GFL Environmental Inc · Q3 2025 earnings

Briefing

GFL Environmental Q3 revenue $1.69B (+9% YoY) with 31.6% adjusted EBITDA margin and raised FY guide

GFL Environmental reported Q3 2025 revenue of $1.69 billion, up 9.0% year over year, driven by 6.3% core pricing and 1.0% positive volume. Adjusted EBITDA increased 12.0% to $535.1 million with margin expanding to 31.6% from 30.7%. Net income from continuing operations was $108.1 million ($0.28 diluted EPS from continuing operations); net income attributable to GFL was $114.3 million. Nine-month revenue reached $4.93 billion (+7.9% including divestitures). The company raised full-year 2025 guidance to revenue of $6.575–$6.600 billion and adjusted EBITDA of $1.975 billion while reaffirming approximately $750 million of adjusted free cash flow. Early extended producer responsibility tailwinds in Canada and solid waste pricing supported margin expansion.

• Q3 revenue $1.69B (+9.0% YoY); adjusted EBITDA $535.1M (31.6% margin)
• Diluted EPS from continuing operations $0.28; net income attributable to GFL $114.3M
• Core pricing +6.3% and volume +1.0% drove organic growth
• Nine-month revenue $4.93B; March divestiture of Environmental Services line reclassified
• FY2025 revenue guide raised to $6.575–$6.600B; adj. EBITDA $1.975B

Headline financials

Revenue & EPS history

GFL raised FY2025 revenue guidance to $6.575–$6.600 billion and adjusted EBITDA to $1.975 billion, reaffirming adjusted free cash flow of approximately $750 million and net leverage in the low-to-mid 3.0x range by year end.