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Casella Waste Systems (CWST) investor relations material
Casella Waste Systems Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $465.3M, up 23.4% year over year, driven by acquisitions and organic growth.
Net income for Q2 2025 was $5.2M, down from $7.0M in Q2 2024, mainly due to higher depreciation and amortization from acquisitions.
Adjusted EBITDA rose 19.5% to $109.5M, reflecting acquisition contributions and organic growth.
Six acquisitions completed year-to-date added $90M in annualized revenue, with a pending $30M deal to expand into Pennsylvania and West Virginia.
Cash flow from operations for H1 2025 was $139.6M, up $59.9M year over year, with record adjusted free cash flow of $70.8M.
Financial highlights
Q2 2025 revenue: $465.3M (Q2 2024: $377.2M); H1 2025 revenue: $882.4M (H1 2024: $718.2M).
Adjusted EBITDA margin for Q2 2025 was 23.5%, down from 24.3% in Q2 2024, due to lower initial margins from acquisitions.
Adjusted net income for Q2 2025 was $23M ($0.36/share), up $1.3M; GAAP net income was $5.2M, impacted by higher amortization.
Capital expenditures for H1 2025 totaled $121.9M, up from $74.9M in the prior year, including $40M for acquisition upgrades.
Cash and equivalents at June 30, 2025: $217.8M; available revolver capacity: $673.7M.
Outlook and guidance
FY2025 revenue guidance raised to $1.82–$1.84B, reflecting acquisition activity.
Adjusted EBITDA guidance reaffirmed at $410–$425M; adjusted free cash flow raised to $170–$180M.
Net income guidance revised to $8–$18M for FY2025.
Management expects strong liquidity and sufficient resources for at least the next 12 months.
Guidance includes completed acquisitions but excludes pending deals like Mountain State Waste.
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