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.
$ 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
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
330
281
233
+17.2%
Capital expenditure
245
203
155
+20.6%
Free cash flow
84.7
78.1
78.2
+8.4%
Free cash flow margin
4.6%
5.0%
6.2%
Cash from investing
-469
-671
-1,006
Cash from financing
-27.1
552
922
Depreciation and amortisation
307
235
171
+30.6%
Share-based compensation
14.2
12.2
9.1
+16.7%
Diluted shares, weighted
64m
60m
55m
+6.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,569
1,551
1,022
+1.2%
Debt
1,155
1,133
1,043
+1.9%
Operating lease liabilities
72.5
64.4
66.1
+12.5%
Other liabilities
507
482
404
+5.4%
Total liabilities and equity
3,303
3,230
2,535
+2.3%
Goodwill
1,120
1,002
736
+11.8%
Intangible assets
291
313
241
-7.2%
Cash and equivalents
124
358
221
-65.5%
Receivables
178
166
157
+7.3%
Other assets
1,591
1,390
1,180
+14.4%
Total assets
3,303
3,230
2,535
+2.3%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.