GFL Raises Quarterly Revenue 27.2% and Lifts Annual Guidance for Third Time
Key Facts
GFL reported results for the third quarter ended September 30, with revenue up 27.2% to C$2,155.3 million from the same period a year earlier. The company said revenue, adjusted EBITDA and adjusted free cash flow all exceeded expectations. Core pricing accounted for 5.7% of revenue growth during the quarter. Organic revenue growth was 7.4%, accelerating by 100 basis points sequentially. The company, however, swung to a net loss from continuing operations, putting strong operating performance alongside a weaker bottom line.
Adjusted EBITDA rose 26.8% to C$678.7 million, from C$535.1 million in the third quarter of 2025. But the EBITDA margin was 31.5%, compared with 31.6% a year earlier, as business growth increased the amount of EBITDA without lifting the reported margin year over year. The company said its core margin expanded by more than 115 basis points excluding the effects of acquisitions and diesel prices. The margin in the third quarter of last year was a record 31.6%, while organic price and volume growth was 7.3%. Chief Executive Patrick Dovigi said the company delivered “7.4% organic revenue growth and core adjusted EBITDA margin expansion of more than 115 basis points.”
GFL reported a net loss from continuing operations of C$28.0 million in the third quarter, after net income of C$90.4 million in the same period of 2025. Adjusted free cash flow, meanwhile, rose to C$272.5 million from C$180.5 million a year earlier. The figures show a divergence between continued cash generation and improved operating metrics on one hand, and a swing to a net loss on the other. The figures provided here did not detail the reasons for the loss, so it cannot be linked to a specific item. The company also reported revenue of C$5,746.9 million for the nine months ended September 30, up 16.6% year over year.
Compared with the previous quarter, second-quarter 2026 revenue rose 16.3% to C$1,947.8 million, and adjusted EBITDA increased 14.8% to C$591.2 million. Organic revenue growth was 6.4% that quarter, before accelerating to 7.4% in the third quarter. Adjusted EBITDA also rose 18.4% to C$1,748.4 million in the first nine months. The company raised its annual guidance in July for a second time, projecting mid- to high-teens growth in key financial metrics before the expected additional contribution from its acquisition of SECURE. GFL closed the acquisition on September 1, with part of it funded by a new C$1 billion secured term loan.
The company raised its 2026 revenue forecast to a range of C$8,055 million to C$8,075 million, from previous guidance of C$7,510 million to C$7,530 million. It also increased its adjusted EBITDA forecast to C$2,490–C$2,495 million, compared with about C$2,290 million previously. Dovigi said the company was raising its annual guidance for the third time this year, based on year-to-date performance and the expected contribution from the SECURE acquisition. The company forecast adjusted free cash flow of about C$1,020 million in 2026, versus previous guidance of about C$900 million. It also estimated net leverage at the midpoint of the 3x range at year-end, assuming an exchange rate of US$1.40 per Canadian dollar for the remainder of 2026.
Alongside the guidance update, the board referred unsolicited offers to take the company private to a special committee of independent directors for review. The committee set November 9, 2026, as the deadline for interested parties to submit revised proposals. The deadline puts the offers before shareholders alongside the higher operating outlook announced by the company. GFL was scheduled to hold its third-quarter results call on October 29, 2026, at 8:30 a.m. Eastern Time. The company’s shares closed at $45 on October 27, according to EL7 data.