GFL Environmental Inc. released its third-quarter 2026 earnings results on October 28, 2026, reporting revenue of $2,155.3 million and raising its full-year 2026 guidance for the third consecutive time.

Key Highlights

  • Revenue up 27.2%: GFL reported Q3 2026 revenue of $2,155.3 million, including 5.7% from core pricing, according to the filing.
  • Adjusted EBITDA of $678.7 million: The figure represents a 26.8% increase compared to $535.1 million in Q3 2025, the company disclosed.
  • Net loss from continuing operations: GFL reported a net loss from continuing operations of $28.0 million in Q3 2026, versus net income of $90.4 million in Q3 2025.
  • Organic revenue growth of 7.4%: The filing stated this accelerated sequentially by 100 basis points.
  • Full-year 2026 Adjusted Free Cash Flow guidance raised to approximately $1,020 million: Up from prior guidance of approximately $900 million.
  • Special Committee formed: GFL's Board established a Special Committee of independent directors to review unsolicited inbound proposals to take the company private, with a final deadline of November 9, 2026 for updated proposals.
  • Board expansion: Joseph Lenz will join GFL's Board as the SECURE nominee, increasing board size to nine directors, the filing noted.

GFL's Q3 2026 Operating Results and Updated Guidance for the Full Year

GFL Environmental Inc. (NYSE:GFL) (TSX: GFL), which the filing describes as the fourth largest diversified environmental services company in North America, operates a platform of solid waste management facilities throughout Canada and 19 U.S. states with a workforce of more than 17,000 employees. The company reported Q3 2026 Adjusted EBITDA margin of 31.5%, compared to 31.6% in Q3 2025. According to the filing, excluding the impacts of mergers and acquisitions and diesel prices, underlying Adjusted EBITDA margin expanded by 115 basis points in the quarter.

Adjusted Free Cash Flow for Q3 2026 was $272.5 million, compared to $180.5 million in Q3 2025, the company disclosed. For the nine months ended September 30, 2026, revenue totaled $5,746.9 million, an increase of 16.6%, while Adjusted EBITDA reached $1,748.4 million, an increase of 18.4% from $1,476.3 million in the comparable prior-year period. The filing stated that year-to-date completed acquisitions are generating approximately $2 billion in annualized revenue.

The company's updated full-year 2026 guidance, which assumes a USD/CAD exchange rate of 1.40 for the remainder of the year, now estimates revenue of approximately $8,055 million to $8,075 million and Adjusted EBITDA of approximately $2,490 million to $2,495 million. Full-year Adjusted EBITDA margin is expected to be approximately 30.9%, and net capex is expected to be approximately $910 million. The filing also disclosed that GFL's Board formed a Special Committee of independent directors to review unsolicited inbound proposals to take the company private. The Special Committee set a final deadline of November 9, 2026 for interested parties to deliver updated proposals, after which the committee will determine next steps.

What Was Disclosed

GFL Environmental disclosed Q3 2026 financial results including revenue of $2,155.3 million, Adjusted EBITDA of $678.7 million, and a net loss from continuing operations of $28.0 million. The company also raised full-year 2026 guidance for the third time and disclosed the formation of a Special Committee to review go-private proposals.