Casella Waste Systems (CWST) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Casella Waste Systems published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Casella Waste Systems reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Q3 2026 includes a $13.6 million landfill development impairment charge: Casella wrote off deferred costs for the Granite State landfill project in Dalton, New Hampshire, which it no longer deems viable.
• Casella restated prior-period revenue to correct an immaterial error (intercompany amounts moved from contra-revenue to cost of operations) and moved an organics brokerage unit from National Accounts to processing within Resource Solutions. Year-ago segment figures are on the restated basis.

Source: Casella Waste Systems Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Casella Waste Systems splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Casella Waste Systems's Eastern revenue was $158 million in Q3 2026, up 25% from $126 million in Q3 2025, 28% of total revenue.
• Casella Waste Systems's Western revenue was $190 million in Q3 2026, up 8% from $175 million in Q3 2025, 34% of total revenue.
• Casella Waste Systems's Mid-Atlantic revenue was $108 million in Q3 2026, up 18% from $91.1 million in Q3 2025, 19% of total revenue.
• Casella Waste Systems's Resource Solutions revenue was $104 million in Q3 2026, up 11% from $93.2 million in Q3 2025, 19% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Casella Waste Systems said:

“Revenues between $2.100 billion and $2.110 billion (raised from a range of $2.090 billion to $2.110 billion)”

“Adjusted EBITDA between $475 million and $481 million (narrowed from between $473 million and $483 million)”

“Net loss between $(10) and $(4) million (lowered from a range of net income between $0 million and $6 million)”

“Adjusted Free Cash Flow between $200 million and $210 million”

Source: Casella Q3 2026 release, Nov 9, 2026.

This is the company's own guidance as of Nov 9, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the CWST forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Casella Waste Systems's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

Casella Waste Systems had revenues of $559.2 million in Q3 2026, up $73.9 million, or 15.2%, from a year earlier. Solid waste operations brought in $455.3 million of third-party revenues and the Resource Solutions segment $103.9 million. Collection was the largest service line at $361.7 million, followed by transfer stations at $51.6 million and landfills at $31.5 million. (Casella Q3 2026 release (8-K Exhibit 99.1), Nov 9, 2026)

Casella runs its solid waste business through three regions with operating locations in eleven states from Vermont and Maine to Maryland and West Virginia. In Q3 2026 the Western region had third-party revenues of $189.6 million, the Eastern region $157.9 million and the Mid-Atlantic region $107.9 million, up from $91.1 million a year earlier. (Casella Form 10-Q, Q3 2026, Nov 9, 2026; Casella Form 10-K, 2025, Feb 20, 2026)

Acquisitions were the biggest single driver of growth. They added $37.8 million to solid waste revenues, or 9.6%, and $3.5 million to Resource Solutions. Casella bought six businesses in the first nine months of 2026 with over $170 million in aggregate annualized revenues, paying $434.8 million of cash consideration. (Casella Q3 2026 release (8-K Exhibit 99.1), Nov 9, 2026; Casella Form 10-Q, Q3 2026, Nov 9, 2026)

Solid waste pricing added $21.7 million, a 5.5% increase made up of 5.9% collection price growth and 4.8% disposal price growth. Volume moved the other way in collection, which fell 2.1%, while landfill volumes rose 12.8%. Surcharges and other fees, which include Casella's energy and environmental fee and sustainability recycling adjustment fee, added $9.7 million. (Casella Q3 2026 release (8-K Exhibit 99.1), Nov 9, 2026; Casella Form 10-Q, Q3 2026, Nov 9, 2026)

Casella raised its 2026 revenue range to between $2.100 billion and $2.110 billion to reflect higher floating fuel fees. CEO Ned Coletta said results in the Mid-Atlantic region were slightly behind plan in the quarter, and that October Mid-Atlantic Adjusted EBITDA margins were up over 300 basis points year-over-year. (Casella Q3 2026 release (8-K Exhibit 99.1), Nov 9, 2026)

Casella reported a GAAP diluted loss of $0.11 a share in Q3 2026, against earnings of $0.16 a year earlier, while adjusted diluted EPS was $0.35, down from $0.43. The adjustment adds back $0.33 of amortization of acquired intangibles, $0.10 of acquisition expenses and $0.21 for the Granite State landfill impairment, and subtracts $0.06 of investment tax credit monetization and a $0.15 tax effect. (Casella Q3 2026 release (8-K Exhibit 99.1), Nov 9, 2026)

The $13.6 million impairment wrote off deferred costs for the Granite State Landfill greenfield project in Dalton, New Hampshire, which Casella no longer deems viable after legal proceedings, legislative changes and what it called an unsupportive political environment. Casella also booked $1.4 million of organizational transformation costs for severance tied to restructuring and $0.7 million for closing an organics facility in Maine. (Casella Q3 2026 release (8-K Exhibit 99.1), Nov 9, 2026; Casella Form 10-Q, Q3 2026, Nov 9, 2026)

Casella recorded an $8.5 million provision for income taxes on pre-tax income of $1.5 million, which turned a small pre-tax profit into a net loss of $7.0 million. Interest expense, net rose to $18.2 million from $13.9 million as debt less current portion grew to $1,356.4 million at September 30, 2026. Diluted weighted average shares were 63,642 thousand. (Casella Q3 2026 release (8-K Exhibit 99.1), Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Casella Waste Systems publishes a full-year outlook in its release and updates it each quarter. With Q3 2026 results it raised 2026 revenue guidance to between $2.100 billion and $2.110 billion, narrowed Adjusted EBITDA to between $475 million and $481 million, and lowered its GAAP outlook to a net loss of between $(10) and $(4) million, from net income of $0 million to $6 million. (Casella Q3 2026 release (8-K Exhibit 99.1), Nov 9, 2026)

Casella reaffirmed net cash provided by operating activities of $370 million to $380 million and Adjusted Free Cash Flow of $200 million to $210 million. The ranges exclude acquisitions not yet completed. Coletta also pointed to a minimum of 300 basis points of Adjusted EBITDA margin expansion over the next three years. (Casella Q3 2026 release (8-K Exhibit 99.1), Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover Casella Waste Systems, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Casella Waste Systems's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CWST is on is CWST a buy or a sell?, what analysts expect next is on the CWST forecast, and what the company does is on the Casella Waste Systems (CWST) stock page.

Every number on this page can be traced to a document Casella Waste Systems published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.