)
)
Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
GFL Environmental
GFL Environmental (GFL) investor relations material
GFL Environmental Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue, Adjusted EBITDA and Adjusted Free Cash Flow exceeded expectations; organic revenue growth was 7.4%, accelerating 100 bps sequentially.
FY2026 guidance was raised for the third time; management cited positive landfill volumes, cost discipline and SECURE as support for continued earnings growth and a strong 2027 setup.
Financial highlights
Q3 revenue rose 27.2% YoY to $2,155.3 million, including 5.7% core pricing; Adjusted EBITDA increased 26.8% to $678.7 million.
Q3 Adjusted EBITDA margin was 31.5% versus 31.6% YoY; underlying expansion was 115 bps excluding M&A and diesel impacts, and 125 bps excluding fuel, landfill-cost and other identified headwinds.
Q3 Adjusted Free Cash Flow was $272.5 million versus $180.5 million YoY, more than 50% higher and 15% above guidance; results included one month of SECURE contribution.
Continuing-operations net loss was $28.0 million versus $90.4 million net income; Q3 Adjusted Net Income was $100.1 million versus $83.9 million.
9M revenue rose 16.6% to $5,746.9 million and Adjusted EBITDA increased 18.4% to $1,748.4 million; 9M Adjusted Free Cash Flow was $484.9 million versus $331.3 million.
Outlook and guidance
FY2026 revenue guidance increased to $8,055–$8,075 million, Adjusted EBITDA to $2,490–$2,495 million and Adjusted Free Cash Flow to ~$1,020 million.
FY2026 Adjusted EBITDA margin guidance rose 40 bps to ~30.9% despite diesel headwinds; net capex is expected at ~$910 million, cash interest ~$455 million and year-end net leverage in the mid-3s.
Guidance assumes USD/CAD of 1.40 for the remainder of the year and includes acquisitions completed through Oct. 1, 2026, net of divestitures; uncompleted acquisitions are excluded.
2027 framework: revenue of CAD 9.7–9.8 billion, Adjusted EBITDA near CAD 3.12 billion at ~32% margin, and Adjusted Free Cash Flow of CAD 1.3 billion or more.
2027 organic top-line growth is expected above 5%, with M&A rollover contributing roughly 15% to revenue growth; Adjusted Free Cash Flow conversion is expected at 41%–42.5%.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Latest events from GFL Environmental
- Record pricing powered FY2023 growth; FY2024 Adjusted EBITDA guidance is ~$2.215B.GFL
Q4 2023 - Raised guidance after strong Q2, robust M&A, and margin expansion despite macro headwinds.GFLQ2 2026
- Aggressive M&A, robust market outlook, and AI-driven efficiencies set stage for rapid expansion.GFLWaste360/ Stifel Investor Summit
- All directors and auditor reappointed, executive pay approved, no shareholder questions.GFLAGM 2025
- Record Q1 margin, strong pricing, and M&A drive raised 2026 outlook and future growth.GFLQ1 2026
- 2025 outlook targets robust growth, margin expansion, and strong capital returns.GFLInvestor Day 2025
- Record Q3 margin, raised guidance, and strong pricing highlight robust growth and discipline.GFLQ3 2025
- Record Q2 margins, raised guidance, and improved leverage highlight strong execution.GFLQ2 2025
- Record Q3 margin, robust growth, and ES sale to drive deleveraging and future expansion.GFLQ3 2024
Next GFL Environmental earnings date
Q4 202610 Feb, 2027
GFL Environmental
Next GFL Environmental earnings date
Q4 202610 Feb, 2027
AI chat
Ask anything. Verify everything.
Ask across every event and document from public companies. Each answer links back to the exact line in the transcript, slide or filing it came from.Learn moreFind what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.)
Trust every finding
50m+ first-party documents. Every output traceable to its source.Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.Trust every finding
50m+ first-party documents. Every output traceable to its source.Automations
Zero in on what matters
Define the prompt once. It runs the moment a company publishes or on a schedule you set. Outputs map to the exact signals you choose.Learn more)
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.)
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Live audio & transcripts
Be first
Join any earnings call live in one click, with no manual registration. Follow the transcript as it happens and jump straight to the moments that matter.Learn more)
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.)
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Quartr MCP connects your AI environment to 17K+ public companies
Pull live transcripts, filings, and slides into Claude or Codex via MCP. Combine Quartr's global IR data with any other dataset. Run agentic research and monitoring.
Included with Quartr Pro at no extra cost.Learn more
Quartr's AI stands out because it only pulls clean, first-party data from public companies. In investing, that's everything.
Jamie Ross
Investment Manager, GAM Investments
GAM
GAM
Research that used to take hours now takes seconds with Quartr Pro. Tracking shifts in tone or extracting tables, it's as simple as typing a query.
Tom O'Hara
Investment Director
Ciena
Ciena
Before Quartr we spent hours manually compiling insights through the peer earnings cycle. Now, these tasks are done faster, with greater precision.
Gregg Lampf
VP of Investor Relations
Protean
Protean
Being able to ask specific questions across years of transcripts and reports and instantly get verified answers is a game-changer.
Pontus Dackmo
CEO & Investment Manager
)
)
Frequently asked questions
How GFL Environmental is making money in the waste management industry
GFL Environmental is one of the largest waste management companies in North America, offering a range of services to customers in the municipal, commercial, and industrial sectors. The company generates revenue through a variety of channels, including waste collection and disposal, recycling, and remediation services.
Expanding through acquisitions
One of the key strategies that GFL Environmental has employed to grow its revenue base is expanding through acquisitions. The company has made several high-profile acquisitions in recent years, including the purchase of Waste Industries in 2019, which expanded its presence in the southeastern US.
GFL has also acquired smaller waste management companies in Canada and the US, allowing it to tap into new markets and diversify its revenue streams. Other publicly listed companies in the waste management space, such as Waste Management, Republic Services, and Stericycle, have also employed similar strategies to expand their reach and grow their revenue streams.
Diversification of revenue streams
Another important factor in GFL Environmental's revenue growth is its diversification of revenue streams. The company offers a range of waste management services, including waste collection and disposal, recycling, and remediation services, which helps to mitigate risks associated with fluctuations in individual markets. GFL has also expanded into new markets, such as liquid waste management and hazardous waste management, which provide additional sources of revenue.
Emphasis on sustainability
In addition to its core waste management services, GFL Environmental has also placed a strong emphasis on sustainability. The company has invested in new technologies and processes to reduce waste, increase recycling rates, and minimize its environmental impact. This has helped GFL to attract environmentally conscious customers and position itself as a leader in the industry. Along with GFL, Veolia and Suez, have also made sustainability a key priority.