Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________ FORM 10-K ____________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-23211 CAS ...

Casella Waste Systems (NasdaqGS:CWST) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsAdam Bubes - Vice President of Equity ResearchBrad Helgeson - EVP and CFOBrian Butler - VP of Investor RelationsNed Coletta - President and CEOShlomo Rosenbaum - Managing DirectorStephanie Moore - SVP of Equity ResearchTami Zakaria - Executive DirectorTyler Brown - Associate VPWill Griffin - VP of Equity ResearchConference Call ParticipantsJim Schumm - Senior AnalystTrevor Romeo - Equity Research An ...

Casella Waste Systems (NasdaqGS:CWST) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsAdam Bubes - Vice President of Equity ResearchBrad Helgeson - EVP and CFOBrian Butler - VP of Investor RelationsNed Coletta - President and CEOShlomo Rosenbaum - Managing DirectorStephanie Moore - SVP of Equity ResearchTami Zakaria - Executive DirectorTyler Brown - Associate VPWill Griffin - VP of Equity ResearchConference Call ParticipantsJim Schumm - Senior AnalystTrevor Romeo - Equity Research An ...

Casella Waste Systems (NasdaqGS:CWST) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Speaker5Good day, and thank you for standing by. Welcome to the Casella Waste Systems Fourth Quarter 2025 conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one on your telephone. You will then hear an automated message confirming your hand is raised. To with ...

Exhibit 99.1 FOR IMMEDIATE RELEASE CASELLA WASTE SYSTEMS, INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2025 RESULTS AND PROVIDES FISCAL YEAR 2026 GUIDANCE RUTLAND, VERMONT (February, 19, 2026) — Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, today reported its financial results for the three and twelve-month periods ended December 31, 2025. Key Highlights: "We delivered strong fourth quarter results in line with expectations, closing ...

Core Insights - Casella Waste Systems, Inc. reported strong financial results for Q4 2025, achieving double-digit growth in revenue, Adjusted EBITDA, and Adjusted Free Cash Flow for the fifth consecutive year, driven by successful acquisitions and operational strategies [3][4][6]. Financial Performance - Q4 2025 revenues reached $469.1 million, an increase of $41.6 million or 9.7% compared to Q4 2024, primarily due to acquisitions, price growth in collection and disposal, and strong performance in National Accounts [4][6]. - For the fiscal year 2025, total revenues were $1.837 billion, up $279.6 million or 18.0% from fiscal year 2024 [6][9]. - Solid waste pricing increased by 4.9% in fiscal year 2025, with collection prices growing by 5.0% and disposal prices by 4.9% [6]. - Operating income for Q4 2025 was $11.9 million, down $6.6 million or 35.9% from Q4 2024, attributed to higher depreciation and amortization expenses [5][9]. - Net loss for Q4 2025 was $(2.5) million, a decrease of $(7.4) million compared to a net income of $4.9 million in Q4 2024 [7][10]. - Adjusted EBITDA for Q4 2025 was $107.0 million, an increase of $12.0 million or 12.7% from Q4 2024 [7][12]. - Fiscal year 2025 Adjusted Net Income was $80.6 million, up $1.8 million or 2.3% from fiscal year 2024 [11][12]. Acquisition Strategy - In 2025, the company acquired nine businesses, contributing approximately $145 million in annualized revenue, with a robust acquisition pipeline for 2026 [3][6]. - Over the past five years, Casella has acquired more than $800 million in annualized revenue through tuck-in acquisitions and new market entries [3][6]. Future Outlook - For fiscal year 2026, the company provided guidance estimating revenues between $1.970 billion and $1.990 billion, net income between $16 million and $22 million, and Adjusted EBITDA between $455 million and $465 million [14][16].

Core Viewpoint - Casella Waste Systems, Inc. is set to release its financial results for Q4 2025 on February 19, 2026, after market close [1] Group 1: Financial Results Announcement - The financial results will cover the three months ended December 31, 2025 [1] - The announcement will be made after the market closes on February 19, 2026 [1] Group 2: Conference Call Details - A conference call to discuss the financial results will take place on February 20, 2026, at 10:00 a.m. Eastern Time [2] - Interested participants must register to obtain dial-in and passcode details [2] - The call will also be available via webcast on the company's website [2] Group 3: Additional Information - A replay of the conference call will be accessible on the company's website following the event [2] - For further inquiries, contact Brian J. Butler, VP of Investor Relations [3]

Industry Overview - The waste management industry operates as an oligopoly, characterized by limited competition and significant pricing power due to the scarcity of landfill permits and the essential nature of waste disposal services [1] - The industry demonstrates resilience through economic cycles, including recessions and inflation, making it an attractive sector for investors [1] Company Summaries 1. Waste Management (NYSE:WM) - Waste Management is the largest player in the industry with a market cap of $92.4 billion and trailing revenue of $24.8 billion, owning over 250 landfills across North America [11] - The company reported a 5.2% growth in landfill volumes and achieved record operating EBITDA margins of 38.4% in Q3 2025 [11][12] - Waste Management expects free cash flow to approach $3.8 billion in 2026, with a return on equity of 29.3% and a consistent dividend of $3.30 annually [12][13] 2. Republic Services (NYSE:RSG) - Republic Services is the second-largest company with $16.5 billion in trailing revenue and a market cap of $67.9 billion, boasting operating margins of 19.9% [9] - The company is investing in sustainability, with seven renewable natural gas projects expected to generate $70 million in incremental revenue [10] - Republic's stock trades at 32x earnings, with a target price of $244.21, reflecting steady growth potential [10] 3. Waste Connections (NYSE:WCN) - Waste Connections focuses on secondary and tertiary cities, achieving $9.4 billion in revenue and 19.3% operating margins [6] - The company trades at 71x trailing earnings, with a forward multiple of 22x, indicating market expectations for recovery [7] - Waste Connections has consistently increased dividends, with a recent quarterly payout growth of 11% [7] 4. Casella Waste Systems (NASDAQ:CWST) - Casella Waste Systems, a regional specialist in the Northeast US, generated $1.8 billion in revenue with a year-over-year growth of 17.9% [4] - The company trades at 441x trailing earnings, indicating high valuation despite operational growth [5] - Casella's quarterly earnings increased by 60% year-over-year, showcasing its potential for margin expansion [5] 5. GFL Environmental Holdings (NYSE:GFL) - GFL Environmental is a Canadian company that has aggressively acquired smaller haulers, achieving $8.2 billion in revenue with 9% year-over-year growth [2] - The company has a high valuation, trading at 261x trailing earnings, with operating margins of 10.5% [3] - GFL's institutional ownership at 99.7% reflects confidence in its consolidation strategy, although it faces execution challenges [3]

Core Viewpoint - Casella Waste Systems, Inc. has successfully completed its CEO succession plan, appointing Edmond R. "Ned" Coletta as the new CEO, marking a significant milestone as he becomes only the second CEO in the company's 50-year history [1] Group 1: Leadership Transition - Ned Coletta officially assumed the role of Chief Executive Officer and joined the Board of Directors effective January 1, 2026 [1] - Former CEO John W. Casella will continue as Executive Chairman of the Board, collaborating with Coletta on strategic development and organizational culture [3] Group 2: Strategic Focus - Coletta emphasized a clear focus on executing the long-term strategy and strengthening the foundation for future growth, with an emphasis on investing in people and fostering a culture of safety, innovation, and accountability [2] - The company aims to drive continued growth and deliver lasting value for customers, shareholders, and communities [2] Group 3: Leadership Experience - Coletta brings over two decades of experience with Casella, having joined in 2004 and served in key roles such as Chief Financial Officer and President [2] - He has a strong track record in financial discipline, operational excellence, and strategic expansion, positioning Casella as an industry leader in resource recovery [2]

Investment Rating - The report maintains a positive outlook for diversified companies and specific sectors such as aerospace, defense technology, and data centers, indicating strong growth potential for 2026 [1][3][7]. Core Insights - Diversified companies are optimistic about 2026, with Endvent expecting significant order fulfillment and Mirion anticipating a record order quarter of $175 million [1][4]. - The aerospace sector shows robust fundamentals, with demand for new aircraft models exceeding supply, and strong pricing power observed [5]. - Defense technology companies like AeroVironment and Andro are highlighted for their growth potential, with Andro projecting revenues of approximately $5 billion in 2026 [6]. - The data center and AI sectors are expected to see substantial capital expenditure growth, with predictions of 79% and 36% increases in 2025 and 2026, respectively [7]. Summary by Sections Diversified Companies - 18 diversified companies participated in the conference, with 13 expressing optimism for 2026, despite challenges in the chemicals sector [3]. - LyondellBasell Industries has seen a downgrade in performance expectations, with most basic industry companies anticipating a 1% to 5% decline in EBITDA [3][11]. Aerospace and Defense - The aerospace industry is experiencing strong demand, with a notable performance from Embraer in the business jet market [5]. - Defense technology firms are focusing on growth opportunities, with AeroVironment identifying 12 potential billion-dollar projects [6]. Data Centers and AI - The report indicates a strong outlook for data centers, with significant capital investments anticipated [7]. - Companies like Flex are investing in capacity to meet the growing demand driven by AI applications [8]. Industrial Technology - Belden's core industrial business is showing positive trends, with a recovery in discrete manufacturing and growth in Europe and China [9][10]. - The waste management sector is facing challenges but shows signs of optimism regarding pricing, particularly in landfill operations [18][19]. Transportation - The transportation sector is recovering, with signs of stabilization in truck transportation and improved pricing discipline [12]. Public Infrastructure - There is a positive sentiment regarding public construction spending, with expectations for continued growth in related projects [21].