GFL Environmental Q2 2026: Revenue Climbs 16%, Adjusted EBITDA Up 15%, but Net Loss Deepens on FX and Acquisition Costs
GFL sits 24% above its 52-week low of $33.33.
Summary
GFL Environmental reported Q2 2026 revenue of $1.95 billion, up 16.3%, and Adjusted EBITDA of $591.2 million, up 14.8%, but a net loss of $162.6 million due to non-cash FX losses and acquisition-related charges. The company also disclosed $1.6 billion in acquisitions and $2.5 billion in new debt issuances.
Key Events · Earnings and Guidance · GFL
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Q2 Revenue and Adjusted EBITDA Growth
Revenue increased 16.3% to $1,947.8 million, driven by 6.1% core pricing and 9.9% from acquisitions. Adjusted EBITDA rose 14.8% to $591.2 million, with margin of 30.4%.
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Net Loss Driven by Non-Cash Items
Net loss of $162.6 million included a $98.3 million non-cash foreign exchange loss on U.S. dollar debt revaluation and a $20.0 million change in Call Option value.
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Significant Acquisition Activity
Acquired 10 businesses in H1 2026 for total consideration of $1,604.5 million, funded with $1,385.2 million cash and $156.4 million in shares.
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Major Debt Issuances Increase Leverage
Issued $1,421.0 million of 5.500% 2034 Notes and $1,065.8 million of 5.625% 2031 Notes; total long-term debt rose to $9,599.2 million from $7,422.6 million at year-end 2025.
Analysis · GFL · Energy & Transportation
GFL Environmental delivered robust top-line growth in Q2 2026, with revenue advancing 16.3% to $1.95 billion, fueled by pricing gains and acquisitions. Adjusted EBITDA rose 14.8% to $591.2 million, underscoring solid operational leverage. Yet the bottom line swung to a net loss of $162.6 million, primarily reflecting a $98.3 million non-cash foreign exchange loss on U.S. dollar debt revaluation and a $20 million charge tied to the Call Option. The company also disclosed $1.6 billion in acquisitions during the first half and issued $2.5 billion in new senior notes, significantly increasing leverage. While the core waste business is performing well, heavy acquisition spending and rising interest costs are pressuring earnings and cash flows.
At the time of this filing, GFL was trading at $41.32 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $14.9B. The 52-week trading range was $33.33 to $51.51. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.