Gfl Environmental Stock Earnings Reports

Q3 2025 highlights: GFL delivered record profitability with adjusted EBITDA margin of 31.6% and consolidated revenue growth of ~9% year-over-year driven by stronger pricing (pricing accelerated to ~6.3%) and positive volume trends (MSW and EPR-related upsides offset softer C&D/special waste). Management raised full‑year guidance: revenue now expected between $6.575B–$6.6B and adjusted EBITDA about $1.975B; adjusted free cash flow remains targeted at ~$750M. M&A activity remains robust (nearly $650M deployed year‑to‑date, ~$50M after quarter end) with additional deals expected to close into H1 2026 and a meaningful pipeline for 2026. Strategic transactions included a GIP recapitalization that returned ~$585M to GIP shareholders (GFL received $200M and retains a 30% stake). Capital allocation priorities: aggressive share repurchases ($350M in Q3; ~$2.8B YTD) continue given management’s view that the stock is undervalued, while staying comfortable operating with leverage in the low‑to‑mid 3x range. Operational drivers: ongoing cost discipline, lower labor turnover, realization of ancillary surcharges, and EPR ramping drove ~250 bps of underlying margin expansion. RNG project economics remain intact at the firm’s underwriting RIN assumption ($2.25), though timing was modestly deferred and material production/benefit is expected to accelerate more meaningfully in 2027–2028. Management reiterated confidence in multi‑year growth targets and the ability to deliver further margin expansion.