GFL Environmental Inc
F:36E
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GFL Environmental Inc
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GFL Environmental Inc
GFL Environmental collects, transports, sorts, recycles, and disposes of waste. It serves homes, businesses, municipalities, and industrial customers, handling everyday trash as well as construction debris, recyclable materials, liquid waste, and other hard-to-manage waste streams. The company also provides related environmental services such as landfill and transfer-station operations, so it sits in the middle of the waste-handling chain rather than just running trucks. GFL makes money by charging customers recurring fees for pickup and disposal, plus tipping fees from third parties that use its facilities. In many markets, customers sign contracts for regular service, which gives the business steady demand tied to local population and commercial activity. Recycling and special-waste services add another revenue stream when customers need more than basic garbage collection. What makes GFL’s business model different is that waste management depends on local infrastructure, permits, and long-term customer relationships. The company benefits from owning or controlling the facilities needed to move and process waste, which makes it a practical partner for cities and businesses that need reliable disposal. That gives GFL a role as a utility-like service provider in an essential industry where barriers to entry are meaningful.
GFL Environmental collects, transports, sorts, recycles, and disposes of waste. It serves homes, businesses, municipalities, and industrial customers, handling everyday trash as well as construction debris, recyclable materials, liquid waste, and other hard-to-manage waste streams. The company also provides related environmental services such as landfill and transfer-station operations, so it sits in the middle of the waste-handling chain rather than just running trucks.
GFL makes money by charging customers recurring fees for pickup and disposal, plus tipping fees from third parties that use its facilities. In many markets, customers sign contracts for regular service, which gives the business steady demand tied to local population and commercial activity. Recycling and special-waste services add another revenue stream when customers need more than basic garbage collection.
What makes GFL’s business model different is that waste management depends on local infrastructure, permits, and long-term customer relationships. The company benefits from owning or controlling the facilities needed to move and process waste, which makes it a practical partner for cities and businesses that need reliable disposal. That gives GFL a role as a utility-like service provider in an essential industry where barriers to entry are meaningful.
Beat and raise: GFL said second-quarter results came in ahead of expectations, with revenue up 16.3% and adjusted free cash flow of $237 million, and it raised full-year guidance for the second time this year.
Pricing strong: Price growth was 6.1% in the quarter, 20 basis points better than planned, and management said full-year pricing is now expected to end above 6%.
Volume mixed: Volumes were better than expected overall, but C&D and special waste volumes remained soft, which management linked to a broader macro slowdown.
Margins held up: Adjusted EBITDA margin was 30.4%, despite a major diesel headwind, and management said underlying margins improved meaningfully once fuel and M&A effects are removed.
Guidance up: Full-year 2026 guidance now calls for $7.52 billion of revenue, $2.29 billion of adjusted EBITDA, and $900 million of adjusted free cash flow.
M&A and SECURE: The SECURE acquisition remains on track for a close around the start of the fourth quarter, and management said the deal is not yet included in full-year guidance.
Take-private review: The board formed a special committee after unsolicited take-private interest, and management said it will explore the options while continuing to run the business normally.