CASELLA WASTE SYSTEMS INCCWST
CASELLA WASTE SYSTEMS INC Revenue Disclosure
REVENUE RECOGNITION
We disaggregate our revenues by applicable service line as follows: collection, landfill, transfer, transportation, landfill gas-to-energy, processing and National Accounts.
Collection
Collection revenues are principally generated by providing solid waste collection and disposal services to our customers. Services may be provided as needed or as scheduled. We derive a substantial portion of our collection revenues from commercial, industrial and municipal services that are generally performed under service agreements or pursuant to contracts with municipalities. The majority of our residential collection services are performed on a subscription basis with individual property owners or occupants.
Landfill
Landfill disposal services primarily consist of receiving some form of acceptable solid waste materials at one of our landfills and appropriately disposing of it. Landfill customers are typically charged a tipping fee on a per ton basis for disposing of their solid waste at our disposal facilities. In general, these fees are variable in nature.
Transfer station
Transfer station disposal services primarily consist of receiving some form of acceptable solid waste materials at one of our transfer stations and appropriately disposing of it by transporting it to an appropriate disposal site. Transfer station customers are charged a tipping fee on a per ton basis for disposing of their solid waste at our transfer stations. In general, these fees are variable in nature.
Transportation
Transportation services consist of the transportation of large volumes of waste or recycled materials from a customer designated location to another location or disposal facility. Transportation customers are charged a fee on a per ton basis for transporting and/or disposal of the materials. In general, these fees are variable in nature.
Landfill gas-to-energy
Landfill gas-to-energy services primarily consist of the generation and sale of electricity from landfill gas-to-energy facilities located at certain of our landfills; the reservation of electric generating capacity to be used by customers on demand; the sale of RECs; and providing the related rights to, generation and sale of, renewable natural gas (“RNG”) and related tax credits from landfill RNG facilities located at certain of our landfills.
Processing
Processing services consist of the receipt of recycled, sludge or other organic materials at one of our materials recovery, processing or disposal facilities, where it is then sorted, mixed and/or processed, and then disposed of or sold. Revenues from processing services are derived from customers in the form of processing fees, tipping fees, and commodity sales, primarily comprised of newspaper, corrugated containers, plastics, ferrous and aluminum, and organic materials.
National Accounts
Revenues from our National Accounts business are derived from brokerage services and overall resource management services providing a wide range of environmental services and resource management solutions to large and complex organizations, as well as traditional collection, disposal and recycling services provided to large account multi-site customers. In brokerage arrangements, we act as an agent that facilitates the sale of recyclable materials between an inbound customer and an outbound customer. Revenues from the brokerage of recycled materials are recognized on a net basis at the time of shipment. In general, these fees are variable in nature.
A table of revenues disaggregated by service line and timing of revenue recognition by operating segment follows:
Fiscal Year Ended December 31, 2025
| Eastern | Western | Mid-Atlantic | Resource Solutions | Total Revenues | |||||||||||||||||||||||||
| Collection | $ | 353,838 | $ | 508,765 | $ | 333,462 | $ | — | $ | 1,196,065 | |||||||||||||||||||
| Landfill | 31,284 | 61,805 | 4,607 | — | 97,696 | ||||||||||||||||||||||||
Transfer station | 71,476 | 68,028 | 3,003 | — | 142,507 | ||||||||||||||||||||||||
| Transportation | 6,137 | 16,706 | — | — | 22,843 | ||||||||||||||||||||||||
| Landfill gas-to-energy | 1,244 | 6,356 | — | — | 7,600 | ||||||||||||||||||||||||
| Processing | 8,630 | 1,528 | — | 133,658 | 143,816 | ||||||||||||||||||||||||
National Accounts | — | — | — | 226,314 | 226,314 | ||||||||||||||||||||||||
| Total revenues | $ | 472,609 | $ | 663,188 | $ | 341,072 | $ | 359,972 | $ | 1,836,841 | |||||||||||||||||||
| Transferred at a point-in-time | $ | 381 | $ | 2,392 | $ | — | $ | 50,016 | $ | 52,789 | |||||||||||||||||||
| Transferred over time | 472,228 | 660,796 | 341,072 | 309,956 | 1,784,052 | ||||||||||||||||||||||||
| Total revenues | $ | 472,609 | $ | 663,188 | $ | 341,072 | $ | 359,972 | $ | 1,836,841 | |||||||||||||||||||
Fiscal Year Ended December 31, 2024(1)
| Eastern | Western | Mid-Atlantic | Resource Solutions | Total Revenues | |||||||||||||||||||||||||
| Collection | $ | 322,973 | $ | 420,998 | $ | 217,813 | $ | — | $ | 961,784 | |||||||||||||||||||
| Landfill | 30,541 | 61,602 | 2,602 | — | 94,745 | ||||||||||||||||||||||||
Transfer station | 74,314 | 55,345 | 1,711 | — | 131,370 | ||||||||||||||||||||||||
| Transportation | 5,911 | 14,684 | 8 | — | 20,603 | ||||||||||||||||||||||||
| Landfill gas-to-energy | 1,661 | 6,297 | — | — | 7,958 | ||||||||||||||||||||||||
| Processing | 8,364 | 2,592 | — | 130,459 | 141,415 | ||||||||||||||||||||||||
National Accounts | — | — | — | 199,408 | 199,408 | ||||||||||||||||||||||||
| Total revenues | $ | 443,764 | $ | 561,518 | $ | 222,134 | $ | 329,867 | $ | 1,557,283 | |||||||||||||||||||
| Transferred at a point-in-time | $ | 471 | $ | 2,516 | $ | — | $ | 58,273 | $ | 61,260 | |||||||||||||||||||
| Transferred over time | 443,293 | 559,002 | 222,134 | 271,594 | 1,496,023 | ||||||||||||||||||||||||
| Total revenues | $ | 443,764 | $ | 561,518 | $ | 222,134 | $ | 329,867 | $ | 1,557,283 | |||||||||||||||||||
Fiscal Year Ended December 31, 2023(1)
| Eastern | Western | Mid-Atlantic (2) | Resource Solutions | Total Revenues | |||||||||||||||||||||||||
| Collection | $ | 286,604 | $ | 339,272 | $ | 84,714 | $ | — | $ | 710,590 | |||||||||||||||||||
| Landfill | 28,275 | 69,792 | 2,934 | — | 101,001 | ||||||||||||||||||||||||
Transfer station | 71,318 | 50,711 | 926 | — | 122,955 | ||||||||||||||||||||||||
| Transportation | 5,482 | 15,109 | 35 | — | 20,626 | ||||||||||||||||||||||||
| Landfill gas-to-energy | 806 | 5,811 | — | — | 6,617 | ||||||||||||||||||||||||
| Processing | 7,999 | 1,955 | — | 105,997 | 115,951 | ||||||||||||||||||||||||
National Accounts | — | — | — | 186,802 | 186,802 | ||||||||||||||||||||||||
| Total revenues | $ | 400,484 | $ | 482,650 | $ | 88,609 | $ | 292,799 | $ | 1,264,542 | |||||||||||||||||||
| Transferred at a point-in-time | $ | 463 | $ | 2,731 | $ | — | $ | 34,654 | $ | 37,848 | |||||||||||||||||||
| Transferred over time | 400,021 | 479,919 | 88,609 | 258,145 | 1,226,694 | ||||||||||||||||||||||||
| Total revenues | $ | 400,484 | $ | 482,650 | $ | 88,609 | $ | 292,799 | $ | 1,264,542 | |||||||||||||||||||
(1)Certain prior period amounts have been reclassified between regional operating segments to conform to the current period presentation. See Note 21, Segment Reporting for further disclosure.
(2)Operations under the Mid-Atlantic region commenced July 1, 2023Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.