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How Casella Waste Systems (CWST) makes money
Casella Waste Systems (CWST) made $544M of revenue in the second quarter 2026 (Q2 2026), +17% from a year earlier. Solid waste brought in $443M (81%); National Accounts brought in $48.7M (9%); Transfer station brought in $47.9M (9%). Of every dollar of revenue, 4¢ was left as operating profit, 1¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Solid waste | $443M | 81.5% | — | +17% |
| ↳ Collection | $355M | 65.3% | — | +19% |
| ↳ Processing | $52.9M | 9.7% | — | +5% |
| ↳ Landfill | $29.3M | 5.4% | — | +12% |
| ↳ Transportation | $5.9M | 1.1% | — | -3% |
| National Accounts | $48.7M | 9.0% | — | +17% |
| Transfer station | $47.9M | 8.8% | — | +22% |
| Processing | $2.6M | 0.5% | — | +2% |
| Landfill gas-to-energy | $1.4M | 0.3% | — | -8% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $544M | 100.0% |
| Operating profit | $20.0M | 3.7% |
| Net earnings | $3.8M | 0.7% |
| Operating cash flow | $98.8M | 18.2% |
| Free cash flow | $47.5M | 8.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $544M | +17% |
| Q1 2026 | $457M | +10% |
| Q4 2025 | $469M | +10% |
| Q3 2025 | $485M | +18% |
| Q2 2025 | $465M | +23% |
| Q1 2025 | $417M | +22% |
| Q4 2024 | $427M | +19% |
From Casella Waste Systems' 10-Q filed Aug 7, 2026 (on EDGAR).
Questions
How does Casella Waste Systems make money?
Casella Waste Systems (CWST) made $544M of revenue in the second quarter 2026 (Q2 2026), +17% from a year earlier. Solid waste brought in $443M (81%); National Accounts brought in $48.7M (9%); Transfer station brought in $47.9M (9%). Of every dollar of revenue, 4¢ was left as operating profit, 1¢ was left as net earnings.
What is Casella Waste Systems' biggest business?
Solid waste: $443M in the second quarter 2026, 81% of revenue, +17% from a year earlier.
What is Casella Waste Systems' profit margin?
Net earnings were $3.8M, 0.7% of revenue, in the second quarter 2026; the operating margin was 3.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.