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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Casella Waste Systems
Casella Waste Systems (CWST) investor relations material
Casella Waste Systems Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary10 Nov, 2026
Executive summary
Q3 revenue rose 15.2% YoY to $559.2M and Adjusted EBITDA increased 11.4% to $133.5M; GAAP results included a $7.0M net loss.
Adjusted EBITDA margin fell 80 bps to 23.9%, amid elevated fuel costs, Mid-Atlantic execution challenges, and lower initial margins from acquisitions.
The “300 in three” initiative targets at least 300 bps of Adjusted EBITDA margin expansion and margins of at least 26% by year-end 2029.
Six acquisitions closed in the first nine months, representing over $170M in annualized revenue.
Financial highlights
Q3 revenue was $559.2M, up $73.9M YoY; nine-month revenue was $1.560B versus $1.368B.
Q3 operating income was $15.6M versus $29.4M; net loss was $7.0M versus net income of $10.0M.
Q3 Adjusted Net Income was $22.3M, down 18.7%; Adjusted Diluted EPS was $0.35 versus $0.43.
Nine-month operating cash flow was $241.8M, up 3.7%; Adjusted Free Cash Flow was $111.1M, down 7.0%.
Outlook and guidance
FY26 revenue guidance increased to $2.100B-$2.110B; Adjusted EBITDA guidance narrowed to $475M-$481M.
FY26 guidance was revised to a $4M-$10M net loss; operating cash flow of $370M-$380M and Adjusted Free Cash Flow of $200M-$210M were reaffirmed.
2027 outlook assumes ~5% organic revenue growth, ~2% or ~$40M rollover acquisition revenue, and ~7% total revenue growth before future acquisitions.
2027 Adjusted EBITDA growth target is ~10% before acquisitions, with 50-100 bps of margin improvement; greater margin expansion benefits are expected in 2028-29.
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Latest events from Casella Waste Systems
- Strong historical growth and acquisition strategy underpin 2026 guidance and margin expansion goals.CWST
Investor presentation - Acquisition-led growth lifted revenue 48.5%, while landfill and integration risks persisted.CWSTQ4 1998
- Acquisition-led growth lifted FY1999 revenue to $173.4 million and adjusted EBITDA margin to 26.5%.CWSTQ4 1999
- Acquisition-led FY00 growth lifted revenue to $337.3M, alongside higher debt and integration risk.CWSTQ4 2000
- Profitability recovered as divestitures cut debt and refocused operations on core waste services.CWSTQ4 2002
- After a difficult transition, the focus shifted to stabilizing core solid-waste operations.CWSTQ4 2001
- Core revenue held steady, while goodwill impairment drove a large reported loss.CWSTQ4 2003
- Revenue grew 4.5%, while expanded disposal capacity powered the growth strategy.CWSTQ4 2004
- Improved margins and expanded disposal capacity underpin growth plans despite a slow regional economy.CWSTQ4 2005
Next Casella Waste Systems earnings date
Q4 202618 Feb, 2027
Casella Waste Systems
Next Casella Waste Systems earnings date
Q4 202618 Feb, 2027
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Frequently asked questions
Casella Waste Systems Inc provides solid waste management services including collection, transfer, disposal, and recycling solutions. It serves residential, commercial, municipal, and industrial customers, primarily in the Northeastern United States. The company also operates resource recovery facilities and offers environmental and consulting services. The company is headquartered in Rutland, Vermont, and its shares are listed on the NASDAQ.