EarningsQ2 2026 Earnings Report
DE:36E Q2 2026 EPS Results
Actual EPS€0.12
Consensus EPS€0.14
Beat/MissMissed by -€0.02
One Year Ago EPS€0.16
DE:36E Q2 2026 Revenue Results
Actual Revenue€1.22B
Expected Revenue€1.18B
Beat/MissBeat by +€34.18M
YoY Revenue Growth+16.27%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
DE:36E Upcoming Earnings
GFL Environmental's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:36E Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call painted a largely positive picture: strong revenue (16.3% YoY), healthy pricing (6%+), record/highest-ever Canadian margins (34%), raised full‑year guidance (adjusted EBITDA and adjusted free cash flow upgraded), robust adjusted free cash flow in Q2 ($237M), and active M&A execution with SECURE on track. Headwinds include a steep YoY rise in diesel (~+60%), C&D and special waste volumes down ~10% (driving a modest volume drag and mix headwind), some M&A-related margin/leverage pressure, and FX translation effects. Management emphasized operational leverage, successful cost intensity improvements, and the ability for pricing and commodity tailwinds to support the back half. On balance, the positives (growth, margins, guidance raise, cash flow, M&A progress) outweigh the manageable transitory headwinds (fuel, volumes, FX), resulting in a favorable outlook.Company Guidance
Strong Top-Line Growth
Revenue grew 16.3% year-over-year in Q2 (organic growth 6.4%). Price growth was 6.1% in the quarter and full-year pricing is now expected to finish above 6%, driving a materially stronger revenue outlook.
Raised Full-Year Guidance
Management raised 2026 guidance (second uplift of the year): revenue of $7.52 billion, adjusted EBITDA of $2.29 billion, and adjusted free cash flow of $900 million (assumes cash interest $445M, net CapEx $850M). Guidance reflects >15% adjusted EBITDA growth and nearly 20% adjusted free cash flow growth versus prior year.
Margin Expansion and Operating Leverage
Consolidated adjusted EBITDA margin of 30.4% in Q2; Canadian segment margin reached 34% (the highest ever for the segment). Consolidated adjusted EBITDA margins organically increased 35 basis points YoY; excluding fuel/M&A headwinds, underlying consolidated Q2 margins were up ~125 basis points YoY. Cost of sales (ex D&A/integration) improved ~80 bps (ex-fuel) and SG&A intensity (ex depreciation) improved ~50 bps.
Cash Flow and Balance Sheet Execution
Adjusted free cash flow was $237 million in Q2, ahead of guide. Company issued USD 750 million bonds (significantly oversubscribed) at a tight spread and swapped to Canadian dollars at ~4.5% effective rate. Excluding FX translational effects, net leverage exited the quarter at ~3.9x and is expected to delever to the mid-3s by year-end.
M&A Momentum and Frontier Integration
Closed seven acquisitions in the quarter (including Frontier and six tuck-ins). Frontier's first quarter under GFL ownership performed 'exceptionally well' and management targets significant growth in that Texas market. M&A pipeline remains robust with the ability to deploy an incremental $300–$500 million before year-end.
SECURE Acquisition on Track
SECURE acquisition advanced through Competition Bureau review and integration planning; management expects to close by the beginning of Q4. If closed in Q4, SECURE could add roughly 6% to 2026 adjusted EBITDA and further improve pro forma metrics.
Near-Term Quarterly Outlook
Q3 guidance: consolidated revenue ~ $1.99 billion, adjusted EBITDA margin ~31.2% (about 60 bps ahead of prior year excluding anticipated fuel/M&A drag), and Q3 adjusted free cash flow ~ $235 million.
DE:36E Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed