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GFL

GFL Environmental Inc.

GFL

GFL Environmental Inc. • NYSE
$45.47 ▲ 0.00% (+0.00)
Market Cap $15.79 B
52w High $52.00
52w Low $41.29
Dividend Yield 0.06%
P/E 267.47
Volume 717.04K
Outstanding Shares 347.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.694B ▲ $209M ▼ $114.3M ▼ 6.747% ▼ $0.32 ▼ $589.9M ▼
Q2-2025 $1.675B ▲ $223.2M ▼ $276.3M ▼ 16.494% ▼ $0.72 ▼ $746.2M ▲
Q1-2025 $1.56B ▼ $286.2M ▲ $3.41B ▲ 218.55% ▲ $8.953 ▲ $312.9M ▲
Q4-2024 $1.986B ▲ $274.4M ▲ $-189.1M ▼ -9.522% ▼ $-0.69 ▼ $232.6M ▼
Q3-2024 $1.554B $202.9M $110.4M 7.103% $0.29 $602.1M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $139.723M ▲ $13.897B ▼ $8.292B ▼ $5.465B ▼
Q2-2025 $139.7M ▼ $18.527B ▼ $10.64B ▼ $7.662B ▼
Q1-2025 $537.2M ▲ $19.472B ▼ $11.184B ▼ $8.048B ▲
Q4-2024 $133.8M ▲ $21.207B ▲ $13.986B ▲ $6.978B ▲
Q3-2024 $99.5M $20.139B $13.133B $6.778B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $114.3M ▼ $391.1M ▲ $-414.8M ▲ $79.2M ▲ $54.9M ▲ $101.6M ▲
Q2-2025 $274.2M ▼ $306.1M ▲ $-431.9M ▼ $-255.7M ▲ $-397.5M ▼ $17.1M ▲
Q1-2025 $3.407B ▲ $173.5M ▼ $5.381B ▲ $-5.162B ▼ $403.4M ▲ $-141.1M ▼
Q4-2024 $-199.5M ▼ $565.3M ▲ $-314.5M ▼ $-199.6M ▼ $34.3M ▲ $248.1M ▲
Q3-2024 $110.6M $347.1M $-309.6M $-73.8M $-34.7M $66M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily each year since the IPO, and the core business is clearly scaling up. Profitability has improved from operating losses to positive operating income, showing better cost control and integration of acquisitions. However, bottom-line results are still mixed: the company briefly reported a small profit, then slipped back into a net loss, with earnings per share negative in most years. That suggests a business that is fundamentally improving but still burdened by high non-operating costs such as interest, depreciation, and acquisition-related charges. Margins are moving in the right direction, but they remain relatively thin, and earnings volatility is still a feature of the story.

Balance Sheet

Balance Sheet The balance sheet reflects a large, asset-heavy company that has grown quickly, mostly through acquisitions. Total assets have climbed consistently, and shareholder equity has also trended upward, which is a positive sign for long-term capacity. At the same time, debt levels are high relative to equity, which points to a leveraged capital structure. Cash on hand is modest, so the company relies heavily on ongoing cash generation and access to financing rather than large cash reserves. This mix is common in waste management but makes the business more sensitive to interest rates and refinancing conditions, even as its asset base and scale provide some stability.

Cash Flow

Cash Flow Cash generation from day-to-day operations has improved meaningfully over time and now comfortably covers basic business needs, indicating that the underlying operations are healthy. Free cash flow has shifted from being tight and occasionally negative to generally positive, despite sizable ongoing investments in trucks, landfills, and processing facilities. This shows better balance between growth spending and cash generation. Still, the business remains capital intensive, so management will need to keep carefully pacing capital projects and acquisitions to avoid stretching cash flow too thin in any one period.

Competitive Edge

Competitive Edge GFL is now one of the largest players in North American waste management, with a broad footprint across solid waste, liquid waste, and soil remediation. Its integrated model—owning collection routes, transfer stations, landfills, and recycling facilities—creates cost advantages and makes it harder for smaller rivals to compete. The “one-stop shop” offering builds stickier relationships with customers who prefer a single provider for multiple environmental needs. Scale, permitting barriers, and route density all contribute to a meaningful moat. On the other hand, the company operates in a market with powerful incumbents, relies heavily on acquisitions, and faces ongoing regulatory and environmental scrutiny, which can add complexity and risk.

Innovation and R&D

Innovation and R&D Innovation at GFL is focused on applied technologies that improve efficiency and unlock new revenue streams rather than on traditional lab-style R&D. Key areas include turning landfill gas into renewable natural gas, using advanced robotics and AI for recycling, and modernizing the fleet with cleaner fuels and smarter routing software. These efforts support sustainability goals, can improve margins over time, and help differentiate GFL with customers and regulators. Success will depend on execution, regulatory stability around environmental incentives, and the company’s ability to continuously upgrade systems as technology and packaging standards evolve.

Summary

GFL has grown rapidly into a major North American waste and environmental services provider, with clear improvements in revenue scale, operating profitability, and cash generation since its IPO. The business model benefits from strong structural advantages—high entry barriers, vertical integration, and a broad suite of services—backed by a steady stream of acquisitions. At the same time, the company carries a heavy debt load, thin and sometimes volatile net earnings, and ongoing capital needs, all of which require disciplined financial management. Its push into renewable natural gas, advanced recycling, and digital operations positions it well for tightening environmental standards and rising demand for sustainable solutions. Overall, GFL looks like a maturing, asset-intensive platform balancing the benefits of scale and innovation against leverage and integration risk.

NEWS

November 24, 2025 · 2:00 AM UTC

NBPE Announces October Monthly NAV Estimate

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November 21, 2025 · 6:45 AM UTC

GFL Environmental Inc. Announces Pricing of Secondary Offering by Selling Shareholders and Agreement to Repurchase 1,275,000 Subordinate Voting Shares in Secondary Offering

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November 5, 2025 · 4:05 PM UTC

GFL Environmental Reports Third Quarter 2025 Results and Raises Full Year 2025 Guidance

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October 21, 2025 · 2:00 AM UTC

NBPE - September Monthly Net Asset Value Estimate

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October 8, 2025 · 6:45 AM UTC

GFL Environmental Inc. Sets Date for Q3 2025 Earnings Release

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