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Casella Waste Systems
Logo: R-solutions, CC BY-SA 4.0, via Wikimedia Commons4
American waste management company
Casella Waste Systems, Inc. is a waste management company based in Rutland, Vermont, United States.3 From Wikipedia, CC BY-SA 4.0
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Last updated Oct 16, 2026.
Overview
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- TickerCWST on Nasdaq1
- Industrywaste management1
- HeadquartersRutland1
- Websitewww.casella.com
- Legal formDelaware corporation1
- Incorporated inDE6
- Business address25 Greens Hill Road, Rutland, Vt 057016
- Filer categoryLarge accelerated filer6
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Casella Waste Systems, Inc. is a waste management company based in Rutland, Vermont, United States. Founded in 1975 with a single truck, Casella is a regional, vertically integrated solid waste services company. Casella provides resource management expertise and services to residential, commercial, municipal and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services. The company provides integrated solid waste services in seven northeastern states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine and Pennsylvania, with its headquarters located in Rutland, Vermont. Casella manages solid waste operations on a geographic basis through two regional operating segments, the Eastern and Western regions, each of which provides a full range of solid waste services, and larger-scale recycling and commodity brokerage operations. Organics services, major account and industrial services, are also provided.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Collection brought in 65% of the revenue Casella Waste Systems broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Collection | $710.6M | $961.8M | $1.2B |
| National Accounts | $186.8M | $199.4M | $226.3M |
| Processing Services | $116.0M | $141.4M | $143.8M |
| Transfer | $123.0M | $131.4M | $142.5M |
| Landfill Revenue | $101.0M | $94.7M | $97.7M |
| Transportation | $20.6M | $20.6M | $22.8M |
| Landfill - Gas To Energy | $6.6M | $8.0M | $7.6M |
Business segments
Western Region brought in 36% of the revenue Casella Waste Systems broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Western Region | $482.6M | $561.5M | $663.2M |
| Eastern Region | $400.5M | $443.8M | $472.6M |
| Resource Solutions Region | $292.8M | $329.9M | $360.0M |
| Mid-Atlantic Region | $88.6M | $222.1M | $341.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue66¢$1.2B
- Other costs33¢$607.2M
- Income tax0¢$5.2M
- Profit0¢$7.9M
Out of $1.8B in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Capital spending74¢$245.1M
- Kept or used elsewhere26¢$84.7M
Out of $329.8M of cash from operations.5
Financial statements
Every line of the income statement in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $1.8B | $1.6B | $1.3B |
| Cost of operations | $1.2B | $1.0B | $832.0M |
| General and administration | $224.2M | $190.8M | $155.8M |
| Depreciation and amortization | $306.8M | $234.9M | $170.7M |
| Expense from acquisition activities | $24.2M | $24.9M | $15.0M |
| Organics facility closure charge | $1.3M | $0 | $0 |
| Southbridge Landfill closure charge | $0 | $8.4M | $467.0K |
| Landfill capping (recovery) charge - veneer failure | $0 | -$1.7M | $3.9M |
| Legal settlement | $0 | $0 | $6.2M |
| Total operating expenses | $1.8B | $1.5B | $1.2B |
| Operating income | $63.7M | $72.8M | $80.4M |
| Interest income | -$9.9M | -$10.4M | -$10.7M |
| Interest expense | $62.5M | $62.4M | $47.6M |
| Debt modification expense | $0 | $1.4M | $0 |
| Loss from termination of bridge financing | $0 | $0 | $8.2M |
| Other income | -$2.0M | -$1.7M | -$1.6M |
| Other expense, net | $50.6M | $51.7M | $43.4M |
| Income before income taxes | $13.1M | $21.0M | $37.0M |
| Provision for income taxes | $5.2M | $7.5M | $11.6M |
| Net income | $7.9M | $13.5M | $25.4M |
| Weighted average common shares outstanding, basic (in shares) | 63.5M shares | 59.6M shares | 55.2M shares |
| Basic earnings per common share (in dollars per share) | $0.12 | $0.23 | $0.46 |
| Weighted average common shares outstanding, diluted (in shares) | 63.6M shares | 59.7M shares | 55.3M shares |
| Diluted earnings per common share (in dollars per share) | $0.12 | $0.23 | $0.46 |
Every line of the balance sheet in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash, cash equivalents and restricted cash | $123.8M | $383.3M | |
| Accounts receivable, net of allowance for credit losses of $7,082 and $8,515, respectively | $178.1M | $165.9M | |
| Prepaid expenses | $29.9M | $23.0M | |
| Other current assets | $37.5M | $41.0M | |
| Total current assets | $369.3M | $613.3M | |
| Property and equipment, net of accumulated depreciation and amortization of $1,495,563 and $1,302,324, respectively | $1.3B | $1.2B | |
| Operating lease right-of-use assets | $105.3M | $98.0M | |
| Goodwill | $1.1B | $1.0B | $735.7M |
| Intangible assets, net | $290.9M | $313.5M | |
| Restricted cash and assets | $96.3M | $2.5M | |
| Cost method investments | $11.0M | $11.0M | |
| Other non-current assets | $21.2M | $24.7M | |
| Total assets | $3.3B | $3.2B | $2.5B |
| Current maturities of debt | $25.7M | $42.6M | |
| Current operating lease liabilities | $12.0M | $10.3M | |
| Accounts payable | $102.5M | $111.1M | |
| Accrued payroll and related expenses | $36.3M | $32.6M | |
| Contract liabilities | $45.2M | $50.7M | |
| Current accrued capping, closure and post-closure costs | $7.6M | $3.2M | |
| Other accrued liabilities | $64.7M | $56.8M | |
| Total current liabilities | $293.9M | $307.3M | |
| Debt, less current portion | $1.1B | $1.1B | |
| Operating lease liabilities, less current portion | $72.5M | $64.4M | |
| Accrued capping, closure and post-closure costs, less current portion | $185.2M | $169.0M | |
| Deferred income taxes | $19.0M | $19.1M | |
| Other long-term liabilities | $35.1M | $28.7M | |
| Additional paid-in capital | $1.7B | $1.7B | |
| Accumulated deficit | -$125.1M | -$133.0M | |
| Accumulated other comprehensive (loss) income, net of tax | -$4.0M | $3.3M | |
| Total stockholders' equity | $1.6B | $1.6B | $1.0B |
| Total liabilities and stockholders' equity | $3.3B | $3.2B | |
| Accounts receivable - trade, allowance for credit losses | $7.1M | $8.5M | $4.1M |
| Accumulated depreciation and amortization | $1.5B | $1.3B |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $7.9M | $13.5M | $25.4M |
| Depreciation and amortization | $306.8M | $234.9M | $170.7M |
| Interest accretion on landfill and environmental remediation liabilities | $14.7M | $11.6M | $9.9M |
| Amortization of debt issuance costs | $3.0M | $3.0M | $3.0M |
| Stock-based compensation | $14.2M | $12.2M | $9.1M |
| Operating lease right-of-use assets expense | $22.1M | $17.8M | $15.3M |
| Other items and charges, net | $2.0M | $13.0M | $708.0K |
| Loss from termination of bridge financing | $0 | $0 | $8.2M |
| Landfill capping (recovery) charge - veneer failure | $0 | -$889.0K | $3.0M |
| Deferred income taxes | $3.3M | $6.9M | $7.4M |
| Accounts receivable | -$3.6M | $1.3M | -$39.4M |
| Landfill operating lease contract expenditures | -$6.8M | -$5.5M | -$5.5M |
| Accounts payable | -$8.6M | -$13.6M | $41.6M |
| Prepaid expenses, inventories and other assets | -$6.7M | -$12.5M | -$8.2M |
| Accrued expenses, contract liabilities and other liabilities | -$18.6M | -$218.0K | -$8.1M |
| Net cash provided by operating activities | $329.8M | $281.4M | $233.1M |
| Acquisitions, net of cash acquired | -$224.2M | -$468.6M | -$851.8M |
| Additions to property and equipment | -$245.1M | -$203.2M | -$154.9M |
| Additions to intangible assets | -$672.0K | -$280.0K | $0 |
| Proceeds from sale of property and equipment | $809.0K | $1.4M | $1.1M |
| Proceeds from property insurance settlement | $0 | $146.0K | $0 |
| Net cash used in investing activities | -$469.1M | -$670.6M | -$1.0B |
| Proceeds from debt borrowings | $91.5M | $846.8M | $465.0M |
| Principal payments on debt | -$116.3M | -$783.7M | -$26.3M |
| Payments of debt issuance costs | -$2.2M | -$6.6M | -$12.8M |
| Proceeds from the exercise of share based awards | $0 | $349.0K | $89.0K |
| Proceeds from the public offering of Class A Common Stock | $0 | $496.2M | $496.2M |
| Payments of debt modification costs | $0 | -$1.4M | $0 |
| Net cash (used in) provided by financing activities | -$27.1M | $551.6M | $922.3M |
| Net (decrease) increase in cash, cash equivalents and restricted cash, including non-current | -$166.4M | $162.4M | $149.8M |
| Interest | $59.0M | $61.2M | $43.6M |
| Income tax (refunds) payments, net | -$154.0K | $6.8M | $10.1M |
| Non-current assets acquired through long-term financing obligations | $45.3M | $30.6M | $12.3M |
Leadership
Who has led Casella Waste Systems, and when. Pick a name to see everywhere that person has worked.
Chief executive
- Chief executive officerJohn W. Casella 1993 to now1
Controversies and legal
Conflict and Controversy
Casella has a history of legal conflict, including complaints over leachate handling in Bethlehem, NH and Southbridge, MA, numerous violations of the New York State Environmental Conservation Law from 2015 to 2022, damage to wetlands in Southbridge, MA, anti-competitive service contracts, occupational health and safety violations, and operating a landfill without a permit.
From Wikipedia’s article on Casella Waste Systems, shared under CC BY-SA 4.0.7
Timeline
Recent filings
- Oct 9, 2026SCHEDULE 13G/A
- Oct 1, 20268-K
- Sep 3, 20264
- Sep 3, 2026144
- Aug 26, 2026144
- Aug 26, 20264
- Aug 14, 2026144
- Aug 14, 20264
- Aug 13, 2026144
- Aug 13, 2026144
- Aug 12, 20264
- Aug 7, 202610-Q
- Aug 6, 20268-K
- Jul 21, 20263
- Jul 20, 20268-K/A
Every filing from the last three years, summarized. The full record is on SEC EDGAR.2
Links
- Websitelocal.casella.com1
- Websitewww.casella.com1
- Facebookwww.facebook.com/CasellaWaste1
- WikipediaCasella Waste Systems
- WikidataQ5048400
- SEC EDGARCIK 911177
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3WikipediaCasella Waste Systems on Wikipedia
- 4Wikimedia CommonsCasella Waste Systems logo by R-solutions, CC BY-SA 4.0
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