该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
Republic Services (RSG) delivered solid Q1 2026 results with revenue up 2.3% YoY to $4.70B, net income rising 6.1% to $525M, and operating cash flow surging 19.7% to $1.23B, reflecting steady pricing power and disciplined cost management in the waste services sector.
营收
46.99亿美元
同比 +2.31%
每股收益（稀释）
1.70美元
同比 +7.59%
营业利润
8.3亿美元
同比 +3.23%
SEC XBRL 原值
Republic Services (RSG) Q1 FY2026 营收 46.99亿美元，同比增长 2.3%。 营业利润率 17.7%，较去年同期的 17.5% 扩大 0.2 个百分点。 经营活动现金流 12.27亿美元，同比增长 19.7%。 RSG 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：4 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 1.85 | 1.83 | 超预期 +1.0% |
| 2026年3月本次财报 | 1.70 | 1.65 | 超预期 +2.8% |
| 2025年12月 | 1.76 | 1.64 | 超预期 +7.4% |
| 2025年9月 | 1.90 | 1.80 | 超预期 +5.6% |
2026年3月 实际 EPS 1.70美元，分析师一致预期 1.65美元，超预期 +2.8%。
由 AI 基于本次 SEC 报告整理
Revenue grew 2.3% YoY to $4.70B in Q1 2026 from $4.59B in Q1 2025, consistent with RSG's strategy of leveraging pricing power in the essential waste management services industry to offset modest volume headwinds.
来源: 10-Q Financial Data, Income Statement
Operating margin improved slightly to 17.66% from 17.50% YoY, with operating income rising 3.2% to $830M, as SG&A expenses declined 0.5% to $425M, demonstrating effective overhead cost control even as cost of revenue grew 2.2%.
来源: 10-Q Financial Data, Income Statement & Key Ratios
Operating cash flow surged 19.7% YoY to $1.23B from $1.03B, significantly outpacing net income growth of 6.1%, reflecting strong cash conversion and higher D&A of $461M (up 6.2% YoY) as a non-cash add-back.
来源: 10-Q Financial Data, Cash Flow Statement
Share repurchases increased dramatically by 430.9% YoY to $292M in Q1 2026 from just $55M in Q1 2025, signaling management's confidence in the company's financial position and commitment to returning capital to shareholders.
来源: 10-Q Financial Data, Cash Flow Statement
Total assets grew 4.5% YoY to $34.60B from $33.10B, while stockholders' equity increased 2.7% to $11.98B, reflecting ongoing capital investment in infrastructure and acquisitions consistent with RSG's long-term growth strategy.
来源: 10-Q Financial Data, Balance Sheet
由 AI 基于本次 SEC 报告整理 · 高 0 中 4 低 1
RSG's current ratio stands at 0.67, meaning current liabilities of $3.74B significantly exceed current assets of $2.51B. While common for large waste management companies with predictable cash flows, this structural liquidity gap could become a concern if operating cash flows were to deteriorate unexpectedly.
来源: 10-Q Financial Data, Balance Sheet & Key Ratios
With total assets of $34.60B against stockholders' equity of $11.98B, RSG carries substantial implied debt on its balance sheet. The capital-intensive nature of waste management — requiring continuous investment in vehicles, facilities, and landfills — means D&A alone reached $461M in a single quarter, constraining free cash flow flexibility.
来源: 10-Q Financial Data, Balance Sheet & Cash Flow
Share buybacks surged 430.9% YoY to $292M in Q1 2026, contributing to financing cash outflows of $238M versus an inflow of $284M in Q1 2025. Sustaining this pace alongside capital expenditures (implied by investing outflows of $910M) could pressure the balance sheet if operating conditions soften.
来源: 10-Q Financial Data, Cash Flow Statement
RSG's ROE of 4.38% and ROA of 1.52% for Q1 2026 are relatively modest, reflecting the heavy asset base required to operate a national waste management network. These returns may limit the stock's appeal to investors seeking higher capital efficiency.
来源: 10-Q Financial Data, Key Ratios
Cost of revenue grew 2.2% YoY to $2.37B, nearly matching the 2.3% revenue growth rate, leaving limited room for gross margin expansion. Any acceleration in labor, fuel, or disposal costs could compress margins if pricing power does not keep pace.
来源: 10-Q Financial Data, Income Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 46.99 亿美元 | 45.93 亿美元 | +2.31% |
营业成本 亿美元 | 23.66 亿美元 | 23.14 亿美元 | +2.25% |
营业利润 亿美元 | 8.30 亿美元 | 8.04 亿美元 | +3.23% |
净利润 亿美元 | 5.25 亿美元 | 4.95 亿美元 | +6.11% |
每股收益（基本） 美元 | 1.70 美元 | 1.58 美元 | +7.59% |
每股收益（稀释） 美元 | 1.70 美元 | 1.58 美元 | +7.59% |
销售及管理费用 亿美元 | 4.25 亿美元 | 4.27 亿美元 | -0.47% |
答案基于本次 SEC 报告与本页数据