Casella Waste Systems (CWST) FY2024 results: revenue $1.6 billion, up 23.1% on the year

Casella Waste Systems Inc. (CWST) reported revenue of $1.6 billion for fiscal 2024, the year ended 31 December 2024, up 23.1% on the year before. Net income was $14 million, down 46.7%, and diluted earnings per share $0.23. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2025.

Revenue

$1.6 billion

+23.1% on the year

FY2017FY2024

Operating margin

4.7%

6.4% a year earlier

FY2017FY2024

Net income

$14 million

-46.7% on the year

FY2017FY2024

Diluted EPS

$0.23

-50.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,557	1,265	1,085	+23.1%
Cost of revenue	1,027	832	723	+23.5%
Gross profit	530	433	362	+22.5%
Gross margin	34.0%	34.2%	33.4%
Operating income	72.8	80.4	95.4	-9.5%
Operating margin	4.7%	6.4%	8.8%
Interest expense	62.4	47.6	23.7	+31.2%
Pre-tax income	21.0	37.0	75.0	-43.2%
Income tax	7.5	11.6	21.9	-35.5%
Effective tax rate	35.7%	31.4%	29.2%
Net income	13.5	25.4	53.1	-46.7%
Net margin	0.9%	2.0%	4.9%
Diluted EPS	$0.23	$0.46	$1.03	-50.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	281	233	217	+20.7%
Capital expenditure	203	155	131	+31.2%
Free cash flow	78.1	78.2	86.4	-0.1%
Free cash flow margin	5.0%	6.2%	8.0%
Cash from investing	-671	-1,006	-207
Cash from financing	552	922	26.9	-40.2%
Depreciation and amortisation	235	171	126	+37.6%
Share-based compensation	12.2	9.1	8.2	+34.1%
Diluted shares, weighted	60m	55m	52m	+8.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,551	1,022	498	+51.8%
Debt	1,133	1,043	594	+8.6%
Operating lease liabilities	64.4	66.1	57.3	-2.5%
Other liabilities	482	404	300	+19.1%
Total liabilities and equity	3,230	2,535	1,449	+27.4%
Fixed assets	n/a	n/a	721
Goodwill	1,002	736	274	+36.2%
Intangible assets	313	241	91.8	+29.8%
Cash and equivalents	358	221	71.2	+62.2%
Receivables	166	157	101	+5.5%
Other assets	1,390	1,180	190	+17.8%
Total assets	3,230	2,535	1,449	+27.4%

10-K for the year ended 31 December 2024, filed 18 February 2025: the filing.