CWST · Casella Waste Systems Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $457.33M | - | $485.35M | $465.33M | $417.10M | - | $411.63M | $377.16M | $341.01M | - |
| Cost of Revenue | $308.93M | - | $315.26M | $308.07M | $280.45M | - | $267.12M | $243.79M | $230.79M | - |
| Gross Profit | $148.40M | - | $170.09M | $157.26M | $136.65M | - | $144.51M | $133.38M | $110.22M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $58.13M | - | $57.27M | $54.52M | $56.49M | - | $47.03M | $47.18M | $44.33M | - |
| Total Operating Expenses | $452.47M | - | $455.98M | $446.06M | $413.96M | - | $387.25M | $354.14M | $334.17M | - |
| D&A | $77.98M | - | $78.83M | $77.01M | $71.49M | - | $59.17M | $55.34M | $54.04M | - |
| Operating Income | $4.86M | - | $29.37M | $19.27M | $3.14M | - | $24.38M | $23.02M | $6.83M | - |
| Interest Expense | $15.33M | - | $15.95M | $15.66M | $15.88M | - | $15.75M | $15.32M | $15.88M | - |
| Income Tax | ($3.29M) | - | $5.91M | $1.68M | ($3.33M) | - | $4.65M | $3.79M | ($1.77M) | - |
| Net Income | ($5.54M) | - | $9.98M | $5.21M | ($4.81M) | - | $5.77M | $7.01M | ($4.12M) | - |
| EPS - Basic | ($0.09) | - | $0.16 | $0.08 | ($0.08) | - | $0.10 | $0.12 | ($0.07) | - |
| EPS - Diluted | ($0.09) | - | $0.16 | $0.08 | ($0.08) | - | $0.10 | $0.12 | ($0.07) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $126.90M | $123.77M | $192.65M | $217.77M | $267.71M | $358.30M | $518.98M | $208.50M | $189.46M | $220.91M |
| Accounts Receivable | $175.40M | $178.07M | $192.51M | $178.88M | $165.57M | $165.92M | $168.09M | $161.25M | $146.79M | $157.32M |
| Inventory | - | - | $24.14M | $23.28M | $22.70M | $21.54M | $20.24M | $18.91M | $18.54M | $17.86M |
| Accounts Payable | $89.97M | $102.47M | $112.96M | $116.83M | $102.94M | $111.09M | $101.63M | $94.20M | $79.99M | $116.79M |
| Current Assets | $359.70M | $369.28M | $448.00M | $464.52M | $491.70M | $613.30M | $743.05M | $425.80M | $385.40M | $426.32M |
| Total Assets | $3.27B | $3.30B | $3.29B | $3.26B | $3.21B | $3.23B | $3.12B | $2.51B | $2.48B | $2.54B |
| Current Liabilities | $259.99M | $293.90M | $296.50M | $273.42M | $251.39M | $307.32M | $291.25M | $269.69M | $244.12M | $278.86M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $1.57B | $1.57B | $1.57B | $1.55B | $1.55B | $1.55B | $1.53B | $1.04B | $1.03B | $1.02B |
| Retained Earnings | ($130.65M) | ($125.11M) | ($122.60M) | ($132.59M) | ($137.79M) | ($132.99M) | ($137.86M) | ($143.63M) | ($150.64M) | ($146.52M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $62.25M | - | - | - | $50.12M | - | - | - | $7.68M | - |
| Investing Cash Flow | ($144.18M) | - | - | - | ($158.82M) | - | - | - | ($30.06M) | - |
| Financing Cash Flow | ($8.03M) | - | - | - | ($4.71M) | - | - | - | ($9.08M) | - |
| CapEx | $49.98M | - | - | - | $55.48M | - | - | - | $30.25M | - |
| Free Cash Flow | $12.27M | - | - | - | ($5.35M) | - | - | - | ($22.57M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 32.4% | - | 35.0% | 33.8% | 32.8% | - | 35.1% | 35.4% | 32.3% | - |
| Operating margin | 1.1% | - | 6.1% | 4.1% | 0.8% | - | 5.9% | 6.1% | 2.0% | - |
| EBITDA margin | 18.1% | - | 22.3% | 20.7% | 17.9% | - | 20.3% | 20.8% | 17.9% | - |
| Net margin | -1.2% | - | 2.1% | 1.1% | -1.2% | - | 1.4% | 1.9% | -1.2% | - |
| Free cash flow margin | 2.7% | - | - | - | -1.3% | - | - | - | -6.6% | - |
| FCF / Net income | -2.22 | - | - | - | 1.11 | - | - | - | 5.48 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 12.7% | - | 11.8% | 11.7% | 13.5% | - | 11.4% | 12.5% | 13.0% | - |
| Effective tax rate | - | - | 37.2% | 24.4% | - | - | 44.6% | 35.1% | - | - |
| Return on assets | -0.2% | - | 0.3% | 0.2% | -0.2% | - | 0.2% | 0.3% | -0.2% | - |
| Return on equity | -0.4% | - | 0.6% | 0.3% | -0.3% | - | 0.4% | 0.7% | -0.4% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.38 | 1.26 | 1.51 | 1.70 | 1.96 | 2.00 | 2.55 | 1.58 | 1.58 | 1.53 |
| Quick ratio | 1.38 | 1.26 | 1.43 | 1.61 | 1.87 | 1.93 | 2.48 | 1.51 | 1.50 | 1.46 |
| Cash ratio | 0.49 | 0.42 | 0.65 | 0.80 | 1.06 | 1.17 | 1.78 | 0.77 | 0.78 | 0.79 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 0.3x | - | 1.8x | 1.2x | 0.2x | - | 1.5x | 1.5x | 0.4x | - |
| Equity multiplier | 2.09 | 2.11 | 2.10 | 2.10 | 2.07 | 2.08 | 2.04 | 2.42 | 2.41 | 2.48 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.14 | - | 0.15 | 0.14 | 0.13 | - | 0.13 | 0.15 | 0.14 | - |
| Inventory turnover | - | - | 13.06 | 13.23 | 12.36 | - | 13.20 | 12.89 | 12.45 | - |
| Days sales outstanding | 140d | - | 145d | 140d | 145d | - | 149d | 156d | 157d | - |
| Days inventory outstanding | - | - | 28d | 28d | 30d | - | 28d | 28d | 29d | - |
| Days payable outstanding | 106d | - | 131d | 138d | 134d | - | 139d | 141d | 127d | - |
| Cash conversion cycle | - | - | 42d | 29d | 40d | - | 38d | 43d | 60d | - |
| Valuation | ||||||||||
| P / E | - | - | 593.0x | 1442.2x | - | - | 994.9x | 826.8x | - | - |
| P / B | 3.2x | - | 3.8x | 4.7x | 4.6x | - | 3.8x | 5.6x | 5.6x | - |
| P / S | 11.0x | - | 12.4x | 15.8x | 16.9x | - | 14.2x | 15.3x | 16.8x | - |
| EV / EBITDA | 59.3x | - | 54.0x | 73.9x | 91.1x | - | 63.9x | 71.0x | 91.1x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 9.6% | - | 17.9% | 23.4% | 22.3% | - | 16.7% | 30.2% | 29.9% | - |
| Revenue CAGR (3y) | 20.3% | - | 18.0% | 17.9% | 21.2% | - | 19.4% | 20.4% | 21.6% | - |
| Revenue CAGR (5y) | 19.3% | - | 19.1% | 19.8% | 17.9% | - | 15.7% | 15.0% | 15.8% | - |
| Gross profit growth (YoY) | 8.6% | - | 17.7% | 17.9% | 24.0% | - | 14.3% | 29.1% | 33.8% | - |
| Operating income growth (YoY) | 54.5% | - | 20.5% | -16.3% | -54.0% | - | -28.7% | 1.8% | -33.4% | - |
| Net income growth (YoY) | -15.2% | - | 73.0% | -25.7% | -16.8% | - | -68.2% | 27.6% | - | - |
| EPS growth (YoY) | -12.5% | - | 60.0% | -33.3% | -14.3% | - | -67.7% | 20.0% | - | - |
| EPS CAGR (3y) | - | - | -28.6% | -38.3% | - | - | -31.4% | -19.5% | - | - |
| EPS CAGR (5y) | - | - | -12.4% | -20.4% | - | - | -17.4% | -13.7% | - | - |
| FCF growth (YoY) | - | - | - | - | 76.3% | - | - | - | -1154.0% | - |
| FCF CAGR (5y) | 18.2% | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 1.4% | 1.2% | 2.3% | 49.8% | 50.8% | 51.8% | 48.6% | 2.9% | 104.5% | 105.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.31B totalWestern Region$663.19M · 28.7%
Eastern Region$472.61M · 20.5%
Solid Waste Operations$472.61M · 20.5%
Resource Solutions Region$359.97M · 15.6%
Mid Atlantic Region$341.07M · 14.8%
Product / service
$1.81B totalCollection$1.20B · 66.0%
Disposal Services$263.05M · 14.5%
National Accounts$226.31M · 12.5%
Transfer$71.48M · 3.9%
Landfill Revenue$31.28M · 1.7%
Processing Services$10.16M · 0.6%
Landfill Gas To Energy$7.60M · 0.4%
Transportation$6.14M · 0.3%
Peer comparison
Same SIC group: Refuse Systems
Comparing CASELLA WASTE SYSTEMS INC against the 5 most active filers in the same SIC group.