GFL Announces Relocation of Headquarters to U.S. to Support Enhanced Global Shareholder Ownership

Rhea-AI Summary

GFL (NYSE: GFL) announced on January 21, 2026 that it has relocated its executive headquarters from Vaughan, Ontario to Miami Beach, Florida while retaining Ontario as its jurisdiction of incorporation and its TSX listing. The move is intended to broaden eligibility for inclusion in major U.S. equity indices while preserving inclusion in Canadian indices including the TSX 60. Management said the U.S. now represents over two thirds of GFL's revenue, with more than half generated in the Southeastern region, and expects the relocation to increase investor visibility and access to U.S. talent. Shared services hubs will be maintained in Vaughan and Raleigh, North Carolina.

Positive

• Broadened index eligibility for major U.S. equity indices
• TSX listing and Ontario incorporation retained, preserving Canadian index eligibility
• U.S. now >2/3 of revenue, supporting U.S. investor relevance
• Maintains shared services hubs in Vaughan and Raleigh to support operations

Negative

• None.

News Market Reaction

+4.79%

12 alerts

+4.79% News Effect

+$735M Valuation Impact

$16.08B Market Cap

0.6x Rel. Volume

On the day this news was published, GFL gained 4.79%, reflecting a moderate positive market reaction. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $735M to the company's valuation, bringing the market cap to $16.08B at that time.

Data tracked by StockTitan Argus on the day of publication.

Market Reality Check

Price: $44.05 Vol: Volume 1,221,252 is at 0....

low vol

$44.05 Last Close

Volume Volume 1,221,252 is at 0.64x the 20-day average of 1,903,945, indicating subdued trading ahead of this announcement. low

Technical Shares at $42.36 are trading below the 200-day MA of $47.08 and about 18.54% under the 52-week high of $52.

Peers on Argus

GFL fell 0.49% while key peers were mixed: CLH -1.96%, WCN -1.47%, CWST -2.09%, ...

GFL fell 0.49% while key peers were mixed: CLH -1.96%, WCN -1.47%, CWST -2.09%, versus modest gains in RSG +0.48% and WM +0.05%. The pattern suggests stock-specific factors rather than a uniform sector move.

Historical Context

5 past events · Latest: Jan 15 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 15	Earnings date set	Neutral	+2.1%	Set date for full-year 2025 results and provided 2026 guidance timing.
Jan 13	Debt offering priced	Negative	-1.2%	Priced US$1.0B 5.500% senior notes due 2034 via U.S. subsidiary.
Jan 13	Debt offering proposed	Negative	-0.8%	Announced proposed US$1.0B senior notes to refinance revolver and for general use.
Jan 02	Dividend declaration	Positive	-0.2%	Declared US$0.0154 cash dividend per share for Q4 2025.
Nov 21	Secondary offering	Negative	-2.3%	Selling shareholders offered 16.6M shares at US$45.15; GFL repurchased 1.275M.

Pattern Detected

Recent financing and secondary offerings have coincided with modestly negative moves, while informational items like earnings dates and dividends have produced mild or flat reactions.

Recent Company History

Over the last few months, GFL has focused on capital structure and shareholder-related actions. A US$1.0 billion senior notes offering and related announcements on Jan 13, 2026 were followed by small share price declines. A quarterly dividend on Jan 2, 2026 saw little reaction. An upcoming full-year 2025 earnings release and 2026 guidance announcement on Jan 15, 2026 coincided with a modest gain. Earlier, a sizeable secondary offering in Nov 2025 aligned with a larger negative move. The current HQ relocation fits into an ongoing period of structural and capital-market positioning.

Market Pulse Summary

This announcement centers on relocating GFL’s executive headquarters from Ontario to Florida while k...

Analysis

This announcement centers on relocating GFL’s executive headquarters from Ontario to Florida while keeping its Ontario incorporation and TSX listing. Management emphasizes alignment with a U.S. revenue base that represents over two thirds of total revenue and potential inclusion in major U.S. equity indices. Set against recent debt offerings, dividends, and internal reorganizations, investors may watch how index eligibility, earnings on Feb 11, 2026, and future capital-markets actions shape the shareholder base.

Key Terms

nyse, tsx, equity indices

3 terms

nyse financial

"GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" ) announced today"

A large, regulated marketplace where stocks and other securities are listed and traded, acting like a global auction house that matches buyers and sellers and helps determine share prices. It matters to investors because listing and trading there provide liquidity, price discovery, and regulatory oversight—making it easier to buy or sell holdings and giving companies a visible platform that can affect credibility and access to capital.

tsx financial

"GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" ) announced today"

TSX is the common shorthand for the Toronto Stock Exchange, Canada’s primary marketplace where shares, bonds and other securities are bought and sold. Think of it as a big shopping mall for investments: prices there show what buyers and sellers currently value a company’s stock, and listings, trading volume and price moves on the TSX can directly affect investor portfolios and signal broader market trends.

equity indices financial

"broaden our eligibility for participation in U.S. equity indices while preserving our"

A group of stocks bundled together and tracked as a single number that shows how that portion of the market is doing; the group can represent an entire market, a sector, or companies of a certain size. Investors use these measures like a thermometer or scorecard to judge overall market health, compare investment performance, and guide decisions about buying, selling or building index-based portfolios.

AI-generated analysis. Not financial advice.

• The Company will continue to grow its existing Canadian footprint and maintain its Canadian jurisdiction of incorporation and TSX listing
• The relocation is intended to broaden GFL's shareholder base via eligibility for inclusion in major U.S. equity indices
• The relocation will not impact GFL's eligibility for inclusion in Canadian indices, including the TSX 60

MIAMI BEACH, FL, Jan. 21, 2026 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") announced today that it has relocated its executive headquarters from Vaughan, Ontario to Miami Beach, Florida. The Company's jurisdiction of incorporation will remain Ontario, Canada. 

"Consistent with our desire to access a wider global investor base across both passive and active strategies, the relocation of our executive headquarters broadens our eligibility for participation in U.S. equity indices while preserving our eligibility for inclusion in Canadian equity indices. We expect this approach to gaining broader index inclusion will increase GFL's visibility with investors and ultimately drive a wider shareholder base," said Patrick Dovigi, Founder and Chief Executive Officer of GFL.

Mr. Dovigi added, "The United States has grown to represent over two thirds of our revenue, more than half of which is generated in the fast-growing Southeastern region. The relocation aligns with our expanding presence in this attractive market and is expected to improve our ability to attract highly skilled talent from the U.S. labor pool. We will continue to maintain our shared services hubs in both Vaughan, Ontario and Raleigh, North Carolina." 

About GFL 
GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.

Forward Looking Statements 
This release includes certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information"), within the meaning of applicable U.S. and Canadian securities laws, respectively, including statements relating to the Company's inclusion in U.S. and Canadian equity indices and growing the Company's shareholder base. Forward-looking information includes all statements that do not relate solely to historical or current facts and may relate to our outlook, financial guidance and anticipated events or results and may include statements regarding our financial performance, financial condition or results, business strategy, growth strategies, budgets, operations and services. Particularly, statements regarding our expectations of future results, performance, achievements, prospects or opportunities and the markets in which we operate are forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or "potential" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved", although not all forward looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances.

Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward- looking information, including but not limited to certain assumptions set out herein; our ability to obtain and maintain existing financing on acceptable terms; our ability to source and execute on acquisitions on terms acceptable to us; currency exchange and interest rates; commodity price fluctuations; our ability to implement price increases and surcharges; changes in waste volumes; labour, supply chain and transportation constraints; inflationary cost pressures; fuel supply and fuel price fluctuations; our ability to maintain a favourable working capital position; the impact of competition; the changes and trends in our industry or the global economy; and changes in laws, rules, regulations, and global standards. Other important factors that could materially affect our forward-looking information can be found in the "Risk Factors" section of GFL's annual information form for the year ended December 31, 2024 and GFL's other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Shareholders, potential investors and other readers are urged to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward- looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this release represents our expectations as of the date of this release (or as the date it is otherwise stated to be made), and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws.

For more information:
Patrick Dovigi
+1 905-326-0101
pdovigi@gflenv.com

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SOURCE GFL Environmental Inc.

FAQ

Why did GFL (NYSE: GFL) move its executive headquarters to Miami Beach on January 21, 2026?

GFL said the relocation aims to broaden eligibility for major U.S. equity indices and increase visibility with U.S. and global investors.

Will GFL (NYSE: GFL) keep its Canadian incorporation and TSX listing after the move?

Yes. GFL will remain incorporated in Ontario and will maintain its TSX listing, preserving eligibility for Canadian indices including the TSX 60.

How much of GFL's revenue is generated in the United States according to the announcement?

Management stated the United States represents over two thirds of GFL's revenue, with more than half from the Southeastern region.

Will GFL close its Canadian operations after relocating the executive headquarters?

No. GFL will continue to grow its Canadian footprint and maintain shared services hubs in Vaughan and Raleigh, North Carolina.

How does the headquarters move affect GFL's ability to hire U.S. talent?

GFL expects the Miami Beach headquarters to improve its ability to attract highly skilled talent from the U.S. labor pool.