GFL profits decrease from prior quarter

Miami Beach, Florida-based GFL Environmental Inc. has reported fourth quarter 2025 net income attributable to its shareholders of CAD$33.9 million ($25 million), representing a 70 percent decrease in net income compared with the previous three months, when it earned CAD$114 million ($84 million).

For all of 2025, GFL garnered some CAD$3.8 billion ($2.8 billion) in income, representing an impressive turnaround from the more than CAD$720 million ($530 million) it lost in 2024. Although GFL announced its move to Florida last month, it has reported its 2025 financials in Canadian dollars.

In 2025, GFL says it achieved some revenue and operating margin milestones, including a full year adjusted EBITDA margin of 30 percent for the first time in the company’s history. In the fourth quarter, its adjusted EBITDA margin figure reached 30.2 percent.

GFL’s 2025 revenue figure of CAD$6.6 billion ($4.86 billion) represented an increase of 9.5 percent “excluding the impact of divestitures,” says the firm, and checked in at 7.8 percent including the impact of divestitures. Last year, GFL sold a majority stake in its Environmental Services business.

Regarding the year now underway, GFL says it expects to reach CAD$7 billion ($5.16 billion) in revenue in 2026, anticipating an 8 percent increase in that figure. Although the company provides a 2026 earnings before income, taxes, depreciation and amortization (EBITDA) estimate, it has not forecast a net income or earnings per share figure.

GFL says it expects to spend about CAD$800 million ($590 million) on capital expenditure (capex) projects this year, plus as much as CAD$175 million ($129 million) of “incremental growth capital expected to be deployed in 2026 related to material recycling facilities (MRFs) and other infrastructure primarily related to opportunities arising under extender producer responsibility (EPR) legislation.”

“Our more than 15,000 employees delivered another year of results that exceeded our expectations,” says Patrick Dovigi, founder and CEO of GFL. “To achieve such a result in the face of ongoing macro headwinds reinforces our conviction in our stated goal of achieving low-to-mid 30s margins by 2028.”

Continues Dovigi, “During the year, we completed the sale of our Environmental Services business and the recapitalization of Green Infrastructure Partners at valuations that demonstrate the equity value creation our team is capable of achieving. We also deployed nearly $1 billion into accretive acquisitions.”

The CEO ads, “Our merger and acquisitions (M&A) pipeline remains robust and going forward we will continue to be opportunistic in our approach to accretive M&A, strategic reinvestment and return of capital to shareholders, while maintaining net leverage in the low-to-mid 3s. Based on our strong results for 2025 and the contributions from our growth investments and recently completed M&A, we believe we are well positioned for another year of industry-leading financial performance in 2026.”