What Republic Services, Inc. told the SEC could break it.

Republic markets recovered materials (old corrugated containers, old newsprint, aluminum, glass; ~3% of revenue); recycled-commodity price volatility from market supply/demand affects results, and as of Dec 31, 2025 it had no recycling commodity hedges in place.

“Changes in market supply and demand for recycled commodities causes volatility in commodity prices. In prior periods, we have entered into derivative instruments such as swaps and costless collars designated as cash flow hedges to manage our exposure to changes in prices of these commodities. As of December 31, 2025, we had no recycling commodity hedges in place.”

Republic's large collection fleet makes fuel a material cost ($466M, 2.8% of revenue in 2025), and it is also susceptible to vendor fuel-recovery fee increases and petrochemical price rises that raise operating and capital costs.

“We also are susceptible to increases in fuel recovery fees from our vendors. Our fuel costs were $466 million during 2025, or 2.8% of revenue, compared to $470 million, or 2.9% of revenue, during 2024.”

Republic subsidiary Bridgeton Landfill is one of several Potentially Responsible Parties for the West Lake Landfill Superfund site in Missouri; the EPA's 2018 Record of Decision Amendment estimated a total undiscounted remedy cost of $229 million, and CERCLA special notice letters initiated remedy negotiations.

“Our subsidiary Bridgeton Landfill, LLC is one of several currently designated Potentially Responsible Parties for the West Lake Landfill Superfund site (West Lake) in Missouri. On September 27, 2018, the United States Environmental Protection Agency (EPA) issued a Record of Decision Amendment for West Lake that includes a total undiscounted cost estimate of $ 229 million over a four to five year design and construction timeline.”

Republic's results are affected by macro factors outside its control including tariffs and international trade restrictions, inflation, supply-chain issues, and interest rates, which in recent years have disrupted supply chains and raised costs.

“Our business is directly affected by changes in local, national, global and general economic factors and overall economic activity that are outside of our control, including changes in governmental monetary policies, tariffs and international trade restrictions, consumer confidence, slowing economic growth, inflation, pandemics, supply chain issues and interest ra tes.”