Casella Waste Systems (CWST) financial statements
Casella Waste Systems reported revenue of $1.8B in fiscal 2025, up 14.0% a year over 9 years.
Net income was $8M and the operating margin 3.5%, against 8.0% in 2016.
Free cash flow was $85M.
The diluted share count rose 54% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Casella Waste Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $565M | $599M | $661M | $743M | $775M | $889M | $1.1B | $1.3B | $1.6B | $1.8B |
| Cost of revenue | $382M | $405M | $453M | $509M | $516M | $582M | $723M | $832M | $1.0B | $1.2B |
| Gross profit | $183M | $194M | $207M | $235M | $259M | $307M | $362M | $433M | $530M | $620M |
| Selling, general and admin | $75M | $79M | $85M | $93M | $102M | $119M | $133M | $156M | $191M | $224M |
| Operating income | $45M | -$13M | $40M | $53M | $59M | $78M | $95M | $80M | $73M | $64M |
| Interest expense | $39M | $25M | $26M | $25M | $22M | $21M | $24M | $48M | $62M | $63M |
| Pre-tax income | -$6M | -$37M | $6M | $30M | $38M | $58M | $75M | $37M | $21M | $13M |
| Income tax | $494,000 | -$15M | -$384,000 | -$2M | -$53M | $17M | $22M | $12M | $8M | $5M |
| Net income | -$7M | -$22M | $6M | $32M | $91M | $41M | $53M | $25M | $14M | $8M |
| EPS (diluted) | -$0.17 | -$0.52 | $0.15 | $0.66 | $1.86 | $0.80 | $1.03 | $0.46 | $0.23 | $0.12 |
| Diluted shares | 41M | 42M | 44M | 48M | 49M | 52M | 52M | 55M | 60M | 64M |
| Gross margin | 32.4% | 32.4% | 31.4% | 31.6% | 33.4% | 34.5% | 33.4% | 34.2% | 34.0% | 33.8% |
| Operating margin | 8.0% | -2.1% | 6.0% | 7.1% | 7.7% | 8.7% | 8.8% | 6.4% | 4.7% | 3.5% |
| Net margin | -1.2% | -3.6% | 1.0% | 4.3% | 11.8% | 4.6% | 4.9% | 2.0% | 0.9% | 0.4% |
Balance sheet
Fiscal years, from Casella Waste Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3M | $2M | $4M | $3M | $154M | $34M | $71M | $221M | $383M | $124M |
| Receivables | $61M | $66M | $75M | $80M | $74M | $87M | $101M | $157M | $166M | $178M |
| Total current assets | $79M | $84M | $97M | $103M | $247M | $146M | $207M | $426M | $613M | $369M |
| Property, plant and equipment | $398M | $362M | $405M | $444M | $511M | $645M | $721M | $981M | $1.2B | $1.3B |
| Goodwill | $120M | $123M | $163M | $186M | $195M | $233M | $274M | $736M | $1.0B | $1.1B |
| Total assets | $632M | $615M | $732M | $932M | $1.2B | $1.3B | $1.4B | $2.5B | $3.2B | $3.3B |
| Total current liabilities | $82M | $89M | $111M | $131M | $131M | $152M | $178M | $279M | $307M | $294M |
| Long-term debt | $504M | $478M | $542M | $509M | $530M | $543M | $585M | $1.0B | $1.1B | $1.1B |
| Total liabilities | $656M | $653M | $748M | $809M | $832M | $861M | $951M | $1.5B | $1.7B | $1.7B |
| Shareholders' equity | -$25M | -$38M | -$16M | $123M | $362M | $422M | $498M | $1.0B | $1.6B | $1.6B |
| Net debt | $501M | $476M | $538M | $506M | $376M | $509M | $514M | $787M | $732M | $1.0B |
Cash flow
Fiscal years, from Casella Waste Systems's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $80M | $108M | $121M | $117M | $140M | $183M | $217M | $233M | $281M | $330M |
| Capital spending | $54M | $65M | $73M | $103M | $108M | $123M | $131M | $155M | $203M | $245M |
| Free cash flow | $26M | $43M | $48M | $14M | $32M | $59M | $86M | $78M | $78M | $85M |
| Stock-based compensation | $3M | $6M | $8M | $7M | $8M | $12M | $8M | $9M | $12M | $14M |
| Free cash flow margin | 4.6% | 7.1% | 7.2% | 1.8% | 4.1% | 6.7% | 8.0% | 6.2% | 5.0% | 4.6% |
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Open CWST in InvestinglyQuestions
What was Casella Waste Systems's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Casella Waste Systems generate?
$85M in fiscal 2025 (operating cash flow minus capital spending).
From Casella Waste Systems's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.