What factors drove the changes in GFL Environmental's revenue and profit?

What is GFL Environmental's latest dividend and current dividend yield?

What were the key takeaways from GFL Environmental’s earnings call?

What guidance did GFL Environmental's management provide for the next earnings period?

What does GFL Environmental do and what are its main business segments?

What is the market's earnings forecast for GFL Environmental next quarter?

What is GFL Environmental's gross profit margin?

What were the key takeaways from GFL Environmental's earnings call?

- **Record Margins**: 30% EBITDA in 2025, 60 basis point expansion in 2026. 
- **Strategic M&A**: $1.5-2 billion deployment while keeping leverage below 3.5x. 
- **Growth Drivers**: 25-50 basis point volume growth, EPR/R&amp;G tailwinds.

**【CEO Summary Section】**
- GFL achieved a record 30% Adjusted EBITDA margin in 2025, driven by pricing discipline, operational efficiency, and strategic M&A. 
- CEO Patrick Dovigi emphasized a 60 basis point margin expansion in 2026, despite headwinds from commodities and FX. 
- Management highlighted a robust M&A pipeline for 2026, targeting $1.5-2 billion in acquisitions while maintaining leverage below 3.5x.

**【CFO Financial Commentary】**
- Q4 2025 revenue grew 7.3% to $1.985 billion, with 30.2% EBITDA margin, up 175 basis points year-over-year. 
- 2026 guidance: $2.14-2.185 billion EBITDA (+10%), 30.6% margin, and $835-860 million Free Cash Flow. 
- Risks include 50 basis point FX headwind and 25 basis point commodity drag. 

**【Q&A Highlights】**
- **M&A Pipeline**: CFO Luke Pelosi confirmed $1.5-2 billion 2026 deployment while maintaining leverage below 3.5x. 
- **Volume Outlook**: 25-50 basis point growth, with green shoots in industrial activity. 
- **Index Inclusion**: HQ relocation to U.S. enables Russell 3000 inclusion by mid-2026, adding 10-15% float demand. 
- **EPR/R&amp;G**: 2026 EPR contribution $40 million, R&amp;G delayed to 2027. 
- **Share Buybacks**: $3 billion repurchased in 2025, with undervalued stock at 12.5x 2026 EV/EBITDA.

GFL Environmental Inc. (GFL) Q4 2025 Earnings Call Transcript

- **Record Margins**: Q2 EBITDA margin of 34.7%, highest in company history, with 230bps YoY expansion.
- **Pricing Power**: 5.8% Q2 pricing beat, raising full-year guidance to 5.5%-5.75%.
- **M&A Growth**: $700M-$900M 2025 M&A pipeline, positioning for 2026 rollover-driven growth.
- **Free Cash Flow**: $750M annual target reaffirmed, with $25M-$30M 2025 bonus depreciation benefit.
- **EPR Tailwind**: EPR-related volume growth (+$20M-$25M/Q2) and RNG synergies driving organic expansion.


**【CEO Summary Section】**
- **Record Q2 Performance**: Adjusted EBITDA margin of 34.7%, the highest in company history, driven by pricing (5.8% YoY) and volume growth (150bps acceleration). Full-year pricing guidance raised to 5.5%-5.75%.
- **Volume Resilience**: U.S. volume growth accelerated despite macro headwinds, with EPR-related tailwinds offsetting industrial slowdowns. Canada saw 6.3% volume growth, excluding one-time events.
- **M&A Momentum**: Completed 3 tuck-in acquisitions Q2, with 3 more pending. 2025 M&A pipeline remains robust, positioning for 2026 growth through rollover contributions.
- **Guidance Update**: Adjusted EBITDA raised by $50M to $1.95B-$1.975B, reflecting organic growth and margin expansion despite FX headwinds.

**【CFO Financial Commentary】**
- **Revenue Growth**: $1.675B (+9.5% YoY), driven by pricing (+5.8%) and volume. Exogenous factors (FX, commodities) reduced revenue by $10M.
- **Margin Expansion**: 30.7% EBITDA margin (+230bps YoY), with 170bps from core operations. RNG and fuel surcharges provided 25bps tailwind.
- **Free Cash Flow**: $137M Q2, reaffirming $750M annual target. Working capital investment of $190M YTD expected to reverse by year-end.
- **2025 Outlook**: Revenue $6.55B-$6.75B, EBITDA $1.95B-$1.975B. Guidance assumes 5.5%-5.75% pricing, 25-75bps volume growth, and 40-50bps M&A contribution.

**【Q&A Key Highlights】**
- **GIP Business Sale**: Final bidders identified; expected to close within 2-3 weeks, with proceeds reinvested in M&A and share buybacks.
- **Margin Drivers**: Surcharge initiatives (+$40M-$80M by 2028), labor turnover reduction, and M&A synergies contributed to 230bps margin expansion.
- **M&A Visibility**: 2025 M&A spend on track for $700M-$900M, with 2026 growth driven by 2025 acquisitions' rollover.
- **Bonus Depreciation Impact**: $25M-$30M 2025 benefit, ramping to $40M+ in 2026, improving free cash flow conversion by 100-200bps.
- **EPR Contribution**: Montreal MRF volumes exceeded expectations (+$10M), with long-term EPR EBITDA targets ($130M) on track.


GFL Environmental Inc. (GFL) Q2 2025 Earnings Call Transcript

- **Record Q1 Performance**: 12.5% revenue growth, 27.3% EBITDA margin (120 bps expansion), and $6 billion capital deployment.
- **Leverage Optimization**: 3.1x net debt ratio post-ES sale, lowest in company history.
- **Q2 Guidance Beat**: $1.675 billion revenue, 30% EBITDA margin, and $100 million free cash flow.
- **M&A Focus**: $240 million spent YTD on accretive deals, with pipeline targeting $700-900 million annual spend.
- **Tariff Resilience**: No material impact; cost pass-through strategy intact.

**【CEO Opening Remarks】**
- Q1 2025 revenue grew 12.5% YoY to $1.56 billion, driven by 5.7% pricing and 0.9% volume growth.
- Adjusted EBITDA margin expanded 120 bps to 27.3%, highest in company history, supported by EPR-related volumes and cost control.
- $6 billion from ES sale used to repay $3.5 billion debt and repurchase $2.5 billion shares, reducing net leverage to 3.1x.
- Q2 guidance: $1.675 billion revenue, $505 million EBITDA (30% margin), and $100 million free cash flow.

**【CFO Financial Details】**
- GAAP net income: $420 million; Non-GAAP EPS: $1.08 (vs. $0.95 prior year).
- Free cash flow: $14 million (beat plan due to EBITDA outperformance).
- Q2 cash flow: $100 million, including $70 million interest and $225 million CapEx.
- M&A pipeline robust, with $240 million spent YTD on $85 million annualized revenue deals.

**【Q&A Key Highlights】**
- **Margin Drivers**: Commodity deflation (20 bps tailwind), FX (10 bps), and EPR volumes (150 bps+). Weather reduced roll-off/special waste by 20 bps.
- **Capital Allocation**: Share buybacks (8% of shares repurchased) and M&A focused on accretive tuck-ins (e.g., $40 million EPR EBITDA growth).
- **Tariffs Impact**: No direct material impact; cost pass-through strategy maintained.
- **ES Business**: Performing well post-sale, with $30-35 million annual EBITDA growth via M&A.
- **RNG Projects**: 4 operational, 15 under development, tracking to plan despite minor delays.

GFL Environmental, Inc. (GFL) Q1 2025 Earnings Call Transcript

- **Q4 Standout**: 7% organic growth, 300bps margin expansion, $360M free cash flow. 
- **2025 Guide**: 6-7% revenue, 100bps margin expansion, $750M FCF. 
- **Capital Shift**: $3.75B debt repayment, $2.25B buybacks, resuming M&A. 
- **Growth Drivers**: Price/cost spread (100bps), RNG/EPR ($75M+ EBITDA), and M&A pipeline. 
- **Leverage & FCF**: Pro forma 3x leverage, 38.7% FCF conversion (targeting 40%).

**【CEO Summary Section】**
- Q4 revenue of $1.986 billion exceeded guidance, driven by 7% organic growth in solid waste (6% pricing, 2.3% volume). EBITDA margin expanded 300bps to 29.1%, with solid waste margin at 33.4%.
- 2025 guidance: 6-7% revenue growth ($6.5-6.55B), 100bps EBITDA margin expansion to 29.7%, $750M free cash flow. Key drivers include price/cost spread (low-mid 5% price vs. low-mid 4% cost inflation), EPR/RNG ramp-up, and M&A pipeline.
- Capital allocation shift: $3.75B debt repayment post-ES sale, $2.25B share buybacks, and resuming M&A (target $500-700M spend). Pro forma leverage ~3x, with free cash flow conversion target of 40%.

**【CFO Financial Commentary】**
- Q4 adjusted free cash flow $360M, net income $86M. 2024 incremental growth CapEx $298M, M&A $590M, total $890M (aligned with $900M cap). 
- 2025 financials: 
  - Revenue: 5.25-5.5% price, flat volume (FX 1.41 adds 200bps). RNG/EPR contribute $50M and $35-40M EBITDA, respectively.
  - EBITDA: 100bps expansion via price/cost spread (100bps), RNG/EPR (45bps), M&A/ES divestitures (45bps offset). 
  - Free cash flow: $750M (38.7% conversion), with $325M growth CapEx and $700-725M normal course CapEx.

**【Q&A Key Themes】**
- **Capital Allocation**: Post-ES sale, prioritize buybacks (up to $2.25B) and M&A (2025 spend $500-700M). 
- **Margin Cadence**: Q1 EBITDA margin +100bps vs. 2024, with H1 benefiting from Michigan divestiture. RNG/EPR shield 75% of commodity price risk. 
- **M&A Pipeline**: 75% US focus, targeting $1B+ spend if pipeline executes. 
- **ES Business**: 2024 EBITDA $200M, 2025 target $225M. Exploring partial monetization post-2025. 
- **Credit Rating**: Pro forma leverage 3x, targeting investment-grade status with 2025 organic delevering.

Actual	-0.0211	0.022	0.0973	0.0314	0.0318	0.0808	0.1734	0.0553	0.048	0.1864	0.1445	-0.0148	0.0592	0.3697	0.2356	0.0377	0	0.2119	0.2439	0.1529	-0.0625	0.191	0.1651	0.2628
Forecast	-0.3269	-0.0877	0.0226	0.0176	-0.0158	0.0666	0.14	0.1079	0.0433	0.1437	0.1468	0.0644	-0.0304	0.1905	0.2153	0.1686	-0.0318	0.2264	0.2611	0.1528	0.0797	0.153	0.1651	0.1424	0.0731
Surprise	+93.55%	+125.09%	+330.53%	+78.41%	+301.27%	+21.32%	+23.86%	-48.75%	+10.85%	+29.71%	-1.57%	-122.98%	+294.74%	+94.07%	+9.43%	-77.64%	+100.00%	-6.40%	-6.59%	+0.07%	-178.42%	+24.84%	0.00%	+84.55%	0.00%

GFL

GFL fundamentals

GFL Q1 2026 Earnings Preview

Earnings Call

You can ask Aime

GFL

GFL fundamentals

GFL Q1 2026 Earnings Preview

Earnings Call

GFL Earnings Call Summary for Q1/2026Upcoming8:30 AM on Apr 30, 2026

GFL Earnings Call Summary for Q4/20255:00 PM on Feb 11, 2026

GFL Earnings Call Summary for Q3/20258:30 AM on Nov 6, 2025

GFL Earnings Call Summary for Q2/20258:30 AM on Jul 31, 2025

GFL Earnings Call Summary for Q1/20258:30 AM on May 1, 2025

You can ask Aime