GFL Posts C$0.09 Per-Share Loss Despite 27.2% Revenue Growth in Third Quarter
Key Facts
GFL Environmental posted a basic and diluted loss of C$0.09 per share from continuing operations in the third quarter of 2026, after recording basic earnings of C$0.23 per share in the corresponding period of 2025, according to the company’s results. The shift in net results came despite increases in revenue and adjusted EBITDA. Revenue reached C$2,155.3 million, up 27.2% year over year, while the net loss from continuing operations was C$28.0 million, compared with net income of C$90.4 million a year earlier. The results therefore showed a divergence between business growth and profitability and cash flow measures during the quarter. The company’s shares closed at US$45 on October 27, 2026, according to EL7 data.
The company attributed part of its revenue growth to core pricing, which contributed 5.7%, while total organic growth was 7.4% in the third quarter. Organic growth comprised a 5.7% contribution from pricing and a 1.5% contribution from surcharges, while lower volume reduced the result by 0.1%. For the nine months ended September 30, 2026, organic revenue growth was 6.2%. These components illustrate the difference between organic growth and the overall 27.2% increase in revenue during the quarter. Part of the company’s expansion during the period was completed through its acquisition of SECURE Waste Infrastructure, which closed on September 1, 2026.
Adjusted EBITDA rose 26.8% to C$678.7 million in the third quarter, from C$535.1 million in the corresponding period of 2025. But the adjusted EBITDA margin fell to 31.5% from 31.6% a year earlier, despite the increase in its total value. In another cash measure, adjusted free cash flow rose to C$272.5 million, compared with C$180.5 million in the third quarter of 2025. Adjusted free cash flow therefore improved alongside the company’s net loss from continuing operations. The comparison between these measures sets growth in adjusted operating earnings and cash flow against a decline in the accounting net result.
GFL completed its acquisition of SECURE on September 1, 2026, and financed the transaction through the issuance of 75,126,306 of its subordinate voting shares, along with a new US$1 billion secured term loan and the use of available capacity under its revolving credit facility. The acquisition forms part of the backdrop to reported revenue growth, alongside organic expansion driven by pricing and surcharges. The figures in the quarterly results do not break out the acquisition’s contribution alone to the increase in revenue. The company said it had raised its full-year guidance for the third time in 2026. It now expects revenue and adjusted EBITDA growth in the low-to-mid twenties, and adjusted free cash flow growth of more than 30%.
The company raised its 2026 fiscal-year revenue guidance range to C$8,055–8,075 million, from the previous range of C$7,510–7,530 million. It also forecast adjusted EBITDA of C$2,490–2,495 million and adjusted free cash flow of about C$1,020 million. The updated guidance assumes a US dollar-to-Canadian dollar exchange rate of 1.40 for the rest of the year. Dufresne said the company’s team would continue to execute its strategic plan and work to improve adjusted free cash flow conversion toward the mid-40% range. That cash conversion target sits alongside the company’s forecast for adjusted free cash flow growth of more than 30% during the year.
Alongside the results announcement, a special committee of independent directors is reviewing unsolicited proposals to take GFL private and has set a November 9, 2026, deadline for interested investors to submit revised proposals. The company has not specified an outcome of the review in the available information. It is scheduled to hold an investor call to discuss its third-quarter results on October 29, 2026, at 8:30 a.m. Eastern time. The call comes before the deadline for revised proposals, while the updated 2026 fiscal-year revenue, earnings and cash flow outlook remains another focus in tracking the company’s performance.