GFL · GFL Environmental Inc.

GFL Environmental delivered a strong first quarter of 2026, marked by industry-leading top-line growth and margin expansion. Revenue increased 5.4% to $1,643.8 million, with core pricing contributing 7.0% growth, which accelerated sequentially by 60 basis points. The company achieved its highest Q1 Adjusted EBITDA margin in history at 29.1%, a 180 basis point expansion over the prior year period, driven by exceptional execution and pricing discipline. Adjusted EBITDA grew 12.3% to $478.5 million. Despite the strong operating performance, the company reported a GAAP net loss from continuing operations of $219.2 million, slightly wider than the $213.9 million loss in the same quarter last year. Adjusted Free Cash Flow was negative $(24.3) million, compared to positive $13.7 million in the prior year period, reflecting typical seasonal working capital patterns and growth investments.

Management highlighted the completion of eight acquisitions year-to-date, expected to generate between $425.0 million and $450.0 million in annualized revenue. These acquisitions prompted an update to full-year 2026 guidance. Revenue guidance was raised by approximately $320 million to $340 million to a range of $7,320 million to $7,340 million. Adjusted EBITDA guidance was increased by $90 million to approximately $2,230 million, and Adjusted Free Cash Flow guidance was raised by $15 million to approximately $850 million. The updated guidance excludes any contribution from the proposed acquisition of SECURE Waste, a leading waste management provider in Western Canada, which is expected to close in the latter half of the year. CEO Patrick Dovigi noted that the increased guidance reflects the momentum in the base business and the densification of the company's North American platform, positioning GFL to potentially exceed the updated outlook.