Revenue growth has decelerated from a peak of 32.1% in 2023Q4 to 9.6% in 2026Q1, while operating margins have compressed to a thin 1.1% during the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 |
|---|
| Sales/Revenue | 1.88B | 1.84B | 1.56B | 1.26B | 1.09B | 889.21M | 774.58M | 743.29M | 660.66M | 599.31M | 565.03M | 546.5M | 497.63M | 455.33M | 480.81M | 466.06M | 522.33M | 554.24M | 579.52M | 546.99M | 525.93M | 481.96M | 439.69M | 420.86M | 420.82M | 479.82M | 337.35M | 173.4M | 118.1M | 73.2M |
| Revenue Growth % | 14.92% | 17.95% | 23.15% | 16.54% | 22.03% | 14.8% | 4.21% | 12.51% | 10.24% | 6.07% | 3.39% | 9.82% | 9.29% | -5.3% | 3.16% | -10.77% | -5.76% | -4.36% | 5.95% | 4% | 9.12% | 9.62% | 4.47% | 0.01% | -12.3% | 42.23% | 94.55% | 46.82% | 61.34% | - |
| Cost of Goods Sold | 1.09B | 1.52B | 1.26B | 1B | 849.47M | 685.99M | 606.43M | 588.45M | 523.8M | 467.29M | 443.83M | 445.32M | 451.63M | 323.01M | 379.59M | 389.33M | 375.76M | 415.74M | 444.86M | 460.78M | 432.39M | 404.33M | 376.56M | 346.98M | 275.71M | 323.7M | 210.73M | 99.9M | 69.9M | 43.5M |
| COGS % of Revenue | - | 82.94% | 81.05% | 79.3% | 78.29% | 77.15% | 78.29% | 79.17% | 79.28% | 77.97% | 78.55% | 81.49% | 90.76% | 70.94% | 78.95% | 83.54% | 71.94% | 75.01% | 76.76% | 84.24% | 82.22% | 83.89% | 85.64% | 82.45% | 65.52% | 67.46% | 62.47% | 57.61% | 59.19% | 59.43% |
| Gross Profit | 327.03M | 313.4M | 295.04M | 261.8M | 235.62M | 203.22M | 168.16M | 154.84M | 136.86M | 132.02M | 121.2M | 101.18M | 100.93M | 132.32M | 75.75M | 91.48M | 90.3M | 106.59M | 109.39M | 118.74M | 114.6M | 110.84M | 105.41M | 92.7M | 145.12M | 156.11M | 126.62M | 73.5M | 48.2M | 29.7M |
| Gross Margin % | 17.42% | 17.06% | 18.95% | 20.7% | 21.71% | 22.85% | 21.71% | 20.83% | 20.72% | 22.03% | 21.45% | 18.51% | 20.28% | 29.06% | 15.75% | 19.63% | 17.29% | 19.23% | 18.88% | 21.71% | 21.79% | 23% | 23.97% | 22.03% | 34.48% | 32.54% | 37.53% | 42.39% | 40.81% | 40.57% |
| Gross Profit Growth % | - | 6.22% | 12.7% | 11.11% | 15.94% | 20.85% | 8.6% | 13.14% | 3.67% | 8.93% | 19.79% | 0.25% | -23.72% | 74.69% | -17.21% | 1.31% | -15.29% | -2.55% | -7.88% | 3.61% | 3.39% | 5.16% | 13.7% | -36.12% | -7.04% | 23.3% | 72.27% | 52.49% | 62.29% | - |
| Operating Expenses | 246.56M | 224.22M | 190.75M | 155.85M | 133.42M | 118.83M | 102.41M | 96.37M | 84.79M | 79.24M | 75.36M | 72.89M | 68.19M | 114.78M | 58.2M | 60.77M | 64.01M | 61.87M | 66.65M | 72.98M | 74.86M | 67.11M | 63.68M | 58.2M | 103.8M | 115.5M | 82.33M | 50.4M | 35.4M | 24.4M |
| OpEx % of Revenue | - | 12.21% | 12.25% | 12.32% | 12.3% | 13.36% | 13.22% | 12.97% | 12.83% | 13.22% | 13.34% | 13.34% | 13.7% | 25.21% | 12.11% | 13.04% | 12.25% | 11.16% | 11.5% | 13.34% | 14.23% | 13.92% | 14.48% | 13.83% | 24.67% | 24.07% | 24.4% | 29.07% | 29.97% | 33.33% |
| Selling, General & Admin | 111.72M | 0 | 190.75M | 155.85M | 133.42M | 118.83M | 102.41M | 92.78M | 84.79M | 78.95M | 74.25M | 71.55M | 68.19M | 58.2M | 56.13M | 60.05M | 64.01M | 61.87M | 66.65M | 72.98M | 74.86M | 67.11M | 63.68M | 58.2M | 53.1M | 62.61M | 42.12M | 25.6M | 17.1M | 11.3M |
| SG&A % of Revenue | - | - | 12.25% | 12.32% | 12.3% | 13.36% | 13.22% | 12.48% | 12.83% | 13.17% | 13.14% | 13.09% | 13.7% | 12.78% | 11.67% | 12.88% | 12.25% | 11.16% | 11.5% | 13.34% | 14.23% | 13.92% | 14.48% | 13.83% | 12.62% | 13.05% | 12.48% | 14.76% | 14.48% | 15.44% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 311K | 0 | 0 | 0 | 1.39M | 0 | 131K | 0 | 0 | 355K | 534K | 752K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.05% | - | - | - | 0.28% | - | 0.03% | - | - | 0.06% | 0.09% | 0.14% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 224.22M | 0 | 0 | 0 | 0 | 0 | 3.59M | 0 | 290K | 1.11M | 1.34M | 0 | 1.04M | -2.07M | 730K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50.7M | 52.88M | 40.21M | 24.8M | 18.3M | 13.1M |
| Operating Income | 85.33M | 89.18M | 104.29M | 105.95M | 102.2M | 84.38M | 65.75M | 58.47M | 52.07M | 52.78M | 45.84M | 28.29M | 32.74M | 12.42M | 17.54M | 30.71M | 26.29M | 44.73M | 42.74M | 45.76M | 39.74M | 43.73M | 41.73M | 34.51M | 41.75M | 36.47M | 44.29M | 23.1M | 12.8M | 5.3M |
| Operating Margin % | 4.55% | 4.86% | 6.7% | 8.38% | 9.42% | 9.49% | 8.49% | 7.87% | 7.88% | 8.81% | 8.11% | 5.18% | 6.58% | 2.73% | 3.65% | 6.59% | 5.03% | 8.07% | 7.38% | 8.36% | 7.56% | 9.07% | 9.49% | 8.2% | 9.92% | 7.6% | 13.13% | 13.32% | 10.84% | 7.24% |
| Operating Income Growth % | - | -14.48% | -1.57% | 3.67% | 21.12% | 28.35% | 12.44% | 12.29% | -1.34% | 15.12% | 62.06% | -13.6% | 163.61% | -29.18% | -42.89% | 16.82% | -41.22% | 4.64% | -6.59% | 15.13% | -9.12% | 4.8% | 20.93% | -17.35% | 14.49% | -17.66% | 91.73% | 80.47% | 141.51% | - |
| EBITDA | 413.81M | 410.74M | 350.79M | 301.86M | 250.37M | 209.13M | 163.62M | 154.8M | 138.01M | 129.01M | 121.5M | 103.87M | 103.36M | 78.37M | 87.16M | 101.25M | 95.76M | 123.37M | 121.83M | 129.53M | 118.5M | 114.4M | 112.15M | 94.18M | 92.45M | 89.35M | 84.5M | 47.9M | 31.1M | 18.4M |
| EBITDA Margin % | 22.05% | 22.36% | 22.53% | 23.87% | 23.07% | 23.52% | 21.12% | 20.83% | 20.89% | 21.53% | 21.5% | 19.01% | 20.77% | 17.21% | 18.13% | 21.72% | 18.33% | 22.26% | 21.02% | 23.68% | 22.53% | 23.74% | 25.51% | 22.38% | 21.97% | 18.62% | 25.05% | 27.62% | 26.33% | 25.14% |
| EBITDA Growth % | 13.11% | 17.09% | 16.21% | 20.57% | 19.72% | 27.81% | 5.7% | 12.16% | 6.98% | 6.18% | 16.98% | 0.5% | 31.89% | -10.09% | -13.91% | 5.73% | -22.38% | 1.26% | -5.95% | 9.31% | 3.59% | 2.01% | 19.08% | 1.87% | 3.47% | 5.74% | 76.41% | 54.02% | 69.02% | - |
| D&A (Non-Cash Add-back) | 328.49M | 321.55M | 246.51M | 195.91M | 148.16M | 124.74M | 97.87M | 96.33M | 85.94M | 76.23M | 75.66M | 75.58M | 70.61M | 65.95M | 69.62M | 70.54M | 69.47M | 78.65M | 79.09M | 83.78M | 78.76M | 70.67M | 70.42M | 59.67M | 50.7M | 52.88M | 40.21M | 24.8M | 18.3M | 13.1M |
| EBIT | 67.22M | 72.05M | 75.02M | 78.26M | 100.13M | 84.04M | 56.99M | 54.33M | 32.69M | -11.47M | 33.48M | 29.99M | 30.8M | 9.91M | -10.94M | -31.59M | 17.99M | 42.15M | -19.09M | 40.59M | 14.99M | 50.95M | 42.78M | 29.41M | 33.76M | 39.37M | 40.62M | 44.29M | 21.34M | 13.24M |
| Net Interest Income | -39.47M | -49.05M | -43.54M | -30.48M | -24.46M | -25.69M | -18.39M | -24.18M | -26.38M | -25.31M | -38.65M | -40.09M | -38.09M | -37.86M | -41.43M | -45.5M | -45.86M | -54.27M | -39.04M | -41.51M | -38.86M | -31.29M | -29.39M | -25.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6.57M | 9.95M | 10.43M | 10.74M | 709K | 302K | 303K | 367K | 273K | 273K | 290K | 330K | 312K | 141K | 42K | 42K | 110K | 728K | 728K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 60.03M | 59M | 53.97M | 41.22M | 25.16M | 25.99M | 18.69M | 24.55M | 26.66M | 25.58M | 38.94M | 40.42M | 38.46M | 41.43M | 41.57M | 45.54M | 45.91M | 54.38M | 39.77M | 42.86M | 40.12M | 32.22M | 29.84M | 25.65M | 30.57M | 30.57M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -72.97M | -76.13M | -83.24M | -68.91M | -27.24M | -26.34M | -27.44M | -28.69M | -46.03M | -89.83M | -52.21M | -38.72M | -40.4M | -37.43M | -70.05M | -107.85M | -54.21M | -56.96M | -101.6M | -48.03M | -64.88M | -24.99M | -28.79M | -30.75M | -16.05M | -24.01M | -139.26M | 2.5M | 1.38M | -953K |
| Pretax Income | 12.36M | 13.05M | 21.05M | 37.05M | 74.97M | 58.05M | 38.3M | 29.78M | 6.04M | -37.05M | -6.36M | -10.43M | -25.51M | -52.51M | -77.14M | -27.92M | -12.23M | -58.86M | -2.27M | -25.14M | 18.06M | 12.94M | 3.76M | 11.52M | 17.71M | -94.97M | 25.6M | 16.6M | 5.1M | 500K |
| Pretax Margin % | 0.66% | 0.71% | 1.35% | 2.93% | 6.91% | 6.53% | 4.94% | 4.01% | 0.91% | -6.18% | -1.13% | -1.91% | -5.13% | -11.53% | -16.04% | -5.99% | -2.34% | -10.62% | -0.39% | -4.6% | 3.43% | 2.68% | 0.85% | 2.74% | 4.21% | -19.79% | 7.59% | 9.57% | 4.32% | 0.68% |
| Income Tax | 5.22M | 5.18M | 7.51M | 11.65M | 21.89M | 16.95M | -52.8M | -1.87M | -384K | -15.25M | 494K | 1.35M | 1.8M | -2.53M | 1.18M | -24.22M | 3.02M | 9.12M | 1.75M | -8.53M | 6.96M | 5.72M | -1.62M | 5.29M | 5.89M | -12.73M | 12.26M | 7.5M | 2.4M | 500K |
| Effective Tax Rate % | 42.23% | 39.7% | 35.69% | 31.44% | 29.2% | 29.19% | -137.86% | -6.29% | -6.36% | 41.17% | -7.76% | -12.95% | -7.05% | 4.81% | -1.53% | 86.73% | -24.67% | -15.49% | -76.88% | 33.93% | 38.51% | 44.26% | -43.18% | 45.94% | 33.23% | 13.41% | 47.88% | 45.18% | 47.06% | 100% |
| Net Income | 7.14M | 7.87M | 13.54M | 25.4M | 53.08M | 41.1M | 91.11M | 31.65M | 6.42M | -21.8M | -6.85M | -12.97M | -23.09M | -54.14M | -77.59M | 38.43M | -13.86M | -68.03M | -7.83M | -17.88M | 11.1M | 7.27M | 8.11M | -59.81M | 7.48M | -101.53M | 11.05M | 9.1M | 2.7M | 0 |
| Net Margin % | 0.38% | 0.43% | 0.87% | 2.01% | 4.89% | 4.62% | 11.76% | 4.26% | 0.97% | -3.64% | -1.21% | -2.37% | -4.64% | -11.89% | -16.14% | 8.25% | -2.65% | -12.27% | -1.35% | -3.27% | 2.11% | 1.51% | 1.84% | -14.21% | 1.78% | -21.16% | 3.28% | 5.25% | 2.29% | - |
| Net Income Growth % | -44.39% | -41.85% | -46.71% | -52.15% | 29.15% | -54.89% | 187.83% | 393.04% | 129.45% | -218.28% | 47.19% | 43.84% | 57.34% | 30.22% | -301.9% | 377.3% | 79.63% | -768.22% | 56.19% | -261.05% | 52.76% | -10.31% | 113.55% | -899.47% | 107.37% | -1018.87% | 21.43% | 237.04% | - | - |
| Net Income (Continuing) | 7.14M | 7.87M | 13.54M | 25.4M | 53.08M | 41.1M | 91.11M | 31.65M | 6.42M | -21.8M | -6.86M | -11.78M | -8.71M | -27.31M | -49.98M | -78.32M | -2.96M | -16.05M | -67.98M | -4.02M | -16.61M | 12.16M | 7.79M | 5.39M | 4.08M | 10.69M | -82.24M | 13.34M | 6.65M | 1.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -94K | -141K | 0 | 614K | 0 | 0 | 0 | -1.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24K | -74K | -130K | 4.17M | 1.8M | 1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 523K | 29.31M | 19.35M | 0 | 0 | 0 |
| EPS (Diluted) | 0.11 | 0.12 | 0.23 | 0.46 | 1.03 | 0.80 | 1.86 | 0.66 | 0.15 | -0.52 | -0.17 | -0.32 | -0.58 | -1.59 | -2.90 | 1.47 | -0.54 | -2.66 | -0.31 | -0.71 | 0.44 | 0.29 | 0.33 | -2.50 | 0.31 | -4.38 | 0.57 | 0.57 | 0.28 | -0.53 |
| EPS Growth % | -48.88% | -47.83% | -50% | -55.34% | 28.75% | -56.99% | 181.82% | 340% | 128.85% | -205.88% | 46.88% | 44.83% | 63.52% | 45.17% | -297.28% | 372.22% | 79.7% | -758.06% | 56.34% | -261.36% | 51.72% | -12.12% | 113.2% | -906.45% | 107.08% | -868.42% | 0% | 103.57% | 153.12% | - |
| EPS (Basic) | - | 0.12 | 0.23 | 0.46 | 1.03 | 0.80 | 1.87 | 0.67 | 0.15 | -0.52 | -0.17 | -0.32 | -0.58 | -1.59 | -2.90 | 1.47 | -0.54 | -2.66 | -0.31 | -0.71 | 0.44 | 0.29 | 0.34 | -2.52 | 0.32 | -4.38 | 0.59 | 0.60 | 0.28 | -0.53 |
| Diluted Shares Outstanding | 63.54M | 63.56M | 59.58M | 55.27M | 51.77M | 51.52M | 49.05M | 47.97M | 44.17M | 41.85M | 41.23M | 40.64M | 39.82M | 34.02M | 26.75M | 26.11M | 25.73M | 25.58M | 25.38M | 25.27M | 25.37M | 25.19M | 24.45M | 23.9M | 24.17M | 23.19M | 19.27M | 16.02M | 9.55M | 7.33M |
| Basic Shares Outstanding | 63.54M | 63.46M | 59.58M | 55.17M | 51.62M | 51.31M | 48.79M | 47.23M | 42.69M | 41.85M | 40.29M | 40.64M | 39.82M | 34.02M | 26.75M | 26.11M | 25.73M | 25.58M | 25.38M | 25.27M | 24.98M | 24.68M | 24M | 23.72M | 23.5M | 23.19M | 18.73M | 15.14M | 9.55M | 7.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Margin compression and integration
As reported in recent financial filings, Casella’s year-over-year revenue growth has decelerated from a peak of 32.1% in 2023Q4 to 9.6% in 2026Q1, suggesting that the initial tailwinds from aggressive inorganic expansion are beginning to normalize as the company integrates its recent Mid-Atlantic acquisitions.
The transition from double-digit growth to single-digit expansion indicates that the company may be reaching a saturation point in its core Northeast markets. Investors should monitor whether the current growth trajectory can be sustained through organic price increases or if the reliance on M&A will continue to mask underlying volume stagnation.
Based on the provided income statement data, Casella’s gross margin has fluctuated significantly, reaching a low of 16.4% in 2025Q4, which highlights a structural disadvantage compared to national peers who consistently maintain margins well above 25% due to superior scale and internalization efficiencies.
The volatility in gross margins suggests that Casella is highly susceptible to fluctuations in disposal costs and operational inefficiencies within its Resource Solutions segment. This lack of margin stability warrants further investigation into whether the company's regional density is sufficient to offset the high fixed costs inherent in its landfill-heavy business model.
According to the quarterly income statement, operating margins have compressed to 1.1% as of 2026Q1, demonstrating that the company has struggled to achieve meaningful operating leverage despite the significant top-line growth observed over the past ten quarters.
The inability to scale operating income in proportion to revenue suggests that SG&A and other overhead costs are rising at a pace that outstrips efficiency gains. This trend implies that the company's current cost structure may be too rigid to support profitable growth during periods of economic volatility or integration-related disruption.
As evidenced by the inconsistent net income figures, which swung from a $10.0M profit in 2025Q3 to a $5.5M loss in 2026Q1, the quality of reported earnings appears compromised by non-operating items and the high costs associated with the company's ongoing acquisition strategy.
The frequent shifts between profitability and net losses suggest that investors should look past headline EPS and focus on the underlying cash generation capabilities of the business. The presence of stock-based compensation and potential integration charges further complicates the assessment of true operational performance, necessitating a cautious approach to valuation.
Based on the reported figures, the persistent thinness of net margins, which reached only 0.43% on average, suggests that the company's business model may be fundamentally more fragile than the market's valuation of its landfill scarcity moat implies.
Short-sellers would likely focus on the company's inability to maintain consistent profitability despite its regional dominance, pointing to the risk that rising labor and regulatory costs could permanently impair cash flow. The reliance on tuck-in acquisitions to drive growth may be masking a core business that is struggling to achieve sustainable, long-term margin expansion.
Quick answers to the most common questions about buying CWST stock.
For fiscal year 2025, Casella Waste Systems, Inc. (CWST) reported total revenue of $1.84B. This represents a 2409.3% increase compared to $73.2M in 1997.
Casella Waste Systems, Inc. (CWST) is profitable, generating $7.9M in net income for the fiscal year ending 2025 with a net profit margin of 0.4%.
Casella Waste Systems, Inc. (CWST) reported an operating income of $89.2M, resulting in an operating profit margin of 4.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Casella Waste Systems, Inc. (CWST) generated $313.4M in gross profit for the year, representing a gross profit margin of 17.1%. This demonstrates the company's core pricing power and production efficiency.