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Casella Waste Systems cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$26.5M in Q2 2026 · $106M over twelve months

Operating cash flow$98.8M
Capital spending−$72.3M
Free cash flow+$26.5M
Cash / net income26.2×
Cash conversion cycle6 days

Analysis

In Q2 2026, Casella Waste Systems generated $98.8M of operating cash flow and spent $72.3M on capital projects, leaving free cash flow of $26.5M. That is $3.3M more than in Q2 2025 ($23.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was $351M; the largest uses were acquisitions ($450M), capital spending ($245M), other financing ($1.9M); besides operations, cash came from net borrowing (+) / repaid (−) ($154M), asset & business sales ($946K); the cash balance fell by $192M.

Operating cash flow was $98.8M against net income of $3.8M — 26.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$88.5M, receivables −$37.2M, payables +$29.7M.

Its cash conversion cycle was 6 days (receivables 33 + inventory 0 − payables 27).

Free cash flow

Casella Waste Systems: free cash flow by quarterCasella Waste Systems: free cash flow by quarter$40.4MQ3 2024$32.9MQ4 2024−$5.4MQ1 2025$23.1MQ2 2025$27.6MQ3 2025$39.3MQ4 2025$12.3MQ1 2026$26.5MQ2 2026
Operating cash flow less capital spending.
Casella Waste Systems: operating cash flow against capital spendingCasella Waste Systems: operating cash flow against capital spendingOperating cash flowCapital spending$91.8M$51.5MQ3 2024$110M$76.9MQ4 2024$50.1M$55.5MQ1 2025$89.5M$66.4MQ2 2025$93.6M$65.9MQ3 2025$96.6M$57.3MQ4 2025$62.3M$50.0MQ1 2026$98.8M$72.3MQ2 2026
Latest (Q2 2026): Operating cash flow $98.8M, Capital spending $72.3M.

Capital allocation, year by year

Casella Waste Systems: where the cash came from (up) and went (down), by fiscal yearCasella Waste Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $183MFY2021: Net borrowing −$10.3MFY2021: Shares issued $172KFY2021: Asset sales $788KFY2021: Capital spending −$123MFY2021: Acquisitions −$171M$184MFY2021FY2022: Operating cash flow $217MFY2022: Net borrowing $21.1MFY2022: Shares issued $192KFY2022: Asset sales $600KFY2022: Capital spending −$131MFY2022: Acquisitions −$78.2M$239MFY2022FY2023: Operating cash flow $233MFY2023: Net borrowing $430MFY2023: Shares issued $496MFY2023: Asset sales $1.1MFY2023: Capital spending −$155MFY2023: Acquisitions −$852M$1.2BFY2023FY2024: Operating cash flow $281MFY2024: Net borrowing $51.0MFY2024: Shares issued $497MFY2024: Asset sales $1.4MFY2024: Capital spending −$203MFY2024: Acquisitions −$469M$830MFY2024FY2025: Operating cash flow $330MFY2025: Net borrowing −$45.8MFY2025: Asset sales $809KFY2025: Capital spending −$245MFY2025: Acquisitions −$224M$331MFY2025
Over these 5 years operating cash flow totalled $1.2B; the largest uses were acquisitions ($1.8B) and capital spending ($857M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$25.5M
Debt$1.4B
Net debt$1.3B
Due within a year$25.7M

Casella Waste Systems funds itself: free cash flow was $106M over the last twelve months, and $25.5M of cash and investments stands against $1.4B of debt ($25.7M due within a year, 1.0× covered by cash).

Casella Waste Systems: debt maturities by year (FY2025)Casella Waste Systems: debt maturities by year (FY2025)$25.7MYear 1$23.3MYear 2$34.6MYear 3$796MYear 4$46.3MYear 5$243MAfter year 5
Principal due in each year as disclosed in the annual report, against $25.5M of cash and investments now.

Where the cash came from and went

Casella Waste Systems: sources (+) and uses (−) of cash, Q2 2026Casella Waste Systems: sources (+) and uses (−) of cash, Q2 2026Acquisitions−$306MNet borrowing (+) / repaid (−)$179MCash drawn (+) / kept (−)$101MOperating cash flow$98.8MCapital spending−$72.3MOther financing−$466KAsset & business sales$279K
Casella Waste Systems: sources (+) and uses (−) of cash, TTM to Q2 2026Casella Waste Systems: sources (+) and uses (−) of cash, TTM to Q2 2026Acquisitions−$450MOperating cash flow$351MCapital spending−$245MCash drawn (+) / kept (−)$192MNet borrowing (+) / repaid (−)$154MOther financing−$1.9MAsset & business sales$946KOther investing−$672K

From profit to cash

Casella Waste Systems: net income to operating cash flow, Q2 2026Casella Waste Systems: net income to operating cash flow, Q2 2026Net income$3.8MDepreciation & amortization$88.5MStock-based pay$4.0MDeferred taxes−$6.3MOther non-cash$394KReceivables−$37.2MPayables$29.7MAccrued liabilities$13.7MPrepaid and other assets−$8.1MOperating cash flow$98.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202633—276
Q1 202635—287
Q4 202536—325
Q3 202535—342
Q2 202534—321
Q1 202536—341
Q4 202436—342
Q3 202437—343

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$98.8M−$72.3M−$306M$179M—$101M$26.5M
Q1 2026$62.3M−$50.0M−$94.6M−$8.0M—$90.0M$12.3M
Q4 2025$96.6M−$57.3M−$6.7M−$7.9M—−$24.2M$39.3M
Q3 2025$93.6M−$65.9M−$42.5M−$8.9M—$25.1M$27.6M
Q2 2025$89.5M−$66.4M−$71.5M−$4.0M—$52.1M$23.1M
Q1 2025$50.1M−$55.5M−$104M−$4.0M—$113M−$5.4M
Q4 2024$110M−$76.9M−$209M$42.1M$25K$136M$32.9M
Q3 2024$91.8M−$51.5M−$260M$39.2M$497M−$310M$40.4M

Casella Waste Systems: income statement and cash flow

Casella Waste Systems, Q2 2026: revenue $544M (+17% year over year), operating margin 3.7%. The chart follows the revenue to costs, profit and cash.

Casella Waste Systems: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.