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Waste management · Industrials · Fiscal year ends Dec 31
Casella Waste Systems reported revenue of $1.8B in the fiscal year ended Dec 2025, up 18.0% from the year before. Operating income was $64M, an operating margin of 3.5%, and net income was $8M. Operating cash flow of $330M less capital expenditure of $245M left free cash flow of $85M. Net debt was $1B.
Ranks among the 6 waste management companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 889 | 1,085 | 1,265 | 1,557 | 1,837 |
| Cost of revenue | 582 | 723 | 832 | 1,027 | 1,217 |
| Gross profit | 307 | 362 | 433 | 530 | 620 |
| Operating income | 77.7 | 95.4 | 80.4 | 72.8 | 63.7 |
| Interest expense | 21.2 | 23.7 | 47.6 | 62.4 | 62.5 |
| Pre-tax income | 58.0 | 75.0 | 37.0 | 21.0 | 13.1 |
| Income tax | 16.9 | 21.9 | 11.6 | 7.5 | 5.2 |
| Net income | 41.1 | 53.1 | 25.4 | 13.5 | 7.9 |
| Diluted EPS | 0.80 | 1.03 | 0.46 | 0.23 | 0.12 |
| Diluted shares | 51.5 | 51.8 | 55.3 | 59.7 | 63.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 33.8 | 71.2 | 221 | 358 | 124 |
| Receivables | 87.0 | 101 | 157 | 166 | 178 |
| Current assets | 146 | 207 | 426 | 613 | 369 |
| Net PP&E | 645 | 721 | 981 | 1,165 | 1,289 |
| Goodwill | 233 | 274 | 736 | 1,002 | 1,120 |
| Total assets | 1,284 | 1,449 | 2,535 | 3,230 | 3,303 |
| Payables | 63.1 | 74.2 | 117 | 111 | 102 |
| Deferred revenue | 3.4 | 3.7 | 31.5 | 50.7 | 45.2 |
| Current liabilities | 152 | 178 | 279 | 307 | 294 |
| Long-term debt | 543 | 585 | 1,008 | 1,091 | 1,129 |
| Total liabilities | 861 | 951 | 1,514 | 1,679 | 1,735 |
| Shareholders' equity | 422 | 498 | 1,022 | 1,551 | 1,569 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 183 | 217 | 233 | 281 | 330 |
| Capital expenditure | 123 | 131 | 155 | 203 | 245 |
| Free cash flow | 59.4 | 86.4 | 78.2 | 78.1 | 84.7 |
| Depreciation & amortisation | 104 | 126 | 171 | 235 | 307 |
| Stock-based compensation | 11.6 | 8.2 | 9.1 | 12.2 | 14.2 |
| Acquisitions | 171 | 78.2 | 852 | 469 | 224 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.0% | 16.5% | 23.1% | 18.0% |
| Operating income growth (YoY) | – | 22.8% | −15.7% | −9.5% | −12.5% |
| EPS growth (YoY) | – | 28.7% | −55.3% | −50.0% | −47.8% |
| Gross margin | 34.5% | 33.4% | 34.2% | 34.0% | 33.8% |
| Operating margin | 8.7% | 8.8% | 6.4% | 4.7% | 3.5% |
| Net margin | 4.6% | 4.9% | 2.0% | 0.9% | 0.4% |
| Return on equityBlank when equity is negative | 9.7% | 10.7% | 2.5% | 0.9% | 0.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.9% | 7.5% | 3.6% | 2.5% | 2.1% |
| Free cash flow margin | 6.7% | 8.0% | 6.2% | 5.0% | 4.6% |
| Cash conversion (CFO ÷ net income) | 4.45x | 4.09x | 9.18x | 20.8x | 41.9x |
| Receivable days | 36 | 34 | 45 | 39 | 35 |
| Payable days | 40 | 37 | 51 | 39 | 31 |
| Interest cover | 3.66x | 4.02x | 1.69x | 1.17x | 1.02x |
| Debt ÷ equity | 1.28x | 1.17x | 0.99x | 0.70x | 0.72x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 509 | 514 | 787 | 732 | 1,005 |
| Current ratio | 0.96x | 1.17x | 1.53x | 2.00x | 1.26x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.