Casella Waste Systems
29 named things its latest annual report says its results depend on, each in the company's own words. 10 of them are also named by other companies we've read.
Customers
Municipal recycling contracts
earns fromnamed as a riskIn the event that the costs of such services become excessive, such municipalities could discontinue their recycling programs altogether, which could materially affect our financial results.Risk factors (Item 1A)
Suppliers
Evergreen National Indemnity Company
depends on · 19.9% equity interestnamed as a riskWe currently obtain performance and surety bonds from Evergreen National Indemnity Company, in which we hold a 19.9% equity interest.Risk factors (Item 1A)
Partners and platforms
Ontario County, New York
depends onnamed as a riskIn 2003, we entered into a 25-year operation, management and lease agreement for the Ontario County Landfill (“OMLA”) with the Ontario County Board of Supervisors.Business (Item 1)
State of Maine
depends onIn 2004, we completed transactions with the State of Maine and Georgia-Pacific Corporation (“Georgia Pacific”), pursuant to which the State of Maine took ownership of the Juniper Ridge Landfill, formerly owned by Georgia Pacific, and we became the operator under a 30-year operating and services agreement between us and the State of Maine.Business (Item 1)
Chemung County, New York
depends onIn 2005, we entered into a 25-year operation, management and lease agreement for the Chemung County Landfill and certain other facilities with Chemung County.Business (Item 1)
Clinton County, New York
depends onThe Clinton County Landfill currently consists of approximately 197 acres of permitted or permittable landfill area, portions of which are leased from Clinton County, and other portions owned by us, is permitted to accept up to approximately 0.3 million tons of municipal solid waste, C&D material and certain pre-approved special waste annually.Business (Item 1)
Other companies
Credit Facility (term loan A and revolving line of credit)
depends on · $1,168.6 million of outstanding principal indebtednessnamed as a riskAs of December 31, 2025, we had $1,168.6 million of outstanding principal indebtedness (excluding $26.6 million of outstanding letters of credit issued under our $800.0 million term loan A facility, and $700.0 million revolving line of credit facility with a $155.0 million sublimit for letters of credit (collectively, the “Credit Facility”)).Risk factors (Item 1A)
Also named by AM, AR, AROC, BSM, CGBD, CLS, CVLG, MYRG and 5 more
RGL, Inc. (Mountain State Waste)
$93.1 million of restricted cashOn January 1, 2026, we closed on the previously announced acquisition of RGL, Inc. (dba Mountain State Waste) (the “Mountain State Waste Acquisition”), expanding our geographic footprint into West Virginia.Business (Item 1)
Competitors
Waste Management, Inc.
competes withnamed as a riskHowever, in the larger, more densely populated markets where we operate, we typically compete against one or more of the large national solid waste companies, including Waste Management, Inc., Republic Services, Inc. and Waste Connections, Inc., any of which may be able to achieve greater economies of scale than we can.Business (Item 1)
Republic Services, Inc.
competes withnamed as a riskHowever, in the larger, more densely populated markets where we operate, we typically compete against one or more of the large national solid waste companies, including Waste Management, Inc., Republic Services, Inc. and Waste Connections, Inc., any of which may be able to achieve greater economies of scale than we can.Business (Item 1)
Waste Connections, Inc.
competes withnamed as a riskHowever, in the larger, more densely populated markets where we operate, we typically compete against one or more of the large national solid waste companies, including Waste Management, Inc., Republic Services, Inc. and Waste Connections, Inc., any of which may be able to achieve greater economies of scale than we can.Business (Item 1)
Places
McKean Landfill (Mount Jewett, Pennsylvania)
operates in · approximately 1.6 million tonsThe McKean Landfill currently consists of approximately 256 acres of permitted or permittable landfill area and is permitted to accept up to approximately 1.6 million tons of municipal solid waste, C&D material and certain pre-approved special waste annually.Business (Item 1)
Waste USA Landfill (Coventry, Vermont)
operates in · up to 0.6 million tonsThe Waste USA Landfill is a Subtitle D landfill located in Coventry, Vermont that we purchased in 1995, and is the only operating permitted Subtitle D landfill in the State of Vermont.Business (Item 1)
Northeastern United States
concentrated innamed as a riskOur operations and customers are concentrated principally in New England, New York, Pennsylvania and other Mid-Atlantic states.Risk factors (Item 1A)
Also named by TRIN
NCES Landfill (Bethlehem, New Hampshire)
operates innamed as a riskGiven our current expected run rate and remaining available capacity at our NCES Landfill in Bethlehem, New Hampshire, we may consume all remaining permitted capacity at our NCES Landfill during the fiscal year ending December 31, 2027 (“fiscal year 2027”).Risk factors (Item 1A)
Ontario County Landfill (Seneca, New York)
operates innamed as a riskOn December 5, 2024, the Board of Supervisors of Ontario County, New York approved a motion to close the Ontario County Landfill at the end of 2028 upon the expiration of the 25-year OMLA.Business (Item 1)
Hazards
Winter weather in northeastern United States
concentrated innamed as a riskThis seasonality reflects the lower volume of solid waste during the late fall, winter and early spring months primarily because the volume of waste relating to C&D activities decreases substantially during the winter months in the northeastern United States where we are geographically located.Risk factors (Item 1A)
Commodities and inputs
Diesel fuel
exposed to its price · approximately 15 million gallonsnamed as a riskIn fiscal year 2025, we consumed approximately 15 million gallons of diesel fuel in our solid waste operations.Risk factors (Item 1A)
Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more
Diesel fuel
exposed to its price · $65.6 million in fiscal year 2025, or 3.6% of revenuenamed as a riskOur fuel costs were $65.6 million in fiscal year 2025, or 3.6% of revenue, compared to $56.8 million in fiscal year 2024, or 3.6% of revenue.Market risk (Item 7A)
Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more
Recycled commodities (OCC, old newsprint, plastics, glass, ferrous and aluminum)
exposed to its price · approximately $1.0 million annuallynamed as a riskShould recycled material commodity prices change by $10 per ton, we estimate that our annual operating income margin would change by approximately $1.0 million annually.Market risk (Item 7A)
Renewable natural gas (RNG)
earns fromWe also generate and sell electricity, the rights to, generation and sale of renewable natural gas and related tax credits (“RNG”), renewable energy credits, and energy capacity at certain of our landfill facilities.Business (Item 1)
Regulators
U.S. Environmental Protection Agency (EPA)
subject tonamed as a riskThe laws and regulations affecting us are administered by the United States Environmental Protection Agency (“EPA”) and other federal, state and local environmental, zoning, financial, health and safety agencies.Business (Item 1)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
Laws and programs
Clean Air Act
subject tonamed as a riskIn July 2024, the EPA announced that it would issue a proposed rule in 2025 to update its Clean Air Act emission standards for new and existing municipal solid waste landfills in order to cut methane and certain other landfill gas emissions.Business (Item 1)
Also named by AEE, CTAS, EMN, FIX, HESM, KGS, NOC, NRP and 6 more
Flow control regulations
subject tonamed as a riskFlow control restrictions could have a material adverse effect on our business, financial condition and results of operations.Business (Item 1)
PFAS regulation under CERCLA
subject tonamed as a riskAny such liability is likely to be uninsurable, with no coverage likely under our pollution or product liability policies.Risk factors (Item 1A)
Also named by DAL
Maine An Act Regarding the Reduction and Recycling of Food Waste
subject tonamed as a riskMaine, for example, enacted An Act Regarding the Reduction and Recycling of Food Waste, containing among other things, a phased waste ban for food waste at solid waste landfills.Business (Item 1)
New York 6 NYCRR Part 253
subject tonamed as a riskFor example, New York finalized rules in December 2025 under 6 NYCRR Part 253 requiring covered sources, including certain landfills and waste facilities, to annually report GHG emissions starting in June 2027.Business (Item 1)
Public Utility Regulatory Policies Act (PURPA)
subject toOur landfill gas-to-energy facilities are self-certified as “qualifying facilities”.Business (Item 1)
Also named by NXT
Resource Conservation and Recovery Act (RCRA) Subtitle D
subject toIn October 1991, the EPA adopted the Subtitle D regulations under RCRA governing solid waste landfills.Business (Item 1)