Core Insights - Casella Waste Systems, Inc. reported record performance in key financial metrics for Q3 2025, driven by a disciplined acquisition strategy and strong organic growth [3][4][6] - The company completed eight acquisitions in 2025, contributing approximately $105 million in annualized revenue, with an additional $30 million expected from a pending acquisition [3][4] - Revenue for Q3 2025 reached $485.4 million, a 17.9% increase from Q3 2024, primarily due to acquisition impacts, price growth, and strong performance in the Resource Solutions segment [4][7] Financial Performance - Operating income for Q3 2025 was $29.4 million, up 20.5% from the same period in 2024, excluding a non-recurring landfill closure charge [5][6] - Net income for Q3 2025 was $10.0 million, a significant increase of 73.0% compared to Q3 2024, largely influenced by operating income factors [6][7] - Adjusted EBITDA for Q3 2025 was $119.9 million, reflecting a 16.4% increase year-over-year, driven by both acquisitions and organic growth [6][7] Cash Flow and Guidance - Net cash provided by operating activities for the year-to-date period was $233.2 million, a 35.9% increase from the same period in 2024 [9] - Adjusted Free Cash Flow for the nine months ended September 30 was $119.5 million, up 21.0% from the previous year [9] - The company raised the lower end of its revenue and Adjusted EBITDA guidance for fiscal year 2025, reflecting confidence in strong performance and limited exposure to recycled commodity price volatility [11][16] Acquisition Strategy - The company has positioned itself to capitalize on a robust acquisition pipeline, with ongoing integration efforts in the Mid-Atlantic region expected to enhance business performance [3][4] - The anticipated acquisition of Mountain State Waste is expected to add another $30 million in annualized revenue, further strengthening the company's market position [3][4] Market Position - Casella Waste Systems provides solid waste, recycling, and resource management services primarily in the eastern United States, serving a diverse customer base [17]