Casella Waste Systems, Inc. (CWST): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Casella Waste Systems, Inc. is structuring its growth right now, especially with all that acquisition activity they've been pushing. Honestly, their business model is a masterclass in vertical integration, using their 8 owned landfills to control disposal costs while driving revenue that saw collection fees climb 4.9% in Q2 2025. With full-year revenue guidance pegged between $1.82 billion and $1.84 billion and over $500 million in liquidity ready to fund the next deal, understanding the nine core components of their strategy is key to seeing where the next dollar is earned. Check out the canvas below for the full, precise map of their operations.

Casella Waste Systems, Inc. (CWST) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Casella Waste Systems, Inc. relies on to execute its growth and operational strategy as of late 2025. These partnerships are critical for densification, securing long-term revenue, and modernizing the fleet.

Acquisition targets for geographic densification and expansion

Casella Waste Systems, Inc. maintains an aggressive acquisition strategy focused on tuck-ins and larger deals that expand its geographic footprint, particularly along the Eastern Seaboard and into adjacent markets. The pipeline remains a significant driver of future growth.

As of the latest reports in late 2025, Casella Waste Systems, Inc. finalized eight acquisitions year-to-date, which are expected to add nearly $105 million in annualized revenue. This follows a strong 2024 where the company acquired eight businesses representing over $200 million in annualized revenues. The strategy balances smaller tuck-ins with larger deals that establish new geographic platforms.

Here's a look at the recent M&A activity and pipeline:

Metric	2024 Full Year	Year-to-Date 2025 (as of Nov 2025)	Pipeline (Ann. Rev.)
Businesses Acquired	8	8	N/A
Annualized Revenue from Acquisitions	Over $200 million	Nearly $105 million	Approx. $500 million
Notable 2025 Acquisition	N/A	Mountain State Waste (Expected Q4 close)	Four LOI deals (approx. $20 million)
Expected Annualized Revenue from Mountain State Waste	N/A	Approx. $30 million	N/A

The acquisition of Mountain State Waste, expected to close in the fourth quarter of 2025, is projected to generate approximately $30 million in annualized revenues and expands the footprint into West Virginia, Ohio, Pennsylvania, and Kentucky. Furthermore, four smaller tuck-in deals, currently under letter of intent, should close in late Q4 2025 or early 2026, totaling roughly $20 million of annualized revenues.

Municipalities for long-term collection and disposal contracts

Contracts with municipalities form a bedrock of recurring revenue, often secured through competitive bidding processes. The company's ability to secure favorable pricing within these contracts directly impacts profitability.

For the second quarter of 2025, solid waste pricing overall was up 5.0% year over year. This breaks down into 4.9% collection price growth and 5.8% disposal price growth. This follows Q1 2025 pricing increases of 5.6% overall, driven by 5.8% collection price growth and 5.5% disposal price growth. The company holds a 19.9% ownership interest in Evergreen National Indemnity, which may be related to securing financial assurance for these contracts.

Key elements of municipal partnership revenue include:

• Residential collection services are generally performed under service agreements or contracts with municipalities.
• Landfill and transfer customers are charged a tipping fee on a per ton basis.
• The GFL asset package included residential collection comprising the largest share of revenue at 58%.

Third-party owners/operators for landfill gas-to-energy (LFGTE) infrastructure

Casella Waste Systems, Inc. generates and sells electricity at certain of its landfill facilities, which falls under the Resource Solutions operating segment. While specific LFGTE partnership details aren't explicitly itemized, the resource renewal operations are a key area of focus.

A concrete example of resource renewal investment is the recently upgraded Willimantic Recycling Facility in Connecticut, which is on track to deliver $4 million of EBITDA in 2025.

Equipment suppliers for new automated truck fleet deliveries

Fleet modernization, particularly automation, is a key operational partnership to improve efficiency and contain costs, though deliveries have faced delays.

For fiscal year 2025, Casella Waste Systems, Inc. expects about 55 more trucks to be delivered to the mid-Atlantic region later in the year. Of those expected deliveries, 40 are automated trucks. This contrasts with 2024, when the company added 17 automated trucks and eliminated about 22 rear load trucks. The company plans to eliminate about 50 rear load trucks in 2025. Fleet automation is noted as being implemented in half its trucks as of early 2025.

Local haulers and recyclers for tuck-in acquisitions

Tuck-in acquisitions are essential for geographic densification, allowing Casella Waste Systems, Inc. to better consolidate routes and capture synergistic overlap in existing markets.

The company completed three acquisitions in Q2 2025, totaling over $40 million of annualized revenues, which included a deal in an existing market in the Western region to better consolidate routes. Earlier in 2025, acquisitions filled in service territory in Maryland and Pennsylvania and added synergistic overlap in Eastern Massachusetts, including the acquisition of Boston recycler Save That Stuff. The overall M&A strategy remains focused on a balanced mix of these smaller tuck-in acquisitions.

Finance: draft 13-week cash view by Friday.

Casella Waste Systems, Inc. (CWST) - Canvas Business Model: Key Activities

Solid waste collection, transfer, and disposal operations

For the three months ended September 30, 2025, Casella Waste Systems, Inc. reported total revenues of $485.4 million, which was up 17.9% year-over-year. Adjusted EBITDA for the same quarter reached $119.9 million, marking a 16.4% increase year-over-year. Solid waste revenues specifically were up 20.6% year-over-year in the third quarter.

Executing a disciplined, high-volume acquisition strategy

Through the first nine months of fiscal year 2025, Casella Waste Systems, Inc. completed eight acquisitions, adding approximately $105 million in annualized revenue. An additional $30 million in annualized revenue is anticipated from the pending closing of the Mountain State Waste transaction. The active M&A pipeline currently exceeds $500 million in revenues.

Landfill management and internalization of waste volume

Results in the landfill business for the third quarter of 2025 were strong. Total landfill tons were up 11.7%. Internalized volumes saw nearly 20% growth in the third quarter. The company continues to focus on internalizing more of its own tons at its landfills.

Resource management, including recycling and organics processing

Resource Solutions revenues were up 7.8% year-over-year in the third quarter of 2025. Recycling and other processing revenue was down 5%, impacted by lower commodity prices. The recently upgraded Willimantic Recycling Facility in Connecticut came back online in January 2025 and is on track to deliver $4 million of EBITDA in 2025. National Accounts within this segment saw revenue up 7.8%, with volume up 8.6%.

Pricing and yield management across all service lines

The company continues to execute on its pricing programs. The fiscal year 2025 revenue guidance range is between $1.775 billion and $1.805 billion.

Here's a look at the pricing and volume performance for key service lines based on the latest reported periods:

Service Line Metric	Q3 2025 Performance	Q1 2025 Performance
Solid Waste Pricing (Overall)	Up 4.6%	Up 5.6%
Collection Price Growth	Up 4.7%	Up 5.8%
Disposal Price Growth	Up 4.6%	Up 5.5%
Collection Volume Change	Down 0.1% (Essentially flat)	Down 1.7%
Landfill Total Tons Change	Up 11.7%	Up 3.9%

The company plans to add 40 more automated trucks and eliminate about 50 rear load trucks in 2025 as part of its fleet optimization plan.

Casella Waste Systems, Inc. (CWST) - Canvas Business Model: Key Resources

You're looking at the core assets Casella Waste Systems, Inc. relies on to run its integrated service model across the Eastern US. These aren't just trucks and dirt; they are the physical and financial engines driving their growth strategy, especially through acquisitions.

The physical infrastructure is built around disposal capacity. Casella Waste Systems, Inc. maintains a vertically integrated network that includes a network of Subtitle D landfills. The company is one of the largest landfill operators in the Northeast, safely managing the disposal of over 3 million tons of solid waste each year. This network is supported by a fleet of collection vehicles and transfer stations. For example, in 2022, their New York operations alone reported 340 total registered trucks. To process materials, the company operates recycling and processing facilities across its service area. The company manages over 3 million tons of solid waste, recyclables, and organics across its network.

The financial muscle behind this physical network is significant, especially for funding growth. The company has a strong liquidity position to fund its M&A pipeline, which executives stated has over $500 million in annualized revenue opportunities as of late 2025. This is supported by strong cash flow generation; for fiscal year 2025, the company updated guidance for Net cash provided by operating activities to be between $325 million and $335 million, with Adjusted Free Cash Flow guided between $170 million and $180 million.

The management team's experience in acquisition integration is a key non-physical resource. They have been actively deploying capital, completing eight acquisitions through the first nine months of 2025, representing approximately $105 million of annualized revenue. The integration focus is clear; for instance, they noted steady progress on billing system integrations in acquired Mid-Atlantic businesses during the third quarter of 2025. The $525 million acquisition of GFL Environmental assets, for example, is specifically targeted to generate $8 million in annual synergies within three years.

Here's a look at the recent financial deployment and capacity:

Key Financial/Operational Metric	Reported/Guided Value (Late 2025)	Context
M&A Pipeline (Annualized Revenue Opportunity)	Over $500 million	Fueling inorganic growth strategy.
Total Liquidity Available (Q1 2025)	$900 million	Underpins ability to execute on M&A.
Acquisitions Completed (YTD Q3 2025)	Eight	Deals closed through September 30, 2025.
Annualized Revenue from YTD Q3 2025 Acquisitions	Approximately $105 million	Contribution from completed deals.
FY 2025 Net Cash from Operations Guidance	$325 million to $335 million	Updated guidance for the full fiscal year.
FY 2025 Adjusted Free Cash Flow Guidance	$170 million to $180 million	Updated guidance for the full fiscal year.

The company's physical assets, as outlined in their strategic framework, include:

• Vertically integrated network of 8 Subtitle D landfills
• Fleet of collection vehicles and transfer stations (71 each)
• 28 recycling and processing facilities across the Eastern US

The management team's focus is on translating these assets into shareholder value through disciplined execution. They are actively working on integrations, such as the billing system integrations in the acquired Mid-Atlantic businesses in Q3 2025. Also, the company is focused on operational improvements, like rail infrastructure investment at McKean Landfill to balance the acquisition pipeline.

The company's Resource Solutions segment also contributes key expertise, with advisors designing sustainable material management for over 10,000 locations across the US.

Casella Waste Systems, Inc. (CWST) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Casella Waste Systems, Inc. over the competition. It boils down to being a comprehensive, reliable partner focused on the long-term health of the waste stream in the Northeast and Mid-Atlantic.

Integrated, full-service solid waste and resource management is the foundation. Casella Waste Systems, Inc. offers everything from collection to disposal, wrapped up in one service structure for the customer. This integrated approach is key to their footprint, which spans operations in 10 contiguous states across the Eastern U.S..

The company delivers on its promise of sustainability through tangible resource management efforts. This includes developing and managing sustainable solutions like Landfill Gas-to-Energy (LFGTE) and organics diversion programs. While infrastructure at two specific sites is third-party owned, the commitment is clear in their operations, helping customers meet visionary sustainability commitments, especially with college and university clients.

You get reliable service across a dense Northeast and Mid-Atlantic footprint. This regional density is a strategic advantage, allowing for better route optimization and cost control. The company has seen significant success integrating acquired businesses, like the GFL Environmental assets, which has expanded their footprint into the Mid-Atlantic region.

A major value driver is the consistent solid waste price growth, which reflects strong contract management and necessary service value. For the third quarter of 2025, solid waste pricing was up 4.6% year-over-year, broken down into 4.7% collection price growth and 4.6% disposal price growth. This pricing strength, combined with healthy landfill volumes up 11.7% year-over-year in Q3 2025, drives financial predictability.

Casella Waste Systems, Inc. provides customized resource solutions for large institutional customers. This is evident in the performance of the Resource Solutions segment, where National Accounts revenue grew 16.5% year-over-year in Q3 2025. They are actively working with these large customers to manage complex waste streams effectively.

Here's a quick look at how the revenue streams, which underpin these value propositions, were structured based on the latest available data for the twelve months ended September 30, 2025:

Line of Business	Percentage of Revenue
Collection	64.7%
Disposal	14.6%
Resource Solutions National Accounts	12.1%
Resource Solutions Processing	7.5%
Energy & Processing	1.0%

The company completed eight acquisitions year-to-date in 2025, adding approximately $105 million in annualized revenue, showing a commitment to growing the value proposition through disciplined expansion.

You can count on these core offerings:

• Integrated service delivery across the region.
• Pricing power in collection and disposal services.
• Growth in high-value National Accounts.
• Focus on sustainability projects like RNG.
• Strong landfill volume growth of 11.7% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Casella Waste Systems, Inc. (CWST) - Canvas Business Model: Customer Relationships

You're looking at how Casella Waste Systems, Inc. locks in its revenue base, and the numbers show a heavy reliance on long-term agreements and successful integration of acquired customer books. As of late 2025, the updated full-year revenue guidance sits between \$1.82 billion and \$1.84 billion.

Dedicated National Accounts team for multi-site customers

The National Accounts business, part of the Resource Solutions segment, is a clear driver of organic growth. For the first quarter of fiscal year 2025, this segment delivered 10.9% organic growth, which included 7.4% volume growth. This momentum continued into the third quarter of 2025, where the segment showed strong growth, supporting the overall revenue performance.

Contractual relationships with municipalities for stable revenue

Stability comes from the pricing power embedded in collection and disposal contracts, which are often municipal or long-term commercial. Across the first three quarters of 2025, solid waste pricing showed consistent increases:

• Q1 2025: Pricing up 5.6% overall.
• Q2 2025: Pricing up 5.0% overall.
• Q3 2025: Pricing up 4.6% overall.

This pricing strength helped offset volume headwinds in collection. For instance, landfill tons, which reflect disposal contract utilization, were up 3.9% in Q1 2025 and up 9.5% year-over-year in Q2 2025.

The scale of the operation supporting these relationships is significant. As of January 31, 2025, Casella Waste Systems, Inc. owned and/or operated 71 solid waste collection operations and 71 transfer stations.

Metric	Q1 2025	Q2 2025	Q3 2025
Total Revenue (Millions USD)	$417.1	$465.3	$485.4
Solid Waste Pricing Growth (YoY)	5.6%	5.0%	4.6%
National Accounts Organic Growth (YoY)	10.9%	Not Specified	Strong Growth
Acquisitions YTD Annualized Revenue (Millions USD)	~$50	~$90 (Six deals)	~$105 (Eight deals)

High-touch customer care for service reliability and issue resolution

The company's growth strategy heavily involves integrating acquired customer bases. Through the first nine months of 2025, Casella Waste Systems, Inc. completed eight acquisitions representing approximately \$105 million of annualized revenue, with the pending Mountain State Waste acquisition expected to add another \$30 million. Successfully integrating these customer relationships is key to realizing projected synergies.

Deep community engagement for local franchise contract retention

The company's footprint expansion through acquisitions is targeted to solidify service areas, such as filling in territory in Maryland and Pennsylvania in early 2025. In the first half of 2025, Casella Waste Systems, Inc. completed six acquisitions adding over \$90 million in annualized revenue.

Self-service options for simple account management

Specific statistical data regarding the usage rates or adoption of self-service digital account management tools for the 2025 fiscal year isn't publicly itemized in the earnings releases.

Casella Waste Systems, Inc. (CWST) - Canvas Business Model: Channels

You're looking at how Casella Waste Systems, Inc. gets its services and value propositions into the hands of its customers across the Eastern U.S. It's a very physical business, so the channels are heavily weighted toward tangible assets and local presence.

Direct sales force and business development teams

The direct sales effort is crucial for securing the commercial, municipal, and industrial contracts that drive the majority of revenue. This team works to place the right service level, from front-load commercial to specialized industrial solutions. The disciplined growth strategy is heavily reliant on this team's ability to execute on the acquisition pipeline, which as of the first nine months of 2025, included the completion of eight businesses totaling approximately $105 million in annualized revenue, with the pending Mountain State Waste transaction expected to add another $30 million.

Local collection routes and transfer stations

This is the backbone of the operation, covering the secondary and tertiary markets across 10 contiguous states in the Eastern U.S. The physical network of collection operations and transfer points is what allows Casella Waste Systems, Inc. to service its customer base efficiently. The company operates a network of over 700 collection vehicles that service customers from western New York to northern Maine. The pricing power in the collection line of business was evident in Q3 2025, with price up 4.7% year-over-year.

The scale of the physical infrastructure used for collection and initial material consolidation is significant:

• 32 solid waste collection operations.
• 31 transfer stations.
• Collection service territory covers shaded areas on their operational map.

Digital channels for customer service and billing

While the service is physical, digital channels support the relationship, especially for payment and account management. The company provides quick links for customer support functions like Pay My Bill and Request a Quote on its digital platforms. Efficiency in collecting receivables is a key operational metric; Days Sales Outstanding (DSO) was reported at 34 days as of Q2 2025, down 4 days year-over-year. This suggests the digital and administrative processes are helping to keep cash flow moving, with Net cash provided by operating activities year-to-date Q3 2025 at $233.2 million.

Landfills and processing facilities for third-party disposal

The disposal assets are critical for capturing revenue from waste that Casella Waste Systems, Inc. collects and from third parties, which is a key driver of profitability. Disposal revenue represented approximately 14.6% of consolidated revenue for the 12 months ended September 30, 2025. Landfill operations showed strong volume growth, with same-store tons up 11.7% in Q3 2025.

Here is a breakdown of the key disposal and processing assets that serve as channels for material flow:

Facility Type	Count (As of late 2025)	Associated Revenue Share (12 mos ended 9/30/25)
Subtitle D Landfills	9	Part of Disposal segment (14.6%)
Landfill Permitted for C&D	1	Part of Disposal segment (14.6%)
Recycling Facilities (MRFs)	37	Part of Resource Solutions Processing (7.5%)
Waste-to-Energy Facility	1	Part of Energy G Processing (1.0%)

Community engagement and local government relations

For a regional operator, maintaining strong local relationships is a necessary channel for securing and retaining municipal contracts and ensuring smooth operations at disposal sites. Casella Waste Systems, Inc. provides services to municipalities and assists them in managing their Solid Waste Implementation Plans. The company emphasizes its role as a responsible corporate citizen through its core values of service, integrity, innovation, teamwork, responsibility, and trust. In Vermont alone, host community fees, taxes, and other benefits totaled $17,701,300 based on 2022 data, showing a tangible channel of local economic benefit.

The customer base served through these channels is diverse:

• Over 170,000 combined residents, businesses, institutions, and municipalities.
• Services provided to Homeowners, Small Business, Manufacturers, Government, Schools, Hospitals, Construction, Multi-location business, and Electric utilities.

The company also engages in continuous outreach encouraging customers to Recycle Better™.

Finance: review Q3 2025 capital expenditure of $187.8 million year-to-date against the 2025 guidance for Adjusted Free Cash Flow by end of week.

Casella Waste Systems, Inc. (CWST) - Canvas Business Model: Customer Segments

You're looking at the customer base for Casella Waste Systems, Inc. as of late 2025. This is a dense mix of public and private entities across the Northeast and beyond.

Overall, Casella Waste Systems, Inc. serves over 1 million residential, commercial, municipal, institutional, and industrial customers across 10 eastern states, while also providing resource management services to over 10,000 customer locations in 40+ states as of mid-2025.

The company's operational footprint as of January 31, 2025, included 71 solid waste collection operations, 71 transfer stations, and 8 Subtitle D landfills.

Here is a breakdown reflecting the segments you mentioned, supported by recent financial performance data:

Residential customers in exclusive and competitive markets

• Part of the base of over 1 million total customers served across 10 eastern states.
• Collection pricing growth was 4.9% in Q2 2025 and 5.8% in Q1 2025, impacting this segment.

Commercial and industrial businesses (small to large)

• Included in the total customer base of over 1 million.
• Front-load commercial collection pricing was up 5.9% year-over-year in Q2 2025.
• Collection volumes dipped 1.7% in Q1 2025, reflecting weaker roll-off and transfer station activity.

Municipal governments with long-term service contracts

• These contracts form a core part of the service area across the company's regions.
• Solid waste pricing, which covers municipal contracts, rose 5.6% year-over-year in Q1 2025.

Institutional clients (colleges, hospitals) with zero-waste goals

• These clients are served through the general collection and resource management services.
• The company's services prevent an estimated 5.6 tons of greenhouse gas emissions elsewhere in the economy for every ton Casella emits through operations.

National Accounts requiring multi-site resource solutions

This segment shows significant growth momentum, often reported within the Resource Solutions revenue stream.

Metric	Value/Period	Source Data Point
National Accounts Revenue Growth (YoY)	Up 16.5%	Q3 2025
National Accounts Revenue Growth (YoY)	Up 10.6%	Q2 2025
National Accounts Volume Growth (YoY)	Up 8.6%	Q3 2025
National Accounts Revenue Growth (YoY)	Up 7.4%	Q1 2025

The growth in this segment is a key driver, contributing to the Q3 2025 total revenue of $485.4 million. The company completed eight acquisitions year-to-date in 2025, adding approximately $105 million in annualized revenue, which directly impacts the scale of services offered to these large customers. The full-year 2025 revenue guidance was raised to a midpoint of $1.835 billion.

Finance: review Q4 2025 segment contribution projections by next Tuesday.

Casella Waste Systems, Inc. (CWST) - Canvas Business Model: Cost Structure

You're looking at the hard costs Casella Waste Systems, Inc. (CWST) faces to keep its operations running and growing as of late 2025. This structure is heavily influenced by asset intensity and recent expansion.

High capital expenditure for fleet and facility maintenance

The need to maintain and expand the physical assets-trucks, transfer stations, and recycling equipment-drives substantial cash outlay. For the first nine months of 2025, capital expenditures totaled $187.8 million. This represented a significant year-over-year increase of $61.4 million. A large portion of this was dedicated to growth, with $54 million specifically cited as upfront investment in recent acquisitions during that nine-month period. For the first half of 2025, capital expenditures were reported at $121.9 million, which included $40 million for upfront acquisition investment.

Significant depreciation and amortization from acquisition growth

The frequent acquisitions Casella Waste Systems, Inc. executes translate directly into higher non-cash charges on the income statement. In the third quarter of 2025, depreciation and amortization costs rose by $19.7 million compared to the prior year period. Of that increase, $9.6 million was directly attributable to the recent acquisition activity, including the amortization of acquired intangibles. This trend puts pressure on GAAP net income, as seen when Q2 2025 net income was down (16.3)% year-over-year, primarily due to this higher depreciation and amortization expense.

Rising labor costs, particularly for drivers and technicians

Overall operational costs reflect the tight labor market for essential roles like drivers. Total operating expenses for the twelve months ending September 30, 2025, reached $1.725B, marking a 21.32% increase year-over-year. For the fiscal quarter ending in September of 2025, operating expenses were $451.36 million. While pricing power helps offset some of this, the sheer scale of the expense base is a major cost factor. The company is actively working on efficiency, with routing projects completed that reduced driver headcount requirements.

Fuel and energy costs for collection and disposal logistics

Logistics are inherently tied to volatile commodity prices. While specific 2025 fuel cost figures aren't isolated, the scale of consumption is clear from prior data: in fiscal year 2024, Casella Waste Systems, Inc. consumed approximately 14 million gallons of diesel fuel for its solid waste operations. The company uses fuel cost recovery programs, but contractual limits mean they don't always pass the full cost through immediately.

Landfill operating and environmental compliance expenses

Managing disposal assets involves significant long-term liability costs. Beyond the day-to-day operating expenses, there are specific compliance and closure costs. For instance, in Q3 2024, there was a charge related to a landfill capping veneer failure in Seneca, New York, which was reimbursed later. Furthermore, the amortization of landfill costs, which covers estimated future closure and post-closure obligations, is a component of the overall depreciation and amortization calculation. Interest accretion on landfill and environmental remediation liabilities was a component of non-GAAP add-backs in prior periods, showing the ongoing financial impact of these sites.

Here's a snapshot of key cost and expense metrics for Casella Waste Systems, Inc. around the third quarter of 2025:

Cost/Expense Metric	Amount (Latest Available)	Period/Context
Total Operating Expenses (TTM)	$1.725B	Twelve Months ending September 30, 2025
Operating Expenses	$451.36 million	Fiscal Quarter ending September 2025
Capital Expenditures	$187.8 million	First 9 Months of 2025
Acquisition-Related CapEx	$54 million	Upfront investment in recent acquisitions, 9M 2025
Depreciation & Amortization Increase (YoY)	$19.7 million	Q3 2025
Acquisition Impact on D&A Increase	$9.6 million	Q3 2025
Cost of Operations Increase (YoY)	$48.1 million	Q3 2025
Interest Expense on Debt	$13 million	Quarter ending September 2025

The cost structure is clearly weighted toward maintaining and expanding a physical network, which means high fixed costs like depreciation and CapEx are always present. You can see the impact of growth in the Cost of Operations, where $39 million of the $48.1 million increase in Q3 2025 Cost of Operations came from acquisitions.

• Acquisitions contributed approximately 74% of the year-over-year increase in Cost of Operations in Q3 2025.
• The base business saw Cost of Operations decrease by 100 basis points as a percentage of revenue on a same-store basis in Q3 2025.
• The company reaffirmed its 2025 Adjusted EBITDA guidance range of $410 million to $425 million despite the rising costs.

Finance: draft 13-week cash view by Friday.

Casella Waste Systems, Inc. (CWST) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive Casella Waste Systems, Inc.'s top line as we head into the final part of 2025. The company has a clear view of its expected performance for the year, reflecting confidence gained from strong first-half execution, especially through acquisitions.

The full-year 2025 revenue guidance is set between $1.82 billion to $1.84 billion. This is an upward revision from earlier estimates, showing the impact of their growth strategy taking hold.

To understand where that revenue comes from, let's break down the key drivers, using the most recent quarterly data from the second quarter of 2025. This is where you see the pricing power in action:

Revenue Stream Component	Q2 2025 Price/Volume Change Metric	Observed Q2 2025 Growth Rate	Q2 2025 Revenue Contribution (If Available)
Solid Waste Collection Fees	Collection Price Growth (Year-over-Year)	Up 4.9%	$297.90 million (Collection Services)
Disposal Fees from Owned Landfills	Disposal Price Growth (Year-over-Year)	Up 5.8%	$71.58 million (Disposal Activities)
Total Solid Waste Pricing	Overall Solid Waste Price Increase (Year-over-Year)	Up 5.0%	$373.62 million (Total Solid Waste Segment)

That table shows you the core business is successfully passing through costs. The total Q2 2025 revenue hit $465.3 million, which was up 23.4% year-over-year, with about $67.1 million of that coming from acquisitions, including rollover.

Now, let's look at the Resource Solutions side, which covers recycling and commodity sales. This area has different dynamics, often tied to fluctuating market prices for materials. Here are the key figures from Q2 2025:

• Resource Solutions segment revenue grew 10.2% year-over-year.
• Specific Resource Solutions revenue was reported at approximately $95.8 million or $91.71 million for the quarter.
• Average commodity sales prices were down 16% from the previous year.
• Processing volume, in revenue terms, was up 8.6%, helped by higher volumes at the Boston and Willimantic recycling facilities.

For organics and other resource solutions service fees, the growth is embedded within the Resource Solutions segment performance. The company is seeing strong National Accounts growth in this area, with National Accounts revenue price up 5.9% and volume up 1.9% in the second quarter.

The company completed six acquisitions in the first half of 2025, adding approximately $90 million in annualized revenue, which directly feeds into these revenue streams. Finance: draft 13-week cash view by Friday.