GFL Environmental raised its 2026 targets for a third time after acquisitions drove most of a 27.2% quarterly revenue increase, while the company posted a loss from continuing operations.
Revenue for the three months ended Sept. 30 reached C$2,155.3 million, compared with C$1,694.2 million a year earlier. Acquisitions contributed 18.7 percentage points to growth, organic expansion added 7.4 points and foreign exchange contributed 1.1 points. Within organic growth, pricing added 5.7 points and surcharges 1.5; commodity prices contributed 0.3 points, while volume declined by 0.1 point. GFL said organic growth accelerated by 100 basis points from the previous quarter. All figures are in Canadian dollars.
Adjusted EBITDA rose 26.8% to C$678.7 million. The reported margin slipped to 31.5% from 31.6% a year earlier. GFL’s calculation, which removes the effects of merger and acquisition activity and diesel-price changes, showed a 115-basis-point margin expansion. Adjusted free cash flow increased to C$272.5 million from C$180.5 million, while GFL reported a C$28 million loss from continuing operations, compared with C$90.4 million in net income a year earlier.
The company now forecasts 2026 revenue of C$8,055 million to C$8,075 million, up from C$7,510 million to C$7,530 million. Its adjusted EBITDA forecast rose to C$2,490 million to C$2,495 million from C$2,290 million, and its adjusted free cash flow target increased to C$1,020 million from C$900 million. GFL expects an adjusted EBITDA margin of about 30.9%, 40 basis points above its previous guidance.
The forecast uses an exchange-rate assumption of C$1.40 per U.S. dollar for the rest of 2026. It reflects acquisitions completed by Oct. 1, after accounting for completed divestitures, and excludes deals that had not closed. GFL said acquisitions completed so far this year represent about C$2 billion in annualized revenue. The company describes adjusted EBITDA and adjusted free cash flow as non-IFRS measures without standardized definitions.
GFL’s independent-director committee, which is overseeing the take-private process, set Nov. 9 as the deadline for interested parties to submit updated proposals. GFL said there is no assurance it will receive a proposal by Nov. 9 or that any proposal will lead to a binding agreement.
