GFL Environmental raises 2025 guidance after strong Q3

GFL Environmental Inc. reported increases in both revenue and net income for the third quarter of 2025, causing it to raise its full-year guidance for the second time this year.

The Vaughan, Ontario-based firm reported CA$1.69 billion ($1.19 billion) in revenue for the third quarter ending Sept. 30, up 9 percent against the same period in 2024. Net income also increased CA$108.1 million ($76.4 million) compared with CA$41.7 million ($29.5 million) in 2024.

Through nine months, GFL reported a 10.2 percent increase in revenue to CA$4.93 billion ($3.49 billion). Net income during the same period was reported at $168.4 million ($119.2 million), a significant increase compared with a net loss of CA$686.1 million ($485.4 million) through the same period in 2024.

“The ongoing strength of our financial performance in the face of continued external headwinds further underscores the resiliency of our business model and effectiveness of our strategies,” CEO Patrick Dovigi said during the firm’s third quarter earnings call on Nov. 6.

Dovigi added that GFL repurchased CA$350 million ($247.7 million) worth of shares in the third quarter and CA$2.8 billion ($1.98 billion) in the first nine months.

GFL estimates its revenue to be between CA$6.58 billion ($4.66 billion) and CA$6.6 billion $4.67 billion) for 2025. It says this guidance includes the expected contribution of acquisitions net of divestitures completed to date, but excludes any impact from acquisitions not yet completed.

Dovigi said on the call that the firm has deployed more than CA$650 million ($459.9 million) in mergers and acquisitions for 2025 and anticipates more deals to close in the first quarter of 2026. He added that GFL will continue to be opportunistic in its approach to acquisitions.

“We think the results speak for themselves,” Dovigi said. “Our focus is singular and our path forward is clear, even in the face of uncertain economic environment, the setup for 2026 is simple and clear. We are very confident in our operating plan, as you have witnessed quarter after quarter, our M&A pipeline has never been stronger, and we now have the balance sheet that allows us to keep repurchasing our own shares at what we believe to be dislodged prices.”