GFL Environmental Inc.

GFL Environmental Inc. is a leading diversified environmental services company operating across North America. Founded in 2007, the company's mission is to provide accessible, cost-effective, innovative, and sustainable environmental solutions that minimize environmental impact, fostering long-term relationships with its clients and the communities it serves. GFL Environmental Inc. recently relocated its headquarters to Miami Beach, Florida, in January 2026, having originally been founded in Vaughan, Ontario, Canada.

The company offers a comprehensive suite of environmental services, including solid waste management (collection, transportation, transfer, recycling, composting, and landfill management), liquid waste management (hauling, treatment, and disposal), soil remediation, and infrastructure services. GFL serves a broad customer base encompassing municipal, residential, commercial, industrial, and institutional clients throughout Canada and in over 18 U.S. states. Its operations are supported by an extensive network of facilities, including transfer stations, liquid waste facilities, landfills, material recovery facilities (MRFs), soil remediation facilities, and organics processing facilities.

GFL Environmental is recognized as the fourth largest diversified environmental services company in North America. Patrick Dovigi serves as the Founder, President, and CEO. The company reported strong first-quarter 2026 results, leading to an upward revision of its full-year 2026 guidance. Recent strategic activities include the acquisition of SECURE Waste Infrastructure in April 2026 to expand its Western Canadian footprint, and the acquisition of Frontier Waste Solutions in April 2026 to densify its Southern U.S. operations. Additionally, GFL announced a 10% increase to its quarterly dividend in April 2026. In early 2025, GFL divested a stake in its Environmental Services division to Apollo Global Management and BC Partners, while retaining a 44% equity interest in the divested entity.

Latest updates

GFL Raises Guidance on Acquisition Momentum, SECURE Waste Deal Looms

Event summary

  • GFL Environmental reported Q1 2026 revenue of $1.64 billion, a 5.4% increase year-over-year.
  • Adjusted EBITDA reached $478.5 million, up 12.3% compared to Q1 2025, with a record 29.1% margin.
  • The company completed eight acquisitions year-to-date, generating $425-$450 million in annualized revenue.
  • GFL raised its full-year 2026 Adjusted EBITDA guidance by $90 million to approximately $2.23 billion.
  • The company intends to continue opportunistic share repurchases.

The big picture

GFL’s strong Q1 results and raised guidance underscore the resilience of the waste management sector, driven by essential services and pricing power. The company’s aggressive acquisition strategy, while boosting revenue, also increases integration risk and debt levels. The SECURE Waste acquisition represents a significant bet on Western Canada, aiming to consolidate market share and accelerate financial targets, but carries regulatory and integration hurdles.

What we're watching

Integration Risk
The rapid pace of acquisitions raises concerns about GFL's ability to effectively integrate these businesses and realize anticipated synergies, potentially impacting margins and operational efficiency.
SECURE Deal
The pending acquisition of SECURE Waste will be critical; its successful closure and integration will significantly impact GFL's Western Canadian footprint and overall financial performance.
Macro Exposure
GFL's reliance on commodity prices and fuel costs exposes the company to macroeconomic volatility, and any significant shifts could impact profitability despite the current pricing power.
CID: 3490