CWST CASELLA WASTE SYSTEMS INC

Overview and Growth

CASELLA WASTE SYSTEMS INC generated $1.84B of revenue in fiscal 2025, with net income of $7.87M and an operating cash inflow of $329.78M. Revenue of $1.84B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $1.56B in fiscal 2024, revenue recorded a 18.0% year-over-year increase. Diluted earnings per share were $0.12, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 47.8% from $0.23 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Asset turnover was 0.56x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $620.24M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 33.8% of revenue, showing how much of the top line remained after direct costs. Operating income was $63.67M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 3.5%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $7.87M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 0.4% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $13.05M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 0.7% of revenue, placing earnings before tax in the context of the company’s operating scale. Income tax expense totaled $5.18M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 39.7% of pretax income, showing the tax burden absorbed by the year’s earnings. The relationship between net income and period-end equity was 0.5%, indicating the profitability achieved on book capital.

Liquidity and Capital Structure

The company held $3.30B of assets against $1.73B of liabilities and $1.57B of equity, revealing how the asset base was financed. Current assets were $369.28M against $293.90M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 1.26x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $123.77M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 42.1% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The liabilities-to-assets relationship was 52.5%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 3.7%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $3.23B in fiscal 2024, the current asset base moved 2.3% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $329.78M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 41.9x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $245.07M, absorbing part of the cash generated from operations before free cash flow. Relative to operating cash flow, capital expenditures measured 74.3%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $84.70M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 4.6%, showing how much sales converted into cash after investment. Measured against total assets, free cash flow represented 2.6%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.