GFL Environmental Reports Third Quarter 2025 Results and Raises Full Year 2025 Guidance
Executive Summary
- GFL Environmental reported Q3 2025 revenue of $1,694.2 M (up 9.0% YoY) and Adjusted EBITDA of $535.1 M (+12.0% YoY), delivering a record Adjusted EBITDA margin of 31.6%.
- The company raised its full‑year 2025 guidance to $6.575–$6.600 B of revenue and $1.975 B of Adjusted EBITDA, citing strong organic growth, pricing acceleration, and recent acquisitions.
- Year‑to‑date, GFL completed $2.76 B of share repurchases (≈10% of outstanding subordinate voting shares) and invested >$300 M in acquisitions, reinforcing its capital‑return strategy.
Key Details
- Quarterly Financial Highlights
- Revenue: $1,694.2 M (+9.0% YoY); organic price/volume growth 7.3%, with pricing up 6.3% QoQ.
- Adjusted EBITDA: $535.1 M (+12.0% YoY); margin 31.6% (record high, +90 bps YoY).
- Adjusted Net Income (continuing): $83.9 M; Net income (continuing) $108.1 M.
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Adjusted Free Cash Flow: $180.5 M (+$74.6 M YoY).
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Year‑to‑Date (nine months)
- Revenue: $4,929.5 M (+10.2% YoY excl. divestitures).
- Adjusted EBITDA: $1,476.3 M (+13.4% YoY); margin 29.9%.
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Adjusted Net Income (continuing): $150.9 M; Adjusted Free Cash Flow: $331.3 M.
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Acquisitions & Capital Allocation
- Completed acquisitions generated ~$205 M of annualized revenue YTD.
- Invested >$300 M in acquisition‑related growth projects.
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Repurchased 5,132,657 subordinate voting shares in Q3; total repurchases to date $2.76 B (≈10% of issued/subordinate voting shares).
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Shareholder Returns
- Total share repurchases YTD: $2.76 B.
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Dividend policy unchanged; no new dividend announced.
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Updated Full‑Year 2025 Guidance (USD/CAD 1.40)
- Revenue: $6,575 M – $6,600 M (up from prior $6,550 M – $6,575 M).
- Adjusted EBITDA: $1,975 M (up from prior $1,950 M – $1,975 M).
- Adjusted Free Cash Flow reaffirmed at ≈$750 M.
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Net Leverage projected in low‑mid 3.0× range by year‑end.
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Operational Metrics
- Organic price growth: 6.3% QoQ, 5.4% YoY (three‑month).
- Volume growth: +1.0% QoQ, +1.4% YoY (nine‑month).
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Segment performance – Canada revenue $559.1 M, Adjusted EBITDA $188.0 M; USA solid waste revenue $1,135.1 M, Adjusted EBITDA $409.4 M.
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Liquidity & Debt
- Cash at period end: $194.6 M (up from $133.8 M).
- Long‑term debt net of derivatives: $7.3 B (down from $9.9 B).
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Net leverage improved to 3.4× (from 4.1×).
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Earnings Call – Scheduled for November 6, 2025 at 8:30 a.m. ET; webcast link provided.
Notable Quotes
“The dedication of our over 15,000 employees delivered better than expected results across all of our key financial metrics.” – Patrick Dovigi, Founder & CEO
“We are increasing our full‑year revenue and Adjusted EBITDA guidance to be at or above the high end of the previously provided ranges.” – Patrick Dovigi, Founder & CEO