GFL Environmental Inc
TSX:GFL
GFL Environmental Inc
In the ever-evolving landscape of waste management, GFL Environmental Inc. has carved a significant niche for itself. Emerging from its Canadian roots, GFL—Green For Life—has rapidly expanded its footprint across North America, establishing itself as a formidable player in the environmental services arena. Founded in 2007 by Patrick Dovigi, GFL has strategically pursued a multi-faceted growth strategy that combines organic expansion with a robust acquisition pipeline. This approach enables the company to offer a wide range of services, including solid and liquid waste collection, transfer, recycling, infrastructure, and soil remediation. By targeting both urban and rural markets, GFL extends its service offerings to a diverse clientele ranging from municipalities and industrial clients to individual households. This segmented approach has been key to maintaining a steady revenue stream while accommodating seasonal and economic fluctuations.
At the core of GFL’s operations lies its commitment to sustainability and innovation. Connecting these values with financial imperatives, GFL creates value by transforming waste into useful resources through its recycling and composting initiatives. By doing so, it not only reduces landfill dependency but also taps into potentially lucrative secondary markets for recycled materials. Additionally, GFL’s liquid waste services capture another layer of revenue, processing everything from automotive and industrial liquid waste to hazardous materials, using state-of-the-art treatment facilities. These diverse revenue streams ensure that GFL is well-positioned to capitalize on the growing global emphasis on environmental stewardship, all while maintaining a profitable business model that aligns economic success with ecological responsibility.
In the ever-evolving landscape of waste management, GFL Environmental Inc. has carved a significant niche for itself. Emerging from its Canadian roots, GFL—Green For Life—has rapidly expanded its footprint across North America, establishing itself as a formidable player in the environmental services arena. Founded in 2007 by Patrick Dovigi, GFL has strategically pursued a multi-faceted growth strategy that combines organic expansion with a robust acquisition pipeline. This approach enables the company to offer a wide range of services, including solid and liquid waste collection, transfer, recycling, infrastructure, and soil remediation. By targeting both urban and rural markets, GFL extends its service offerings to a diverse clientele ranging from municipalities and industrial clients to individual households. This segmented approach has been key to maintaining a steady revenue stream while accommodating seasonal and economic fluctuations.
At the core of GFL’s operations lies its commitment to sustainability and innovation. Connecting these values with financial imperatives, GFL creates value by transforming waste into useful resources through its recycling and composting initiatives. By doing so, it not only reduces landfill dependency but also taps into potentially lucrative secondary markets for recycled materials. Additionally, GFL’s liquid waste services capture another layer of revenue, processing everything from automotive and industrial liquid waste to hazardous materials, using state-of-the-art treatment facilities. These diverse revenue streams ensure that GFL is well-positioned to capitalize on the growing global emphasis on environmental stewardship, all while maintaining a profitable business model that aligns economic success with ecological responsibility.
Record Margins: GFL achieved a 30% adjusted EBITDA margin in 2025 for the first time in its history, representing a 130 basis point increase over 2024.
Revenue Growth: Q4 revenue grew 7.3%, driven by pricing, volume, and M&A, overcoming headwinds from FX and commodities.
Guidance Raised: 2026 guidance was set above the prior framework, with expected revenue of about $7 billion (8% growth) and adjusted EBITDA of $2.14 billion (10% growth).
Strong Free Cash Flow: Adjusted free cash flow reached $756 million in 2025 and is guided to rise to $835 million in 2026, up 14%.
M&A and Buybacks: Nearly $1 billion was deployed to M&A and over $3 billion to share repurchases in 2025, with possible higher M&A in 2026.
Deleveraging: Net leverage ended 2025 at 3.4x, the lowest in company history, despite significant capital deployment.
Constructive Pricing & Volumes: Pricing remains robust, and volumes were positive despite macro headwinds, with potential upside in 2026.
US Index Inclusion: Headquarters moved to the US to boost eligibility for US equity indices, expected to increase visibility and shareholder base.
