As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the waste management industry, including Quest Resource (NASDAQ: QRHC) and its peers.

Waste management companies can possess licenses permitting them to handle hazardous materials. Furthermore, many services are performed through contracts and statutorily mandated, non-discretionary, or recurring, leading to more predictable revenue streams. However, regulation can be a headwind, rendering existing services obsolete or forcing companies to invest precious capital to comply with new, more environmentally-friendly rules. Lastly, waste management companies are at the whim of economic cycles. Interest rates, for example, can greatly impact industrial production or commercial projects that create waste and byproducts.

The 8 waste management stocks we track reported a slower Q1. As a group, revenues missed analysts’ consensus estimates by 2.6%.

While some waste management stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.2% since the latest earnings results.

Quest Resource (NASDAQ: QRHC)

Recycling corporate waste to help companies be more sustainable, Quest Resource (NASDAQ: QRHC) is a provider of waste and recycling services.

Quest Resource reported revenues of $61.74 million, down 9.8% year on year. This print fell short of analysts’ expectations by 0.7%. Overall, it was a slower quarter for the company with EPS in line with analysts’ estimates and a slight miss of analysts’ revenue estimates.

“Throughout the first quarter, we experienced steady improvement, which is consistent with the seasonal acceleration,” said Perry W. Moss, Quest’s Chief Executive Officer.

Interestingly, the stock is up 27.9% since reporting and currently trades at $1.38.

Read our full report on Quest Resource here, it’s free.

Best Q1: Waste Connections (NYSE: WCN)

Operating a network of municipal solid waste landfills in the U.S. and Canada, Waste Connections (NYSE: WCN) is North America's third-largest waste management company providing collection, disposal, and recycling services.

Waste Connections reported revenues of $2.37 billion, up 6.4% year on year, outperforming analysts’ expectations by 0.8%. The business had a strong quarter with a decent beat of analysts’ adjusted operating income and revenue estimates.

Waste Connections achieved the biggest analyst estimate beat among its peers. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $157.70.

Is now the time to buy Waste Connections? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Perma-Fix (NASDAQ: PESI)

Tackling hazardous waste challenges since 1990, Perma-Fix (NASDAQ: PESI) provides environmental waste treatment services.

Perma-Fix reported revenues of $11.13 million, down 20.1% year on year, falling short of analysts’ expectations by 14.4%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and adjusted operating income estimates.

Perma-Fix delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 23.5% since the results and currently trades at $9.89.

Read our full analysis of Perma-Fix’s results here.

Republic Services (NYSE: RSG)

Processing several million tons of recyclables annually, Republic (NYSE: RSG) provides waste management services for residences, companies, and municipalities.

Republic Services reported revenues of $4.11 billion, up 2.6% year on year. This number met analysts’ expectations. It was a satisfactory quarter as it also logged a decent beat of analysts’ adjusted operating income estimates.

The stock is up 4.3% since reporting and currently trades at $210.19.

Read our full, actionable report on Republic Services here, it’s free.

Casella Waste Systems (NASDAQ: CWST)

Starting with the founder picking up garbage with a pickup truck he purchased using savings from high school, Casella (NASDAQ: CWST) offers waste management services for businesses, residents, and the government.

Casella Waste Systems reported revenues of $457.3 million, up 9.6% year on year. This print beat analysts’ expectations by 0.5%. Taking a step back, it was a mixed quarter as it also logged a beat of analysts’ EPS estimates but a significant miss of analysts’ adjusted operating income estimates.

Casella Waste Systems scored the fastest revenue growth among its peers. The stock is up 10.8% since reporting and currently trades at $87.83.

Read our full, actionable report on Casella Waste Systems here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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