NYSE : GFL
GFL Environmental Inc. — Financial statements
Industrials · Waste Management · United States
Last price 45.21 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 19.70B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
GFL Environmental Inc. (GFL) reported revenue of 7.43B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 7.43B | 6.62B | 6.14B | 7.52B | 6.76B | 5.14B |
| Cost of Revenue | 5.96B | 5.25B | 5.01B | 6.23B | 5.94B | 4.64B |
| Gross Profit | 1.47B | 1.37B | 1.13B | 1.28B | 823.40M | 498.80M |
| Selling, General & Admin | 1.04B | 967.40M | 864.50M | 895.50M | 675.40M | 498.50M |
| Operating Expenses | 1.04B | 967.40M | 864.50M | 895.50M | 675.40M | 498.50M |
| Operating Income | 428.70M | 399.90M | 264.30M | 389.20M | 148.00M | 300.00K |
| Interest Expense | -526.80M | -489.80M | -586.30M | -551.30M | -440.90M | -345.60M |
| Earnings From Equity Investments | 14.50M | -39.00M | 18.20M | -61.60M | 20.70M | |
| Currency Exchange Gain (Loss) | -111.40M | 256.90M | -291.20M | 72.90M | -217.70M | -16.20M |
| Other Non Operating Income (Expenses) | -382.60M | -146.30M | -32.60M | -148.30M | 211.20M | -387.20M |
| EBT Excluding Unusual Items | -577.60M | -18.30M | -627.60M | -299.10M | -278.70M | -748.70M |
| Merger & Restructuring Charges | -52.90M | -93.70M | -80.80M | -89.30M | ||
| Gain (Loss) on Sale of Investments | 193.20M | 193.20M | ||||
| Gain (Loss) on Sale of Assets | 101.20M | 82.50M | -479.10M | 593.60M | 200.00K | 151.10M |
| Other Unusual Items | -30.50M | -30.50M | -17.20M | -8.70M | -49.30M | |
| Pretax Income | -366.60M | 226.90M | -1.12B | 192.10M | -359.30M | -736.20M |
| Income Tax Expense | -74.40M | -14.20M | -226.40M | 159.90M | -176.10M | -109.20M |
| Earnings From Continuing Operations | -292.20M | 241.10M | -897.50M | 32.20M | -183.20M | -627.00M |
| Earnings From Discontinued Operations | -48.50M | 3.57B | 159.80M | -127.90M | 20.20M | |
| Net Income to Company | -340.70M | 3.81B | -737.70M | 32.20M | -311.10M | -606.80M |
| Minority Interest in Earnings | 22.40M | 20.70M | 15.00M | 13.20M | -700.00K | |
| Net Income | -318.30M | 3.83B | -722.70M | 45.40M | -311.80M | -606.80M |
| Preferred Dividends & Other Adjustments | 50.40M | 50.40M | 80.30M | 92.20M | 53.60M | |
| Net Income to Common | -368.70M | 3.78B | -803.00M | -46.80M | -311.80M | -660.40M |
| Shares Outstanding (Basic) | 366.28M | 369.56M | 380.84M | 369.66M | 288.70M | 361.57M |
| Shares Outstanding (Diluted) | 366.28M | 378.69M | 380.84M | 369.66M | 288.70M | 361.57M |
| EPS (Basic) | -1.01 | 10.24 | -2.11 | -0.13 | -1.08 | -1.83 |
| EPS (Diluted) | -1.01 | 9.99 | -2.11 | -0.13 | -1.08 | -1.83 |
| Free Cash Flow | 234.30M | 174.60M | 347.20M | -74.70M | 331.10M | 250.70M |
| Free Cash Flow Per Share | 0.64 | 0.46 | 0.91 | -0.20 | 1.15 | 0.69 |
| Dividend Per Share | 0.06 | 0.08 | 0.08 | 0.07 | 0.06 | 0.06 |
| Gross Margin | 19.78% | 20.67% | 18.39% | 17.09% | 12.18% | 9.71% |
| Operating Margin | 5.77% | 6.04% | 4.30% | 5.18% | 2.19% | 0.01% |
| Profit Margin | -4.96% | 57.19% | -13.08% | -0.62% | -4.61% | -12.86% |
| Free Cash Flow Margin | 3.15% | 2.64% | 5.66% | -0.99% | 4.90% | 4.88% |
| EBITDA | 1.79B | 1.62B | 1.73B | 1.80B | 1.60B | 1.34B |
| EBITDA Margin | 24.07% | 24.56% | 28.21% | 24.01% | 23.67% | 26.04% |
| D&A For EBITDA | 1.36B | 1.23B | 1.47B | 1.41B | 1.45B | 1.34B |
| EBIT | 428.70M | 399.90M | 264.30M | 389.20M | 148.00M | 300.00K |
| EBIT Margin | 5.77% | 6.04% | 4.30% | 5.18% | 2.19% | 0.01% |
| Effective Tax Rate | 83.24% |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 296.50M | 85.60M | 133.80M | 135.70M | 82.10M | 190.40M |
| Cash & Short-Term Investments | 296.50M | 85.60M | 133.80M | 135.70M | 82.10M | 190.40M |
| Accounts Receivable | 1.61B | 781.70M | 1.15B | 1.06B | 1.10B | 1.05B |
| Other Receivables | 55.40M | 116.30M | 113.60M | 66.60M | 16.80M | 85.90M |
| Receivables | 1.67B | 898.00M | 1.26B | 1.13B | 1.12B | 1.13B |
| Prepaid Expenses | 395.90M | 119.70M | 193.00M | 123.40M | 98.70M | 88.60M |
| Other Current Assets | 60.90M | 107.70M | 98.20M | 84.20M | 82.00M | |
| Total Current Assets | 2.36B | 1.16B | 1.70B | 1.49B | 1.38B | 1.50B |
| Property, Plant & Equipment | 9.61B | 7.32B | 7.85B | 6.98B | 6.54B | 6.01B |
| Long-Term Investments | 1.85B | 1.90B | 344.40M | 319.00M | 326.60M | |
| Goodwill | 12.58B | 6.89B | 8.07B | 7.89B | 8.18B | 7.50B |
| Other Intangible Assets | 2.29B | 1.76B | 2.83B | 3.06B | 3.25B | 3.33B |
| Long-Term Deferred Tax Assets | 209.30M | 64.80M | ||||
| Other Long-Term Assets | 341.50M | 256.80M | 207.40M | 82.90M | 90.20M | 59.10M |
| Total Assets | 29.03B | 19.30B | 21.21B | 19.88B | 19.77B | 18.40B |
| Accounts Payable | 2.35B | 850.80M | 812.30M | 711.00M | 656.70M | 565.70M |
| Accrued Expenses | 739.70M | 836.30M | 760.30M | 652.90M | 555.30M | |
| Current Portion of Long-Term Debt | 14.20M | 1.15B | 15.50M | 42.70M | 86.90M | |
| Current Portion of Leases | 99.30M | 59.90M | 69.40M | 59.60M | 51.50M | 50.90M |
| Current Income Taxes Payable | 1.70M | 5.70M | 25.80M | |||
| Current Unearned Revenue | 297.80M | 231.60M | 207.80M | 248.10M | 198.70M | |
| Other Current Liabilities | 68.70M | 44.00M | 51.70M | 56.20M | 1.04B | 39.10M |
| Total Current Liabilities | 2.54B | 2.00B | 3.15B | 1.81B | 2.69B | 1.52B |
| Long-Term Debt | 11.66B | 7.42B | 8.85B | 8.83B | 9.26B | 8.02B |
| Long-Term Leases | 605.70M | 450.60M | 477.20M | 383.40M | 327.30M | 257.40M |
| Long-Term Deferred Tax Liabilities | 754.00M | 777.70M | 464.50M | 534.00M | 582.60M | 723.90M |
| Other Long-Term Liabilities | 1.58B | 1.16B | 1.04B | 935.10M | 863.90M | 2.10B |
| Total Liabilities | 17.13B | 11.81B | 13.99B | 12.49B | 13.72B | 12.62B |
| Common Stock | 11.52B | 7.01B | 9.94B | 9.84B | 8.64B | 8.46B |
| Additional Paid-In Capital | 254.40M | 205.70M | 151.30M | 149.50M | 109.60M | 77.40M |
| Retained Earnings | -248.70M | 229.50M | -3.57B | -2.82B | -2.84B | -2.51B |
| Comprehensive Income & Other | 195.00M | -140.80M | 462.60M | 15.10M | 130.30M | -253.70M |
| Total Common Equity | 11.72B | 7.30B | 6.98B | 7.18B | 6.04B | 5.78B |
| Minority Interest | 176.00M | 182.60M | 243.30M | 209.10M | 6.90M | |
| Shareholders' Equity | 11.90B | 7.49B | 7.22B | 7.39B | 6.04B | 5.78B |
| Total Liabilities & Equity | 29.03B | 19.30B | 21.21B | 19.88B | 19.77B | 18.40B |
| Total Debt | 12.38B | 7.93B | 10.55B | 9.29B | 9.68B | 8.41B |
| Net Cash (Debt) | -12.08B | -7.85B | -10.42B | -9.15B | -9.60B | -8.22B |
| Net Cash Per Share | -32.98 | -20.72 | -27.35 | -24.76 | -33.24 | -22.74 |
| Filing Date Shares Outstanding | 436.02M | 357.92M | 393.38M | 371.16M | 343.44M | 338.29M |
| Total Common Shares Outstanding | 436.02M | 357.92M | 393.38M | 371.16M | 343.44M | 338.29M |
| Working Capital | -174.60M | -833.70M | -1.46B | -325.40M | -1.31B | -26.70M |
| Book Value Per Share | 26.89 | 20.40 | 17.74 | 19.34 | 17.58 | 17.07 |
| Tangible Book Value | -3.14B | -1.35B | -3.92B | -3.77B | -5.39B | -5.05B |
| Tangible Book Value Per Share | -7.21 | -3.77 | -9.97 | -10.16 | -15.69 | -14.94 |
| Land | 2.30B | 1.83B | 2.10B | 1.81B | 1.69B | 1.48B |
| Machinery | 6.05B | 4.39B | 4.70B | 4.11B | 3.68B | 3.21B |
| Construction In Progress | 203.60M | 145.90M | 208.20M | 148.70M | 51.60M | 69.30M |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -318.30M | 3.83B | -722.70M | 45.40M | -311.80M | -606.80M |
| Depreciation & Amortization | 1.54B | 1.32B | 1.57B | 1.49B | 1.53B | 1.39B |
| Other Amortization | 14.00M | 33.60M | 22.70M | 18.60M | 13.80M | 21.70M |
| Loss (Gain) From Sale of Assets | 4.36B | -84.00M | 479.60M | -593.60M | -200.00K | -151.40M |
| Loss (Gain) on Equity Investments | -14.50M | 39.00M | -18.20M | 61.60M | -20.70M | |
| Stock-Based Compensation | 143.50M | 151.50M | 104.70M | 124.80M | 55.10M | 45.70M |
| Other Operating Activities | 135.50M | 442.20M | 124.20M | -197.10M | -201.20M | 282.80M |
| Change in Accounts Receivable | -148.80M | 49.20M | -109.20M | 57.70M | -221.00M | -138.00M |
| Change in Accounts Payable | 74.10M | -75.50M | 134.40M | -3.40M | 160.40M | 73.30M |
| Change in Other Net Operating Assets | -30.80M | -31.50M | -43.10M | -23.30M | -24.90M | -22.40M |
| Operating Cash Flow | 1.40B | 1.32B | 1.54B | 980.40M | 1.10B | 897.90M |
| Capital Expenditures | -1.16B | -1.14B | -1.19B | -1.06B | -765.20M | -647.20M |
| Sale of Property, Plant & Equipment | 76.30M | 58.40M | 61.30M | 61.80M | 22.40M | 259.70M |
| Cash Acquisitions | -2.94B | -983.20M | -649.50M | -966.30M | -1.33B | -2.30B |
| Divestitures | -5.30M | 5.81B | 86.00M | 1.65B | 341.70M | |
| Investment in Securities | 7.00M | 212.90M | 10.80M | |||
| Investing Cash Flow | -4.02B | 3.96B | -1.68B | -310.40M | -1.73B | -2.69B |
| Long-Term Debt Issued | 2.63B | 3.24B | 4.97B | 1.66B | 3.82B | |
| Total Debt Issued | 7.60B | 2.63B | 3.24B | 4.97B | 1.66B | 3.82B |
| Short-Term Debt Repaid | -2.90M | -5.80M | ||||
| Long-Term Debt Repaid | -4.93B | -3.01B | -5.51B | -1.05B | -2.15B | |
| Lease Payments | -120.70M | -115.00M | -103.80M | -116.00M | -69.80M | -74.00M |
| Total Debt Repaid | -4.47B | -4.94B | -3.02B | -5.51B | -1.05B | -2.15B |
| Net Debt Issued (Repaid) | 3.13B | -2.30B | 224.60M | -533.80M | 610.90M | 1.66B |
| Issuance of Common Stock | 372.50M | |||||
| Repurchase of Common Stock | -279.90M | -2.97B | ||||
| Dividends Paid | -32.10M | -31.10M | -28.20M | -25.00M | -20.70M | -17.90M |
| Other Financing Activities | -89.30M | -14.70M | -33.20M | -44.00M | -21.20M | -54.20M |
| Financing Cash Flow | 2.72B | -5.32B | 163.20M | -602.80M | 569.00M | 1.96B |
| Foreign Exchange Rate Adjustments | 1.30M | -5.90M | -20.90M | -13.60M | -39.40M | -12.20M |
| Net Cash Flow | 101.90M | -48.20M | -1.90M | 53.60M | -108.30M | 163.20M |
| Free Cash Flow | 234.30M | 174.60M | 347.20M | -74.70M | 331.10M | 250.70M |
| Free Cash Flow Margin | 3.15% | 2.64% | 5.66% | -0.99% | 4.90% | 4.88% |
| Free Cash Flow Per Share | 0.64 | 0.46 | 0.91 | -0.20 | 1.15 | 0.69 |
| Levered Free Cash Flow | 259.29M | 792.91M | 285.05M | -434.21M | 1.86B | 598.49M |
| Unlevered Free Cash Flow | 574.54M | 1.07B | 628.79M | -108.25M | 2.13B | 792.79M |
| Free Cash Flow After Leases | 113.60M | 59.60M | 243.40M | -190.70M | 261.30M | 176.70M |
| Cash Interest Paid | 449.80M | 449.20M | 490.40M | 517.30M | 415.20M | 339.90M |
| Cash Income Tax Paid | 50.10M | 34.30M | 43.80M | 411.60M | 24.40M | 11.00M |
| Change in Working Capital | -105.50M | -57.80M | -17.90M | 31.00M | -85.50M | -87.10M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 19.72B | 15.43B | 17.52B | 12.81B | 10.03B | 12.70B |
| Enterprise Value | 28.50B | 21.17B | 24.57B | 19.87B | 17.11B | 18.77B |
| Last Close Price | 45.21 | 42.88 | 44.41 | 34.36 | 29.06 | 37.56 |
| PE Ratio | 5.59 | |||||
| PS Ratio | 3.77 | 3.20 | 4.11 | 2.25 | 2.01 | 3.13 |
| PB Ratio | 2.35 | 2.83 | 3.49 | 2.29 | 2.25 | 2.78 |
| P/FCF Ratio | 117.55 | 121.17 | 72.60 | 41.01 | 64.13 | |
| P/OCF Ratio | 19.74 | 16.08 | 16.37 | 17.25 | 12.38 | 17.90 |
| EV/Sales Ratio | 5.44 | 4.39 | 5.76 | 3.49 | 3.43 | 4.62 |
| EV/EBITDA Ratio | 22.62 | 17.86 | 20.41 | 14.54 | 14.47 | 17.76 |
| EV/EBIT Ratio | 94.39 | 72.60 | 133.76 | 67.42 | 156.49 | 79,190.25 |
| EV/FCF Ratio | 169.91 | 166.27 | 101.82 | 69.95 | 94.76 | |
| Debt / Equity Ratio | 1.04 | 1.06 | 1.46 | 1.26 | 1.60 | 1.46 |
| Debt / EBITDA Ratio | 6.52 | 4.62 | 5.76 | 4.94 | 5.78 | 6.04 |
| Debt / FCF Ratio | 52.82 | 45.44 | 30.38 | 29.23 | 33.55 | |
| Net Debt / Equity Ratio | 1.01 | 1.05 | 1.44 | 1.24 | 1.59 | 1.42 |
| Net Debt / EBITDA Ratio | 6.75 | 4.83 | 6.01 | 5.07 | 6.00 | 6.15 |
| Net Debt / FCF Ratio | 51.56 | 44.95 | 30.00 | -122.53 | 28.98 | 32.79 |
| Asset Turnover | 0.31 | 0.33 | 0.30 | 0.38 | 0.35 | 0.30 |
| Quick Ratio | 0.78 | 0.49 | 0.44 | 0.70 | 0.45 | 0.87 |
| Current Ratio | 0.93 | 0.58 | 0.54 | 0.82 | 0.51 | 0.98 |
| Return on Equity (ROE) | -2.96% | 3.28% | -12.29% | 0.48% | -3.10% | -11.05% |
| Return on Assets (ROA) | 1.11% | 1.23% | 0.80% | 1.23% | 0.48% | 0.00% |
| Return on Invested Capital (ROIC) | 2.07% | 2.43% | 1.55% | 0.40% | 1.00% | 0.00% |
| Return on Capital Employed (ROCE) | 1.60% | 2.30% | 1.50% | 2.20% | 0.90% | 0.00% |
| Earnings Yield | -1.59% | 18.12% | -2.87% | 0.27% | -2.30% | -3.77% |
| FCF Yield | 0.85% | 0.83% | 1.38% | -0.44% | 2.44% | 1.56% |
| Dividend Yield | 0.15% | 0.14% | 0.13% | 0.15% | 0.16% | 0.12% |
| Payout Ratio | 0.81% | 55.07% | ||||
| Buyback Yield / Dilution | 4.65% | 0.56% | -3.03% | -28.04% | 20.15% | -0.33% |
| Total Shareholder Return | 4.80% | 0.71% | -2.90% | -27.89% | 20.32% | -0.21% |