GFL Environmental Inc. Earnings Recaps
Q3 2026
Nov 1, 2026
GFL rose 3.7% after earnings, as third-quarter organic revenue growth accelerated and the company raised its guidance for the third time this year. The transcript also points to continued margin expansion despite higher fuel-related costs, though the outlook for construction and manufacturing activity remains tempered.
Key takeaways
- Organic revenue growth accelerated 100 basis points from Q2, with core pricing ahead of expectations and 50-basis-point improvements in both volume and commodity prices.
- Landfill volumes turned positive, including C&D and special waste streams; management said construction and expansionary manufacturing activity remain tempered.
- Adjusted EBITDA margin expanded 125 basis points on an underlying basis. Higher diesel prices—up 10% from Q2 and over 60% year over year—continued to pressure costs and margins.
- GFL closed the SECURE acquisition and said integration is underway. It expects to achieve CAD 25 million in near-term cost synergies, with a further CAD 25 million to CAD 50 million of potential synergies from disposal and cross-selling.
- The strategic review remains ongoing, with bidders’ updated proposals due November 9; the special committee expects to decide on a path forward soon.