RSG · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
REPUBLIC SERVICES, INC. · 2026-10-30 · Importance 44 · Surprise 24 · From source text
At September 30, 2026, Republic Services had $48 million of principal debt maturing within 12 months, $183 million outstanding under its $3.5 billion Credit Facility, and $899 million of commercial paper outstanding; Credit Facility availability was $2.1 billion. The company issued $1.2 billion of senior notes in June 2026, generating $1.183 billion in net cash proceeds, and made $731 million of net payments on notes payable and long-term debt during the first nine months of 2026. Its total debt-to-EBITDA ratio was approximately 2.6 at September 30, 2026, below the 3.75 covenant maximum, and it was in compliance with all Credit Facility covenants. Credit ratings were A- from S&P, A- from Fitch and A3 from Moody’s.
Key facts
- Republic had $183 million outstanding under its Credit Facility as of September 30, 2026, compared with $425 million as of December 31, 2025. source
- Credit Facility availability was $2.1 billion as of September 30, 2026, compared with $1.8 billion as of December 31, 2025. source
- Republic's Credit Facility generally limits its total debt-to-EBITDA ratio to 3.75 to 1.00 at each fiscal quarter-end. source
- Republic had $1.4 billion of tax-exempt financings outstanding at both September 30, 2026 and December 31, 2025; maturities ranged from 2026 to 2056 and 2026 to 2054, respectively. source
- Republic's finance leases and other liabilities were $440 million as of September 30, 2026 and $441 million as of December 31, 2025, with maturities from 2026 to 2063 for both periods. source
- Canadian-dollar amounts outstanding against the Canadian Sublimit were C$260 million as of September 30, 2026 and C$204 million as of December 31, 2025. source
- Republic had $250 million of tax-exempt financings with an initial remarketing period of 10 years. source
- Republic had $315 million of letters of credit outstanding under its Credit Facility as of September 30, 2026, compared with $319 million as of December 31, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | positive | realized | +0.7% | Republic had $183 million outstanding under its Credit Facility as of September 30, 2026, compared with $425 million as of December 31,… |
| liability | positive | realized | 0.0% | Republic's finance leases and other liabilities were $440 million as of September 30, 2026 and $441 million as of December 31, 2025, with… |
| liability | negative | realized | — | Canadian-dollar amounts outstanding against the Canadian Sublimit were C$260 million as of September 30, 2026 and C$204 million as of… |