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Here are 1-2 brief analogies for Casella Waste Systems:

• Like **Waste Management Inc. (WM)** for the Northeast U.S.
• **Republic Services (RSG)**, but primarily serving the Northeastern U.S.

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• Solid Waste Collection: Provides curbside pickup and container services for residential, commercial, industrial, and municipal customers.
• Solid Waste Disposal: Operates landfills for the safe and compliant disposal of non-hazardous waste materials.
• Recycling Services: Collects, processes, and markets a variety of recyclable materials from residential, commercial, and industrial sources.
• Resource Solutions: Offers consulting, planning, and operational services to help customers manage their waste streams more efficiently and sustainably.
• Organics Processing: Provides collection and processing services for organic waste materials, often converting them into compost or renewable energy.

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Casella Waste Systems (CWST) operates in the solid waste, recycling, and resource management industry, serving a highly diversified customer base across the northeastern United States. According to the company's annual filings, no single customer accounts for more than 10% of its consolidated revenues. This indicates that Casella does not have "major customers" in the traditional sense of a few specific large companies.

Given the diversified nature of its customer base and the absence of dominant individual corporate customers, Casella Waste Systems primarily serves the following three categories of customers:

• Commercial and Industrial Customers: This category includes a broad spectrum of businesses across various sectors such as retail, offices, manufacturing, construction, and healthcare. These clients utilize Casella's services for routine waste collection, comprehensive recycling programs, and specialized disposal solutions tailored to their specific operational needs.
• Municipalities: Casella partners with local government entities, including cities, towns, and counties, through contracts. Under these agreements, the company provides essential solid waste and recycling management services for the residents and small businesses within those jurisdictions, which can include collection, transfer, and disposal services.
• Residential Customers: These are individual households that receive direct waste and recycling collection services from Casella. This service is often provided either through direct subscription arrangements with homeowners or as part of larger contracts that Casella holds with municipalities for their residential populations.

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John W. Casella, Chairman, Chief Executive Officer & Secretary

Mr. Casella co-founded Casella Waste Systems with his brother, Doug Casella, in 1975, joining the company in 1976. He has served as Chairman of the Board of Directors since July 2001 and as Chief Executive Officer since 1993. Mr. Casella is also an executive officer and director of Casella Construction, Inc., a company owned by him and his brother, and has served as Chairman of the Board of Directors of Casella Waste Management, Inc., a wholly owned subsidiary, since 1977. Before his tenure at Casella, he managed operations at Killington/Pico Ski Resort Partners, LLC. He led the company through its initial public offering in 1997 and its subsequent expansion through acquisitions.

Edmond "Ned" R. Coletta, President

Mr. Coletta has served as President since July 2022 and is slated to assume the CEO role on January 1, 2026. He joined Casella in December 2004 and previously held roles including President and Chief Financial Officer, Senior Vice President, Chief Financial Officer and Treasurer, and Vice President of Finance and Investor Relations. Prior to joining Casella, Mr. Coletta co-founded Avedro, Inc., an early-stage medical device company, where he served as Chief Financial Officer and a member of its Board of Directors. He also worked as a research and development engineer for Lockheed Martin Michoud Space Systems from 1997 to 2001.

Bradford J. Helgeson, Executive Vice President & Chief Financial Officer

Mr. Helgeson has served as Executive Vice President and Chief Financial Officer of Casella Waste Systems since November 2023. Before joining Casella, he was the Executive Vice President and Chief Financial Officer of Covanta Holding Corporation, a publicly-traded materials management and energy services company, from 2013 to 2022. He also served as Vice President and Treasurer at Covanta from 2007 to 2013. His career in the environmental services industry began as Vice President of Finance and Treasurer at Waste Services, Inc. from 2004 to 2007. Mr. Helgeson was involved in Covanta's sale to EQT Infrastructure in 2021, and Waste Services, Inc. was later acquired by IESI.

Sean M. Steves, Senior Vice President & Chief Operating Officer of Solid Waste Operations

Mr. Steves has served as Senior Vice President and Chief Operating Officer of Solid Waste Operations since July 2022. He joined Casella in April 2018 as Vice President of Operational Initiatives and later became Senior Vice President of Operations. With 25 years of experience in the waste industry, his previous role before Casella was Director of Operations Support for Republic Services, Inc.

Shelley E. Sayward, Senior Vice President, General Counsel

Ms. Sayward has served as Senior Vice President and General Counsel since January 2021. She joined Casella's legal department in November 2006, holding various roles including Vice President and Assistant General Counsel and Associate General Counsel. Before her time at Casella, Ms. Sayward held sales and marketing positions with GlaxoSmithKline and Abbott Laboratories, and a sales and managerial role with First American Financial Corporation.

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Casella Waste Systems (CWST) faces several key risks inherent to the waste management industry and its business strategy. The most significant risks include macroeconomic factors, labor market challenges, and risks associated with its acquisition-driven growth strategy.

1. Macroeconomic Risks: The company's business performance is significantly influenced by macroeconomic factors. These include consumer confidence, global supply chain disruptions, inflation, labor supply, fuel prices, and interest rates. Such factors can lead to decreased consumer spending, reduced waste volumes, and increased operating costs, ultimately impacting growth and financial performance.
2. Labor Market Challenges: Casella Waste Systems faces intense competition for hiring and retaining key personnel, including drivers and technicians. High turnover rates and labor shortages can increase labor costs and disrupt operations, potentially undermining margin improvements.
3. Acquisition and Integration Risks & High Leverage: Casella pursues an aggressive acquisition strategy for growth. This strategy carries risks related to high levels of leverage and the potential for persistent integration challenges, which could impact financial performance and operational efficiency.

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The accelerating adoption of circular economy principles and waste reduction initiatives, driven by increasingly stringent governmental policies (e.g., landfill bans for specific materials, extended producer responsibility laws) and corporate sustainability goals, poses a clear emerging threat. These initiatives aim to significantly reduce overall waste generation and increase material reuse and high-value recycling, thereby impacting the volume-dependent business model of traditional waste collection and landfill operations, which constitute a significant portion of Casella's revenue.

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Casella Waste Systems (CWST) operates primarily in the northeastern United States, offering a range of services including solid waste collection, disposal, transfer, recycling, and organics services. The addressable market sizes for their main products and services in the U.S. are as follows:

• Overall U.S. Waste and Recycling Industry: The U.S. waste and recycling industry, encompassing medical and hazardous waste markets, was an estimated $104.63 billion in revenue in 2024.
• Waste Collection Services (U.S.): Collection revenues constituted approximately two-thirds of the total U.S. waste and recycling industry revenue, amounting to $69.46 billion in 2024.
• Waste Disposal Services (U.S.): Disposal services accounted for 27% of the total U.S. waste and recycling industry revenues in 2024.
• Waste Transfer and Processing Services (U.S.): Transfer and processing services made up 7% of the total U.S. waste and recycling industry revenues in 2024.

Casella Waste Systems primarily serves seven northeastern states: Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, and Pennsylvania, with recent expansions into Delaware and Maryland. While specific market sizes for these individual segments within the Northeast U.S. are not readily available, the Northeast region is notable as the only net exporter of waste and has historically exhibited the highest average municipal solid waste tip fees in the U.S.

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Casella Waste Systems (CWST) is anticipated to drive future revenue growth over the next two to three years through several key strategies:

1. Strategic Acquisitions and Geographic Expansion: The company consistently emphasizes an active mergers and acquisitions (M&A) pipeline, focusing on "tuck-in" acquisitions to enhance its existing footprint and expand into new, adjacent markets, particularly along the Eastern Seaboard and into regions like the Mid-Atlantic. These acquisitions significantly contribute to annualized revenue and provide platforms for further organic and inorganic growth. Casella completed eight acquisitions year-to-date in 2025, adding approximately $105 million in annualized revenue, with additional deals like Mountain State Waste (expected to add $30 million annually) contributing to this expansion.
2. Solid Waste Pricing Discipline: Casella maintains a strong focus on pricing strategies, implementing consistent solid waste pricing hikes for both collection and disposal services. Management has reiterated annual pricing targets, indicating a continued ability to pass costs to customers and drive revenue growth. For example, solid waste pricing rose 5.6% year-over-year in Q1 2025 and 5.0% in Q2 2025.
3. Growth in Landfill Volumes and Internalization of Tons: Increased landfill volumes, achieved through effective sales efforts and the internalization of waste from acquired businesses and collection operations into their disposal network, are a significant revenue driver. Landfill volumes increased 3.9% in Q1 2025, and healthy landfill volumes were cited as a key contributor to record revenue in Q3 2025.
4. Expansion of Resource Solutions and National Accounts: The Resource Solutions segment, which includes recycling and resource management services, along with growth in National Accounts, is another expected driver. This segment has shown positive revenue trends, benefiting from enhanced sales strategies and production improvements, such as those at the Boston MRF. Recycling revenue, for instance, was up 7.4% in Q1 2025.
5. Operational Efficiencies and Automation: While primarily impacting margins, strategic investments in operational efficiencies, such as fleet optimization, truck automation, and system upgrades (particularly in the Mid-Atlantic region), are expected to enhance service reliability and reduce costs. These improvements indirectly support revenue growth by improving customer retention, enabling better pricing flexibility, and contributing to organic growth.

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Capital Allocation Decisions (Last 3-5 Years) - Casella Waste Systems (CWST)

Share Issuance

• Casella Waste Systems experienced a significant inflow of over $496 million in 2024 from a stock offering, which helped fuel growth and manage debt.
• The number of shares outstanding has increased from 50.43 million in 2020 to 63.46 million as of November 2025.

Outbound Investments

• In 2024, Casella Waste Systems acquired eight businesses, contributing over $200 million in annualized revenue.
• The company completed six acquisitions in the first half of 2025, adding approximately $90 million in annualized revenue. They spent over $222 million on acquisitions in the first nine months of 2025 and over $260 million in 2024.
• Casella has a pending acquisition of Mountain State Waste, expected to close in Q4 2025, which will add an estimated $30 million in annualized revenues and expand its footprint into West Virginia, Ohio, Pennsylvania, and Kentucky.

Capital Expenditures

• Casella's capital expenditures were approximately $180 million in fiscal year 2024, which included about $40 million of non-recurring capital for acquisitions and $5 million for the McKean Landfill rail project.
• For the first nine months of 2025, capital expenditures were approximately $187.8 million, including $54 million in upfront investments for recent acquisitions.
• The primary focus of capital expenditures includes growth capital for development projects, organic business growth, integrating newly acquired operations to upgrade assets, and long-term infrastructure investments like the McKean Landfill rail project.