Casella Waste Systems (CWST) Investor presentation summary

Company overview and market position

• Provides integrated solid waste, recycling, and resource solutions with $2.07 billion in 2026E revenue, operating in 11 Eastern U.S. states.

• Focuses on secondary and tertiary markets, with a strong disposal footprint in the Northeast.

• Solid waste is a $100 billion, recession-resistant industry in the U.S.

• Integrated operations span collection, recycling, disposal, and sustainability solutions.

• Maintains a disciplined growth strategy with organic development and significant M&A opportunities.

Financial performance and guidance

• 2026 revenue guidance is $2.060–$2.080 billion, up 12.7% year-over-year at midpoint.

• Adjusted EBITDA guidance for 2026 is $473–$483 million, up 13.1% year-over-year at midpoint.

• Adjusted Free Cash Flow guidance is $200–$210 million, up 13.9% year-over-year at midpoint.

• Net cash from operating activities expected at $370–$380 million for 2026.

• Net income guidance for 2026 is $4–$10 million.

Growth strategy and value creation

• Achieved 19% CAGR in revenue, 20% in Adjusted EBITDA, and 21% in Adjusted Free Cash Flow from 2021–2025.

• Organic revenue growth targeted at 4–5% per year, with >7% organic Adjusted EBITDA growth.

• Over $800 million in revenue acquired since 2021, adding 12% average annual revenue growth.

• Completed 80 acquisitions since 2018, deploying ~$2 billion in capital.

• Margin enhancement through route optimization, automation, and technology upgrades.