Revenue and EBITDA growth from pricing and M&A are positive, but net loss persistence, negative volume, and a sharp debt increase warrant caution. Monitor Q2 for volume recovery and integration of recent acquisitions (especially SECURE Waste). The stock has historically underperformed following positive filings, suggesting limited near-term upside.
Price Chart
Executive Summary
GFL reported Q1 2026 revenue of $1,643.8M (+5.4% YoY) and Adjusted EBITDA of $478.5M (+12.3%), but net loss from continuing operations widened to -$219.2M (-$0.63 EPS vs -$0.58). Growth was driven by 7.0% core pricing and acquisitions, partially offset by negative volume, lower commodity prices, and FX headwinds. Debt rose to $9.375B, partly to fund post-quarter acquisitions including the pending SECURE Waste Infrastructure deal.
Key Facts
- Revenue $1,643.8M (+5.4% YoY)
- Adjusted EBITDA $478.5M (+12.3% YoY)
- Net loss from continuing operations -$219.2M (vs -$213.9M)
- EPS from continuing ops -$0.63 (vs -$0.58)
- Core pricing +7.0%, acquisitions +3.9%, volume -1.2%, FX -3.1%
- Long-term debt $9,375.1M (up from $7,422.6M at Dec 2025)
- Cash $1,436.2M (up from $85.6M)
- Post-quarter acquisitions ~$1,437.6M, including SECURE Waste Infrastructure Corp. agreement
Financial Impact
Revenue growth of $83.7M and EBITDA growth of $52.4M; net loss widened by $5.3M
Risk Factors
- High net debt and leverage from acquisition financing
- Negative organic volume trends in US collection business
- Foreign exchange headwinds (CAD vs USD)
- Integration risk from ~$1.4B in post-quarter acquisitions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-054228 |
| Document: tm2612685d3_ex99-2.htm | 0001104659-26-054228 |
| Document: tm2612685d3_6k.htm | 0001104659-26-054228 |
| Document: tm2612685d3_ex99-3.htm | 0001104659-26-054228 |
| Document: tm2612685d3_ex99-4.htm | 0001104659-26-054228 |
| Document: 0001104659-26-054228-index-headers.html | 0001104659-26-054228 |
| Document: 0001104659-26-054228-index.html | 0001104659-26-054228 |
| Document: 0001104659-26-054228.txt | 0001104659-26-054228 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 19d ago | 6-K | $42.31 $43.55 | ▲ +2.92% | ▲ +3.20% | $45.00 (+6.35%) |
Oct 1, 2026 26d ago | 6-K | $40.43 $42.33 | ▲ +4.70% | ▲ +3.40% | $45.00 (+11.30%) |
Sep 29, 2026 28d ago | 6-K | $42.20 $42.52 | ▲ +0.76% | ▼ −1.19% | $45.00 (+6.64%) |
Sep 29, 2026 28d ago | Press Release | $42.20 $42.52 | ▲ +0.76% | ▼ −1.19% | $45.00 (+6.64%) |
Sep 24, 2026 4w ago | 6-K | $41.79 $40.43 | ▼ −3.25% | ▼ −2.84% | $45.00 (+7.68%) |
Sep 24, 2026 4w ago | Press Release | $41.79 | awaiting T+5 | — | $45.00 (+7.68%) |
Sep 22, 2026 5w ago | Institutional Cluster | $42.34 $42.20 | ▼ −0.33% | ▲ +0.86% | $45.00 (+6.28%) |
Sep 1, 2026 8w ago | 6-K | $41.50 $42.00 | ▲ +1.20% | ▲ +1.12% | $45.00 (+8.43%) |
Jul 2, 2026 16w ago | 6-K | $37.48 $40.10 | ▲ +6.99% | ▲ +6.06% | $45.00 (+20.06%) |
Jun 30, 2026 17w ago | 6-K | $36.79 $40.49 | ▲ +10.06% | ▲ +9.45% | $45.00 (+22.32%) |
US Market Status
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