GFL Environmental (GFL) Q2 2026 earnings summary

Executive summary

• Delivered Q2 2026 results ahead of expectations, with revenue of $1,947.8M, up 16.3% year-over-year, and strong pricing and volume performance despite macroeconomic uncertainty.

• Adjusted EBITDA rose 14.8% to $591.2M, with margins expanding and robust first-half results prompting a second full-year guidance increase.

• Ongoing M&A activity, including seven acquisitions in the quarter and the pending SECURE acquisition, positions the company for further growth, with year-to-date acquisitions generating $435M–$460M in annualized revenue.

• Special committee formed to evaluate unsolicited take-private offers at a premium to current share price; no assurance a transaction will occur.

Financial highlights

• Q2 2026 revenue grew 16.3% year-over-year, with 6.4% organic growth and 6.1% from core pricing.

• Adjusted EBITDA margin was 30.4%, with underlying margin expansion of 125 bps excluding M&A, commodities, and diesel prices.

• Adjusted Free Cash Flow for Q2 2026 was $236.7M, ahead of guidance and up from $137.1M in Q2 2025.

• Canadian segment achieved record adjusted EBITDA margin of 34%.

• Six-month revenue ended June 30, 2026, was $3,591.6M, up 11.0% year-over-year.

Outlook and guidance

• Full-year 2026 guidance: revenue of $7,510M–$7,530M, adjusted EBITDA of $2,290M, adjusted free cash flow of $900M, and margin guidance raised to 30.5%.

• SECURE acquisition, if closed in Q4, could add 6% to adjusted EBITDA.

• Q3 2026 outlook: revenue of CAD 1.99 billion, adjusted EBITDA margin of 31.2%.

• Net leverage expected in the mid-3x range by year-end 2026.