Friday 6 November 2026 Export CWST’s income statement to Excel — free account

Casella Waste Systems, Inc.

Casella Waste Systems, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 18.0% from fiscal 2024.

Revenue: +16.9%
EPS: −25.0%
Free cash flow: +14.2%
Total debt: +18.1%

Quarter to June 2026, against a year earlier

99.81 0.93 +0.94%

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Market cap: $6.4B
P/E: 1,109×
Fwd P/E: 1,831×
Dividend yield: —
F-score: 5/9
Altman Z: 2.74
Beneish M: −2.82
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Casella Waste Systems, Inc. (CWST) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Western	663	36.10%
Eastern	473	25.73%
Resource Solutions	360	19.60%
Mid-Atlantic	341	18.57%
Gross margin		33.77%
Operating margin		3.47%
Pre-tax margin		0.71%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2020	FY2019	FY2017	FY2016	FY2015	FY2014	FY2013
Collection	1,196 65.12%	962 61.76%	711 56.19%	540 49.73%	391 50.54%	372 50.05%	—	—	—	—	—
National Accounts	226 12.32%	199 12.80%	187 14.77%	181 16.67%	134 17.27%	125 16.77%	60 10.02%	54 9.64%	53 9.76%	43 8.72%	35 7.79%
Landfill gas-to-energy	8 0.41%	8 0.51%	7 0.52%	8 0.69%	4 0.53%	4 0.48%	—	—	—	—	—
Disposal	—	—	—	—	176 22.66%	182 24.47%	160 26.71%	154 27.29%	157 28.64%	129 25.88%	115 25.27%
Processing	—	—	—	—	63 8.07%	54 7.26%	—	—	—	—	—
Processing	—	—	—	—	7 0.93%	7 0.97%	8 1.33%	6 1.11%	6 1.11%	9 1.78%	7 1.52%
Recycling	—	—	—	—	—	—	62 10.40%	53 9.36%	46 8.48%	44 8.81%	42 9.28%
Organics	—	—	—	—	—	—	40 6.64%	42 7.36%	39 7.16%	38 7.60%	35 7.76%
Also reported: a second breakdown of the same revenue
Processing	144 7.83%	141 9.08%	116 9.17%	129 11.90%	70 9.01%	61 8.23%	—	—	—	—	—
Transfer station	143 7.76%	131 8.44%	123 9.72%	111 10.19%	79 10.18%	76 10.23%	—	—	—	—	—
Landfill	98 5.32%	95 6.08%	101 7.99%	98 8.99%	86 11.04%	93 12.51%	—	—	—	—	—
Transportation	23 1.24%	21 1.32%	21 1.63%	20 1.83%	11 1.44%	13 1.73%	—	—	—	—	—
Collection	—	—	—	—	391 50.54%	372 50.05%	264 44.00%	250 44.18%	238 43.60%	225 45.30%	209 45.89%
Solid Waste Operations Power Generation	—	—	—	—	4 0.53%	4 0.48%	5 0.90%	6 1.05%	7 1.24%	10 1.91%	11 2.49%
Non-Processing Services	—	—	—	—	—	125 16.77%	—	—	—	—	—
Resource Solutions	—	—	—	—	—	179	—	—	—	—	—
Solid waste	—	—	—	—	—	565	437	416	408	373	342
Revenue	1,837	1,557	1,265	1,085	775	743	599	565	547	498	455

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013
Western	663 36.10%	562 36.06%	483 38.17%	445 41.02%	390 43.81%	358 46.22%	345 46.44%	290 43.95%	251 41.84%	233 41.27%	232 42.44%	217 43.59%	206 45.19%
Eastern	473 25.73%	444 28.50%	400 31.67%	340 31.34%	265 29.75%	220 28.44%	219 29.53%	206 31.25%	181 30.23%	177 31.24%	167 30.64%	147 29.61%	130 28.53%
Resource Solutions	360 19.60%	330 21.18%	293 23.15%	300 27.64%	235 26.44%	196 25.34%	179 24.03%	164 24.80%	—	—	—	—	—
Mid-Atlantic	341 18.57%	222 14.26%	89 7.01%	0 0.00%	0 0.00%	—	—	—	—	—	—	—	—
Other Segments	—	—	—	—	—	—	—	—	105 17.53%	102 18.13%	101 18.43%	90 18.00%	77 17.00%
Recycling	—	—	—	—	—	—	—	—	62 10.40%	53 9.36%	46 8.48%	44 8.81%	42 9.28%
Solid waste	1,477	1,227	972	785	—	—	—	—	—	—	—	—	—
Revenue	1,837	1,557	1,265	1,085	889	775	743	661	599	565	547	498	455

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013
Resource Solutions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Western	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Eastern	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Mid-Atlantic	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Recycling	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other Segments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Collection pricing	Q2 FY2026	5.80%	4.90%	—
Collection volume	Q2 FY2026	−1.40%	−1.20%	—
Disposal pricing	Q2 FY2026	4.70%	5.80%	—
Disposal volume	Q2 FY2026	3.70%	0.60%	—
Overall solid waste pricing	Q2 FY2026	5.50%	5.00%	—
Processing volume	Q2 FY2026	−4.40%	−10.0%	—
Resource Solutions price	Q2 FY2026	4.40%	3.00%	—
Resource Solutions volume	Q2 FY2026	0.50%	4.60%	—
Solid waste volume	Q2 FY2026	−0.60%	−0.80%	—

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Collection pricing	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Collection volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Disposal pricing	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Disposal volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Overall solid waste pricing	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Processing volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Resource Solutions price	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Resource Solutions volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Solid waste volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.