Republic Services Raises 2026 Outlook as Quarterly Revenue Reaches $4.559 Billion
Key Facts
Republic Services raised its financial outlook range for 2026 after reporting revenue of $4.559 billion in the third quarter ended September 30, compared with $4.212 billion in the same period of 2025. Total revenue grew 8.2%, while adjusted diluted earnings per share reached $1.94, compared with $1.90 a year earlier. Net income was $595 million, or $1.93 per diluted share, compared with $550 million and $1.76 per share in the third quarter of 2025. Chief Executive John Vander Ark said the results "confirmed the resilience of our business model and the effectiveness of our strategy." The company's shares closed at $233.4 on October 28, 2026, according to EL7 data.
The revenue increase included organic growth of 4.8% in the recycling and waste business and a 2.1% increase in environmental solutions, alongside a 1.3% contribution from acquisitions, according to the company's statement. In its second-quarter disclosure, Republic said core pricing on related revenue lifted revenue 6.4%, while volume reduced that revenue by 1.9%. Adjusted EBITDA at the time was $1.42 billion, with a 32.1% margin that remained consistent with the previous year. Vander Ark said in that disclosure that pricing above cost inflation and disciplined cost management supported faster growth in revenue and adjusted EBITDA. These earlier indicators highlight the role of pricing and costs in the company's performance, alongside business volume growth and acquisitions.
Republic raised its full-year 2026 revenue outlook range to $17.425–$17.475 billion and increased its adjusted EBITDA range to $5.550–$5.575 billion. It also raised its adjusted free cash flow outlook to $2.565–$2.585 billion, according to the results statement. From the start of the year through September 30, cash flow from operations was $3.52 billion, while adjusted free cash flow reached $2.28 billion. On October 28, the board approved a $5 billion share repurchase authorization, effective from January 1, 2027, through December 31, 2029. The board also declared a quarterly dividend of $0.670 per share for shareholders of record on January 4, 2027, payable on January 15, 2027.
In separate results, Miami International Holdings, known by the ticker MIAX, reported third-quarter 2026 net revenue of $131.0 million, up 20%, or $21.5 million, from $109.5 million in the same period a year earlier. The company attributed the increase mainly to options business performance, higher trading volumes across the sector and growth in non-transaction revenue. Adjusted EBITDA rose 47% to $70.8 million, from $48.0 million a year earlier. The margin on that earnings measure widened to 54% from 44%, and the company said revenue growth was the primary driver of the increase in adjusted earnings. The comparison reflects faster revenue and profitability growth at the exchange operator during the period, alongside improved options activity.
Average daily trading volume on MIAX's options exchanges was about 11.1 million contracts in the third quarter, up 15.2% year over year. The company's options market share rose to 17.4%, compared with 17.2% in the same period of 2025. On its outlook, MIAX lowered its 2026 adjusted operating expense range to $254–257 million, from its previous estimate of $260–270 million. It also lowered its expected adjusted effective tax rate range to 26–28% from 27–29%. The revisions accompany revenue growth and a higher adjusted earnings margin in the third quarter, according to results the company published via PR Newswire.