Casella Waste Systems (CWST) Q3 FY2026 earnings: revenue $559 million, up 15.2% on the year

Casella Waste Systems Inc. (CWST) reported revenue of $559 million for Q3 FY2026, the quarter ended 30 September 2026, up 15.2% on the same quarter a year earlier. Net income was -$7 million, and diluted earnings per share $-0.11. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.

Revenue

$559 million

+15.2% on the year · +2.8% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

2.8%

6.1% a year earlier

Q4 FY2024Q3 FY2026

Net income

-$7 million

Q4 FY2024Q3 FY2026

Diluted EPS

-$0.11

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 3 lowered, 1 narrowed, 2 new, 2 kept.

Revenue grew 15.2% on acquisitions and pricing: Revenues were $559.2 million, up $73.9 million from a year earlier. The company cited acquisitions, prior-period deal rollover, collection and disposal pricing, landfill volume and National Accounts growth.
Adjusted EBITDA rose 11.4% to $133.5 million: Adjusted EBITDA was $133.5 million, up 11.4%, from acquisition contribution and organic growth. Adjusted EBITDA margin was 23.9%, against 24.7% a year earlier.
Net loss against prior-year net income: Net loss was $(7.0) million, against net income of $10.0 million a year earlier. Management attributed the change to lower operating income and higher interest expense, partly offset by investment tax credit monetization.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	559	544	485	+2.8%	+15.2%
Cost of revenue	375	365	315	+2.6%	+18.8%
Gross profit	185	179	170	+3.3%	+8.6%
Gross margin	33.0%	32.9%	35.0%
Operating income	15.6	20.0	29.4	-21.6%	-46.7%
Operating margin	2.8%	3.7%	6.1%
Interest expense	18.2	17.9	15.9	+1.7%	+14.4%
Pre-tax income	1.5	3.4	15.9	-55.8%	-90.6%
Income tax	8.5	-0.4	5.9		+44.0%
Effective tax rate	572.5%	-12.0%	37.2%
Net income	-7.0	3.8	10.0
Net margin	-1.3%	0.7%	2.1%
Diluted EPS	-$0.11	$0.06	$0.16

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	80.8	98.8	93.6	-18.2%	-13.6%
Capital expenditure	78.2	72.3	65.9	+8.1%	+18.6%
Free cash flow	2.6	26.5	27.6	-90.1%	-90.5%
Free cash flow margin	0.5%	4.9%	5.7%
Cash from investing	-118	-378	-108
Cash from financing	23.0	178	-10.4	-87.1%
Depreciation and amortisation	88.1	88.5	78.8	-0.5%	+11.7%
Share-based compensation	2.6	4.0	3.9	-34.8%	-32.3%
Diluted shares, weighted	64m	64m	64m	-0.1%	+0.1%
Shares outstanding at period end	64m	64m	63m	+0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,579	1,580	1,567	-0.1%	+0.7%
Debt	1,382	1,351	1,147	+2.3%	+20.5%
Operating lease liabilities	77.2	82.0	74.8	-5.9%	+3.2%
Other liabilities	537	545	496	-1.3%	+8.3%
Total liabilities and equity	3,575	3,558	3,285	+0.5%	+8.8%
Goodwill	1,389	1,373	1,116	+1.2%	+24.5%
Intangible assets	325	342	309	-4.9%	+5.2%
Cash and equivalents	11.7	25.5	193	-54.0%	-93.9%
Receivables	227	220	193	+3.0%	+17.9%
Other assets	1,622	1,597	1,475	+1.6%	+10.0%
Total assets	3,575	3,558	3,285	+0.5%	+8.8%

Questions

What was Casella Waste Systems' revenue in Q3 FY2026?

Casella Waste Systems (CWST) reported revenue of $559 million for Q3 FY2026, the quarter ended 30 September 2026, up 15.2% on the same quarter a year earlier.

How much did Casella Waste Systems earn in Q3 FY2026?

Net loss for Q3 FY2026 was $7 million, and the diluted loss per share $0.11.

When did Casella Waste Systems report Q3 FY2026 results?

Casella Waste Systems filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 9 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	242	234	284	295	272	263	290	353	360	341	377	412	427	417	465	485	469	457	544	559
Cost of revenue	163	162	186	190	184	180	186	226	239	231	244	267	286	280	308	315	313	309	365	375
Gross profit	79.0	71.6	97.6	105	87.8	82.4	103	126	120	110	133	145	142	137	157	170	156	148	179	185
Gross margin	33%	31%	34%	36%	32%	31%	36%	36%	33%	32%	35%	35%	33%	33%	34%	35%	33%	32%	33%	33%
Operating income	16.3	10.2	31.7	36.3	17.2	10.3	22.6	34.2	13.4	6.8	23.0	24.4	18.5	3.1	19.3	29.4	11.9	4.9	20.0	15.6
Operating margin	7%	4%	11%	12%	6%	4%	8%	10%	4%	2%	6%	6%	4%	1%	4%	6%	3%	1%	4%	3%
Interest expense	5.3	5.2	5.7	6.2	6.6	7.0	9.0	15.7	15.9	15.9	15.3	15.7	15.5	15.0	15.7	15.9	16.0	15.3	17.9	18.2
Pre-tax income	11.6	5.1	26.4	31.8	11.6	4.3	7.5	24.2	1.0	-5.9	10.8	10.4	5.7	-8.1	6.9	15.9	-1.6	-8.8	3.4	1.5
Tax rate	21%	19%	33%	29%	28%	18%	27%	25%	274%	n/a	35%	45%	15%	n/a	24%	37%	n/a	n/a	-12%	572%
Net income	9.1	4.2	17.8	22.7	8.4	3.5	5.5	18.2	-1.8	-4.1	7.0	5.8	4.9	-4.8	5.2	10.0	-2.5	-5.5	3.8	-7.0
Net margin	4%	2%	6%	8%	3%	1%	2%	5%	-1%	-1%	2%	1%	1%	-1%	1%	2%	-1%	-1%	1%	-1%
Diluted EPS	$0.18	$0.08	$0.34	$0.44	$0.16	$0.07	$0.10	$0.31	-$0.03	-$0.07	$0.12	$0.10	$0.08	-$0.08	$0.08	$0.16	-$0.04	-$0.09	$0.06	-$0.11
Operating cash flow	48.6	24.7	67.5	60.2	64.9	16.1	67.1	74.6	75.3	7.7	72.1	91.8	110	50.1	89.5	93.6	96.6	62.3	98.8	80.8
Capital expenditure	41.7	12.9	42.0	32.8	43.3	17.9	32.5	39.9	64.5	30.3	44.6	51.5	76.9	55.5	66.4	65.9	57.3	50.0	72.3	78.2
Free cash flow	6.9	11.8	25.6	27.4	21.6	-1.8	34.6	34.7	10.7	-22.6	27.5	40.4	32.9	-5.4	23.1	27.6	39.3	12.3	26.5	2.6
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	63m	63m	63m	63m	64m	64m	64m	64m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 9 November 2026: the filing.