$CWST

CASELLA WASTE SYSTEMS INC

CIK:0000911177|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 543,748	$ 465,334	$ 1,001,076	$ 882,435
Operating expenses:
Cost of operations	364,949	308,070	673,874	588,521
General and administration	63,168	54,523	121,296	111,009
Depreciation and amortization	88,498	77,006	166,481	148,497
Expense from acquisition activities	6,081	6,463	12,590	11,992
Organics facility closure charge	1,088	0	2,016	0
Total operating expenses	523,784	446,062	976,257	860,019
Operating income	19,964	19,272	24,819	22,416
Other expense (income):
Interest expense	17,936	15,665	33,262	30,645
Interest income	(515)	(2,665)	(1,848)	(6,047)
Other income	(822)	(615)	(1,136)	(933)
Other expense, net	16,599	12,385	30,278	23,665
Income (loss) before income taxes	3,365	6,887	(5,459)	(1,249)
(Benefit) provision for income taxes	(405)	1,679	(3,690)	(1,647)
Net income (loss)	$ 3,770	$ 5,208	$ (1,769)	$ 398
Basic earnings (loss) per share attributable to common stockholders:
Weighted average common shares outstanding basic (in shares)	63,613	63,461	63,579	63,424
Basic earnings (loss) per common share (in dollars per share)	$ 0.06	$ 0.08	$ (0.03)	$ 0.01
Weighted average common shares outstanding diluted (in shares)	63,685	63,563	63,579	63,524
Diluted earnings (loss) per common share (in dollars per share)	$ 0.06	$ 0.08	$ (0.03)	$ 0.01

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net (loss) income	$ (1,769)	$ 398
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	166,481	148,497
Interest accretion on landfill and environmental remediation liabilities	8,021	7,426
Amortization of debt issuance costs	1,492	1,519
Stock-based compensation	6,883	7,777
Operating lease right-of-use assets expense	12,453	10,392
Other items and charges, net	158	1,124
Deferred income taxes	(9,485)	(148)
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable	(31,631)	(4,737)
Landfill operating lease contract expenditures	(1,500)	(1,340)
Accounts payable	17,239	5,799
Prepaid expenses, inventories and other assets	1,972	(6,650)
Accrued expenses, contract liabilities and other liabilities	(9,288)	(30,409)
Net cash provided by operating activities	161,026	139,648
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired	(400,816)	(175,018)
Additions to property and equipment	(122,288)	(121,878)
Proceeds from sale of property and equipment	640	503
Net cash used in investing activities	(522,464)	(296,393)
Cash Flows from Financing Activities:
Proceeds from debt borrowings	248,950	25,000
Principal payments on debt	(78,364)	(32,984)
Payments of debt issuance costs	(466)	(802)
Net cash provided by (used in) financing activities	170,120	(8,786)
Net decrease in cash, cash equivalents and restricted cash, including non-current	(191,318)	(165,531)
Cash, cash equivalents and restricted cash, including non-current, beginning of period	216,859	383,303
Cash, cash equivalents and restricted cash, including non-current, end of period	25,541	217,772
Cash paid during the period for:
Cash interest payments	31,405	28,575
Cash income tax (refunds) payments, net	(2,416)	164
Supplemental Disclosure of Non-Cash Activities:
Right-of-use assets obtained in exchange for finance lease obligations	24,954	17,340
Right-of-use assets obtained in exchange for operating lease obligations	$ 14,851	$ 22,033

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 25,541	$ 123,773
Accounts receivable, net of allowance for credit losses of $7,720 and $7,082, respectively	220,366	178,068
Prepaid expenses	34,844	29,930
Other current assets	33,841	37,510
Total current assets	314,592	369,281
Property and equipment, net of accumulated depreciation and amortization of $1,611,612 and $1,495,563, respectively	1,381,271	1,289,409
Operating lease right-of-use assets	111,528	105,252
Goodwill	1,372,773	1,120,056
Intangible assets, net	341,589	290,855
Restricted cash and assets	3,132	96,265
Cost method investments	10,967	10,967
Other non-current assets	21,664	21,241
Total assets	3,557,516	3,303,326
CURRENT LIABILITIES:
Current maturities of debt	25,580	25,735
Current operating lease liabilities	12,304	11,952
Accounts payable	126,550	102,468
Accrued payroll and related expenses	27,774	36,316
Contract liabilities	43,880	45,153
Current accrued final capping, closure and post-closure costs	6,482	7,562
Other accrued liabilities	74,389	64,716
Total current liabilities	316,959	293,902
Debt, less current portion	1,325,132	1,128,927
Operating lease liabilities, less current portion	81,988	72,513
Accrued final capping, closure and post-closure costs, less current portion	198,481	185,160
Deferred income taxes, net	23,123	18,965
Other long-term liabilities	31,809	35,150
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Additional paid-in capital	1,705,710	1,697,143
Accumulated deficit	(126,883)	(125,114)
Accumulated other comprehensive income (loss), net of tax	560	(3,955)
Total stockholders' equity	1,580,024	1,568,709
Total liabilities and stockholders' equity	3,557,516	3,303,326
Class A Common Stock
STOCKHOLDERS' EQUITY:
Common stock	627	625
Class B Common Stock
STOCKHOLDERS' EQUITY:
Common stock	$ 10	$ 10