CASELLA WASTE SYSTEMS INCCWST
CASELLA WASTE SYSTEMS INC Segments Disclosure
SEGMENT REPORTING
We report selected information about our reportable operating segments in a manner consistent with that used for internal management reporting. We classify our solid waste operations on a geographic basis through three regional operating segments, our Eastern, Western and Mid-Atlantic regions. In fiscal year 2025, we moved certain operations between our regional operating segments to align geographically, including a landfill that we own from the Western region to the Mid-Atlantic region and a collection and transfer station operation from our Western region to our Eastern region. Certain prior period amounts have been reclassified between regional operating segments to conform to the current period presentation.
Revenues associated with our solid waste operations are derived mainly from solid waste collection and disposal services, including landfill, transfer station and transportation services, landfill gas-to-energy services and processing services in the eastern United States. Our Resource Solutions operating segment leverages our core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a comprehensive solution for our larger commercial, municipal, institutional and industrial customers that have more diverse waste and recycling needs. Revenues associated with our Resource Solutions operations are comprised of processing services and services provided by our National Accounts business. Revenues from processing services are derived from customers in the form of processing fees, tipping fees, commodity sales, and organic material sales. 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. Legal, tax, information technology, human resources, certain finance and accounting and other administrative functions are included in our Corporate Entities segment, which is not a reportable operating segment. For comparative purposes, summarized financial information by segment reported in fiscal years 2024 and 2023 has been updated to conform with the presentation for fiscal year 2025, related to the movement of certain operations described above. In addition, we have voluntarily corrected certain amounts in the tables below for fiscal years 2024 and 2023 to correct an immaterial error in previously issued segment footnote disclosure by reclassifying certain intercompany amounts from contra-revenue recorded in our Eastern and Western regions to costs of operations for those same regions, with no impact on any measure of segment operating income (loss) or our consolidated balance sheet, earnings, or cash flows. See Note 9, Goodwill and Intangible Assets for the breakout of goodwill by reportable operating segment.
The accounting policies of our reportable operating segments are the same as those described in Note 3, Summary of Significant Accounting Policies. Our President and Chief Executive Officer is our CODM. Our CODM uses operating income in evaluating reportable operating segment performance in order to properly allocate resources and make key operating decisions. Intercompany revenue and expenses are eliminated in the computation of consolidated gross revenues and operating income.
The CODM uses operating income for each reportable operating segment in the annual budget and forecasting process and considers budget-to-actual and forecast-to-actual variances on a monthly basis when making decisions about the allocation of operating and capital resources to each reportable operating segment.
Summarized financial information concerning our reportable segments for fiscal years 2025, 2024 and 2023, follows:
Fiscal Year Ended December 31, 2025:
| Eastern | Western | Mid-Atlantic | Solid Waste Subtotal | Resource Solutions | Corporate Entities | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Outside revenues | $ | 472,609 | $ | 663,188 | $ | 341,072 | $ | 1,476,869 | $ | 359,972 | $ | — | $ | — | $ | 1,836,841 | |||||||||||||||||||||||||||||||
Intercompany revenues | 122,580 | 242,183 | 16,384 | 381,147 | 19,001 | — | (400,148) | — | |||||||||||||||||||||||||||||||||||||||
Gross revenues | 595,189 | 905,371 | 357,456 | 1,858,016 | 378,973 | — | (400,148) | 1,836,841 | |||||||||||||||||||||||||||||||||||||||
| Cost of operations | 426,248 | 614,402 | 268,381 | 1,309,031 | 305,771 | 1,951 | (400,148) | 1,216,605 | |||||||||||||||||||||||||||||||||||||||
| General and administration | 24,277 | 36,527 | 21,177 | 81,981 | 21,809 | 120,429 | — | 224,219 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 71,221 | 130,828 | 77,188 | 279,237 | 21,147 | 6,451 | — | 306,835 | |||||||||||||||||||||||||||||||||||||||
Expense (income) from acquisition activities | 820 | 2,377 | 11,067 | 14,264 | (261) | 10,171 | — | 24,174 | |||||||||||||||||||||||||||||||||||||||
Organics facility closure charge | — | — | — | — | 1,339 | — | — | 1,339 | |||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 72,623 | $ | 121,237 | $ | (20,357) | $ | 173,503 | $ | 29,168 | $ | (139,002) | $ | — | 63,669 | ||||||||||||||||||||||||||||||||
| Interest expense, net | 52,596 | ||||||||||||||||||||||||||||||||||||||||||||||
Other income | (1,979) | ||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | $ | 13,052 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | $ | 1,313 | $ | 942 | $ | 267 | $ | 2,522 | $ | 99 | $ | 49,975 | $ | — | $ | 52,596 | |||||||||||||||||||||||||||||||
| Capital expenditures | $ | 60,776 | $ | 78,613 | $ | 78,633 | $ | 218,022 | $ | 13,253 | $ | 13,796 | $ | — | $ | 245,071 | |||||||||||||||||||||||||||||||
| Total assets | $ | 557,877 | $ | 1,135,393 | $ | 1,059,572 | $ | 2,752,842 | $ | 279,403 | $ | 271,081 | $ | — | $ | 3,303,326 | |||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2024:
| Eastern | Western | Mid-Atlantic | Solid Waste Subtotal | Resource Solutions | Corporate Entities | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Outside revenues | $ | 443,764 | $ | 561,518 | $ | 222,134 | $ | 1,227,416 | $ | 329,867 | $ | — | $ | — | $ | 1,557,283 | |||||||||||||||||||||||||||||||
Intercompany revenues | 117,291 | 207,635 | 3,770 | 328,696 | 13,068 | — | (341,764) | — | |||||||||||||||||||||||||||||||||||||||
Gross revenues | 561,055 | 769,153 | 225,904 | 1,556,112 | 342,935 | — | (341,764) | 1,557,283 | |||||||||||||||||||||||||||||||||||||||
| Cost of operations | 403,909 | 522,984 | 164,861 | 1,091,754 | 276,582 | 764 | (341,764) | 1,027,336 | |||||||||||||||||||||||||||||||||||||||
| General and administration | 25,171 | 32,492 | 13,762 | 71,425 | 19,574 | 99,755 | — | 190,754 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 60,543 | 100,379 | 52,037 | 212,959 | 18,254 | 3,694 | — | 234,907 | |||||||||||||||||||||||||||||||||||||||
| Expense from acquisition activities | 416 | 3,317 | 14,815 | 18,548 | 105 | 6,226 | — | 24,879 | |||||||||||||||||||||||||||||||||||||||
| Landfill capping recovery - veneer failure | — | (1,739) | — | (1,739) | — | — | — | (1,739) | |||||||||||||||||||||||||||||||||||||||
Southbridge Landfill closure charge | 8,385 | — | — | 8,385 | — | — | — | 8,385 | |||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 62,631 | $ | 111,720 | $ | (19,571) | $ | 154,780 | $ | 28,420 | $ | (110,439) | $ | — | 72,761 | ||||||||||||||||||||||||||||||||
| Interest expense, net | 51,983 | ||||||||||||||||||||||||||||||||||||||||||||||
Other income | (270) | ||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | $ | 21,048 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense (income), net | $ | 805 | $ | 384 | $ | (63) | $ | 1,126 | $ | 117 | $ | 50,740 | $ | — | $ | 51,983 | |||||||||||||||||||||||||||||||
| Capital expenditures | $ | 52,906 | $ | 81,722 | $ | 32,962 | $ | 167,590 | $ | 25,932 | $ | 9,705 | $ | — | $ | 203,227 | |||||||||||||||||||||||||||||||
| Total assets | $ | 490,081 | $ | 1,152,144 | $ | 877,024 | $ | 2,519,249 | $ | 256,188 | $ | 454,631 | $ | — | $ | 3,230,068 | |||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2023:
| Eastern | Western | Mid-Atlantic (1) | Solid Waste Subtotal | Resource Solutions | Corporate Entities | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Outside revenues | $ | 400,484 | $ | 482,650 | $ | 88,609 | $ | 971,743 | $ | 292,799 | $ | — | $ | — | $ | 1,264,542 | |||||||||||||||||||||||||||||||
Intercompany revenues | 106,366 | 172,605 | 1,752 | 280,723 | 15,337 | — | (296,060) | — | |||||||||||||||||||||||||||||||||||||||
Gross revenues | 506,850 | 655,255 | 90,361 | 1,252,466 | 308,136 | — | (296,060) | 1,264,542 | |||||||||||||||||||||||||||||||||||||||
| Cost of operations | 367,645 | 437,645 | 63,505 | 868,795 | 259,273 | 30 | (296,060) | 832,038 | |||||||||||||||||||||||||||||||||||||||
| General and administration | 25,392 | 30,375 | 5,127 | 60,894 | 18,149 | 76,804 | — | 155,847 | |||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 54,204 | 77,750 | 21,481 | 153,435 | 14,202 | 3,068 | — | 170,705 | |||||||||||||||||||||||||||||||||||||||
| Expense from acquisition activities | 647 | 3,126 | 5,292 | 9,065 | 102 | 5,871 | — | 15,038 | |||||||||||||||||||||||||||||||||||||||
Legal settlement | 2,614 | 3,536 | — | 6,150 | — | — | — | 6,150 | |||||||||||||||||||||||||||||||||||||||
| Landfill capping charge - veneer failure | — | 3,870 | — | 3,870 | — | — | — | 3,870 | |||||||||||||||||||||||||||||||||||||||
Southbridge Landfill closure charge | 467 | — | — | 467 | — | — | — | 467 | |||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 55,881 | $ | 98,953 | $ | (5,044) | $ | 149,790 | $ | 16,410 | $ | (85,773) | $ | — | 80,427 | ||||||||||||||||||||||||||||||||
| Interest expense, net | 36,837 | ||||||||||||||||||||||||||||||||||||||||||||||
Other expense, net | 6,545 | ||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | $ | 37,045 | |||||||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | $ | 609 | $ | 403 | $ | 6 | $ | 1,018 | $ | 143 | $ | 35,676 | $ | — | $ | 36,837 | |||||||||||||||||||||||||||||||
| Capital expenditures | $ | 46,691 | $ | 67,136 | $ | 17,967 | $ | 131,794 | $ | 14,586 | $ | 8,527 | $ | — | $ | 154,907 | |||||||||||||||||||||||||||||||
| Total assets | $ | 473,717 | $ | 934,773 | $ | 580,262 | $ | 1,988,752 | $ | 253,090 | $ | 293,628 | $ | — | $ | 2,535,470 | |||||||||||||||||||||||||||||||
(1)Operations associated with the GFL acquisition under the Mid-Atlantic region commenced July 1, 2023.
A summary of our revenues attributable to services provided follows:| Fiscal Year Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| Collection | $ | 1,196,065 | 65.1 | % | $ | 961,784 | 61.8 | % | $ | 710,590 | 56.2 | % | |||||||||||||||||||||||
| Disposal | 263,046 | 14.3 | % | 246,718 | 15.8 | % | 244,582 | 19.3 | % | ||||||||||||||||||||||||||
Landfill gas-to-energy | 7,600 | 0.4 | % | 7,958 | 0.5 | % | 6,617 | 0.5 | % | ||||||||||||||||||||||||||
| Processing | 10,158 | 0.6 | % | 10,956 | 0.7 | % | 9,954 | 0.8 | % | ||||||||||||||||||||||||||
| Solid waste operations | 1,476,869 | 80.4 | % | 1,227,416 | 78.8 | % | 971,743 | 76.8 | % | ||||||||||||||||||||||||||
| Processing | 133,658 | 7.3 | % | 130,459 | 8.4 | % | 105,997 | 8.4 | % | ||||||||||||||||||||||||||
National Accounts | 226,314 | 12.3 | % | 199,408 | 12.8 | % | 186,802 | 14.8 | % | ||||||||||||||||||||||||||
| Resource Solutions operations | 359,972 | 19.6 | % | 329,867 | 21.2 | % | 292,799 | 23.2 | % | ||||||||||||||||||||||||||
| Total revenues | $ | 1,836,841 | 100.0 | % | $ | 1,557,283 | 100.0 | % | $ | 1,264,542 | 100.0 | % | |||||||||||||||||||||||
Historical 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 | |
| 2017 | Mar 2, 2018 | |
| 2016 | Mar 2, 2017 | |
| 2015 | Mar 2, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.