Bill Gates' Cascade (NYSE: RSG) buys more Republic Services shares

Rhea-AI Filing Summary

REPUBLIC SERVICES, INC. (RSG) is the subject of this Schedule 13D/A Amendment No. 28, which updates the ownership position of Cascade Investment, L.L.C. and William H. Gates III in the company’s common stock. Cascade and Mr. Gates report beneficial ownership of 112,403,625 shares of Republic Services common stock, representing 36.7% of the outstanding shares, based on 306,212,978 shares outstanding as of July 30, 2026. Cascade holds sole voting and dispositive power over these shares, and all such shares may be deemed beneficially owned by Mr. Gates as the sole member of Cascade. Cascade purchased the Republic Services shares with working capital and acquired 1,599,643 shares in open-market transactions during the 60-day period ended August 19, 2026, as detailed in an exhibit.

Key Figures

Shares beneficially owned: 112,403,625 shares Ownership percentage: 36.7% Shares outstanding: 306,212,978 shares +3 more

6 metrics

Shares beneficially owned 112,403,625 shares Common stock of Republic Services, Inc. beneficially owned by each reporting person

Ownership percentage 36.7% Percent of Republic Services common stock represented by 112,403,625 shares

Shares outstanding 306,212,978 shares Republic Services common stock outstanding as of July 30, 2026

Recent shares purchased 1,599,643 shares Shares of Republic Services common stock bought by Cascade during the 60-day period ended August 19, 2026

Sole voting power 112,403,625 shares Shares of Republic Services common stock over which each reporting person has sole voting power

Sole dispositive power 112,403,625 shares Shares of Republic Services common stock over which each reporting person has sole dispositive power

Key Terms

beneficially owned, sole voting power, sole dispositive power, working capital, +1 more

5 terms

beneficially owned financial

"aggregate number of shares of Common Stock and percentage of Common Stock beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: | 7 | Sole Voting Power"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Number of Shares Beneficially Owned by Each Reporting Person With: | 9 | Sole Dispositive Power"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

working capital financial

"Cascade purchased the Common Stock with working capital."

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

open-market transactions financial

"purchased 1,599,643 shares of Common Stock during the 60-day period ... in open-market transactions"

Open-market transactions are purchases or sales of a company’s securities that take place on public exchanges rather than through private agreements. They matter to investors because these trades change the number of shares available, can move the stock price, and often signal management’s view of the company’s value—like a store restocking or clearing shelves, altering supply and the price shoppers see.

FAQ

What percentage of Republic Services, Inc. (RSG) does Cascade Investment and William H. Gates III currently beneficially own?

Cascade Investment, L.L.C. and William H. Gates III report beneficial ownership of 36.7% of Republic Services, Inc. common stock, based on 306,212,978 shares outstanding as of July 30, 2026, as stated in the company’s Form 10-Q.

How many Republic Services (RSG) shares are beneficially owned by Cascade Investment and William H. Gates III?

Cascade Investment, L.L.C. and William H. Gates III report beneficial ownership of 112,403,625 shares of Republic Services, Inc. common stock, with Cascade holding sole voting and dispositive power over these shares.

Did Cascade Investment recently buy additional Republic Services (RSG) shares?

Yes. Cascade purchased 1,599,643 shares of Republic Services common stock during the 60-day period ended August 19, 2026 in open-market transactions at weighted-average prices detailed in Exhibit 1.

How is William H. Gates III related to Cascade Investment’s holdings of Republic Services (RSG)?

All Republic Services common shares held by Cascade Investment, L.L.C. may be deemed beneficially owned by William H. Gates III because he is the sole member of Cascade, as disclosed in the filing.

What is the basis for the ownership percentage reported for Republic Services (RSG)?

The reported 36.7% ownership is calculated using 306,212,978 shares of Republic Services common stock outstanding as of July 30, 2026, a figure taken from the issuer’s Form 10-Q filed on August 7, 2026.

What funds were used by Cascade Investment to purchase Republic Services (RSG) stock?

Cascade Investment, L.L.C. states that it purchased Republic Services common stock using working capital, indicating the purchases were funded from its general corporate funds rather than external financing specifically identified here.

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Available on EDGAR 08/20/2026 - 04:26 PM Accepted by SEC EDGAR 08/20/2026 - 04:25 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 28)

Republic Services, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

760759100

(CUSIP Number)

Jeff Shim, Esq.
2365 Carillon Point,
Kirkland, WA, 98033
(425) 889-7900

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/18/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 760759100

1

Name of reporting person

Cascade Investment, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

WASHINGTON

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 112,403,625.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 112,403,625.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

112,403,625.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

36.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

All shares of the common stock, $0.01 par value per share (the "Common Stock") of Republic Services, Inc. (the "Issuer") held by Cascade Investment, L.L.C. ("Cascade") may be deemed to be beneficially owned by William H. Gates III as the sole member of Cascade. Item 13 is based on 306,212,978 shares of Common Stock outstanding as of July 30, 2026, as reported on the Issuer's Form 10-Q filed on August 7, 2026.

SCHEDULE 13D

CUSIP Number(s): 760759100

1

Name of reporting person

William H. Gates III

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 112,403,625.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 112,403,625.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

112,403,625.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

36.7 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

All shares of the Common Stock of the Issuer held by Cascade may be deemed to be beneficially owned by William H. Gates III as the sole member of Cascade. Item 13 is based on 306,212,978 shares of Common Stock outstanding as of July 30, 2026, as reported on the Issuer's Form 10-Q filed on August 7, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: Republic Services, Inc.
(c)	Address of Issuer's Principal Executive Offices: 5353 East City North Drive, Phoenix, ARIZONA , 85054.
Item 1 Comment: This Amendment No. 28 to Schedule 13D ("Amendment") amends and supplements the Schedule 13D previously filed by Cascade Investment, L.L.C. ("Cascade") and William H. Gates III ("Mr. Gates," and together with Cascade, the "Reporting Persons") with the Securities and Exchange Commission on July 21, 2008, as amended, relating to the common stock, par value $0.01 per share (the "Common Stock"), of Republic Services, Inc. (the "Issuer"). Information in the Schedule 13D remains in effect except to the extent that it is amended or superseded by subsequently filed information, including information in this Amendment.
Item 3.	Source and Amount of Funds or Other Consideration
	Cascade purchased the Common Stock with working capital.
Item 5.	Interest in Securities of the Issuer
(a)	See items 11 and 13 of the cover pages to this Amendment for the aggregate number of shares of Common Stock and percentage of Common Stock beneficially owned by each of the Reporting Persons.
(b)	See items 7 through 10 of the cover pages to this Amendment for the number of shares of Common Stock beneficially owned by each of the Reporting Persons as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, and sole or shared power to dispose or to direct the disposition.
(c)	Cascade purchased 1,599,643 shares of Common Stock during the 60-day period ended August 19, 2026 in open-market transactions at the weighted-average price per share set forth in Exhibit 1, attached hereto and incorporated by reference herein.
(d)	None.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1 - Transactions effected during the 60-day period ended August 19, 2026

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Cascade Investment, L.L.C.

Signature:	/s/ Alan Heuberger
Name/Title:	Alan Heuberger, Attorney-in-fact for Michael Larson, Business Manager
Date:	08/20/2026

William H. Gates III

Signature:	/s/ Alan Heuberger
Name/Title:	Alan Heuberger, Attorney-in-fact
Date:	08/20/2026

Comments accompanying signature:

This Amendment is being filed jointly by the Reporting Persons pursuant to the Joint Filing Agreement, dated July 21, 2008, and included with the signature page to the Reporting Persons' Schedule 13D filed on July 21, 2008, SEC File No. 005-54333, and incorporated by reference herein. Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated October 11, 2013, by and on behalf of Michael Larson, filed as Exhibit 99.1 to Amendment No. 9 to Cascade's Schedule 13D with respect to Western Asset/Claymore Inflation-Linked Opportunities & Income Fund on December 11, 2013, SEC File No. 005-81261, and incorporated by reference herein. Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated August 12, 2008, by and on behalf of William H. Gates III, filed as Exhibit 99.2 to Amendment No. 1 to Cascade's Schedule 13D with respect to Otter Tail Corporation on April 15, 2009, SEC File No. 005-06638, and incorporated by reference herein.