Filing Flows › Casella Waste Systems (CWST) › Q3 2025
Casella Waste Systems (CWST) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
Casella Waste Systems (CWST) reported revenue of $485M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +4% from the quarter before. Operating margin was 6.1%, net earnings $10.0M (2.1% of revenue).
Casella Waste Systems, Q3 2025: revenue $485M (+18% year over year), operating margin 6.1%, net earnings $10.0M, operating cash flow $93.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $485M | +4% | +18% |
| Operating profit | $29.4M | +52% | +20% |
| Net earnings | $10.0M | +92% | +73% |
| Operating cash flow | $93.6M | +5% | +2% |
| Free cash flow | $27.6M | +20% | -32% |
What changed
Revenue was $485.4M in Q3 2025, up 18% year over year and up 4% from the previous quarter. Collection was the largest line at 65% of revenue. Collection added $61.5M year over year (up 24%), 83% of the total change. Processing declined 10%.
Operating profit was $29.4M, a 6.1% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, above the 6% margin then. Total costs grew 18% against revenue growth of 18%. The fastest-growing cost line was General & admin (+22%). Net earnings were $10.0M, up 73% year over year. The effective tax rate was 37.2%.
Operating cash flow was $93.6M (up 2% year over year), 937% of net earnings. Non-cash charges added back $78.8M of depreciation and amortization and $3.9M of share-based compensation. Capital expenditures of $65.9M left free cash flow of $27.6M.
Questions
What was Casella Waste Systems' revenue in the third quarter 2025?
Casella Waste Systems (CWST) reported revenue of $485M for the third quarter 2025 (Q3 2025), +18% from a year earlier and +4% from the quarter before.
Was Casella Waste Systems profitable in the third quarter 2025?
Operating profit was $29.4M (6.1% of revenue) and net earnings $10.0M.