GFL Environmental (GFL) Company Report

Analyst Coverage

Research analysts who have asked questions during GFL Environmental earnings calls.

Kevin Chiang

CIBC Capital Markets

8 questions for GFL

Also covers: CAE, CNI, CP +5 more

Sabahat Khan

RBC Capital Markets

8 questions for GFL

Also covers: ACM, ATS, DE +10 more

Konark Gupta

Scotiabank

7 questions for GFL

Also covers: CAE, CNI, CP +4 more

Stephanie Moore

Jefferies

7 questions for GFL

Also covers: APG, ARCB, ARMK +30 more

Tobey Sommer

Truist Securities, Inc.

6 questions for GFL

Also covers: AMN, AMTM, ASGN +26 more

Bryan Burgmeier

Citigroup Inc.

5 questions for GFL

Also covers: AMBP, AVY, CLH +6 more

Chris Murray

ATB Capital Markets

5 questions for GFL

Also covers: STN, WCN

James Schumm

TD Cowen

5 questions for GFL

Also covers: CLH, CWST, HLX +5 more

Jerry Revich

Goldman Sachs Group Inc.

5 questions for GFL

Also covers: AGCO, ALSN, ATMU +28 more

Patrick Brown

Raymond James

4 questions for GFL

Also covers: BLX, CLH, CWST +8 more

Trevor Romeo

William Blair

4 questions for GFL

Also covers: AMN, ASGN, CCRN +9 more

Michael Doumet

National Bank Financial

3 questions for GFL

Also covers: NTR, WCN

Adam Bubes

Goldman Sachs Group, Inc.

2 questions for GFL

Also covers: ACM, CAMP, CLH +9 more

Brian Butler

Stifel, Nicolaus & Company, Incorporated

2 questions for GFL

Also covers: CLH, CWST, GEF +8 more

Devin Dodge

BMO Capital Markets Corp.

2 questions for GFL

Also covers: BBU, BIP, NVRI +2 more

Rupert Merer

National Bank Financial, Inc.

2 questions for GFL

Also covers: AQN, BEP, BEPC +2 more

Shlomo Rosenbaum

Stifel, Nicolaus & Company, Incorporated

2 questions for GFL

Also covers: ARMK, CCC, CCCS +19 more

Toby Sommer

Truist

2 questions for GFL

Also covers: AMN, CACI, SAIC

Will Grippin

Barclays

2 questions for GFL

Also covers: VLTO

William Griffin

Barclays

2 questions for GFL

Also covers: CWST, VLTO, WM +1 more

Adech Shreza

Stifel

1 question for GFL

Jamison

TD Cowen

1 question for GFL

Jon Windham

UBS Group AG

1 question for GFL

Also covers: ARRY, BEP, BEPC +4 more

Patrick Tyler Brown

Raymond James & Associates Inc.

1 question for GFL

Also covers: RSG

Ryan Bonomi

Citi

1 question for GFL

Stephanie Lynn Benjamin Moore

Jefferies LLC

1 question for GFL

Also covers: RSG

Tami Zakaria

JPMorgan Chase & Co.

1 question for GFL

Also covers: ADM, AGCO, ALSN +24 more

Latest news

Recent press releases and 8-K filings for GFL.

GFL Environmental Inc. Renews Share Repurchase Programs

GFL

Share Buyback

GFL Environmental Inc. has renewed its normal course issuer bid (NCIB) for the period from March 3, 2026, to March 2, 2027, allowing for the repurchase of up to 27,396,513 subordinate voting shares, which represents 10% of the public float as of February 18, 2026.
Additionally, GFL received exemptive relief from the Ontario Securities Commission (OSC) to repurchase up to 34,657,586 shares (representing 10% of its current issued and outstanding shares) from underwriters in secondary offerings, with such purchases made at a discount to the closing price.
Under the previous NCIB, which ran from March 3, 2025, to March 2, 2026, GFL repurchased 18,360,127 subordinate voting shares.

13 hours ago

Press Release

GFL Environmental Inc. Amends Credit Agreement, Increasing Facility A Commitments and Extending Maturity Dates

GFL

Debt Issuance

GFL Environmental Inc. executed a Seventh Amendment to its Seventh Amended and Restated Credit Agreement on April 29, 2025.
The amendment increased the commitments under the Facility A Credit to C$2,000,000,000 and included an accordion option for the Borrowers to elect to increase Facility A Commitments by up to C$1,000,000,000.
The Facility A Maturity Date and Facility C Maturity Date were extended from September 27, 2026, to April 29, 2030.
Canadian Imperial Bank of Commerce was appointed as the new administrative agent, replacing Bank of Montreal.

Feb 18, 2026, 11:36 AM

6-K

GFL Environmental Reports Strong Q4 and Full-Year 2025 Results, Provides Optimistic 2026 Guidance

GFL

Earnings

Guidance Update

M&A

GFL Environmental achieved a record 30% Adjusted EBITDA margin in 2025, a 130 basis point increase over 2024, with full-year Adjusted EBITDA of $1.985 billion and Adjusted Free Cash Flow of $756 million.
The company executed a transformative capital allocation strategy in 2025, including the sale of its ES segment, deployment of nearly $1 billion in M&A, and $3 billion in share repurchases, resulting in the lowest year-end net leverage of 3.4x.
For 2026, GFL Environmental projects revenue of approximately $7 billion (an 8% increase), Adjusted EBITDA of $2.14 billion (a 10% increase), and Adjusted Free Cash Flow of $835 million (a 14% increase), with Adjusted EBITDA margins expected to expand by 60 basis points.
GFL Environmental also relocated its executive headquarters to the U.S. to broaden eligibility for U.S. equity indices and anticipates a potential U.S. GAAP conversion by Q1 2027.

Feb 11, 2026, 10:00 PM

Transcript

GFL Environmental Reports Record 2025 Adjusted EBITDA Margin and Provides Strong 2026 Guidance

GFL

Earnings

Guidance Update

M&A

GFL Environmental achieved a record 30% Adjusted EBITDA margin in 2025, a 130 basis point increase over 2024, with full-year Adjusted EBITDA reaching $1.985 billion.
The company deployed $3 billion in share repurchases and nearly $1 billion in M&A during 2025, ending the year with net leverage of 3.4x, the lowest in its history.
For 2026, GFL expects revenue of approximately $7 billion (an 8% increase over 2025) and Adjusted EBITDA of $2.14 billion (a 10% increase), with Adjusted EBITDA margins projected to expand by 60 basis points to 30.6%.
GFL anticipates positive volume growth of 25-50 basis points in 2026 and plans to continue its M&A strategy, potentially deploying $1.5 billion-$2 billion while maintaining leverage in the low to mid-3s.
Strategic initiatives in 2025 included the sale of its ES segment to become a pure-play solid waste leader and the relocation of its executive headquarters to the U.S. to broaden eligibility for U.S. equity indices.

Feb 11, 2026, 10:00 PM

Transcript

GFL Environmental Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Guidance

GFL

Earnings

Guidance Update

M&A

GFL Environmental reported a 30% Adjusted EBITDA margin for the first time in its history in 2025, a 130 basis point increase over 2024, with Q4 margins reaching 30.2%.
For 2025, the company achieved $1.985 billion in Adjusted EBITDA and $756 million in Adjusted Free Cash Flow, reducing net leverage to 3.4x.
In 2025, GFL deployed $3 billion in share repurchases and nearly $1 billion in accretive M&A, following the sale of its ES segment and recapitalization of GIP.
For 2026, GFL projects revenue of approximately $7 billion (an 8% increase), Adjusted EBITDA of $2.14 billion (a 10% increase), and Adjusted Free Cash Flow of $835 million (a 14% increase), with Adjusted EBITDA margins expected to expand by 60 basis points.
The company aims for low- to mid-30s margins by 2028 and plans to convert to a U.S. GAAP reporter as early as Q1 2027, potentially also becoming a U.S. dollar-denominated reporter.

Feb 11, 2026, 10:00 PM

Transcript

GFL Environmental Reports Q4 and Full Year 2025 Results, Provides 2026 Guidance

GFL

Earnings

Guidance Update

Share Buyback

GFL Environmental reported fourth quarter 2025 revenue of $1,686.4 million, Adjusted EBITDA of $508.7 million, and Adjusted Free Cash Flow of $424.6 million, all ahead of expectations. The Adjusted EBITDA margin for Q4 2025 was 30.2%, an increase of 110 basis points over the prior year period.
For the full year 2025, the company achieved revenue of $6,615.9 million, an increase of 9.5% excluding the impact of divestitures, Adjusted EBITDA of $1,985.0 million (a 12.8% increase), and Adjusted Free Cash Flow of $755.9 million (a 23.6% increase). The Adjusted EBITDA margin reached 30.0%, the first time in the company's history.
GFL completed $3.0 billion of share repurchases, representing over 10% of issued and outstanding subordinate voting shares, and ended 2025 with Net Leverage of 3.4x, its lowest year-end Net Leverage.
For full year 2026, GFL provided guidance estimating revenue of approximately $7,000 million, Adjusted EBITDA of approximately $2,140 million, and Adjusted Free Cash Flow of approximately $835 million.

Feb 11, 2026, 9:14 PM

6-K

GFL Environmental Reports Q4 and Full Year 2025 Results, Provides 2026 Guidance

GFL

Earnings

Guidance Update

Share Buyback

GFL Environmental reported full year 2025 revenue of $6,615.9 million, an increase of 9.5% excluding divestitures, and Adjusted EBITDA of $1,985.0 million, a 12.8% increase, achieving a 30.0% Adjusted EBITDA margin for the first time in company history.
For the fourth quarter of 2025, the company's revenue was $1,686.4 million and Adjusted EBITDA increased by 11.1% to $508.7 million, with an Adjusted EBITDA margin of 30.2%, the highest Q4 margin in its history.
The company completed $3.0 billion of share repurchases in 2025, representing over 10% of issued and outstanding subordinate voting shares, and ended the year with a Net Leverage of 3.4x, its lowest year-end Net Leverage in company history.
GFL Environmental provided full year 2026 guidance, estimating revenue of approximately $7,000 million, Adjusted EBITDA of approximately $2,140 million, and Adjusted Free Cash Flow of approximately $835 million.

Feb 11, 2026, 9:08 PM

Press Release

GFL Environmental Inc. Relocates Headquarters to U.S.

GFL

New Projects/Investments

Delisting/Listing Issues

GFL Environmental Inc. relocated its executive headquarters from Vaughan, Ontario, Canada to Miami Beach, Florida on January 21, 2026.
The relocation aims to broaden GFL's shareholder base by enabling eligibility for inclusion in major U.S. equity indices, while preserving eligibility for Canadian indices.
The company's jurisdiction of incorporation will remain Ontario, Canada.
The U.S. currently accounts for over two thirds of GFL's revenue, with more than half generated in the fast-growing Southeastern region, aligning the relocation with its expanding market presence.

Jan 21, 2026, 11:12 AM

6-K

GFL Environmental Relocates Executive Headquarters to U.S.

GFL

New Projects/Investments

GFL Environmental Inc. relocated its executive headquarters from Vaughan, Ontario to Miami Beach, Florida on January 21, 2026. The company's jurisdiction of incorporation will remain Ontario, Canada.
The relocation is intended to broaden GFL's shareholder base by making it eligible for inclusion in major U.S. equity indices, while maintaining its eligibility for Canadian indices.
This strategic move aligns with the fact that the United States now represents over two-thirds of GFL's revenue and is expected to improve the company's ability to attract highly skilled talent from the U.S. labor pool.

Jan 21, 2026, 11:02 AM

Press Release

GFL Environmental Inc. Completes Senior Notes Offering

GFL

Debt Issuance

On January 16, 2026, GFL Environmental Inc. completed an offering of US$1,000.0 million in aggregate principal amount of 5.500% Senior Notes due 2034.
The Notes were issued by its wholly-owned subsidiary, GFL Environmental Holdings (US), Inc., with GFL Environmental Inc. acting as guarantor.
The maturity date for these Notes is February 1, 2034, with interest payments scheduled for February 1 and August 1, commencing August 1, 2026.