GFL · GFL Environmental Inc.

GFL Environmental Inc. released unaudited interim condensed consolidated financial statements for Q1 2026, showing revenue growth to $1,643.8 million from $1,560.1 million in Q1 2025, driven by acquisitions, organic growth from pricing and volume changes, partially offset by inflation and labor costs as noted in the MD&A. The company reported a net loss from continuing operations of $219.2 million, or $0.63 per share, compared to $213.9 million or $0.58 per share last year, reflecting higher expenses including $265.8 million in SG&A (down from $286.2 million), $139.6 million interest costs (down from $210.4 million), and a $93.7 million foreign exchange loss. Unlike Q1 2025 which benefited from $3,620.8 million net income from discontinued operations (GFL Environmental Services divested effective March 1, 2025), current results reflect continuing operations only. Balance sheet strengthened with cash surging to $1,436.2 million from $85.6 million at December 31, 2025, fueled by $3,016.7 million long-term debt issuance net of $1,208.5 million repayments, offset by $386.2 million property and equipment purchases and $144.3 million acquisitions. The company completed 3 immaterial business acquisitions for $85.9 million (cash $80.1 million, shares $5.8 million), adding $33.8 million goodwill and contributing $4.0 million revenue since acquisition dates. Operating cash flow was $167.8 million, supporting $7.5 million dividends and $57.0 million share repurchases. MD&A highlights seasonality with Q1 typically lower due to winter weather, and strategy focus on organic growth, accretive acquisitions, and cost efficiencies amid fragmented North American environmental services market. Call Option on divested Environmental Services had $130.0 million fair value at quarter-end, with $10.0 million change in value recognized.