descriptiono.htm)[6](https://www.sec.gov/Archives/edgar/data/1060391/000106039120000016/exhibit423descriptiono.htm)] | | | | | | Description of Securities Registered Under Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.23 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019). | | |

Rewritten

| [removed: [4.](https://www.sec.gov/Archives/edgar/data/1060391/000119312520044707/d870415dex41.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000119312520044707/d870415dex41.htm)[8](https://www.sec.gov/Archives/edgar/data/1060391/000119312520044707/d870415dex41.htm)] [added: [4.](https://www.sec.gov/Archives/edgar/data/1060391/000119312520044707/d870415dex41.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000119312520044707/d870415dex41.htm)[7](https://www.sec.gov/Archives/edgar/data/1060391/000119312520044707/d870415dex41.htm)] | | | | | | Ninth Supplemental Indenture, dated as of February 27, 2020, between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of 2.300% Notes due 2030 and the form of 3.050% Notes due 2050 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated February 21, 2020). | | |

Rewritten

| ~~[removed: [4.](https://www.sec.gov/Archives/edgar/data/1060391/000119312520219229/d942697dex41.htm)[19](https://www.sec.gov/Archives/edgar/data/1060391/000119312520219229/d942697dex41.htm)]~~ [added: [4.](https://www.sec.gov/Archives/edgar/data/1060391/000119312520219229/d942697dex41.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000119312520219229/d942697dex41.htm)[8](https://www.sec.gov/Archives/edgar/data/1060391/000119312520219229/d942697dex41.htm)] | | | | | | Tenth Supplemental Indenture, dated as of August 20, 2020, between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of 1.450% Notes due 2031 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated August 13, 2020). | | |

Rewritten

| ~~[removed: [4.2](https://www.sec.gov/Archives/edgar/data/1060391/000119312520290904/d77048dex41.htm)[0](https://www.sec.gov/Archives/edgar/data/1060391/000119312520290904/d77048dex41.htm)]~~ [added: [4.2](https://www.sec.gov/Archives/edgar/data/0001060391/000119312521320162/d596044dex41.htm)[0](https://www.sec.gov/Archives/edgar/data/0001060391/000119312521320162/d596044dex41.htm)] | | | | | | ~~[removed: Eleventh]~~ [added: Twelfth] Supplemental Indenture, dated as of November ~~[removed: 24, 2020,]~~ [added: 8, 2021,] between Republic Services, Inc. and U.S. Bank National Association, as trustee, including the form of ~~[removed: 0.875% Notes due 2025 and the form of 1.750%]~~ [added: 2.375%] Notes due ~~[removed: 2032]~~ [added: 2033] (incorporated by reference to Exhibit 4.1 of the ~~[removed: Company’s]~~ [added: Company's] Current Report on Form 8-K dated November ~~[removed: 12, 2020).]~~ [added: 4, 2021).] | | |

Rewritten

| ~~[removed: [4.2](https://www.sec.gov/Archives/edgar/data/0001060391/000119312521320162/d596044dex41.htm)[1](https://www.sec.gov/Archives/edgar/data/0001060391/000119312521320162/d596044dex41.htm)]~~ [added: [4.2](https://www.sec.gov/Archives/edgar/data/1060391/000119312523292068/d637987dex41.htm)[3](https://www.sec.gov/Archives/edgar/data/1060391/000119312523292068/d637987dex41.htm)] | | | | | | ~~[removed: Twelfth]~~ [added: Fourteenth] Supplemental Indenture, dated as of ~~[removed: November 8, 2021,]~~ [added: December 12, 2023,] between Republic Services, Inc. and U.S. Bank [added: Trust Company,] National ~~[removed: Association,]~~ [added: Association (as successor in interest to U.S. Bank National Association),] as trustee, including the form of ~~[removed: 2.375%]~~ [added: 5.000%] Notes due 2033 (incorporated by reference to Exhibit 4.1 of the ~~[removed: Company's]~~ [added: Company’s] Current Report on Form 8-K dated ~~[removed: November 4, 2021).]~~ [added: December 11, 2023).] | | |

Rewritten

| [removed: [4.2](https://www.sec.gov/Archives/edgar/data/1060391/000110465922097012/tm2224887d1_ex10-1.htm)[2](https://www.sec.gov/Archives/edgar/data/1060391/000110465922097012/tm2224887d1_ex10-1.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/1060391/000110465922097012/tm2224887d1_ex10-1.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000110465922097012/tm2224887d1_ex10-1.htm)] | | | | | | Form of Commercial Paper Dealer Agreement--4(a)(2) Program, dated as of May 25, 2022, between Republic Services, Inc. and the applicable dealer party thereto (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed September 1, 2022). | | |

Rewritten

| ~~[removed: [4.2](https://www.sec.gov/Archives/edgar/data/1060391/000119312523077927/d395685dex41.htm)[3](https://www.sec.gov/Archives/edgar/data/1060391/000119312523077927/d395685dex41.htm)]~~ [added: [4.2](https://www.sec.gov/Archives/edgar/data/1060391/000119312523077927/d395685dex41.htm)[2](https://www.sec.gov/Archives/edgar/data/1060391/000119312523077927/d395685dex41.htm)] | | | | | | Thirteenth Supplemental Indenture, dated as of March 28, 2023, between Republic Services, Inc. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, including the form of 4.875% Notes due 2029 and form of 5.000% Notes due 2034 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated March 23, 2023). | | |

Rewritten

| ~~[removed: [4.2](https://www.sec.gov/Archives/edgar/data/1060391/000119312523292068/d637987dex41.htm)[4](https://www.sec.gov/Archives/edgar/data/1060391/000119312523292068/d637987dex41.htm)]~~ [added: [4.2](https://www.sec.gov/Archives/edgar/data/1060391/000119312524164547/d843168dex41.htm)[4](https://www.sec.gov/Archives/edgar/data/1060391/000119312524164547/d843168dex41.htm)] | | | | | | ~~[removed: Fourteenth]~~ [added: Fifteenth] Supplemental Indenture, dated as of ~~[removed: December 12, 2023,]~~ [added: June 25, 2024,] between Republic Services, Inc. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, including the form of 5.000% Notes due ~~[removed: 2033]~~ [added: 2029 and the form of 5.200% Notes due 2034] (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated ~~[removed: December 11, 2023).]~~ [added: June 20, 2024).] | | |

Rewritten

| ~~[removed: [4.2](https://www.sec.gov/Archives/edgar/data/1060391/000119312524164547/d843168dex41.htm)[5](https://www.sec.gov/Archives/edgar/data/1060391/000119312524164547/d843168dex41.htm)]~~ [added: [4.](https://www.sec.gov/Archives/edgar/data/1060391/000119312525056754/d824295dex41.htm)[27](https://www.sec.gov/Archives/edgar/data/1060391/000119312525056754/d824295dex41.htm)] | | | | | | ~~[removed: Fifteenth]~~ [added: Sixteenth] Supplemental ~~[removed: Indenture, dated as of June 25, 2024,]~~ [added: Indenture to the Indenture] between Republic Services, Inc. and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as ~~[removed: trustee, including the form of 5.000% Notes due 2029 and the form of 5.200% Notes due 2034]~~ [added: trustee] (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated ~~[removed: June 20, 2024).]~~ [added: March 18, 2025).] | | |

Rewritten

| [removed: [4.](https://www.sec.gov/Archives/edgar/data/1060391/000110465924084366/tm2420319d1_ex4-1.htm)[2](https://www.sec.gov/Archives/edgar/data/1060391/000110465924084366/tm2420319d1_ex4-1.htm)[6](https://www.sec.gov/Archives/edgar/data/1060391/000110465924084366/tm2420319d1_ex4-1.htm)] [added: [4.](https://www.sec.gov/Archives/edgar/data/1060391/000110465924084366/tm2420319d1_ex4-1.htm)[2](https://www.sec.gov/Archives/edgar/data/1060391/000110465924084366/tm2420319d1_ex4-1.htm)[5](https://www.sec.gov/Archives/edgar/data/1060391/000110465924084366/tm2420319d1_ex4-1.htm)] | | | | | | Second Amended and Restated Credit Agreement, dated as of July 26, 2024, by and among Republic Services, Inc., USE Canada Holdings, Inc., Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the other lenders party thereto (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated July 31, 2024). | | |

Rewritten

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex106dcpplan.htm)[6](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex106dcpplan.htm)[+*](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex106dcpplan.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex106dcpplan.htm)[6](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex106dcpplan.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex106dcpplan.htm)] | | | | | | Republic Services, Inc. Deferred Compensation Plan, as amended and restated effective January 1, ~~[removed: 2025.]~~ [added: 2025 (incorporated by reference to Exhibit 10.6 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |

Rewritten

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000119312514116469/d686329ddef14a.htm)[7](https://www.sec.gov/Archives/edgar/data/1060391/000119312514116469/d686329ddef14a.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000119312514116469/d686329ddef14a.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000119312514116469/d686329ddef14a.htm)[8](https://www.sec.gov/Archives/edgar/data/1060391/000119312514116469/d686329ddef14a.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000119312514116469/d686329ddef14a.htm)] | | | | | | Republic Services, Inc. Amended and Restated Executive Incentive Plan, effective February 4, 2014 (incorporated by reference to Appendix A of the Company’s Proxy Statement on Schedule 14A filed on March 26, 2014). | | |

Rewritten

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039123000008/exhibit1009republicexecuti.htm)[8](https://www.sec.gov/Archives/edgar/data/1060391/000106039123000008/exhibit1009republicexecuti.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039123000008/exhibit1009republicexecuti.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039123000008/exhibit1009republicexecuti.htm)[9](https://www.sec.gov/Archives/edgar/data/1060391/000106039123000008/exhibit1009republicexecuti.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039123000008/exhibit1009republicexecuti.htm)] | | | | | | Republic Services, Inc. Executive Separation Policy, as amended as of February 8, 2023 (incorporated by reference to Exhibit 10.9 of the Company's Annual Report on Form 10-K for the year ended December 31, 2022). | | |

Rewritten

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039113000032/rsgex10163013.htm)[9](https://www.sec.gov/Archives/edgar/data/1060391/000106039113000032/rsgex10163013.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039113000032/rsgex10163013.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039113000032/rsgex10163013.htm)[10](https://www.sec.gov/Archives/edgar/data/1060391/000106039113000032/rsgex10163013.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039113000032/rsgex10163013.htm)] | | | | | | Republic Services, Inc. Amended and Restated 2007 Stock Incentive Plan effective May 9, 2013 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013). | | |

Rewritten

| [removed: [10.1](https://www.sec.gov/Archives/edgar/data/1060391/000106039117000012/exhibit1037-offerlettercat.htm)[0](https://www.sec.gov/Archives/edgar/data/1060391/000106039117000012/exhibit1037-offerlettercat.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039117000012/exhibit1037-offerlettercat.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1060391/000106039117000012/exhibit1037-offerlettercat.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000106039117000012/exhibit1037-offerlettercat.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039117000012/exhibit1037-offerlettercat.htm)] | | | | | | Offer Letter, dated July 25, 2016, by and between Catharine D. Ellingsen and Republic Services, Inc. (incorporated by reference to Exhibit 10.37 of the Company’s Annual Report on Form 10-K dated February 16, 2017). | | |

Rewritten

| [removed: [10.1](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1015ellingsencathar.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1015ellingsencathar.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1015ellingsencathar.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1015ellingsencathar.htm)[2](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1015ellingsencathar.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1015ellingsencathar.htm)] | | | | | | Non-Competition, Non-Solicitation, Confidentiality and Arbitration Agreement, effective February 13, 2024, by and between Catharine D. Ellingsen and Republic Services, Inc. (incorporated by reference to Exhibit 10.15 of the Company's Annual Report on Form 10-K for the year ended December 31, 2023). | | |

Rewritten

| [removed: [10.1](https://www.sec.gov/Archives/edgar/data/1060391/000119312518101913/d518883ddef14a.htm)[2](https://www.sec.gov/Archives/edgar/data/1060391/000119312518101913/d518883ddef14a.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000119312518101913/d518883ddef14a.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1060391/000119312518101913/d518883ddef14a.htm)[3](https://www.sec.gov/Archives/edgar/data/1060391/000119312518101913/d518883ddef14a.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000119312518101913/d518883ddef14a.htm)] | | | | | | Republic Services, Inc. 2018 Employee Stock Purchase Plan (incorporated by reference to Annex A of the Company’s Proxy Statement on Schedule 14A filed on March 29, 2018). | | |

Rewritten

| [removed: [10.1](https://www.sec.gov/Archives/edgar/data/1060391/000106039120000057/rsgex10163020.htm)[3](https://www.sec.gov/Archives/edgar/data/1060391/000106039120000057/rsgex10163020.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039120000057/rsgex10163020.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1060391/000106039120000057/rsgex10163020.htm)[4](https://www.sec.gov/Archives/edgar/data/1060391/000106039120000057/rsgex10163020.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039120000057/rsgex10163020.htm)] | | | | | | Offer letter, dated May 29, 2020, by and between Brian DelGhiaccio and Republic Services, Inc. (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020). | | |

Rewritten

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1020delghiacciobria.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1020delghiacciobria.htm)[4](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1020delghiacciobria.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1020delghiacciobria.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1020delghiacciobria.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1020delghiacciobria.htm)[5](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1020delghiacciobria.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1020delghiacciobria.htm)] | | | | | | Non-Competition, Non-Solicitation, Confidentiality and Arbitration Agreement, effective February 13, 2024, by and between Brian DelGhiaccio and Republic Services, Inc. (incorporated by reference to Exhibit 10.20 of the Company's Annual Report on Form 10-K for the year ended December 31, 2023). | | |

Rewritten

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000023/rsgex101jvaofferletter0326.htm)[1](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000023/rsgex101jvaofferletter0326.htm)[5](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000023/rsgex101jvaofferletter0326.htm)[+](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000023/rsgex101jvaofferletter0326.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000023/rsgex101jvaofferletter0326.htm)[1](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000023/rsgex101jvaofferletter0326.htm)[6](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000023/rsgex101jvaofferletter0326.htm)[+](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000023/rsgex101jvaofferletter0326.htm)] | | | | | | Offer letter, dated March 26, 2021, by and between Jon Vander Ark and Republic Services, Inc. (incorporated by reference to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021). | | |

Rewritten

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1022vanderarkjon-re.htm)[16](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1022vanderarkjon-re.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1022vanderarkjon-re.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1022vanderarkjon-re.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1022vanderarkjon-re.htm)[7](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1022vanderarkjon-re.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039124000142/exhibit1022vanderarkjon-re.htm)] | | | | | | Non-Competition, Non-Solicitation, Confidentiality, and Arbitration Agreement, effective February 13, 2024, by and between Jon Vander Ark and Republic Services, Inc. (incorporated by reference to Exhibit 10.22 of the Company's Annual Report on Form 10-K for the year ended December 31, 2023). | | |

Rewritten

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000014/ex1030final2021stockincent.htm)[17](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000014/ex1030final2021stockincent.htm)[+](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000014/ex1030final2021stockincent.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000014/ex1030final2021stockincent.htm)[1](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000014/ex1030final2021stockincent.htm)[8](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000014/ex1030final2021stockincent.htm)[+](https://www.sec.gov/Archives/edgar/data/0001060391/000106039121000014/ex1030final2021stockincent.htm)] | | | | | | Republic Services, Inc. 2021 Stock Incentive Plan (incorporated by reference to Exhibit 10.30 of the Company's Annual Report on Form 10-K for the year ended December 31, 2020). | | |

Rewritten

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1018psuagreementexecutiv.htm)[18+*](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1018psuagreementexecutiv.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1018psuagreementexecutiv.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1018psuagreementexecutiv.htm)[9](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1018psuagreementexecutiv.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1018psuagreementexecutiv.htm)] | | | | | | Form of Performance Share Agreement (Executive Officer) under the Republic Services, Inc. 2021 Stock Incentive ~~[removed: Plan.]~~ [added: Plan (incorporated by reference to Exhibit 10.18 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |

Rewritten

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1019psuagreementotherexe.htm)[19+*](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1019psuagreementotherexe.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1019psuagreementotherexe.htm)[20](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1019psuagreementotherexe.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1019psuagreementotherexe.htm)] | | | | | | Form of Performance Share Agreement (Other Executive) under the Republic Services, Inc. 2021 Stock Incentive ~~[removed: Plan.]~~ [added: Plan (incorporated by reference to Exhibit 10.19 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |

Rewritten

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1020psuagreementnon-exec.htm)[0](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1020psuagreementnon-exec.htm)[+*](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1020psuagreementnon-exec.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1020psuagreementnon-exec.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1020psuagreementnon-exec.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1020psuagreementnon-exec.htm)] | | | | | | Form of Performance Share Agreement (Non-Executive Officer EVP) under the Republic Services, Inc. 2021 Stock Incentive ~~[removed: Plan.]~~ [added: Plan (incorporated by reference to Exhibit 10.20 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |

Rewritten

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1021rsuagreementseniorex.htm)[1](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1021rsuagreementseniorex.htm)[+*](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1021rsuagreementseniorex.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1021rsuagreementseniorex.htm)[2](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1021rsuagreementseniorex.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1021rsuagreementseniorex.htm)] | | | | | | Form of Employee Restricted Stock Unit Agreement (Senior Executive) under the Republic Services, Inc. 2021 Stock Incentive ~~[removed: Plan.]~~ [added: Plan (incorporated by reference to Exhibit 10.21 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |

Rewritten

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1022rsuagreementseniorex.htm)[2](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1022rsuagreementseniorex.htm)[+*](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1022rsuagreementseniorex.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1022rsuagreementseniorex.htm)[3](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1022rsuagreementseniorex.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1022rsuagreementseniorex.htm)] | | | | | | Form of Employee Restricted Stock Unit Agreement (Senior Executive, Cliff Vesting) under the Republic Services, Inc. 2021 Stock Incentive ~~[removed: Plan.]~~ [added: Plan (incorporated by reference to Exhibit 10.22 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |

Rewritten

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1023rsuagreementotheremp.htm)[3+*](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1023rsuagreementotheremp.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1023rsuagreementotheremp.htm)[4](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1023rsuagreementotheremp.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000091/ex1023rsuagreementotheremp.htm)] | | | | | | Form of Employee Restricted Stock Unit Agreement (Other Employees) under the Republic Services, Inc. 2021 Stock Incentive ~~[removed: Plan.]~~ [added: Plan (incorporated by reference to Exhibit 10.23 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024).] | | |

New in FY2025

| [4.2](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000216/rsgex10163025amendmentno1t.htm)[6](https://www.sec.gov/Archives/edgar/data/1060391/000106039125000216/rsgex10163025amendmentno1t.htm) | | | | | | Amendment No. 1 to Second Amended and Restated Credit Agreement, dated as of April 2, 2025, by and among Republic Services, Inc., USE Canada Holdings, Inc., J.P. Morgan Securities LLC, as Sustainability Structuring Agent, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025). | | |

New in FY2025

| [10.](https://www.sec.gov/Archives/edgar/data/1060391/000162828025047655/rsgex101dcpamendmentaug120.htm)[7](https://www.sec.gov/Archives/edgar/data/1060391/000162828025047655/rsgex101dcpamendmentaug120.htm)[+](https://www.sec.gov/Archives/edgar/data/1060391/000162828025047655/rsgex101dcpamendmentaug120.htm) | | | | | | Amendment No. 1 to the Republic Services, Inc. Deferred Compensation Plan, effective as of August 1, 2025 (incorporated by reference to Exhibit 10.1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025). | | |

New in FY2025

| | | | | | | | | |

New in FY2025

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

New in FY2025

An excerpt. Shown here: 40 of 56 rewritten, all 5 added and all 0 removed. The counts are complete. For every sentence, read Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES in the FY2025 filing and the FY2024 filing.

Item 16. FORM 10-K SUMMARY

15 rewritten, 3 added, 2 removed, 45 unchanged

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| /s/ JON VANDER ARK | | | | | | President, Chief Executive Officer and Director (Principal Executive Officer) | | | | | | February ~~[removed: 13, 2025]~~ [added: 17, 2026] | | |

Rewritten

| /s/ BRIAN DELGHIACCIO | | | | | | Executive Vice President, Chief Financial Officer (Principal Financial Officer) | | | | | | February ~~[removed: 13, 2025]~~ [added: 17, 2026] | | |

Rewritten

| /s/ ELYSE M. CARLSEN | | | | | | Vice President and Chief Accounting Officer (Principal Accounting Officer) | | | | | | February ~~[removed: 13, 2025]~~ [added: 17, 2026] | | |

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New in FY2025

New in FY2025

New in FY2025

| | | | | | | | | | | | | | | |

Dropped from FY2024

Dropped from FY2024