CWST
Casella Waste Systems, Inc.99.83
-0.64-0.64%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Mid-Atlantic upside tops guidance
Q&A unpacked Mid-Atlantic integration upside beyond the scripted $5 million truck savings, with route collapses, back-office efficiencies, and pricing potential lifting margins from 20% toward 30%—a multi-year tailwind starting mid-2026. Management detailed G&A leverage to below 11% by 2027 post-systems groundwork, a robust M&A pipeline targeting $150 million-plus in annualized revenue including larger $50-100 million deals, and no EBITDA hit from 2028 Ontario closure via Hyland expansion and quality shifts. Volumes nuanced: third-party dips hid internalization gains, with 2026 landfill growth expected. Harsh winter downplayed. Synergies just the tip. Confident tone; watch Mid-Atlantic execution.
Key Stats
Market Cap
6.34BP/E (TTM)
415.96Basic EPS (TTM)
0.24Dividend Yield
0%Recent Filings
8-K
COO resigns March 20
10-K
FY2025 results
Casella Waste drove FY2025 revenues to $1.84B, up 18% y/y, fueled by nine acquisitions adding $198M in solid waste topline while core pricing rose 5.0% in collections and 4.9% in disposal; yet volumes dipped 0.9% amid softer transfer activity. Q4 momentum shone through Western region's 18% revenue surge from tuck-ins and pricing, with operating income climbing 9% annually to $122M despite cost inflation in labor and maintenance. Net leverage held steady at 2.34x with $673M revolver capacity and $330M operating cash flow. Acquisitions densified Mid-Atlantic; no annual guidance disclosed. Landfill permitting delays threaten disposal capacity.
8-K
Q4 revenues up 9.7%
Casella Waste Systems reported Q4 revenues of $469.1M, up 9.7%, and full-year 2025 revenues of $1.837B, up 18.0%, fueled by nine acquisitions adding ~$115M annualized revenue and the January 1, 2026 Mountain State Waste close adding $30M more. Adjusted EBITDA hit $422.8M, up 17.3%, despite GAAP net income dipping to $7.9M on higher depreciation. Acquisitions drive growth. FY2026 guides Adjusted EBITDA to $455M-$465M.
10-Q
Q3 FY2025 results
Casella Waste crushed Q3 with revenues up 18.0% y/y to $485.4M, fueled by acquisitions and pricing gains across solid waste segments, while operating income climbed 20.4% y/y to $29.4M on tighter cost controls. Acquisitions drove the surge, adding eight tuck-ins for $222.4M total consideration (cash/holdbacks/contingent per Note 4) and $112.0M goodwill, yet YTD operating income dipped 4.5% y/y to $51.8M amid $16.6M acquisition expenses. Cash from operations hit $233.2M YTD, funding $217.5M deals and $187.8M capex; free cash flow not disclosed in the 10-Q. Debt stands at $1.15B (less costs), with $673.4M revolver availability and covenant compliance. Granite State landfill permit denial drags on.
8-K
Q3 revenues soar 17.9%
Casella Waste Systems posted Q3 revenues of $485.4 million, up 17.9% from 2024, fueled by acquisitions adding $52.7 million and 4.6% solid waste pricing gains. Net income jumped 73% to $10.0 million; Adjusted EBITDA rose 16.4% to $119.9 million. Acquisitions crush it. Raised 2025 revenue guidance to $1.830-$1.840 billion, Adjusted EBITDA to $415-$425 million, but PFAS risks loom.
AQMS
Aqua Metals, Inc.
6.28+0.23
CLH
Clean Harbors, Inc.
240.02-0.69
ESGL
ESGL Holdings Limited
4.00+0.00
GFL
GFL Environmental Inc. Subordin
43.82-0.27
QRHC
Quest Resource Holding Corporat
2.20+0.14
RSG
Republic Services, Inc.
214.01-1.32
TESI
Titan Environmental Solutions I
0.02+0.01
WAST
Waste Energy Corp.
0.04+0.00
WCN
Waste Connections, Inc.
176.02-0.45
WM
Waste Management, Inc.
218.90+0.58