All financial information is in Canadian dollars.

• Strong start to 2026: GFL Environmental beat its expectations on revenue, adjusted free cash flow and adjusted earnings before income, taxes, depreciation and amortization in Q1, the company disclosed Wednesday. That was fueled in part by pricing tailwinds and other growth in the underlying business. "We think that this early outperformance should carry forward through the rest of the year and represent upside to our original guide," CEO Patrick Dovigi said on the company's earnings call on Thursday.
• Secure feedback: GFL has faced scrutiny over its proposed deal to acquire Secure Waste Infrastructure, and its stock price has not recovered to pre-announcement levels. An investor with a 10% stake in the latter company has disclosed plans to vote against the deal, though two other fund managers with a combined 20% stake have said they're in favor. Dovigi said he's had 60 to 70 calls with shareholders since the deal was announced, and said he did not anticipate the amount of educating he'd need to do about the proposal.
• Deal prospects: Nevertheless, executives reiterated the upside in cash flow that Secure would provide, as well as synergies between the two businesses. Dovigi added Secure's post-collection asset portfolio in Western Canada is “impossible to replicate,” and noted they would complement GFL's collection business in the region. The vote on the Secure Waste deal is scheduled for May. If it's approved, Dovigi said he hoped to finalize the transaction by September or October, in time to see benefits from Secure's business in Q4.
• Bigger in Texas: Executives also highlighted the company's acquisition of Dallas-based Frontier Waste. While GFL already had a presence in Houston, the transaction opens up the Texas Triangle region, which includes Dallas and San Antonio, to the company. Dovigi said GFL plans to double its revenue in Texas over the next five years off the back of that transaction, including through more M&A. GFL also anticipates completing projects that Frontier had already set in motion, such as a C&D recycling plant at a C&D landfill.
• Volumes: GFL reported tough comparisons year over year on volume due to hurricane-related waste that boosted activity in 2025. Excluding those impacts, though, volumes were up 80 basis points. Special waste and tonnage from GFL's extended producer responsibility contracts in Canada offset continued softness in C&D volumes, which executives said would likely continue due to macroeconomic factors.
• Pricing and commodities: GFL logged price growth of 7% overall, up over the previous quarter and ahead of plan. Pricing also drove strong margin improvements in GFL's Canadian business compared to its U.S. business due to the repricing of collection contracts in line with EPR program rollouts that began on Jan. 1. Meanwhile, the company's overall recycling commodity price was $15 per ton higher than anticipated, and CFO Luke Pelosi said "this is the first time in a while when it feels like commodity prices may have bottomed." 
• Diesel costs: GFL's diesel costs are up nearly 10% year over year and were up 40% in March due to rising fuel prices as a result of the Iran war. That caused a $10 million headwind to the company's performance in Q1. Pelosi said fuel surcharges baked into GFL's contracts should recover enough revenue to offset those expenses by the end of Q2. He noted if prices saw a similar run up in the coming months, the company would see a similar cost recovery timeline.
• M&A fuels guidance: The company raised its full-year revenue guidance by more than $300 million in part because of its eight year-to-date acquisitions. Those are expected to generate at least $425 million in annualized revenue. The company is still planning to spend $300 million to $500 million on additional M&A before the end of the year, Dovigi said. GFL also plans to provide a more detailed full-year guidance update on its Q2 earnings call.