Casella Waste Systems Reports 15.2% Revenue Growth but Posts Quarterly Loss
Date: November 10, 2026
Source: Casella Waste Systems
Casella Waste Systems reported third-quarter 2026 revenue growth of 15.2%, supported by strong solid waste pricing and increased disposal volumes. Collection pricing increased 5.9%, landfill pricing rose 4.6%, and landfill disposal volumes grew 12.8%. Despite these improvements, the company reported a $7 million net loss, compared with net income of $10 million in the corresponding quarter of 2025. Higher depreciation and amortization, acquisition-related expenses, interest costs, and an impairment associated with terminating the Granite State landfill development project contributed to the loss.
The results highlight the distinction between operating performance and reported profitability in capital-intensive waste management businesses. Casella's strong landfill volume growth and pricing indicate favorable underlying disposal conditions, but the financial effects of acquisitions, capital investment, and unsuccessful development projects can be substantial. The termination of the Granite State project is especially relevant because permitting and developing new landfill capacity remains difficult in many northeastern markets. Casella's results illustrate both the strategic value of existing disposal assets and the financial risks associated with expanding landfill capacity.
Key Highlights:
Revenues were $559.2 million for the quarter, up $73.9 million, or up 15.2%, from the same period in 2025.
Solid waste pricing for the quarter was up 5.5% from the same period in 2025, driven by 5.9% collection price growth and 4.8% disposal price growth.
Net loss was $(7.0) million for the quarter, as compared to net income of $10.0 million for the same period in 2025, impacted by an impairment charge described below. Adjusted Net Income, a non-GAAP measure, was $22.3 million for the quarter, down $(5.1) million from the same period in 2025.
Adjusted EBITDA, a non-GAAP measure, was $133.5 million for the quarter, up $13.6 million, or up 11.4%, from the same period in 2025.
Net cash provided by operating activities was $241.8 million for the year-to-date period, up $8.6 million, or up 3.7%, from the same period in 2025.
Adjusted Free Cash Flow, a non-GAAP measure, was $111.1 million for the year-to-date period, down $(8.4) million, or down (7.0)%, from the same period in 2025.
Acquired six businesses in the first nine months of 2026 with over $170 million in aggregate annualized revenues.
Narrowed 2026 guidance for Adjusted EBITDA, reaffirmed guidance for Adjusted Free Cash Flow and raised guidance for revenues.
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