CASELLA WASTE SYSTEMS INC

Listed Company

CWSTCIK 0000911177NasdaqLarge AcceleratedRefuse SystemsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.84B

Net Income

$7.87M

Total Assets

$3.30B

Equity

$1.57B

Shares Out

—

Op. Cash Flow

$329.78M

Business

CASELLA WASTE SYSTEMS INC is a regional, vertically integrated solid waste services company that provides resource management expertise and services to residential, commercial, municipal, institutional and industrial customers. It offers solid waste collection, transfer, disposal, recycling, organics processing, materials recovery, landfill gas-to-energy and brokerage/resource management services. The company operates through three regional solid waste segments (Eastern, Western and Mid-Atlantic), a Resource Solutions segment for processing, industrial recycling and national accounts, and Corporate Entities for centralized support functions. Services are delivered across ten northeastern and Mid-Atlantic states via collection fleets, transfer stations, MRFs, landfills and processing facilities.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	1,837	1,557	1,265	1,085	889
Cost of operations	1,217	1,027	832	723	582
General and administration	224	191	156	133	119
Depreciation and amortization	307	235	171	126	104
Expense from acquisition activities	24	25	15	5	5
Organics facility closure charge	1	0	0	—	—
Southbridge Landfill closure charge	0	8	467,000	1	496,000
Landfill capping (recovery) charge - veneer failure	0	−2	4	0	—
Legal settlement	0	0	6	—	—
Total operating expenses	1,773	1,485	1,184	990	812
Operating income	64	73	80	95	78
Interest income	−10	−10	−11	−709,000	−302,000
Interest expense	63	62	48	24	—
Debt modification expense	0	1	0	0	—
Loss from termination of bridge financing	0	0	8	0	0
Other income	−2	−2	−2	−3	−1
Other expense, net	51	52	43	20	20
Income before income taxes	13	21	37	75	58
Provision for income taxes	5	8	12	22	17
Net income	8	14	25	53	41
Weighted average common shares outstanding, basic (in shares)	63	60	55	52	51
Basic earnings per common share (in dollars per share)	0.12	0.23	0.46	1.03	0.8
Weighted average common shares outstanding, diluted (in shares)	64	60	55	52	52
Diluted earnings per common share (in dollars per share)	0.12	0.23	0.46	1.03	0.8

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash, cash equivalents and restricted cash	124	383	—	—	—
Accounts receivable, net of allowance for credit losses of $7,082 and $8,515, respectively	178	166	157	101	87
Prepaid expenses	30	23	17	15	13
Other current assets	38	41	10	7	3
Total current assets	369	613	426	207	146
Property and equipment, net of accumulated depreciation and amortization of $1,495,563 and $1,302,324, respectively	1,289	1,165	981	721	645
Operating lease right-of-use assets	105	98	101	92	94
Goodwill	1,120	1,002	736	274	233
Intangible assets, net	291	313	241	92	94
Restricted cash and assets	96	2	2	2	2
Cost method investments	11	11	11	11	11
Other non-current assets	21	25	26	27	15
Total assets	3,303	3,230	2,535	1,449	1,284
Current maturities of debt	26	43	36	9	10
Current operating lease liabilities	12	10	9	7	7
Accounts payable	102	111	117	74	63
Accrued payroll and related expenses	36	33	23	24	22
Contract liabilities	45	51	31	4	3
Current accrued capping, closure and post-closure costs	8	3	11	11	8
Other accrued liabilities	65	57	48	46	36
Total current liabilities	294	307	279	178	152
Debt, less current portion	1,129	1,091	1,008	585	543
Operating lease liabilities, less current portion	73	64	66	57	56
Accrued capping, closure and post-closure costs, less current portion	185	169	123	103	79
Deferred income taxes	19	19	627,000	437,000	868,000
Other long-term liabilities	35	29	37	28	30
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Additional paid-in capital	1,697	1,680	1,169	662	652
Accumulated deficit	−125	−133	−147	−172	−225
Accumulated other comprehensive (loss) income, net of tax	−4	3	−1	8	−5
Total stockholders' equity	1,569	1,551	1,022	498	422
Total liabilities and stockholders' equity	3,303	3,230	2,535	1,449	1,284

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest accretion on landfill and environmental remediation liabilities	15	12	10	8	7
Amortization of debt issuance costs	3	3	3	2	2
Stock-based compensation	14	12	9	8	12
Operating lease right-of-use assets expense	22	18	15	14	14
Other items and charges, net	2	13	708,000	—	—
Landfill capping (recovery) charge - veneer failure	0	−889,000	3	0	—
Deferred income taxes	3	7	7	17	15
Accounts receivable	−4	1	−39	−7	−7
Landfill operating lease contract expenditures	−7	−5	−5	−5	−6
Accounts payable	−9	−14	42	11	14
Prepaid expenses, inventories and other assets	−7	−13	−8	−11	−6
Accrued expenses, contract liabilities and other liabilities	−19	−218,000	−8	1	−8
Net cash provided by operating activities	330	281	233	217	183
Acquisitions, net of cash acquired	−224	−469	−852	−78	−171
Additions to property and equipment	−245	−203	−155	−131	−123
Additions to intangible assets	−672,000	−280,000	0	0	—
Proceeds from sale of property and equipment	809,000	1	1	600,000	788,000
Proceeds from property insurance settlement	0	146,000	0	0	0
Net cash used in investing activities	−469	−671	−1,006	−207	−293
Proceeds from debt borrowings	92	847	465	88	4
Principal payments on debt	−116	−784	−26	−59	−10
Payments of debt issuance costs	−2	−7	−13	−1	−4
Proceeds from the exercise of share based awards	0	349,000	89,000	192,000	172,000
Proceeds from the public offering of Class A Common Stock	0	496	496	0	0
Payments of debt modification costs	0	−1	0	0	—
Net cash (used in) provided by financing activities	−27	552	922	27	−10
Net (decrease) increase in cash, cash equivalents and restricted cash, including non-current	−166	162	150	37	−121
Interest	59	61	44	21	19
Income tax (refunds) payments, net	−154,000	7	10	3	1
Non-current assets acquired through long-term financing obligations	45	31	12	12	21

Filings

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