Casella Waste Systems reported first-quarter 2026 revenue of $457.3 million, up 9.6% year over year.
Four acquisitions completed so far in 2026 added roughly $150 million in annualized revenue and management raises full-year guidance across the board, the Vermont-based company’s executives told investors during a quarterly call.
Q1 Highlights (year over year):
Revenue: $457.3 million (+9.6% YOY), including $23.9 million from acquisitions and $16.2 million from same-store growth
Adjusted EBITDA: $97.1 million (+12.3% YOY), margin of 21.2% (+50 basis points)
Solid waste volume: -2.5%; C&D landfill volumes +13% YOY
Adjusted free cash flow: $30.7 million (+5%)
Full-year revenue guidance: raised to $2.06 billion–$2.08 billion (+$90 million)
Adjusted EBITDA guidance: raised to $473 million–$483 million (+$18 million)
CEO Ned Coletta credited disciplined pricing, strong acquisition execution and steady core operations for the quarter’s results despite challenging winter weather across the company’s Northeast footprint, a headwind other haulers faced as well.
“We combine disciplined positive pricing, steady core operations and meaningful acquisition activity to position the business for a strong year,” Coletta said. “Importantly, the momentum we are seeing is broad-based.”
Casella’s acquisition of Star Waste Systems has been the largest deal of the year so far. With expectations of $100 million in annualized revenue, something the company sees as a platform for growth in the Greater Boston, Massachusetts market.
“The entrepreneur who founded Star really did things the right way,” Coletta said. “They invested heavily in systems and process… This is not a fix-it one.”
CFO Brad Helgeson said the company isn’t slowing its M&A activity.
“We’re not done. We’re looking at a lot of attractive opportunities,” he said, further noting approximately $500 million in available liquidity remains following the Star deal.
On the Resource Solutions side, national accounts drove an 11.2% volume gain and 4.4% price increase.
Recycling processing revenue fell 2.7% as average recycled commodity revenue per ton dropped 22% year over year.
Helgeson said contract structures limited the damage.
“Our contract structures share this risk with our customers by adjusting tip fees in down markets, so the net impact of lower commodity prices on our revenue was only about $1 million.”
Casella also noted a long-term disposal capacity story in the Northeast.
The company is advancing permit expansions at its Hakes C&D landfill in New York, expected in Q3 2026, and its Hyland landfill, targeted for Q1 2027, which would increase annual permitted tonnage from 460,000 to 1 million tons while adding 60 years of capacity.
“If you look at all the sites that we’ll be closing over the next decade, there’s not enough space for all of this waste in the marketplace,” Coletta said. “Our in-market capacity is very valuable and we’ll continue to have pricing power.”
The company also completed a new rail transfer station at its McKean landfill in Pennsylvania, enabling it to accept internalized MSW volumes from Massachusetts later this year.
Helgeson said margin expansion tailwinds are building and will be more apparent in the back half of the year as Mid-Atlantic integration synergies and G&A savings begin to materialize.
“We do see an above brand margin improvement opportunity over the next 2 to 3 years,” he said. “I think that’s a fair assumption.”
