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Casella Waste Systems (CWST) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 7, 2026 · Casella Waste Systems (CWST) Q2 2026 earnings results →

Q2 2026 Revenue up 17% year over year to $544M · 1¢ of every $1 of revenue kept as net profit · operating margin 3.7%

Casella Waste Systems made $544M in Q2 2026 (+17% Y/Y): Solid waste $443M, National Accounts $48.7M, Transfer station $47.9M. Operating margin 3.7%, net earnings $3.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 7, 2026.

Revenue$544M

Year over year+17%

Operating margin3.7%

Net earnings$3.8M

Operating cash flow$98.8M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $543.7M in Q2 2026, up 17% year over year and up 19% from the previous quarter. Collection was the largest line at 65% of revenue. Collection added $57.1M year over year (up 19%), 73% of the total change. Landfill gas-to-energy declined 8%.

Operating profit was $20.0M, a 3.7% margin (down 0.5 points year over year). Of the extra revenue versus Q2 2025, 1% reached operating profit, below the 4% margin then. Total costs grew 17% against revenue growth of 17%. The fastest-growing cost line was Cost of revenue (+18%). Net earnings were $3.8M, down 28% year over year. The effective tax rate was -12.0%.

Operating cash flow was $98.8M (up 10% year over year), 2620% of net earnings. Non-cash charges added back $88.5M of depreciation and amortization and $4.0M of share-based compensation. After capital expenditures, net ($51.3M), adjusted free cash flow as the company reports it was $47.5M.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q2 2026	10-Q	Aug 7, 2026	$544M	+17%	3.7%	$3.8M	$98.8M
Q1 2026	10-Q	May 1, 2026	$457M	+10%	1.1%	−$5.5M	$62.3M
Q4 2025	10-K	Feb 20, 2026	$469M	+10%	2.5%	−$2.5M	$96.6M
Q3 2025	10-Q	Oct 31, 2025	$485M	+18%	6.1%	$10.0M	$93.6M
Q2 2025	10-Q	Jul 31, 2025	$465M	+23%	4.1%	$5.2M	$89.5M
Q1 2025	10-Q	May 2, 2025	$417M	+22%	0.8%	−$4.8M	$50.1M
Q4 2024	10-K	Feb 18, 2025	$427M	+19%	4.3%	$4.9M	$110M

Charts

Latest (Q2 2026): Y/Y +17%, Q/Q +19%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q2 2026): Net income $3.8M, Operating cash flow $98.8M.

+29.6% since FY2020: more shares outstanding (issuance, stock pay).

Cash $124M, short-term investments —, long-term debt $1.2B at 2025-12-31.

Refuse Systems; dot size is quarterly revenue; dashed lines are the industry's medians.