Jun 2026 (Q2 FY26) — Aug 7, 2026
Casella Waste Systems, Inc. Q2 FY26 — Strong Pricing and Landfill Volumes Drive Revenue Growth
Read the full callCasella Waste Systems (CWST) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Casella Waste Systems earnings: last reported Fri, 7 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 544 | +16.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 3.7 | −0.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 3.8 | −27.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
12 of 16 judged targets kept · 32 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Mid-Atlantic billing system migration completion | conservatively, the end of Q1 | Sep 2025 | We completed the migration of our customers to our new lead-to-cash system and integrated customer payment portal in early May | Achieved* |
| Full-year adjusted EBITDA margin improvement | 25 to 50 basis points of overall margin improvement | Sep 2025 | weighed on margins by approximately 40 to 50 basis points, implying flat to 40 basis points of margin improvement across the rest of the business | Revised Down |
| Waga-led RNG projects commercial operations | commercial operations expected to begin in late 2025 | Sep 2024 | we have two new projects that came online in Q1, both with Waga at our Chemung and Hyland landfills | Missed |
4 of CASELLA WASTE SYSTEMS INC's 48 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 45 more targets are in the full ledger.
Claimed
- Revenue increased 16.9% year-over-year to $543.7 million, driven by acquisitions and same-store growth.
- Solid waste pricing was up 5.5% overall, with collection up 5.8% and disposal up 4.7%.
- Landfill volumes increased 8.4% year-over-year, reflecting strong activity and internalization efforts.
- Adjusted EBITDA grew 12.5% year-over-year to $123.2 million, with 5.7% organic growth.
- OSHA metric improved 34% year-over-year, indicating better safety performance.
Qualified
- Adjusted EBITDA margin decreased 80 basis points year-over-year to 22.7%.
- Fuel represented a 40 basis point negative impact on adjusted EBITDA margin due to higher fee revenue offsetting higher fuel expense.
- Resource Solutions was a 70 basis point headwind to adjusted EBITDA margin due to strong prior-year comparable and lower national accounts margins.
- GAAP net income guidance was lowered to a range of $0 million to $6 million, reflecting higher forecasted amortization expense and income tax provision.
Price
$88 +1.73% · +$1.5
Performance +1.1% 1Y
1Y: $87.01 on 15 Oct 2025 → $88. High $107.34 (11 Feb 2026), low $74.97 (27 Mar 2026).
- Previous close
- $86.5
- 52-week range
- $74.97 – $107.34
- One year
- +2.40%
Overview
- Symbol
- CWST
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 16 judged targets kept · 32 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Mid-Atlantic billing system migration completion | conservatively, the end of Q1 | Sep 2025 | We completed the migration of our customers to our new lead-to-cash system and integrated customer payment portal in early May | Achieved* |
| Full-year adjusted EBITDA margin improvement | 25 to 50 basis points of overall margin improvement | Sep 2025 | weighed on margins by approximately 40 to 50 basis points, implying flat to 40 basis points of margin improvement across the rest of the business | Revised Down |
| Waga-led RNG projects commercial operations | commercial operations expected to begin in late 2025 | Sep 2024 | we have two new projects that came online in Q1, both with Waga at our Chemung and Hyland landfills | Missed |
Claimed
- Revenue increased 16.9% year-over-year to $543.7 million, driven by acquisitions and same-store growth.
- Solid waste pricing was up 5.5% overall, with collection up 5.8% and disposal up 4.7%.
- Landfill volumes increased 8.4% year-over-year, reflecting strong activity and internalization efforts.
- Adjusted EBITDA grew 12.5% year-over-year to $123.2 million, with 5.7% organic growth.
- OSHA metric improved 34% year-over-year, indicating better safety performance.
Qualified
- Adjusted EBITDA margin decreased 80 basis points year-over-year to 22.7%.
- Fuel represented a 40 basis point negative impact on adjusted EBITDA margin due to higher fee revenue offsetting higher fuel expense.
- Resource Solutions was a 70 basis point headwind to adjusted EBITDA margin due to strong prior-year comparable and lower national accounts margins.
- GAAP net income guidance was lowered to a range of $0 million to $6 million, reflecting higher forecasted amortization expense and income tax provision.
The full ledger
Open CASELLA WASTE SYSTEMS INC’s full ledger
A free account opens 5 company ledgers a month. All 48 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 1, 2026
Casella Waste Systems Q1 FY26 — Strong Start with Acquisitions and Margin Expansion
Read the full callEvery analysed call
Casella Waste Systems earnings calls (CWST)
Financials
What the filings say
Net profit, year on year: −28% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 412 | 427 | 417 | 465 | 485 | 469 | 457 | 544 |
| Expenses | 387 | 409 | 414 | 446 | 456 | 457 | 452 | 524 |
| Operating profit | 24 | 19 | 3 | 19 | 29 | 12 | 5 | 20 |
| Operating margin | 5.9% | 4.3% | 0.8% | 4.1% | 6.0% | 2.5% | 1.1% | 3.7% |
| Other income | -14 | -13 | -11 | -12 | -13 | -13 | -14 | -17 |
| Interest | 16 | 15 | 15 | 16 | 16 | 16 | 15 | 18 |
| Profit before tax | 10 | 6 | -8 | 7 | 16 | -2 | -9 | 3 |
| Tax rate | 44.6% | 14.6% | 40.9% | 24.4% | 37.2% | −57.9% | 37.2% | −12.0% |
| Net profit | 6 | 5 | -5 | 5 | 10 | -3 | -6 | 4 |
| EPS ($ per share) | 0.10 | — | -0.08 | 0.08 | 0.16 | — | -0.09 | 0.06 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | -389 | -357 | -266 | -225 | -172 | -147 | -133 | -125 |
| Total liabilities | 748 | 809 | 832 | 861 | 951 | 1,514 | 1,679 | 1,735 |
| Fixed assets | 405 | 444 | 511 | 645 | 721 | 981 | 1,165 | 1,289 |
| Total assets | 732 | 932 | 1,194 | 1,284 | 1,449 | 2,535 | 3,230 | 3,303 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 121 | 117 | 140 | 183 | 217 | 233 | 281 | 330 |
| Cash from investing | -164 | -177 | -140 | -293 | -207 | -1,006 | -671 | -469 |
| Cash from financing | 45 | 60 | 151 | -10 | 27 | 922 | 552 | -27 |
| Net cash flow | 2 | -1 | 151 | -121 | 37 | 150 | 162 | -166 |
| Capital expenditure | -73 | -103 | -108 | -123 | -131 | -155 | -203 | -245 |
| Free cash flow | 48 | 14 | 32 | 59 | 86 | 78 | 78 | 85 |
CWST revenue by segment
Eastern Region grew from 25% to 28% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Western Region | — | — | 37% | 37% | 36% | 35% | 36% | 34% | +9.2% |
| Eastern Region | 27% | 25% | 25% | 26% | 26% | 26% | 24% | 28% | +27.5% |
| Mid Atlantic Region | 16% | 17% | 19% | 18% | 19% | 19% | 21% | 19% | +23.8% |
| Resource Solutions Region | 21% | 20% | 20% | 20% | 19% | 20% | 19% | 19% | +10.7% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CWST operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Capital expenditures Recent acquisitions | $9.2MCapital expenditures were $50 million, down $5.5 million year-over-year with $9.2 million of upfront investment in recent acquisitions.Source: earnings call transcript | $20.6MCapital expenditures were $122.3 million with $20.6 million of upfront investment in recent acquisitions.Source: earnings call transcript | +123.9% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
57 filings between Nov 4, 2025 and Sep 3, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$5.64M
28 sales by 9 insiders
43% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 19
- Award — granted as compensation
Also filed: 10 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Coletta Edmond | — | $2.30M | May 19, 2026 |
| CASELLA DOUGLAS R | — | $1.50M | Aug 14, 2026 |
| CASELLA JOHN W | — | $866.0K | Mar 16, 2026 |
| BURKE MICHAEL K | — | $408.9K | Sep 3, 2026 |
| Sayward Shelley E. | — | $191.2K | Mar 16, 2026 |
| Steves Sean | — | $137.4K | Mar 16, 2026 |
| Green Emily Nagle | — | $99.7K | Nov 4, 2025 |
| Drohan Kevin | — | $74.9K | Mar 16, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 3, 2026 | BURKE MICHAEL K Director | Sale | 1,100 | $104.8K |
| Aug 26, 2026 | BURKE MICHAEL K Director | Sale | 1,100 | $102.3K |
| Aug 14, 2026 | CASELLA DOUGLAS R VICE CHAIRMAN, BD OF DIRECTORS | Sale | 1,343 | $122.4K |
| Aug 13, 2026 | CASELLA DOUGLAS R VICE CHAIRMAN, BD OF DIRECTORS | Sale | 1,838 | $167.1K |
| Aug 13, 2026 | CASELLA DOUGLAS R VICE CHAIRMAN, BD OF DIRECTORS | Sale | 13,319 | $1.21M |
| Jun 8, 2026 | Green Emily Nagle Director | Gift | 600 | $0 |
| Jun 4, 2026 | CASELLA DOUGLAS R VICE CHAIRMAN, BD OF DIRECTORS | Award | 1,793 | $150.0K |
| Jun 4, 2026 | Kirk Rose M. Director | Award | 1,793 | $150.0K |
| Jun 4, 2026 | Sova Gary Director | Award | 1,793 | $150.0K |
| Jun 4, 2026 | Battles Michael Louis Director | Award | 1,793 | $150.0K |
| Jun 4, 2026 | Green Emily Nagle Director | Award | 1,793 | $150.0K |
| Jun 4, 2026 | BURKE MICHAEL K Director | Award | 1,793 | $150.0K |
| Jun 4, 2026 | HULLIGAN WILLIAM P Director | Award | 1,793 | $150.0K |
| Jun 4, 2026 | DOODY JOSEPH Director | Award | 1,793 | $150.0K |
| Jun 1, 2026 | CASELLA JOHN W Director | Gift | 30,800 | $0 |
| Jun 1, 2026 | CASELLA JOHN W Director | Gift | 36,200 | $0 |
| Jun 1, 2026 | CASELLA JOHN W Director | Gift | 30,800 | $0 |
| Jun 1, 2026 | CASELLA JOHN W Director | Gift | 36,200 | $0 |
| May 26, 2026 | BURKE MICHAEL K Director | Sale | 2,305 | $201.8K |
| May 19, 2026 | Coletta Edmond PRESIDENT & CEO | Sale | 4,907 | $442.0K |
| May 19, 2026 | Coletta Edmond PRESIDENT & CEO | Sale | 1,593 | $143.4K |
| May 19, 2026 | Coletta Edmond PRESIDENT & CEO | Sale | 6,000 | $534.2K |
| Mar 18, 2026 | CASELLA DOUGLAS R VICE CHAIRMAN, BD OF DIRECTORS | Gift | 40,000 | $0 |
| Mar 17, 2026 | CASELLA DOUGLAS R VICE CHAIRMAN, BD OF DIRECTORS | Gift | 33,000 | $0 |
| Mar 16, 2026 | Rains Christopher Alan Sr. VP & Chief Revenue Officer | Award | 989 | $0 |
| Mar 16, 2026 | Coletta Edmond PRESIDENT & CEO | Sale 10b5-1 plan | 988 | $86.8K |
| Mar 16, 2026 | CASELLA JOHN W Director | Sale 10b5-1 plan | 1,744 | $153.1K |
| Mar 16, 2026 | Steves Sean Sr VP & COO of SW Ops | Sale 10b5-1 plan | 197 | $17.3K |
| Mar 16, 2026 | Drohan Kevin VP & CHIEF ACCOUNTING OFFICER | Sale 10b5-1 plan | 85 | $7.5K |
| Mar 16, 2026 | Sayward Shelley E. SENIOR VP & GENERAL COUNSEL | Sale 10b5-1 plan | 362 | $31.8K |
| Mar 16, 2026 | Helgeson Bradford John Executive VP and CFO | Sale 10b5-1 plan | 405 | $35.5K |
| Mar 12, 2026 | Helgeson Bradford John Executive VP and CFO | Award 10b5-1 plan | 2,756 | $0 |
| Mar 12, 2026 | Coletta Edmond PRESIDENT & CEO | Sale 10b5-1 plan | 377 | $33.9K |
| Mar 12, 2026 | Coletta Edmond PRESIDENT & CEO | Award 10b5-1 plan | 6,892 | $0 |
| Mar 12, 2026 | CASELLA JOHN W Director | Sale 10b5-1 plan | 963 | $86.7K |
| Mar 12, 2026 | Sayward Shelley E. SENIOR VP & GENERAL COUNSEL | Award 10b5-1 plan | 1,654 | $0 |
| Mar 12, 2026 | CASELLA JOHN W Director | Award 10b5-1 plan | 5,513 | $0 |
| Mar 12, 2026 | Steves Sean Sr VP & COO of SW Ops | Sale 10b5-1 plan | 97 | $8.7K |
| Mar 12, 2026 | Drohan Kevin VP & CHIEF ACCOUNTING OFFICER | Sale 10b5-1 plan | 55 | $4.9K |
| Mar 12, 2026 | Drohan Kevin VP & CHIEF ACCOUNTING OFFICER | Award 10b5-1 plan | 551 | $0 |
| Mar 12, 2026 | Sayward Shelley E. SENIOR VP & GENERAL COUNSEL | Sale 10b5-1 plan | 129 | $11.6K |
| Feb 27, 2026 | Steves Sean Sr VP & COO of SW Ops | Sale | 1,199 | $111.4K |
| Feb 27, 2026 | Drohan Kevin VP & CHIEF ACCOUNTING OFFICER | Sale | 675 | $62.5K |
| Feb 27, 2026 | Sayward Shelley E. SENIOR VP & GENERAL COUNSEL | Sale | 1,591 | $147.8K |
| Feb 27, 2026 | CASELLA JOHN W CHIEF EXECUTIVE OFFICER | Sale | 6,726 | $626.2K |
| Feb 27, 2026 | Coletta Edmond PRESIDENT | Sale | 3,812 | $357.2K |
| Feb 26, 2026 | Steves Sean Sr VP & COO of SW Ops | Award | 3,433 | $0 |
| Feb 26, 2026 | Drohan Kevin VP & CHIEF ACCOUNTING OFFICER | Award | 2,452 | $0 |
| Feb 26, 2026 | Sayward Shelley E. SENIOR VP & GENERAL COUNSEL | Award | 4,598 | $0 |
| Feb 26, 2026 | Coletta Edmond PRESIDENT | Award | 9,810 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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