Short answer
CASELLA WASTE SYSTEMS INC (CWST) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $1.8B (+18.0% year over year) and net income of $8M.
- Top risk flagged: Regulatory risk from changing federal and state public policies impacting waste industry operations and compliance
FY2025 key financial metrics · XBRL
- Revenue
- $1.8B
- +18.0% YoY
- Net income
- $8M
- −41.9% YoY
- Operating margin
- 3.5%
- −1.2 pp YoY
- EPS (diluted)
- $0.12
- −47.8% YoY
- ROE
- 0.5%
- −0.4 pp YoY
- Operating cash flow
- $330M
- +17.2% YoY
Source: XBRL data from the CASELLA WASTE SYSTEMS INC (CWST) FY2025 10-K on SEC EDGAR. USD.
CASELLA WASTE SYSTEMS INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Integrated solid waste management and recycling services across U.S. regions
- Emphasis on equity incentive programs with 2.4 million shares available for future issuance under compensation plans
- No new product lines or segments detailed; focus on executive pay and shareholder compensation structure
- Weighted average exercise price for equity awards at $80.85 with 308,101 outstanding options
- Inclusion of performance stock units with potential for additional 140,999 shares upon target attainment
Management Discussion & Analysis
- Acquisitions cash paid $224.2M in 2025 vs $468.6M in 2024, acquiring nine businesses in 2025 vs eight in 2024
- Capital expenditures $245.0M in 2025, up $41.8M YoY due to fleet, facilities investment, partially offset by lower landfill spend
- Financing cash outflow $27.1M in 2025 vs inflow $551.6M in 2024, driven by lower debt borrowings $91.5M vs $846.8M and higher debt repayments $116.4M vs $783.7M
- No revenue, profitability figures, or forward-looking guidance disclosed in the provided section
Risk Factors
- Regulatory risk from changing federal and state public policies impacting waste industry operations and compliance
- Geopolitical risk from ongoing global conflicts reducing waste volumes and construction activity across eastern U.S. footprint
- Operational risk of inflation in labor, fuel, and capital items materially compressing operating margins and cash flows
- Competitive risk from decreased demand and customer turnover affecting ability to grow in waste collection and recycling markets
- Financial risk of exposure to inflation-driven cost increases in labor, fuel, and third-party services impacting profitability
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