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GFL Environmental (GFL) investor relations material
GFL Environmental Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record adjusted EBITDA margin of 31.6% in Q3 2025, the highest in company history, with revenue, adjusted EBITDA, and adjusted free cash flow all exceeding expectations despite macroeconomic and commodity headwinds.
Organic price and volume growth reached 7.3%, with pricing accelerating to 6.3% sequentially; fourth consecutive quarter of positive volume growth.
Raised full-year 2025 guidance for revenue and adjusted EBITDA for the second time this year.
Completed recapitalization of GIP, returning $585 million to shareholders and adding $175 million to the balance sheet, with $200 million repatriated in Q3 2025.
Repurchased $350 million of shares in Q3 and $2.8 billion year-to-date, representing over 10% of issued and outstanding subordinate voting shares.
Financial highlights
Q3 2025 revenue was $1,694.2 million, up 9% year-over-year, with 6.3% from core pricing and 1% from positive volume.
Adjusted EBITDA increased 12% to $535.1 million in Q3 2025; margin expanded by 90 basis points year-over-year to 31.6%.
Adjusted free cash flow was $181 million for the quarter, exceeding plan due to EBITDA outperformance and CapEx timing.
Net income from continuing operations was $108.1 million in Q3 2025, up from $41.6 million in Q3 2024.
For the nine months ended September 30, 2025, revenue was $4,929.5 million (up 10.2% excluding divestitures), adjusted EBITDA was $1,476.3 million (up 13.4%), and adjusted free cash flow was $331.3 million (up $95.9 million year-over-year).
Outlook and guidance
Full-year 2025 revenue now expected between $6.575 billion and $6.6 billion; adjusted EBITDA about $1.975 billion, up nearly 3% from original guidance.
Adjusted free cash flow guidance remains at $750 million.
Net leverage expected in the low-to-mid 3.0x range by year-end 2025.
2026 expected to benefit from 150 basis points of M&A revenue rollover and 75 basis points from EPR ramp.
Double-digit EBITDA growth anticipated for 2026, with further upside from M&A and potential recovery in commodities and volumes.
Future capital allocation priorities
How to sustain positive volume growth?
Impact of GIP dilution gain on Q3 margin?
What drives the 2026 M&A pipeline strength?
How will 2026 pricing drivers differ from 2025?
Current RIN prices impact on RNG investment pace?
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Next GFL Environmental earnings date
Q4 202520 Feb, 2026
Next GFL Environmental earnings date
Q4 202520 Feb, 2026
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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.
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