GFL Environmental (GFL) Company Report

Analyst Coverage

Research analysts who have asked questions during GFL Environmental earnings calls.

Kevin Chiang

CIBC Capital Markets

6 questions for GFL

Also covers: CAE, CP, LEV +4 more

Sabahat Khan

RBC Capital Markets

6 questions for GFL

Also covers: ACM, ATS, DOOO +9 more

Stephanie Moore

Jefferies

6 questions for GFL

Also covers: APG, ARCB, ARMK +30 more

Tobey Sommer

Truist Securities, Inc.

6 questions for GFL

Also covers: AMN, AMTM, ASGN +26 more

Chris Murray

ATB Capital Markets

5 questions for GFL

Also covers: STN, WCN

James Schumm

TD Cowen

5 questions for GFL

Also covers: CLH, CWST, HLX +5 more

Konark Gupta

Scotiabank

5 questions for GFL

Also covers: CAE, CNI, CP +4 more

Bryan Burgmeier

Citigroup Inc.

3 questions for GFL

Also covers: AVY, OI, RSG +4 more

Jerry Revich

Goldman Sachs Group Inc.

3 questions for GFL

Also covers: AGCO, ALSN, ATMU +28 more

Michael Doumet

National Bank Financial

3 questions for GFL

Also covers: NTR, WCN

Patrick Brown

Raymond James

3 questions for GFL

Also covers: BLX, CLH, CWST +8 more

Brian Butler

Stifel, Nicolaus & Company, Incorporated

2 questions for GFL

Also covers: CLH, CWST, GEF +8 more

Devin Dodge

BMO Capital Markets Corp.

2 questions for GFL

Also covers: BBU, BIP, NVRI +2 more

Rupert Merer

National Bank Financial, Inc.

2 questions for GFL

Also covers: AQN, BEP, BEPC +2 more

Shlomo Rosenbaum

Stifel, Nicolaus & Company, Incorporated

2 questions for GFL

Also covers: ARMK, CCCS, CLVT +15 more

Trevor Romeo

William Blair

2 questions for GFL

Also covers: AMN, ASGN, CCRN +9 more

Will Grippin

Barclays

2 questions for GFL

Also covers: VLTO

Jon Windham

UBS Group AG

1 question for GFL

Also covers: ARRY, BEP, BEPC +3 more

Ryan Bonomi

Citi

1 question for GFL

Tami Zakaria

JPMorgan Chase & Co.

1 question for GFL

Also covers: ADM, AGCO, ALSN +23 more

Latest news

Recent press releases and 8-K filings for GFL.

GFL Environmental Inc. Prices US$1 Billion Senior Notes Offering

GFL

Debt Issuance

Guidance Update

GFL Environmental Inc. priced a US$1 billion private offering of 5.500% senior notes due 2034 on January 13, 2026.
The proceeds from the offering will be used to repay amounts drawn on its revolving credit facility and for general corporate purposes, aiming to maximize liquidity for its 2026 growth strategy.
The company expects the offering to have an immaterial impact on its borrowing rate and to be leverage neutral, consistent with its commitment to maintain leverage in the low-to-mid 3.0x range.

1 day ago

6-K

GFL Environmental Prices US$1 Billion Senior Notes

GFL

Debt Issuance

New Projects/Investments

Guidance Update

GFL Environmental Inc. (GFL) announced the pricing of US$1 billion in 5.500% senior notes due 2034 on January 13, 2026.
The company intends to use the proceeds from the Notes Offering to repay amounts drawn on its revolving credit facility and for general corporate purposes.
GFL expects the Notes Offering to have an immaterial impact on its borrowing rate and to be leverage neutral, aligning with its commitment to maintain leverage in the low-to-mid 3.0x range.

1 day ago

Press Release

GFL Environmental Inc. Announces Proposed Private Offering of Senior Notes

GFL

Debt Issuance

New Projects/Investments

GFL Environmental Inc. announced a private offering of US$1 billion in aggregate principal amount of senior notes due 2034.
The company intends to use the proceeds to repay amounts drawn on its revolving credit facility and for general corporate purposes.
The offering is expected to maximize available liquidity for its growth strategy in 2026 and beyond, with an immaterial impact on borrowing rate and remaining leverage neutral in the low-to-mid 3.0x range.

1 day ago

6-K

GFL Environmental Announces Proposed Private Offering of Senior Notes

GFL

Debt Issuance

New Projects/Investments

GFL Environmental Inc. is planning to commence a private offering of US$1 billion in aggregate principal amount of senior notes due 2034.
The company intends to use the proceeds from the Notes Offering to repay amounts drawn on its revolving credit facility and for general corporate purposes, aiming to maximize available liquidity for its growth strategy in 2026 and beyond.
The offering is expected to have an immaterial impact on the Company's borrowing rate and be leverage neutral, consistent with GFL's commitment to maintain leverage in the low-to-mid 3.0x range.

1 day ago

Press Release

GFL Environmental Inc. Announces Public Offering of Subordinate Voting Shares

GFL

GFL Environmental Inc. announced a public offering of 16,611,295 subordinate voting shares by selling shareholders.
The shares are being sold to underwriters at a purchase price of US $44.93 per share.
The underwriting agreement was dated November 20, 2025, with the closing date for delivery and payment scheduled for November 26, 2025.
A 60-day lock-up period applies to the selling shareholders, commencing from the underwriting agreement date.

Nov 24, 2025, 10:05 PM

6-K

GFL Environmental Announces Pricing of Secondary Offering and Share Repurchase

GFL

Share Buyback

GFL Environmental Inc. announced the pricing of a secondary offering of 16,611,295 subordinate voting shares by selling shareholders at US$45.15 per Share.
The selling shareholders include BCEC-GFL Borrower (Cayman) LP, Ontario Teachers' Pension Plan Board, GFL Borrower II (Cayman) LP, and entities affiliated with HPS Investment Partners, LLC.
Concurrently, GFL agreed to purchase for cancellation 1,275,000 Shares from RBC Dominion Securities Inc. under the offering.
This Secondary Offering Purchase was unanimously approved by GFL's board of directors, based on a recommendation from a special committee of independent directors.

Nov 21, 2025, 11:45 AM

Press Release

GFL Environmental Inc. Reports Q3 2025 Results with Revenue Growth and Significant Divestiture Proceeds

GFL

Earnings

M&A

Share Buyback

GFL Environmental Inc. reported revenue of $1,694.2 million for the three months ended September 30, 2025, an increase of 9.0% compared to the same period in 2024.
Adjusted EBITDA for Q3 2025 was $535.1 million, representing a 12.0% increase from Q3 2024.
Net income attributable to GFL Environmental Inc. for Q3 2025 was $114.3 million, with diluted income per share of $0.28. For the nine months ended September 30, 2025, net income attributable to GFL was $3,800.2 million, and diluted income per share was $9.87.
The company completed the divestiture of GFL Environmental Services on March 1, 2025, at an enterprise value of $8.0 billion, contributing to a $5,747.6 million increase in proceeds from divestitures in cash flows from investing activities for the nine months ended September 30, 2025.
GFL repurchased 5,132,657 subordinate voting shares during the three months ended September 30, 2025, and 16,221,573 shares during the nine months ended September 30, 2025, under its Normal Course Issuer Bid.

Nov 7, 2025, 10:00 PM

6-K

GFL Reports Record Q3 2025 Adjusted EBITDA Margin and Raises Full-Year Guidance

GFL

Earnings

Guidance Update

M&A

GFL achieved its highest adjusted EBITDA margin in company history at 31.6% in Q3 2025, with consolidated revenue growing 9% over the prior year, driven by 6.3% pricing and 100 basis points in positive volume.
The company raised its full-year 2025 guidance for the second time, now expecting revenue between $6.575 billion and $6.6 billion and adjusted EBITDA of about $1.975 billion, while adjusted free cash flow remains at $750 million.
GFL deployed nearly $650 million into acquisitions year-to-date and repurchased $350 million of shares in Q3, contributing to nearly $2.8 billion in share repurchases year-to-date.
The recapitalization of GIP valued it at $4.25 billion, with GFL receiving $200 million from the shareholder distribution and retaining a 30% equity stake.
For 2026, GFL anticipates an incremental 75 basis points of revenue growth from EPR and expects M&A spend to be 50% plus higher than 2025, projecting double-digit EBITDA growth.

Nov 6, 2025, 1:30 PM

Transcript

GFL Reports Strong Q3 2025 Results and Raises Full-Year Guidance

GFL

Earnings

Guidance Update

M&A

GFL reported strong Q3 2025 results, with consolidated revenue growing 9% and achieving its highest adjusted EBITDA margin at 31.6%.
The company raised its full-year 2025 guidance for the second time, now projecting revenue between $6.575 billion and $6.6 billion and adjusted EBITDA of approximately $1.975 billion.
GFL deployed nearly $650 million into acquisitions year-to-date and expects M&A activity in 2026 to be 50%+ higher than 2025.
Pricing for Q3 2025 accelerated to 6.3%, contributing to a full-year pricing expectation of around 6%, and 2026 pricing is anticipated to exceed an expected 4% cost inflation.
The company completed the recapitalization of GIP for $4.25 billion and bought back $2.8 billion-$2.9 billion in stock, while committing to maintain leverage in the low to mid-threes.

Nov 6, 2025, 1:30 PM

Transcript

GFL Environmental Inc. Reports Strong Q3 2025 Results and Raises Full Year Guidance

GFL

Earnings

Guidance Update

Share Buyback

GFL Environmental Inc. reported strong third quarter 2025 results, with revenue of $1,694.2 million and Adjusted EBITDA of $535.1 million, achieving a record-high Adjusted EBITDA margin of 31.6%.
The company raised its full year 2025 guidance for both revenue and Adjusted EBITDA for the second time this year, with revenue now estimated between $6,575 million and $6,600 million and Adjusted EBITDA estimated at $1,975 million.
GFL Environmental Inc. generated Adjusted Free Cash Flow of $180.5 million in Q3 2025 and completed $2.76 billion in share repurchases year-to-date, representing over 10% of issued and outstanding subordinate voting shares.
Year-to-date acquisitions have generated approximately $205.0 million in annualized revenue.