GFL Environmental Inc. Q3 2026 Earnings Recap

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.