GFL Environmental Inc. (NYSE: GFL) priced a secondary offering of 16,611,295 subordinate voting shares at $45.15 per share on November 21 2025, with RBC Capital Markets and RBC Dominion Securities acting as underwriters. The offering is a secondary transaction, meaning the shares are being sold by existing shareholders rather than issued by GFL itself, and the proceeds will go to those shareholders rather than to the company’s balance sheet.
In addition to the offering, GFL’s board approved a share‑repurchase program to cancel 1,275,000 shares. The repurchase, also executed through RBC Dominion Securities, is intended to reduce the number of outstanding shares and support the company’s share price, offsetting the dilution created by the large secondary offering.
The announcement triggered a 2.3 % decline in GFL’s pre‑market trading on the day of the pricing, reflecting investors’ concern over the increased supply of shares. The market reaction is consistent with the company’s history of secondary offerings by major shareholders—most recently a 21 million‑share offering in March 2024 and a $594 million offering in April 2021—indicating a pattern of liquidity moves by institutional holders.
GFL’s Q3 2025 results, released earlier in the year, showed revenue up 9.0 % and adjusted EBITDA up 12.0 % year‑over‑year, prompting the company to raise its full‑year 2025 guidance for both metrics. The strong operating performance underscores the company’s ability to generate cash flow, which supports its decision to pursue a share‑repurchase while also allowing existing shareholders to realize liquidity from the secondary offering.
GFL is the fourth‑largest diversified environmental services company in North America, serving solid‑waste management customers across Canada and 18 U.S. states with a workforce of roughly 15,000 employees. The prospectus supplement for the offering is expected on or about November 24 2025, providing additional details on the transaction and the company’s financial outlook.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.