Filing Flows › Casella Waste Systems (CWST) › Q4 2025
Casella Waste Systems (CWST) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Casella Waste Systems (CWST) reported revenue of $469M for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and -3% from the quarter before. Operating margin was 2.5%, net loss $2.5M (0.5% of revenue).
Casella Waste Systems, Q4 2025: revenue $469M (+10% year over year), operating margin 2.5%, net loss $2.5M, operating cash flow $96.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $469M | -3% | +10% |
| Operating profit | $11.9M | -60% | -36% |
| Net earnings | −$2.5M | -125% | -151% |
| Operating cash flow | $96.6M | +3% | -12% |
| Free cash flow | $39.3M | +42% | +19% |
What changed
Revenue was $469.1M in Q4 2025, up 10% year over year and down 3% from the previous quarter. Western was the largest line at 35% of revenue.
Operating profit was $11.9M, a 2.5% margin (down 1.8 points year over year). Operating profit fell $6.6M even though revenue rose $41.6M versus Q4 2024, so costs grew faster than sales. Total costs grew 12% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+24%). The quarter ended with a net loss of $2.5M, after a profit of $10.0M the previous quarter. Net interest and other expense of $13.5M was the main reason.
Operating cash flow was $96.6M (down 12% year over year). Non-cash charges added back $79.5M of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items added $17.0M. Capital expenditures of $57.3M left free cash flow of $39.3M.
Questions
What was Casella Waste Systems' revenue in the fourth quarter 2025?
Casella Waste Systems (CWST) reported revenue of $469M for the fourth quarter 2025 (Q4 2025), +10% from a year earlier and -3% from the quarter before.
Was Casella Waste Systems profitable in the fourth quarter 2025?
Operating profit was $11.9M (2.5% of revenue) and net loss $2.5M.