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GFL Environmental
GFL Environmental (GFL) investor relations material
GFL Environmental Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved record 30% Adjusted EBITDA margin in 2025, with Q4 margin at 30.2%, driven by operational efficiencies and pricing initiatives, marking the first time in company history to reach this level.
Full year 2025 revenue grew 9.5% year-over-year excluding divestitures, with Adjusted EBITDA up 12.8% and Adjusted Free Cash Flow up 23.6%.
Net income from continuing operations was $241.1 million for 2025, a turnaround from a net loss of $897.5 million in 2024.
Completed over $3 billion in share repurchases, reducing outstanding subordinate voting shares by over 10%.
Net leverage improved to 3.4x, the lowest year-end level in company history.
Financial highlights
Q4 2025 revenue was $1,686.4 million, up 7.3% year-over-year, with 6.4% from core pricing.
Q4 Adjusted EBITDA was $508.7 million, up 11.1% year-over-year, with margin expanding 110 basis points to 30.2%.
Full year 2025 Adjusted EBITDA was $1,985.0 million; Adjusted Free Cash Flow was $755.9 million, up from $611.4 million in 2024.
Cash flow from operating activities for 2025 was $1,316.0 million.
Adjusted income per share from continuing operations was $0.77 basic and $0.75 diluted for 2025.
Outlook and guidance
2026 revenue expected at ~$7 billion ($7.14 billion constant currency), up 8% year-over-year.
2026 Adjusted EBITDA projected at $2.14 billion ($2.185 billion constant currency), up 10%, with margin expansion of 60 basis points to 30.6%.
Adjusted Free Cash Flow for 2026 guided to $835 million ($860 million constant currency), up 14%.
Net CapEx for 2026 projected at ~$800 million; cash interest at $395 million.
Net leverage targeted to remain in the low to mid-3x range by year-end 2026.
How does 2026 guidance reflect M&A strategy?
What drives 2028 low-to-mid 30s margin goal?
Future share repurchases given leverage target?
M&A capacity without equity beyond $1B target
Impact of US index inclusion on shareholder base
RNG/EPR contribution vs. Investor Day plan
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Next GFL Environmental earnings date
Q1 202630 Apr, 2026
GFL Environmental
Next GFL Environmental earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
How GFL Environmental is making money in the waste management industry
GFL Environmental is one of the largest waste management companies in North America, offering a range of services to customers in the municipal, commercial, and industrial sectors. The company generates revenue through a variety of channels, including waste collection and disposal, recycling, and remediation services.
Expanding through acquisitions
One of the key strategies that GFL Environmental has employed to grow its revenue base is expanding through acquisitions. The company has made several high-profile acquisitions in recent years, including the purchase of Waste Industries in 2019, which expanded its presence in the southeastern US.
GFL has also acquired smaller waste management companies in Canada and the US, allowing it to tap into new markets and diversify its revenue streams. Other publicly listed companies in the waste management space, such as Waste Management, Republic Services, and Stericycle, have also employed similar strategies to expand their reach and grow their revenue streams.
Diversification of revenue streams
Another important factor in GFL Environmental's revenue growth is its diversification of revenue streams. The company offers a range of waste management services, including waste collection and disposal, recycling, and remediation services, which helps to mitigate risks associated with fluctuations in individual markets. GFL has also expanded into new markets, such as liquid waste management and hazardous waste management, which provide additional sources of revenue.
Emphasis on sustainability
In addition to its core waste management services, GFL Environmental has also placed a strong emphasis on sustainability. The company has invested in new technologies and processes to reduce waste, increase recycling rates, and minimize its environmental impact. This has helped GFL to attract environmentally conscious customers and position itself as a leader in the industry. Along with GFL, Veolia and Suez, have also made sustainability a key priority.
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