Filing Flows › Casella Waste Systems (CWST) › Q2 2025
Casella Waste Systems (CWST) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Casella Waste Systems (CWST) reported revenue of $465M for the second quarter 2025 (Q2 2025), +23% from a year earlier and +12% from the quarter before. Operating margin was 4.1%, net earnings $5.2M (1.1% of revenue).
Casella Waste Systems, Q2 2025: revenue $465M (+23% year over year), operating margin 4.1%, net earnings $5.2M, operating cash flow $89.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $465M | +12% | +23% |
| Operating profit | $19.3M | +513% | -16% |
| Net earnings | $5.2M | — | -26% |
| Operating cash flow | $89.5M | +79% | +24% |
| Free cash flow | $23.1M | — | -16% |
What changed
Revenue was $465.3M in Q2 2025, up 23% year over year and up 12% from the previous quarter. Collection was the largest line at 64% of revenue. Collection added $73.9M year over year (up 33%), 84% of the total change. Landfill gas-to-energy declined 22%.
Operating profit was $19.3M, a 4.1% margin (down 2.0 points year over year). Operating profit fell $3.7M even though revenue rose $88.2M versus a year earlier, so costs grew faster than sales. Total costs grew 26% against revenue growth of 23%. The fastest-growing cost line was Other operating costs (+32%). Net earnings were $5.2M, down 26% year over year. The effective tax rate was 24.4%.
Operating cash flow was $89.5M (up 24% year over year), 1719% of net earnings. Non-cash charges added back $77.0M of depreciation and amortization and $2.9M of share-based compensation. Capital expenditures of $66.4M left free cash flow of $23.1M.
Questions
What was Casella Waste Systems' revenue in the second quarter 2025?
Casella Waste Systems (CWST) reported revenue of $465M for the second quarter 2025 (Q2 2025), +23% from a year earlier and +12% from the quarter before.
Was Casella Waste Systems profitable in the second quarter 2025?
Operating profit was $19.3M (4.1% of revenue) and net earnings $5.2M.