Republic Services reported solid top-line performance for QQ1 2025, posting revenue of $4.009 billion, a YoY growth of 3.81% and QoQ decline of 0.91%. Gross margin stood at 30.76%, with operating margin at 20.10% and net margin at 12.35%, underscoring durable profitability amid a capital-intensive, highly regulated waste-management environment. The company generated $1.025 billion in operating cash flow and $566 million in free cash flow, supported by capex of $459 million; cash balances remained healthy with net debt around $13.45 billion, translating to a debt-to-capitalization of ~53.7%. The balance sheet shows total assets of $33.10 billion against total liabilities of $21.44 billion and equity of $11.66 billion, with a current ratio of 0.67 and modest liquidity headroom. Management commentary (when available) typically emphasizes rate realization, volume resilience, cost discipline, and ongoing capital investments in infrastructure and environmental assets; however, no earnings call transcript was provided in the input data to cite direct quotes.