SEATTLE (Recycling Monster): Casella Waste Systems reported fourth-quarter revenue of $469.1 million, up 9.7% year over year, driving full-year 2025 revenue to $1.84 billion, an 18% increase. Q4 adjusted EBITDA rose 12.7% to $107 million. The company posted a net loss of $2.5 million in the quarter, compared with net income of $4.9 million a year earlier.

On his first earnings call as CEO, Ned Coletta cited steady organic growth, fleet optimization initiatives and billing system integrations in the Mid-Atlantic as key performance drivers. Adjusted EBITDA for the full year climbed 17%, while adjusted free cash flow increased 14%, marking the fifth straight year of double-digit growth in both metrics.

ALSO READ:

Clean Harbors Delivers Strong Q4, Robust 2026 Guidance

Waste Connections previews AI, RNG investments for 2026

Mergers and acquisitions remained central to expansion strategy. Casella acquired nine businesses in 2025 representing approximately $115 million in annualized revenue and added Mountain State Waste in January 2026, contributing another $30 million. Solid waste pricing increased 4.9% for the year, supporting 9.9% revenue growth in Q4 despite a 1.1% decline in overall volumes. Recycling revenues rose 9.1%, although average commodity values per ton fell 27%.

For 2026, Casella projects revenue between $1.97 billion and $1.99 billion and adjusted EBITDA of $455 million to $465 million, supported by landfill permitting progress and disciplined capital deployment.