Third-quarter earnings from the publicly traded waste and recycling companies reveal industry trends and provide insight into expected year-end performance. The five companies spent a total of $546 million on acquisitions in the quarter, helping expand hauling operations, gain strategic assets, and drive further internalization.
Casella Waste Systems (NASDAQGS: CWST)
Casella delivered strong Q3 results, with revenue up 17.9% and adjusted EBITDA up 16.4% year-over-year. Solid waste revenues were up 20.6% year-over-year, supported by pricing gains of 4.6%, driven by 4.7% collection price growth and 4.6% disposal price growth. Revenue growth fueled by the rollover impact from acquisitions, sustained collection and disposal price strength, and robust national accounts growth within Casella’s Resource Solutions segment. Casella invested $42 million in acquisitions during Q3 2025.
GFL Environmental (NYSE: GFL)
GFL posted 9.0% top-line revenue growth and expanded its adjusted EBITDA margin by 90 basis points, excluding the impact of its 2024 divestiture. Core pricing rose 6.3%, complemented by a 1.0% lift from positive volume. GFL invested $236 million in acquisitions during Q3 2025.
Republic Services (NYSE: RSG)
Republic reported 3.3% total revenue growth year-over-year, driven by 1.7% organic growth and 1.6% from acquisitions. Solid waste revenue increased by 4.6% year-over-year. Despite cyclical volume pressures, Republic achieved a 6.0% increase in adjusted EBITDA and an 80 basis-point margin expansion year-over-year, reflecting disciplined pricing and cost management that offset recycling commodity price declines. Average recycled commodity pricing was $126 per ton in Q3, down $51per ton year-over-year. Republic invested $122 million in acquisitions during Q3 2025.
Waste Connections (NYSE: WCN)
Waste Connections exceeded its quarterly outlook, with revenue up 5.1%, solid waste revenue up 4.3%, and adjusted EBITDA up 5.4% year-over-year. Margin expansion of roughly 80 basis points was supported by record-low safety incident rates, reduced employee turnover, and strong pricing retention. Waste Connections invested $117 million in acquisitions during Q3 2025.
WM (NYSE: WM)
WM maintained its focus on its strong operating platform, diverse customer base, and growing sustainability businesses, delivering revenue growth of 14.9% and a 15.1% increase in adjusted EBITDA year-over-year. Solid waste revenue rose 4.7%, driven by collection and disposal core price of 6.0% and yield of 3.8% as WM continues to focus on maximizing customer lifetime value. The collection and disposal business achieved an operating adjusted EBITDA margin of 38.4%, supported by technology improvements, strategic asset network utilization, and disciplined price-cost spread. WM invested $29 million in acquisitions during Q3 2025.
Expectations for the Remainder of 2025
- Casella Waste Systems expects its pending acquisition of Mountain State Waste to add $30 million of annualized revenue. The company raised the lower end of its revenue and adjusted EBITDA guidance, citing confidence in strong year-end performance and limited exposure to recycled commodity price volatility due to its floating fee structure.
- GFL Environmental increased its full-year revenue and adjusted EBITDA guidance to meet or exceed the high-end of prior ranges, supported by strong operating results and contributions from recent M&A activity.
- Republic Services anticipates full-year revenue to near the low end of its prior guidance range due to volume softness and lower commodity pricing, while reaffirming all other metrics, including adjusted EBITDA margin and adjusted free cash flow.
- Waste Connections remains on track to deliver results consistent with its July outlook.
- WM reaffirmed its full-year outlook ranges for adjusted EBITDA and free cash flow. Total revenue is now expected to be approximately $25.3 billion, at the low end of prior guidance, primarily due to further declines in recycled commodity pricing and modestly lower revenue expectations from WM Healthcare Solutions. Projected adjusted operating EBITDA margin guidance has increased to 29.6%-30.2%, up from 29.6%-29.9%.
Despite headwinds from lower recycled commodity prices, public waste companies closed Q3 with strong revenue and EBITDA growth. With consistent core pricing, continued margin expansion, and active M&A pipelines, the sector remains well-positioned to achieve its 2025 guidance.
