Insider Purchase: Cascade Investment and Bill Gates Report RSG Buys

Rhea-AI Filing Summary

Reporting persons Cascade Investment, L.L.C. and William H. Gates III reported purchases of Republic Services, Inc. (RSG) common stock on 08/19/2025. The filing shows 4,258 shares were acquired in multiple trades at a weighted-average price of $234.9095 per share.

Following the reported transactions, the reporting person(s) beneficially own 109,816,832 shares of RSG on an indirect basis. The form is signed by an attorney-in-fact and notes the transaction prices ranged from $234.9000 to $234.9100.

Positive

• Insider purchase reported: 4,258 shares acquired on 08/19/2025
• Weighted-average price disclosed: $234.9095 per share
• Substantial indirect ownership retained: 109,816,832 shares beneficially owned following the transaction

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider group executed a small purchase (4,258 shares) at ~$234.91, leaving very large indirect ownership of 109.8 million shares.

The transaction is an insider purchase reported on Form 4 for Republic Services (RSG) dated 08/19/2025. The reported 4,258-share acquisition at a weighted-average price of $234.9095 is immaterial relative to the total beneficial ownership of 109,816,832 shares, indicating this trade is a minor incremental purchase by an already large holder. For investors, the signal is limited because the absolute purchase size is small compared with existing stake; no derivative activity or disposals are reported.

Corporate Governance Expert

TL;DR: Form 4 discloses routine insider purchases by an indirect 10% owner and director; no governance changes or material dispositions noted.

The filing lists Cascade Investment, L.L.C. and William H. Gates III as reporting persons with director and 10% owner relationships. The acquisition was executed in multiple trades within a narrow price band ($234.90–$234.91), with a weighted-average price disclosed. The signature indicates an attorney-in-fact filed the report. There are no indications of changes in board roles, plans, or derivative positions; the disclosure appears compliant and procedural.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CASCADE INVESTMENT, L.L.C.

(Last) (First) (Middle)

2365 CARILLON POINT

(Street)

KIRKLAND WA 98033

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
REPUBLIC SERVICES, INC. [ RSG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock	08/19/2025		P		4,258	A	$234.9095(1)	109,816,832	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

CASCADE INVESTMENT, L.L.C.

(Last) (First) (Middle)

2365 CARILLON POINT

(Street)

KIRKLAND WA 98033

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

GATES WILLIAM H III

(Last) (First) (Middle)

2365 CARILLON POINT

(Street)

KIRKLAND WA 98033

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $234.9000 to $234.9100. The price set forth above reflects the weighted-average price per share. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected.

	Cascade Investment, L.L.C. by: /s/ Alan Heuberger, Attorney-in-fact for Michael Larson, Business Manager	08/21/2025
	William H. Gates III by: /s/ Alan Heuberger, Attorney-in-fact	08/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Cascade Investment/W. H. Gates III report for RSG on 08/19/2025?

They reported the acquisition of 4,258 shares of Republic Services common stock on 08/19/2025 at a weighted-average price of $234.9095 per share.

How many RSG shares are beneficially owned after the reported transaction?

The filing states an indirect beneficial ownership of 109,816,832 shares following the reported transaction.

Were the reported trades executed at a single price or multiple prices?

The filing notes the transaction was executed in multiple trades at prices ranging from $234.9000 to $234.9100, with the weighted-average price disclosed.

Does the Form 4 indicate any derivative transactions or dispositions?

No. Table II (derivative securities) shows no entries and the reported activity in Table I is an acquisition, not a disposition.

Who signed the Form 4 filing?

The Form 4 is signed by Cascade Investment, L.L.C. by an attorney-in-fact for Michael Larson and by William H. Gates III by an attorney-in-fact, each dated 08/21/2025.