The first quarter of 2026 reinforced a theme the solid waste industry has consistently demonstrated through multiple economic cycles: disciplined pricing and operational execution continue to outweigh short-term macro volatility. Across the public operators, pricing remained firmly in the 5%–7% range, adjusted EBITDA growth generally outpaced revenue growth, and margin performance remained resilient despite elevated fuel costs, severe winter weather, soft construction activity, and continued recycling commodity pressure.
Volumes were mixed, particularly within residential and C&D streams, as operators continued prioritizing profitability over lower-quality volume. At the same time, landfill and special waste activity remained healthy, while M&A activity continued across the sector. Collectively, the five major public operators deployed nearly $700 million on acquisitions during the quarter.
Casella Waste Systems (NASDAQGS: CWST)
Casella delivered one of the strongest growth quarters in the group, with revenue up 9.6% to $457.3 million and adjusted EBITDA up 12.3% year-over-year to $97.1 million. Solid waste revenue increased 10.0%, supported by pricing strength across collection and disposal operations.
Solid waste pricing increased 5.1%, driven by 5.3% collection pricing and 4.7% disposal pricing. Collection volumes declined 2.1% and total disposal volumes declined 3.8%, largely due to difficult winter weather across the Northeast. Casella’s floating-fee fuel recovery structure helped offset higher diesel costs during the quarter.
The company remained active on M&A, completing five acquisitions year-to-date representing approximately $180 million in annualized revenue. The most notable was Star Waste Systems in April, which expands Casella’s position in the greater Boston market. Q1 acquisition spend totaled approximately $94.6 million.
GFL Environmental (NYSE: GFL)
First-quarter revenue increased 5.4% year-over-year to approximately $1.21 billion, while adjusted EBITDA increased 12.3% to approximately $351.7 million.
Pricing remained the key driver, which increased 7.0% year-over-year. The Canadian segment was particularly strong as EPR-related contract repricing implemented on January 1 continued flowing through results. Volumes were up 80 basis points excluding the impacts tied to hurricane cleanup activity in Q1 2025. Fuel was a meaningful headwind in Q1, with diesel costs up approximately 10% year-over-year and spiking approximately 40% in March amid Middle East-driven energy volatility. Management expects fuel surcharges embedded in contracts to recover the impact by the end of Q2, with a similar lagged recovery pattern if prices spike again.
GFL completed eight acquisitions year-to-date, including Frontier Waste Solutions in Texas, which significantly expands the company’s presence across the Texas Triangle growth corridor. Meanwhile, the proposed acquisition of Secure Waste Infrastructure in Western Canada remained one of the quarter’s most closely watched industry storylines, particularly given its expansion into post-collection energy waste infrastructure.
Republic Services (NYSE: RSG)
Republic Services delivered another quarter defined by pricing discipline and margin resiliency. Revenue increased 2.6% year-over-year to approximately $4.11 billion, which includes 2.8% organic growth from the recycling and waste business, 1.3% organic decline from the environmental solutions business, and 1.1% growth from acquisitions. Adjusted EBITDA increased 4.3% to approximately $1.32 billion and solid waste revenue increased 4.2% year-over-year to approximately $3.70 billion.
Residential volumes declined 5.2% as Republic continued exiting underpriced municipal contracts, prioritizing profitability per stop over lower-quality volume. Disposal trends remained healthier, with landfill MSW volumes increasing 1.4% and special waste volumes increasing 9.9%. C&D volumes declined 17.8% as construction activity remained soft across several markets. Recycling commodity prices also pressured results, declining to approximately $120 per ton from $155 per ton in the prior year, while severe winter weather created additional operational disruption.
Republic was the sector’s most active acquirer during Q1, deploying approximately $437 million across multiple acquisitions, including landfill and MRF assets in Kansas and Utah-based Robinson Waste, which closed post-quarter.
Waste Connections (NYSE: WCN)
Revenue increased 6.4% year-over-year to approximately $2.37 billion, while adjusted EBITDA increased 8.0% to approximately $769.5 million, representing a 32.5% margin. Solid waste revenue increased 5.1% year-over-year to approximately $2.14 billion.
Core pricing remained strong at approximately 6.0%, ranging from approximately 4.0% in exclusive Western markets to over 7.0% in competitive markets. Solid waste volumes declined approximately 1.5%, with weather impacting most regions outside the Western market. Landfill activity remained healthy, with total landfill tons increasing 4.0%, MSW tons increasing 5.0%, and special waste volumes increasing 8.0%. C&D volumes declined 5.0%, reflecting continued softness in construction markets. Recycling commodity pricing improved sequentially for the first time in seven quarters, while fuel costs came in approximately $5 million above plan. Waste Connections expects hedging and surcharge adjustments to limit full-year fuel exposure.
Waste Connections acquired three solid waste collection, transfer, and recycling businesses in Q1 for $63.1 million, representing $55 million in annualized revenue net of divestitures.
WM (NYSE: WM)
WM delivered another operationally consistent quarter, with revenue increasing 3.5% year-over-year to approximately $6.23 billion and adjusted EBITDA increasing 5.9% to approximately $1.85 billion, at a margin of 29.8%. Solid waste revenue increased 3.2% year-over-year to approximately $5.08 billion.
Core pricing increased 6.3%, while yield increased 3.9%, both ahead of expectations. Commercial collection and landfill pricing each exceeded 7.5%. Volumes declined 1.5%, with approximately half tied to severe East Coast winter weather and the remainder driven by intentional residential shedding and difficult prior-year wildfire cleanup comparisons. Underlying disposal demand remained healthy, with landfill MSW volumes increasing 2.7% and special waste volumes increasing 6.7%, excluding wildfire data. Although recycling commodity prices declined approximately 27% year-over-year, recycling operating EBITDA increased 18%, driven by automation investments and higher throughput from expanded processing facilities in Ontario, Detroit, and South Florida.
2026 Outlook
- Casella Waste Systems raised full-year guidance on the strength of its early performance and acquisitions. Revenue is now expected between $2.06 billion and $2.08 billion and adjusted EBITDA between $473 million and $483 million.
- GFL Environmental raised full-year guidance driven by acquisitions completed through April 1st, 2026. Revenue is now projected between $5.38 billion and $5.40 billion, with adjusted EBITDA of approximately $1.64 billion.
- Republic Services reaffirmed full-year guidance, with revenue expected between $17.05 billion and $17.15 billion and adjusted EBITDA between $5.48 billion and $5.53 billion. Republic expects to exceed $1 billion in total acquisitions in 2026.
- Waste Connections reaffirmed full-year guidance, with revenue expected between $9.90 billion and $9.95 billion and adjusted EBITDA between $3.30 billion and $3.33 billion.
- WM reaffirmed full-year guidance, with revenue expected between $26.43 billion and $26.63 billion and adjusted EBITDA of $8.15 billion to $8.25 billion. WM expects to spend $100 million to $200 million on tuck-in M&A during the remainder of 2026.
Across the solid waste companies, Q1 2026 reinforced what this sector does best: deliver price-led earnings growth with disciplined cost management, regardless of the macro noise. With stronger margins, active M&A pipelines, and volume trends that should improve as seasonal factors fade, the sector is well positioned to generate continued growth.
Catalyst will be attending The Waste Summit, joining sector leaders and operators to discuss the strategic themes shaping the industry, pricing discipline, M&A consolidation, and margin resilience covered throughout this analysis. Joe Kondrup, Matt Callier, and Carly Dunseath will be on-site and available to discuss how these Q1 trends are likely to play out across the rest of 2026. Reach out if you’d like to connect at the show.
