#Canada #Miami Beach #GFL Environmental #GFL Inc. #Patrick Dovigi

GFL Environmental Report: Q3 2026 Highlights

GFL Environmental Inc. has released its results for the third quarter of 2026, showcasing positive trends that underscore its operational resilience. The company reported revenue of $2,155.3 million, reflecting a 27.2% increase compared to the same quarter last year. This surge includes a 5.7% contribution from core pricing. Additionally, Adjusted EBITDA, a critical measure of profitability, reached $678.7 million, marking a 26.8% rise from $535.1 million in Q3 2025.

Strong Growth Indicators

In this quarter, GFL registered an Adjusted EBITDA margin of 31.5%, slightly lower than the previous year’s 31.6%. However, an underlying margin expansion of 115 basis points was achieved when excluding the effects of mergers and acquisitions (MA) and fluctuating diesel prices. The company also recorded 7.4% organic revenue growth, which accelerated by 100 basis points sequentially.

Despite these successes, GFL faced a net loss of $28 million from continuing operations for the quarter, a significant drop from net income of $90.4 million a year ago. Yet, the company continues to innovate and expand, having completed acquisitions expected to generate approximately $2 billion in annualized revenue.

Updated 2026 Guidance

For the third time this year, GFL is revising its 2026 guidance upward. The company now anticipates revenue growth in the low to mid 20s percentage range, alongside Adjusted EBITDA growth and over 30% growth in Adjusted Free Cash Flow. This optimistic outlook reflects the positive contributions expected from the recent acquisition of SECURE Waste Infrastructure Corp.

Management Commentary

Patrick Dovigi, GFL's Founder and CEO, attributed the company’s success to the dedication of its workforce of over 17,000 employees. He stated that the results not only exceeded expectations but highlighted the robustness of GFL's business strategies in a challenging economic environment.

In response to unsolicited proposals for taking the company private, GFL's Board has formed a Special Committee of independent directors. This Committee is currently reviewing all proposals and plans to announce their decisions by November 9, 2026. The board's diligence in this matter indicates GFL’s commitment to maximizing value for its shareholders.

Operational Achievements and Future Prospects

During Q3, GFL’s Adjusted Free Cash Flow reached $272.5 million, up from $180.5 million in Q3 2025. This cash flow boost contributes to GFL's ability to optimize its capital investments, manage liabilities, and leverage market opportunities effectively. Looking ahead, GFL remains keen on fostering growth through both organic channels and strategic acquisitions.

Overall, GFL Environmental’s strong third-quarter performance and renewed guidance for 2026 demonstrate its capability to navigate market challenges successfully. The company is well-positioned to continue its trajectory of growth while delivering significant value to its stakeholders.