greeksoup/ stock research

Casella Waste Systems (CWST) FY2025 results: revenue $1.8 billion, up 18.0% on the year

Casella Waste Systems Inc. (CWST) reported revenue of $1.8 billion for fiscal 2025, the year ended 31 December 2025, up 18.0% on the year before. Net income was $8 million, down 41.9%, and diluted earnings per share $0.12. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue
$1.8 billion
+18.0% on the year
FY2018FY2025
Operating margin
3.5%
4.7% a year earlier
FY2018FY2025
Net income
$8 million
-41.9% on the year
FY2018FY2025
Diluted EPS
$0.12
-47.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 12 new.

  • Quarterly revenue rose 9.7%: Fourth quarter revenue was $469.1 million, up 9.7%, with growth from acquisitions, collection and disposal pricing, and National Accounts in Resource Solutions.
  • Quarterly Adjusted EBITDA rose 12.7%: Fourth quarter Adjusted EBITDA was $107.0 million, up 12.7%, from acquisition contribution and organic growth.
  • Quarter net loss reported: The company reported a fourth quarter net loss of $2.5 million, against net income of $4.9 million a year earlier, driven by the same factor as operating income.
  • Full-year Adjusted EBITDA rose 17.3%: Fiscal 2025 Adjusted EBITDA was $422.8 million, up 17.3%, driven by acquisition contribution and organic growth.
  • Quarter operating income fell 35.9%: Quarterly operating income was $11.9 million, down 35.9%, reflecting higher depreciation and amortization tied to acquisition growth.
Read the Q4 FY2025 earnings call summary

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,8371,5571,265+18.0%
Cost of revenue1,2171,027832+18.4%
Gross profit620530433+17.0%
Gross margin33.8%34.0%34.2%
Operating income63.772.880.4-12.5%
Operating margin3.5%4.7%6.4%
Interest expense62.562.447.6+0.2%
Pre-tax income13.121.037.0-38.0%
Income tax5.27.511.6-31.0%
Effective tax rate39.7%35.7%31.4%
Net income7.913.525.4-41.9%
Net margin0.4%0.9%2.0%
Diluted EPS$0.12$0.23$0.46-47.8%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow330281233+17.2%
Capital expenditure245203155+20.6%
Free cash flow84.778.178.2+8.4%
Free cash flow margin4.6%5.0%6.2%
Cash from investing-469-671-1,006
Cash from financing-27.1552922
Depreciation and amortisation307235171+30.6%
Share-based compensation14.212.29.1+16.7%
Diluted shares, weighted64m60m55m+6.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,5691,5511,022+1.2%
Debt1,1551,1331,043+1.9%
Operating lease liabilities72.564.466.1+12.5%
Other liabilities507482404+5.4%
Total liabilities and equity3,3033,2302,535+2.3%
Goodwill1,1201,002736+11.8%
Intangible assets291313241-7.2%
Cash and equivalents124358221-65.5%
Receivables178166157+7.3%
Other assets1,5911,3901,180+14.4%
Total assets3,3033,2302,535+2.3%

10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.