Casella Waste Systems, Inc.
casella.comWhat Do They Do?
Collects and disposes of solid waste and provides recycling and organics services to residential customers, businesses, and municipal and institutional organizations.
10-K for FY2025, filed Feb 20, 2026Casella Waste Systems, Inc. is a regional, vertically integrated solid waste services company. We provide resource management expertise and…View ↗
How Do They Make Money?
Collection customers buy waste pickup and disposal under service agreements or subscriptions, with invoices weekly, monthly, quarterly or in advance. Landfill and transfer customers pay per ton; processing earns fees and material-sale revenue, while National Accounts provides brokerage and resource-management services.
10-K for FY2025, filed Feb 20, 2026We disaggregate our revenues by applicable service line: collection, landfill, transfer, transportation, landfill gas-to-energy…View ↗
Collection revenues are principally generated by providing solid waste collection and disposal services to our customers. Services may be…View ↗
Revenues associated with our solid waste operations are derived mainly from fees charged to customers for solid waste collection and…View ↗
Processing services consist of the receipt of recycled, sludge or other organic materials at one of our materials recovery, processing or…View ↗
Revenues from our National Accounts business are derived from brokerage services and overall resource management services providing a wide…View ↗
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by product or service ↗
$1.8B
-
10-K for FY2025, filed Feb 20, 2026
$1.8B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Collection
Recurring
10-K for FY2025, filed Feb 20, 2026 |
65%
FY2022: 50%
|
Collection, FY2025
$1.2B Sources
|
Recurring |
|
Landfill
Usage-based
|
5.3% |
Landfill, FY2025
$97.7M Sources
|
Usage-based |
|
Transfer station
Usage-based
|
7.8% |
Transfer station, FY2025
$142.5M Sources
|
Usage-based |
|
Transportation
Usage-based
|
1.2% |
Transportation, FY2025
$22.8M Sources
|
Usage-based |
|
Landfill gas-to-energy
|
0.4% |
Landfill gas-to-energy, FY2025
$7.6M Sources
|
|
|
Processing
|
7.8%
FY2022: 11%
|
Processing, FY2025
$143.8M Sources
|
|
|
National Accounts
|
12%
FY2022: 17%
|
National Accounts, FY2025
$226.3M Sources
|
Who Are Their Customers?
Residential customers subscribe individually or are served through municipal, property-owner or other third-party contracts; commercial and industrial customers generally use service agreements. Resource Solutions serves municipalities, haulers, waste generators and large organizations.
10-K for FY2025, filed Feb 20, 2026
Do Revenues Turn Into Profits?
Yes. It kept less than a cent of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.
10-K for FY2025, filed Feb 20, 2026
$63.7MView ↗
10-K for FY2025, filed Feb 20, 2026
$7.9MView ↗
10-K for FY2025, filed Feb 20, 2026
$84.7MView ↗
How Are They Changing?
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Aug 6, 2026
Raised revenue guidance and lowered net income guidance
Fiscal 2026 revenue guidance rose to $2.090 billion–$2.110 billion, while net income guidance fell to $0–$6 million.
Sources
8-K, filed Aug 6, 2026
Revenues between $2.090 billion and $2.110 billion (raised from a range of $2.060 billion to $2.080 billion); and Net income between $0 and…View ↗
Growing. Revenue grew 2.1x in 4 years, from $889.2M in FY2021 to $1.8B in FY2025, about 20% a year.
Who Do They Compete With?
Competes with Waste Management, Republic Services, and Waste Connections
10-K for FY2025, filed Feb 20, 2026The solid waste services industry is competitive and requires substantial labor and capital resources. Our operations are generally located…View ↗
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