Core Viewpoint - GFL Environmental Inc. has relocated its executive headquarters from Vaughan, Ontario to Miami Beach, Florida, while maintaining its jurisdiction of incorporation in Ontario, Canada [1][6]. Group 1: Relocation Details - The relocation aims to broaden GFL's eligibility for participation in U.S. equity indices, enhancing visibility with investors and potentially increasing the shareholder base [2][6]. - The United States now accounts for over two-thirds of GFL's revenue, with more than half generated in the rapidly growing Southeastern region [3]. Group 2: Strategic Implications - The move is expected to improve GFL's ability to attract skilled talent from the U.S. labor market, aligning with its expanding presence in the U.S. [3]. - GFL will continue to maintain shared services hubs in Vaughan, Ontario, and Raleigh, North Carolina, ensuring operational continuity [3]. Group 3: Company Overview - GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services across Canada and 18 U.S. states [3]. - The company employs over 15,000 individuals, reflecting its significant operational scale [3].

VAUGHAN, ON, Jan. 15, 2026 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced that, due to a scheduling conflict, it has rescheduled its previously announced fourth quarter conference call to Wednesday February 11, 2026 at 5:00 pm Eastern Time. As originally announced, the Company will release its fourth quarter and full year 2025 financial results and 2026 guidance after the market closes on Wednesday February 11, 2026. A live audio webcast of the confere ...

VAUGHAN, ON, Jan. 15, 2026 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced that it will release its fourth quarter and full year 2025 financial results and 2026 guidance after the market closes on Wednesday February 11, 2026 and will host an investor conference call related to this release on Thursday February 12, 2026 at 8:30 am Eastern Time. A live audio webcast of the conference call can be accessed by logging onto the Company's Investors page at inv ...

Core Insights - A few mega-cap stocks dominate investor focus and influence the S&P 500's performance, yet there are still opportunities in less noticed market segments. Investors should look for stocks with attractive valuations and strong Wall Street support to identify potential winners [3] Company Analysis - GFL Environmental Inc. (NYSE: GFL) is highlighted for its strong value metrics and positive analyst ratings, with a projected earnings growth of nearly 83% in the coming year and a potential upside of about 28%. The company has a low price-to-earnings (P/E) ratio of around 7, indicating it is undervalued compared to peers [4][7] - GFL has shown resilience in its business model by serving a diverse client base across residential, commercial, and industrial sectors, which has helped maintain steady operations despite market fluctuations [4] - The company recently reported a record adjusted EBITDA margin of 31.6% and a 6.3% increase in pricing due to improved volumes, contributing to its stock recovery after a decline earlier in the year [6][8] Market Conditions - GFL's stock experienced a downward trend from July to November due to external pressures such as commodity prices and economic factors affecting construction volumes. However, recent performance indicates a turnaround, with the stock now up marginally year-to-date [5][8] - The company is also expanding through mergers and acquisitions, with executives projecting annual revenue of up to $6.6 billion for 2025 following an increase in full-year guidance [6]

Core Points - GFL Environmental Inc. announced the pricing of a secondary offering of 16,611,295 subordinate voting shares at a public offering price of US$45.15 per share [1] - The company has agreed to purchase for cancellation a total of 1,275,000 shares from RBC Dominion Securities Inc. as part of the offering [2] - The shares will be offered in all provinces and territories of Canada through a prospectus supplement to the company's base shelf prospectus [3] Offering Details - The offering is being underwritten by RBC Capital Markets, LLC in the United States and RBC Dominion Securities Inc. in Canada [1] - The prospectus supplement will be accessible on or about November 24, 2025, through SEDAR+ [5] - GFL has filed a registration statement on Form F-10 with the SEC for the offering [6] Company Background - GFL is headquartered in Vaughan, Ontario, and is the fourth largest diversified environmental services company in North America [8] - The company provides a comprehensive line of solid waste management services across Canada and in 18 U.S. states [9] - GFL employs approximately 15,000 individuals across its organization [9]

Financial Data and Key Metrics Changes - The company achieved a consolidated revenue growth of 9% year-over-year, driven by a 50 basis point sequential acceleration in pricing to 6.3% and a 100 basis point increase in volume [13][15] - Adjusted EBITDA margin reached 31.6%, the highest in the company's history, with underlying solid waste margins expanding by 250 basis points [15][9] - Adjusted free cash flow was reported at $181 million, exceeding expectations due to strong operational performance [16] Business Line Data and Key Metrics Changes - The company experienced near double-digit top-line growth, attributed to successful pricing strategies and volume performance [7] - MSW (Municipal Solid Waste) volumes increased, offsetting declines in construction-oriented activity and special waste volumes [8][15] - The company deployed nearly $650 million into acquisitions year-to-date, with an active M&A pipeline expected to contribute to growth [9][10] Market Data and Key Metrics Changes - Volumes grew by 5% in Canada, while the U.S. saw a 0.9% decline, influenced by lower construction and special waste volumes [15][56] - The company noted broader economic uncertainty impacting market activity levels, particularly in construction and industrial sectors [8] Company Strategy and Development Direction - The company is focused on maintaining a strong M&A pipeline and executing share buybacks, with a belief that current share prices are undervalued [11][42] - The management expressed confidence in the company's operating plan and growth trajectory, with expectations for continued margin expansion and revenue growth [18][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from commodity prices and economic uncertainty but remained optimistic about future performance and growth opportunities [8][10] - The company plans to provide detailed guidance for 2026 in February, with expectations for continued growth driven by M&A and EPR contributions [17][18] Other Important Information - The company completed a recapitalization of GIP, valuing it at $4.25 billion, which returned approximately $585 million to shareholders [10][11] - The company repurchased $350 million of shares in Q3 and nearly $2.8 billion year-to-date, indicating a strong commitment to returning capital to shareholders [12][11] Q&A Session Summary Question: Can you walk us through the guidance update and the factors influencing it? - Management explained that the guidance increase reflects strong pricing actions and volume performance, offset by commodity-related headwinds [20][21] Question: What is the status of the EPR ramp and its contributions? - Management noted that EPR has outperformed expectations, contributing significantly to revenue, with further benefits anticipated in 2026 [25][26] Question: How do you view the organic growth trends in Canada versus the U.S.? - Management indicated that Canada experienced higher organic growth due to EPR contributions, while the U.S. faced challenges from lower special waste volumes [53][54] Question: What are the expectations for cost inflation next year? - Management anticipates cost inflation starting with a 4%, driven by labor and other operational costs [73][72] Question: How is the company addressing pricing strategies moving forward? - Management is focused on moving away from CPI-related pricing indices to better reflect operational costs, with expectations for pricing to remain above internal cost inflation [70][78]

Financial Data and Key Metrics Changes - The company achieved a consolidated revenue growth of 9% year-over-year, driven by a sequential pricing acceleration to 6.3% and positive volume growth of 100 basis points [13][15] - Adjusted EBITDA margin reached 31.6%, the highest in the company's history, with underlying solid waste margins expanding by 250 basis points [15][9] - Adjusted free cash flow was reported at $181 million, exceeding expectations due to strong adjusted EBITDA performance [16] Business Line Data and Key Metrics Changes - The company experienced near double-digit top-line growth, attributed to effective pricing strategies and ancillary surcharges [7] - MSW (Municipal Solid Waste) volumes increased, offsetting declines in construction-oriented activity and special waste volumes [8][15] - The company deployed nearly $650 million into acquisitions year-to-date, with an active M&A pipeline expected to contribute to future growth [10][9] Market Data and Key Metrics Changes - Volumes grew by 5% in Canada, while the U.S. saw a slight decline of 0.9%, impacted by lower C&D and special waste volumes [15][55] - The company noted broader economic uncertainty affecting market activity levels, particularly in construction and industrial sectors [8] Company Strategy and Development Direction - The company is focused on maintaining a strong M&A pipeline and executing share buybacks, viewing current share prices as attractive [11][42] - The management expressed confidence in the company's operating plan and growth trajectory, with expectations for continued margin expansion [18][32] - The company aims to leverage its asset base and pricing strategies to navigate economic challenges and capitalize on recovery opportunities [6][8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic backdrop but emphasized the resilience of the business model and the effectiveness of value creation strategies [6][7] - The company raised its full-year guidance for revenue and adjusted EBITDA, reflecting strong operational performance and M&A contributions [16][10] - Management remains optimistic about the potential for economic recovery and the company's ability to capitalize on it [8][18] Other Important Information - The company completed a recapitalization of GIP, valuing it at $4.25 billion, which returned approximately $585 million to shareholders [10][11] - The company repurchased $350 million of shares in Q3 and nearly $2.8 billion year-to-date, indicating a commitment to returning capital to shareholders [12][11] Q&A Session Summary Question: Can you walk us through the guidance update and how M&A effects were considered? - Management explained that the guidance was raised due to strong pricing and volume performance, with M&A contributing approximately $200 million in annualized revenue [20][24] Question: What is the status of the EPR ramp and its expected contributions? - Management indicated that EPR has outperformed expectations, contributing about $15 million in Canada for the quarter, with further contributions expected in 2026 [25][27] Question: How do you view the runway EBITDA and its growth potential? - Management noted that the current EBITDA run rate includes large EPR contracts, and they expect double-digit growth in EBITDA for the next year [30][32] Question: Can you provide insights on SG&A trends and cost absorption? - Management highlighted an 80 basis point improvement in SG&A, attributing it to better labor turnover and operational efficiencies [34][36] Question: What actions are being considered to unlock shareholder value? - Management reiterated their commitment to share buybacks and M&A, viewing current share prices as an opportunity to enhance shareholder value [39][42] Question: Can you elaborate on pricing metrics and trends? - Management discussed the impact of EPR on pricing, noting that pricing is expected to be lower next year without the same level of EPR benefits [79][70]

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2025 grew by 9% year-over-year, driven by a 50 basis point sequential acceleration in pricing to 6.3% and a 100 basis point increase in volume [12][13] - Adjusted EBITDA margin reached 31.6%, the highest in the company's history, with an underlying margin expansion of over 250 basis points [5][13] - Adjusted free cash flow was reported at $181 million, exceeding expectations due to strong operational performance [14] Business Line Data and Key Metrics Changes - The company experienced near double-digit top-line growth, primarily due to successful pricing strategies and improved MSW volumes, which offset declines in construction-oriented activity and special waste volumes [5][6] - MSW volumes increased, while C&D and special waste volumes saw declines, particularly in the U.S. market [12][56] Market Data and Key Metrics Changes - Volumes in Canada grew by 5%, while U.S. volumes were down by 0.9%, with specific declines of 3% in C&D and 9% in special waste [13][56] - The company noted broader economic uncertainty impacting activity levels in certain market segments but remains positioned for recovery [6][56] Company Strategy and Development Direction - The company is focused on M&A, having deployed nearly $650 million into acquisitions year-to-date, with expectations for further transactions before year-end [8][9] - The recapitalization of GIP valued at $4.25 billion is seen as a significant value creation opportunity for shareholders [9][10] - The company plans to continue share buybacks, having repurchased $350 million in Q3 and nearly $2.8 billion year-to-date, viewing current share prices as attractive [11][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating plan and the strength of the M&A pipeline, indicating a clear path forward despite economic uncertainties [17] - The company raised its full-year guidance for revenue and adjusted EBITDA, reflecting strong operational performance and pricing strategies [14][20] Other Important Information - The company is experiencing a favorable trend in labor turnover, currently at high teens, which is expected to improve further, positively impacting margins [49][50] - Management highlighted the importance of pricing strategies moving away from CPI-related indices to better reflect operational costs [80][81] Q&A Session Summary Question: Can you walk us through the guidance update and the factors influencing it? - Management explained that the guidance increase reflects improved pricing and volume performance, with M&A contributing significantly to revenue growth [20][22] Question: What is the current status of the EPR ramp and its expected contributions? - The EPR ramp has outperformed expectations, contributing positively to pricing and expected to add incremental revenue growth in 2026 [25][26] Question: How do you view the organic growth trends in Canada versus the U.S.? - Canada showed higher organic growth driven by EPR contributions, while the U.S. faced challenges with negative volumes in certain segments [54][56] Question: What are the expectations for cost inflation next year? - Management anticipates cost inflation starting with a 4%, driven by labor and other operational costs [75][76] Question: How is the company addressing pricing strategies moving forward? - The company is working to move pricing off CPI-related indices to better align with actual cost structures, with expectations for pricing to remain rational and disciplined [80][81]

Core Insights - GFL Environmental Inc. reported quarterly earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.19 per share, and down from $0.24 per share a year ago, representing an earnings surprise of -10.53% [1] - The company posted revenues of $1.23 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.70%, but down from $1.48 billion year-over-year [2] - GFL Environmental shares have underperformed the market, losing about 2% since the beginning of the year compared to the S&P 500's gain of 15.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.12 on revenues of $1.18 billion, and for the current fiscal year, it is $0.46 on revenues of $4.75 billion [7] - The estimate revisions trend for GFL Environmental was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Waste Removal Services industry, to which GFL Environmental belongs, is currently in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Revenue Performance - Revenue for Q3 2025 was $1,694.2 million, an increase of 9.0% year-over-year, driven by 6.3% from core pricing and 1.0% from positive volume growth[5] - Revenue for the three months ended September 30, 2025, was $1,694.2 million, an increase from $1,554.2 million in the same period of 2024, representing an 8.99% growth[34] - Revenue growth for the total company was 9.0% for the three months ended September 30, 2025, driven by 2.9% from acquisitions and 5.4% from organic growth[42] - For the nine months ended September 30, 2025, total revenue was $4,929.5 million, an increase of 7.9% from $4,567.6 million in the same period of 2024[45] Profitability Metrics - Adjusted EBITDA for Q3 2025 was $535.1 million, a 12.0% increase from $477.8 million in Q3 2024, with an Adjusted EBITDA margin of 31.6%, the highest in the company's history[4] - Adjusted EBITDA for the three months ended September 30, 2025, was $535.1 million, representing a margin of 31.6%, compared to $477.8 million and a margin of 30.7% in the prior year[51] - Adjusted EBITDA guidance for 2025 is now estimated at $1,975 million, compared to the prior guidance of $1,950 million to $1,975 million[14] - Adjusted Free Cash Flow for Q3 2025 was $180.5 million, an increase of $74.6 million from $105.9 million in Q3 2024, primarily due to higher Adjusted EBITDA[14] Net Income and Earnings - Net income from continuing operations for Q3 2025 was $108.1 million, compared to $41.6 million in Q3 2024, reflecting significant year-over-year growth[5] - Net income from continuing operations for the three months ended September 30, 2025, was $108.1 million, compared to $41.6 million in the same period of 2024, indicating a significant increase[34] - The company’s basic income per share from continuing operations for the three months ended September 30, 2025, was $0.28, up from $0.06 in the same period of 2024[34] - Adjusted Net Income from continuing operations for the nine months ended September 30, 2025, was $150.9 million, compared to a loss of $1.4 million in the same period of 2024[57] Cash Flow and Liquidity - Adjusted Free Cash Flow for Q3 2025 was $180.5 million, up from $105.9 million in Q3 2024, reflecting a growth of 70.5%[59] - Cash flows from operating activities for Q3 2025 were $391.1 million, an increase from $347.1 million in Q3 2024, representing a growth of 12.0%[59] - Adjusted Cash Flows from Operating Activities for Q3 2025 reached $412.7 million, compared to $220.3 million in Q3 2024, indicating a significant increase of 87.2%[59] - For the nine months ended September 30, 2025, cash flows from operating activities totaled $870.7 million, down from $974.9 million in the same period of 2024, a decrease of 10.7%[61] Debt and Leverage - Net leverage is estimated to be in the low-to-mid 3.0x range by the end of 2025, indicating a stable financial position[14] - The company reported a net leverage ratio of 3.4x as of September 30, 2025, down from 4.1x as of December 31, 2024[47] - Long-term debt decreased from $8,853.0 million as of December 31, 2024, to $7,268.8 million as of September 30, 2025, a reduction of approximately 17.9%[37] - Total long-term debt, net of derivative asset, was $7,314.8 million as of September 30, 2025, a decrease from $9,884.8 million as of December 31, 2024[47] Shareholder Actions - The company repurchased $2.76 billion of shares year-to-date, representing over 10% of issued and outstanding subordinate voting shares[4] - The company plans to continue its opportunistic approach to share repurchases and M&A activities, focusing on accretive opportunities[2] Asset and Liability Management - Total assets decreased from $21,207.4 million as of December 31, 2024, to $19,355.2 million as of September 30, 2025, representing a decline of approximately 8.7%[37] - Total liabilities decreased from $13,985.7 million as of December 31, 2024, to $11,549.1 million as of September 30, 2025, a decline of approximately 17.4%[37] - Shareholders' equity increased from $7,221.7 million as of December 31, 2024, to $7,806.1 million as of September 30, 2025, an increase of approximately 8.1%[37] Acquisition and Growth Strategy - Year-to-date completed acquisitions are generating approximately $205.0 million in annualized revenue, contributing positively to overall performance[4] - The company expects to incur similar acquisition-related costs in the future, indicating ongoing market expansion strategies[56] - The company incurred transaction costs of $38.1 million for the nine months ended September 30, 2025, compared to $26.3 million in the same period of 2024, an increase of 44.0%[61]