$GFL · GFL Environmental Inc.
GFL Environmental filed its Q3 2026 6-K, reporting revenue of $2.155B (+27.2% YoY) and Adjusted EBITDA of $678.7M (+26.8% YoY). GAAP net loss attributable to GFL was $(21.6)M, or $(0.09) per share, compared to net income of $96.6M ($0.23/share) in Q3 2025. The loss reflects higher interest costs ($179.4M, +38.9%), FX losses, and a $15M charge on the Environmental Services Call Option. Nine-month revenue reached $5.75B with Adjusted EBITDA of $1.748B.
- Revenue of $2.155B, up 27.2% YoY from $1.694B, driven by acquisitions and organic growth across all service lines.
- Adjusted EBITDA rose 26.8% to $678.7M vs $535.1M in Q3 2025; nine-month Adjusted EBITDA reached $1.748B.
- GAAP net loss attributable to GFL of $(21.6)M, or $(0.09)/share, vs net income of $96.6M ($0.23/share) in Q3 2025.
- Interest and other finance costs jumped 38.9% to $179.4M, reflecting higher debt load from acquisition financing.
- Total assets nearly doubled to $29.03B from $19.20B at year-end 2025, driven by $4.49B in share capital issued for acquisitions.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The revenue beat and Adjusted EBITDA growth are offset by the GAAP loss and sharply higher interest costs, creating a mixed setup for the next regular session.
GFL's aggressive acquisition strategy is delivering top-line growth but at the cost of GAAP profitability, with debt and interest burdens escalating sharply.
GFL's aggressive M&A strategy — $2.57B in nine-month acquisitions — continues to consolidate the North American solid waste market, with pro forma nine-month revenue of $6.91B underscoring its scale ambitions versus peers WM and RSG.
Interest costs surged 38.9% YoY to $179.4M for the quarter; long-term debt ballooned to $11.66B from $7.42B at year-end 2025, raising leverage concerns. FX losses of $196.7M over nine months vs a $171.6M gain last year add earnings volatility.