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Waste Connections vs Casella Waste Systems: WCN and CWST compared
Waste Connections is the larger company: $2.6B of revenue in its latest quarter (Q3 2026) against $544M for Casella Waste Systems (Q2 2026). Casella Waste Systems is growing faster (+17% against +7% a year earlier). Waste Connections is more profitable, with an operating margin of 20.5% against 3.7%.
Where the money goes: WCN and CWST
Waste Connections (WCN) · Q3 2026
Waste Connections, Q3 2026: revenue $2.6B (+7% year over year), operating margin 20.5%, net earnings $359M, operating cash flow $692M. The chart follows the revenue to costs, profit and cash.
Casella Waste Systems (CWST) · Q2 2026
Casella Waste Systems, Q2 2026: revenue $544M (+17% year over year), operating margin 3.7%, net earnings $3.8M, operating cash flow $98.8M. The chart follows the revenue to costs, profit and cash.
| Waste Connections (WCN) | Casella Waste Systems (CWST) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $2.6B | $544M |
| Revenue growth, Y/Y | +7% | +17% |
| Operating margin | 20.5% | 3.7% |
| Net earnings | $359M | $3.8M |
| Net margin | 13.6% | 0.7% |
| Operating cash flow | $692M | $98.8M |
| Free cash flow | $397M | $47.5M |
| Market value | $47.5B | $6.3B |
| P/E | 42.2× | — |
| Analysts’ mean target | $206.48 | $106.50 |
Where the revenue comes from
Waste Connections
- Collection: $1.8B (69%)
- Western: $522M (20%)
- MidSouth: $301M (11%)
Casella Waste Systems
- Solid waste: $443M (81%)
- National Accounts: $48.7M (9%)
- Transfer station: $47.9M (9%)
- Processing: $2.6M (0%)
Questions
Which is bigger, Waste Connections or Casella Waste Systems?
Waste Connections is the larger company: $2.6B of revenue in its latest quarter (Q3 2026) against $544M for Casella Waste Systems (Q2 2026).
Is Waste Connections or Casella Waste Systems growing faster?
Casella Waste Systems is growing faster (+17% against +7% a year earlier).
Which is more profitable, Waste Connections or Casella Waste Systems?
Waste Connections is more profitable, with an operating margin of 20.5% against 3.7%.
More: Waste Connections earnings · how Waste Connections makes money · Casella Waste Systems earnings · how Casella Waste Systems makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Aug 7, 2026). Fiscal quarters can end on different dates. Not investment advice.