GFL Environmental Inc. (GFL) Financial Statements

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GFL Environmental financial statements at a glance

GFL Environmental reported revenue of 6.62 billion CAD for fiscal year 2025 (ended December 31, 2025), down 15.8% from fiscal year 2024. Net income was 3.78 billion CAD, a net margin of 57.2%, and diluted earnings per share were 9.99 CAD.

At the end of fiscal year 2025 it had total assets of 19.30 billion CAD, total liabilities of 11.81 billion CAD and shareholders' equity of 7.30 billion CAD, with cash and short-term investments of 85.60 million CAD and total debt of 7.93 billion CAD.

Its operations brought in 1.32 billion CAD of cash; capital spending was 1.14 billion CAD, leaving free cash flow of 174.60 million CAD.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in CAD; latest fiscal year ended December 31, 2025.

GFL logo

GFL Environmental Inc.

GFLUnited States
Commercial Services
CAD (Local)

Income Statement

Annual • CAD

Total Revenue
6.62B
Prev Year: 7.86B
YoY: -15.8%
Operating Revenue
6.62B
Prev Year: 7.86B
YoY: -15.8%
Diluted EPS
9.99
Prev Year: -2.11
YoY: +573.5%
Basic EPS
10.24
Prev Year: -2.11
YoY: +585.3%
Preferred Stock Dividends
50.40M
Prev Year: 80.30M
YoY: -37.2%
Other Income Expense
391.70M
Prev Year: -743.60M
YoY: +152.7%
Other Non-operating Income (expense)
181.80M
Prev Year: 27.00M
YoY: +573.3%
Special Income Charges
82.50M
Prev Year: -479.60M
YoY: +117.2%
Gain on Sale of Property, Plant and Equipment
91.10M
Prev Year: 2.20M
YoY: +4040.9%
Gain on Sale of Business
-8.60M
Prev Year: -481.80M
YoY: +98.2%
Equity in Earnings of Affiliates
-39.00M
Prev Year: 18.20M
YoY: -314.3%
Gain on Sale of Securities
166.40M
Prev Year: -309.20M
YoY: +153.8%
Other Operating Expenses
53.90M
Prev Year: 41.50M
YoY: +29.9%
Cost of Revenue
5.25B
Prev Year: 6.38B
YoY: -17.7%
Gross Profit
1.37B
Prev Year: 1.49B
YoY: -8.0%
Operating Expense
1.02B
Prev Year: 1.07B
YoY: -4.6%
Selling General and Administrative
967.40M
Prev Year: 1.03B
YoY: -6.0%
Operating Income
346.00M
Prev Year: 415.00M
YoY: -16.6%
Net Non Operating Interest Income Expense
-510.80M
Prev Year: -616.20M
YoY: +17.1%
Non-operating Interest Expense
456.20M
Prev Year: 572.70M
YoY: -20.3%
Total Other Finance Cost
54.60M
Prev Year: 43.50M
YoY: +25.5%
Pre-tax Income
226.90M
Prev Year: -944.80M
YoY: +124.0%
Provision for Income Taxes
-14.20M
Prev Year: -207.10M
YoY: +93.1%
Net Income Common Stockholders
3.78B
Prev Year: -803.00M
YoY: +571.2%
Net Income
3.83B
Prev Year: -722.70M
YoY: +630.5%
Net Income Including Non-Controlling Interests
3.81B
Prev Year: -737.70M
YoY: +616.9%
Net Income from Continuing Operations
241.10M
Prev Year: -737.70M
YoY: +132.7%
Net Income from Discontinued Operations
3.57B
Noncontrolling Interests
20.70M
Prev Year: 15.00M
YoY: +38.0%
Diluted NI Available to Com Stockholders
3.78B
Prev Year: -803.00M
YoY: +571.2%
Total Expenses
6.27B
Prev Year: 7.45B
YoY: -15.8%
Net Income from Continuing and Discontinued Operation
3.83B
Prev Year: -722.70M
YoY: +630.5%
Normalized Income
65.17M
Prev Year: -106.80M
YoY: +161.0%
Interest Expense
456.20M
Prev Year: 572.70M
YoY: -20.3%
Net Interest Income
-510.80M
Prev Year: -616.20M
YoY: +17.1%
EBIT
683.10M
Prev Year: -372.10M
YoY: +283.6%
EBITDA
2.00B
Prev Year: 1.20B
YoY: +67.2%
Reconciled Cost of Revenue
5.25B
Prev Year: 6.38B
YoY: -17.7%
Net Income from Continuing Operation Net Minority Interest
261.80M
Prev Year: -722.70M
YoY: +136.2%
Total Unusual Items Excluding Goodwill
248.90M
Prev Year: -788.80M
YoY: +131.6%
Total Unusual Items
248.90M
Prev Year: -788.80M
YoY: +131.6%
Normalized EBITDA
1.75B
Prev Year: 1.98B
YoY: -11.8%
Tax Rate for Calcs
0.21
Prev Year: 0
Tax Effect of Unusual Items
52.27M
Prev Year: -172.90M
YoY: +130.2%
Reconciled Depreciation
-
Prev Year: 1.57B
Weighted Average Shares (diluted)
378.69M
Prev Year: 380.84M
YoY: -0.6%
Weighted Average Shares (basic)
369.56M
Prev Year: 380.84M
YoY: -3.0%
Values in CAD

GFL Environmental key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue6.6B CAD7.9B CAD7.5B CAD6.8B CAD5.1B CAD
Gross profit1.4B CAD1.5B CAD1.3B CAD797.6M CAD473.7M CAD
Operating income346.0M CAD415.0M CAD261.1M CAD39.9M CAD-103.4M CAD
Net income3.8B CAD-803.0M CAD-46.8M CAD-394.8M CAD-606.8M CAD
Diluted EPS9.99 CAD-2.11 CAD0.13 CAD-1.08 CAD-1.83 CAD
Total assets19.3B CAD21.2B CAD19.9B CAD19.8B CAD18.4B CAD
Total liabilities11.8B CAD14.0B CAD12.5B CAD13.7B CAD12.6B CAD
Shareholders' equity7.3B CAD7.0B CAD7.2B CAD6.0B CAD5.8B CAD
Cash and short-term investments85.6M CAD133.8M CAD135.7M CAD82.1M CAD190.4M CAD
Total debt7.9B CAD10.5B CAD9.3B CAD9.7B CAD9.6B CAD
Operating cash flow1.3B CAD1.5B CAD980.4M CAD1.1B CAD897.9M CAD
Capital spending1.1B CAD1.2B CAD1.1B CAD765.2M CAD647.2M CAD
Free cash flow174.6M CAD347.2M CAD-74.7M CAD331.1M CAD250.7M CAD

In CAD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2016.

Questions and answers

What was GFL Environmental's revenue in fiscal year 2025?

6.62 billion CAD, down 15.8% from 7.86 billion CAD in fiscal year 2024.

How much profit does GFL Environmental make?

GFL Environmental reported net income of 3.78 billion CAD for fiscal year 2025 (57.2% of revenue); operating income was 346.00 million CAD.

How much cash and debt does GFL Environmental have?

At the end of fiscal year 2025: cash and short-term investments of 85.60 million CAD and total debt of 7.93 billion CAD.

What is GFL Environmental's free cash flow?

174.60 million CAD in fiscal year 2025 (operating cash flow of 1.32 billion CAD minus capital spending of 1.14 billion CAD).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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