GFL Environmental Inc. (GFL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.27	$0.19	-29.6%	—	$1.9B	—
Q1 26	$0.12	$0.08	-33.3%	—	$1.6B	—
Q4 25	$0.19	$0.36	+89.5%	—	$1.7B	—
Q3 25	$0.26	$0.23	-11.5%	—	$1.7B	—
Q2 25	$0.22	$0.26	+18.2%	—	$1.7B	—
Q1 25	$0.04	-$0.09	-325.0%	—	$1.6B	—
Q4 24	$0.23	$0.22	-4.3%	—	$1.5B	—
Q3 24	$0.35	$0.33	-5.7%	—	$1.4B	—
Q2 24	$0.31	$0.29	-6.5%	—	$2.1B	—
Q4 23	$0.21	$0.05	-76.2%	—	$1.9B	—
Q3 23	$0.29	$0.32	+10.3%	—	$1.9B	—
Q2 23	$0.26	$0.49	+88.5%	—	$1.9B	—
Q1 23	-$0.04	$0.08	+300.0%	—	$1.8B	—
Q4 22	$0.08	-$0.02	-125.0%	—	$1.8B	—
Q3 22	$0.16	$0.2	+25.0%	—	$1.8B	—
Q2 22	$0.08	$0.24	+200.0%	—	$1.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.2	—	—	$6.6B	—
FY24	—	-$2.11	—	—	$5.8B	—
FY23	—	-$0.13	—	—	$7.5B	—
FY22	—	-$1.08	—	—	$6.8B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$933.7M	$1.3B	$3.3B	$4.2B	$5.1B	$6.8B	$7.5B	$5.8B	$6.6B
YoY change	—	+42.8%	—	+25.4%	+22.4%	+31.6%	+11.2%	-22.7%	+14%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	933.7M	1.3B	3.3B	4.2B	5.1B	6.8B	7.5B	5.8B	6.6B
Cost of revenue	644.4M	1.1B	3.1B	4B	4.7B	6B	6.2B	4.7B	5.2B
Gross profit	289.3M	188M	273.8M	190.1M	473.7M	797.6M	1.3B	1.1B	1.4B
Gross margin	31%	14.1%	8.18%	4.53%	9.22%	11.8%	16.9%	18.9%	20.7%
Research & development	—	—	—	—	—	—	—	—	—
Selling, general & administrative	120.6M	157.1M	276.3M	508.4M	562.7M	730.4M	973.9M	760M	967.4M
Operating expenses	120.6M	157.1M	282.4M	515.3M	577.1M	757.7M	985.1M	790.7M	1B
Operating income	-8.9M	30.9M	-31.7M	-325.2M	-103.4M	39.9M	284.3M	306.5M	346M
Operating margin	-0.95%	2.32%	-0.95%	-7.75%	-2.01%	0.59%	3.78%	5.28%	5.23%
Non-operating income, net	-13.8M	41.8M	-51.4M	-573.1M	-214.7M	70M	491.9M	-549.1M	391.7M
Pretax income	-201.7M	-140M	-609.2M	-1.4B	-736.2M	-359.3M	192.1M	-697.7M	226.9M
Income tax	-49.5M	-39M	-157.5M	-253.4M	-109.2M	-176.1M	159.9M	-152.9M	-14.2M
Net income	-152.2M	-101M	-451.7M	-1.1B	-606.8M	-311.1M	32.2M	-544.8M	3.8B
Net margin	-16.3%	-7.58%	-13.5%	-26.3%	-11.8%	-4.6%	0.43%	-9.38%	57.6%
EBITDA	168.7M	289.4M	714.3M	827.3M	1.2B	1.5B	1.7B	1.5B	1.8B
EPS	-0.48	-0.31	-2.5	-2.8	-1.83	-1.08	-0.13	-2.11	10.2
Diluted EPS	-0.48	-0.31	-2.5	-2.8	-1.83	-1.08	-0.13	-2.11	9.99

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.9B	1.9B	1.8B	2.1B	1.4B	1.5B	1.6B	1.7B	1.7B	1.7B	1.6B	1.9B
Cost of revenue	1.5B	1.6B	1.5B	1.7B	1.1B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B	1.6B
Gross profit	363.2M	308.7M	297.2M	398.8M	292.2M	280.3M	287.5M	372M	370.2M	337.6M	299.8M	385.8M
Gross margin	19.2%	16.4%	16.5%	19.4%	20.4%	19.1%	18.4%	22.2%	21.9%	20%	18.2%	19.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	234.7M	290.5M	275.4M	253.9M	168.3M	194.7M	286.2M	204.2M	186M	320.3M	265.8M	251.8M
Operating expenses	243.6M	276.4M	275.4M	253.9M	176.2M	202.6M	286.2M	217.7M	199.4M	335.1M	265.8M	267.3M
Operating income	128.5M	32.3M	21.8M	144.9M	116M	77.6M	1.3M	144.5M	161.2M	30M	34M	108.3M
Operating margin	6.8%	1.72%	1.21%	7.03%	8.09%	5.29%	0.08%	8.63%	9.51%	1.78%	2.07%	5.56%
Non-operating income, net	9M	38.1M	-98.9M	-487.6M	90.4M	-197M	-57.2M	265.3M	104.3M	131M	-166.6M	-143.9M
Pretax income	300K	-81M	-230.1M	-529.6M	93.4M	-233.5M	-266.3M	302.2M	149.7M	41.3M	-272.2M	-184M
Income tax	-18M	-18.9M	-53.6M	-57.3M	14.6M	-86.2M	-52.4M	28M	41.6M	-31.4M	-53M	-21.4M
Net income	18.3M	-62.1M	-176.5M	-472.3M	78.8M	-147.3M	3.4B	274.2M	108.1M	24.2M	-219.2M	-162.6M
Net margin	0.97%	-3.3%	-9.8%	-22.9%	5.49%	-10%	218.4%	16.4%	6.38%	1.44%	-13.3%	-8.35%
EBITDA	526.9M	378M	359.4M	554.9M	433.5M	370.5M	260.9M	463.7M	702.2M	342M	313.8M	474.6M
EPS	0.06	-0.21	-0.53	-1.31	0.24	-0.52	8.67	0.72	0.28	0.06	-0.63	-0.47
Diluted EPS	0.06	-0.21	-0.53	-1.31	0.23	-0.52	8.67	0.7	0.28	0.06	-0.63	-0.47

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	19.9B	15.6B	18.3B	—	—	14.9B
Enterprise value	—	—	—	—	—	29.3B	25.2B	27.5B	—	—	18B
Shares outstanding	456.3M	474.3M	—	262.3M	516.3M	525.4M	533.5M	530.3M	281.2M	369.6M	369.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	568.4	—	—	108.3
P/S	—	—	—	—	—	3.87	2.31	2.44	—	—	2.16
P/B	—	—	—	—	—	3.44	2.58	2.48	—	—	2.87
EV/EBITDA	—	—	—	—	—	24.5	16.3	16.5	—	—	15.2
EV/Sales	—	—	—	—	—	5.71	3.73	3.65	—	—	3.64
Earnings yield	—	—	—	—	—	—	—	0.18%	—	—	0.92%
FCF yield	—	—	—	—	—	1.26%	2.12%	-0.41%	—	—	1.56%
PEG	—	—	—	—	—	—	—	—	—	—	-0.66

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	31%	14.1%	—	8.18%	4.53%	9.22%	11.8%	16.9%	18.9%	20.7%	19.8%
Operating margin	-0.95%	2.32%	—	-0.95%	-7.75%	-2.01%	0.59%	3.78%	5.28%	5.23%	6.89%
Net margin	-16.3%	-7.58%	—	-13.5%	-26.3%	-11.8%	-4.6%	0.43%	-9.38%	57.6%	-2.87%
ROE	—	-19.8%	—	-16.3%	-19.8%	-10.5%	-5.15%	0.44%	-10.2%	50.9%	-2.25%
ROA	—	-2.93%	—	-3.67%	-7.01%	-3.3%	-1.57%	0.16%	-3.48%	19.8%	1.26%
ROIC	—	1.04%	—	-0.32%	-2.44%	-0.68%	0.26%	0.29%	2.35%	2.26%	1.91%
Return on tangible assets	—	16.7%	—	12.1%	31.9%	18.6%	10.1%	-1.6%	124.9%	191.5%	-14.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	1.18	—	1.64	0.86	0.98	0.51	0.82	0.54	0.58	0.75
Quick ratio	—	1.11	—	1.58	0.81	0.93	0.48	0.77	0.5	0.55	0.75
Debt / equity	—	4.84	—	2.82	1.4	1.67	1.6	1.26	1.46	1.06	1.34
Debt / assets	—	0.71	—	0.63	0.5	0.52	0.49	0.47	0.5	0.41	0.47
Net debt / EBITDA	—	8.51	—	10.1	9.38	7.9	6.22	5.51	5.25	4.48	5.43
Interest coverage	-0.13	0.34	—	-0.29	-2.64	-1.27	0.16	1.36	-0.65	1.5	0.46
Effective tax rate	0%	0%	—	0%	0%	0%	0%	83.2%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.05	2.81	—	12.8	8.13	9.78	12.7	14.2	20.6	17.9	19.4
EPS (basic)	-0.48	-0.31	—	-2.5	-2.8	-1.83	-1.08	-0.13	-2.11	10.2	10.2
EPS (diluted)	-0.48	-0.31	—	-2.5	-2.8	-1.83	-1.08	-0.13	-2.11	9.99	-0.41
Book value per share	—	1.07	—	10.6	10.8	11	11.3	13.9	19	20.3	14.6
FCF per share	-0.1	-0.16	—	-0.79	0.14	0.48	0.62	-0.14	0.91	0.47	0.58
Cash per share	—	0	—	2.19	0.05	0.36	0.15	0.26	0.35	0.23	0.53
Capex per share	0.27	0.41	—	1.75	0.83	1.23	1.43	1.99	3.13	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	13.1%	14.6%	—	13.7%	10.2%	12.6%	11.3%	14%	15.2%	—	—
Capex / operating cash flow	80.5%	69.5%	—	70.5%	91.9%	58.9%	50.7%	43.3%	97%	—	—
Payout ratio	—	—	—	0%	-1.19%	-2.95%	-6.65%	77.6%	-3.82%	0.82%	16.7%
Dividend yield	—	—	—	—	—	0.09%	0.13%	0.14%	—	—	0.16%

Yield

0.16%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.017

ex-dividend Jul 13, 2026

Payout ratio

17%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 13, 2026	$0.017
Apr 13, 2026	$0.017
Jul 14, 2025	$0.015
Apr 14, 2025	$0.015
Jan 13, 2025	$0.014
Oct 16, 2024	$0.014
Jul 15, 2024	$0.014
Apr 12, 2024	$0.014

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.9B	$1.9B	$1.8B	$2.1B	$1.4B	$1.5B	$1.6B	$1.7B	$1.7B	$1.7B	$1.6B	$1.9B
YoY change	+3.21%	+3.38%	+0.13%	+5.99%	-24.1%	-22.1%	-13.4%	-18.7%	+18%	+15%	+5.37%	+16.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	10K	7.4M	574.8M	27.2M	190.4M	82.1M	135.7M	98.8M	85.6M
Receivables	258.4M	463.5M	542.4M	668.8M	865.3M	1.1B	1B	808.3M	773.9M
Inventory	23.9M	42.4M	50.5M	57.4M	82M	84.2M	98.2M	79.5M	60.9M
Total current assets	400.5M	681.1M	1.4B	1B	1.5B	1.4B	1.5B	1.3B	1.2B
Property, plant & equipment	796.2M	2.1B	3.1B	5.1B	6B	6.5B	7B	5.8B	7.3B
Goodwill & intangibles	4.1B	15.8B	16B	19.2B	21.7B	22.9B	21.9B	16.1B	17.3B
Total assets	3.4B	11.1B	12.3B	15.7B	18.4B	19.8B	19.9B	15.7B	19.3B
Accounts payable	312.6M	606.2M	732M	413.1M	565.7M	656.7M	711M	599.9M	850.8M
Short-term debt	9.2M	53.7M	97.6M	114.1M	137.8M	94.2M	75.1M	900.1M	59.9M
Total current liabilities	339.3M	681.4M	865.1M	1.2B	1.5B	2.7B	1.8B	2.3B	2B
Long-term debt	2.5B	6.2B	7.7B	7.7B	9.5B	9.6B	9.2B	6.9B	7.9B
Total liabilities	2.9B	7.9B	9.6B	10.2B	12.6B	13.7B	12.5B	10.3B	11.8B
Shareholders' equity	509M	3.2B	2.8B	5.6B	5.8B	6B	7.4B	5.3B	7.5B
Total debt	2.5B	6.3B	7.8B	7.8B	9.6B	9.7B	9.3B	7.8B	7.9B
Net debt	2.5B	6.3B	7.2B	7.8B	9.4B	9.6B	9.2B	7.7B	7.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	174.2M	135.7M	70M	134.2M	70.9M	98.8M	537.2M	139.7M	194.6M	85.6M	1.4B	192.1M
Receivables	1.2B	1B	1.1B	1.2B	866.7M	808.3M	796.5M	840.6M	878.7M	773.9M	863.6M	983.3M
Inventory	—	98.2M	—	—	—	79.5M	—	—	—	60.9M	—	—
Total current assets	1.6B	1.5B	1.4B	1.6B	1.1B	1.3B	1.6B	1.2B	1.4B	1.2B	2.5B	1.5B
Property, plant & equipment	6.9B	7B	—	—	5.2B	5.8B	7B	6.8B	7.2B	7.3B	7.5B	8.1B
Goodwill & intangibles	21.9B	21.9B	22.1B	21.5B	15.1B	16.1B	17.1B	16.4B	17B	17.3B	17.5B	19.8B
Total assets	19.9B	19.9B	20B	20.3B	14.3B	15.7B	19.5B	18.5B	19.4B	19.3B	20.9B	21.5B
Accounts payable	1.6B	711M	1.5B	1.7B	1.1B	599.9M	1.8B	1.6B	1.7B	850.8M	1.5B	1.8B
Short-term debt	53.9M	75.1M	73.2M	71.9M	781.9M	900.1M	140.1M	173.4M	226.5M	59.9M	73.8M	74.5M
Total current liabilities	1.8B	1.8B	1.7B	1.8B	2B	2.3B	2B	1.8B	2B	2B	1.7B	1.9B
Long-term debt	9.2B	9.2B	9.5B	10.1B	6.4B	6.9B	7.3B	7B	7.6B	7.9B	9.8B	10.1B
Total liabilities	12.4B	12.5B	12.7B	13.3B	9.4B	10.3B	11.2B	10.6B	11.5B	11.8B	13.4B	14B
Shareholders' equity	7.5B	7.4B	7.4B	7B	5B	5.3B	8.3B	7.9B	7.8B	7.5B	7.5B	7.5B
Total debt	9.3B	9.3B	9.6B	10.1B	7.1B	7.8B	7.5B	7.2B	7.9B	7.9B	9.8B	10.1B
Net debt	9.1B	9.2B	9.5B	10B	7.1B	7.7B	6.9B	7.1B	7.7B	7.8B	8.4B	10B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-152.2M	-101M	-451.7M	-1.1B	-606.8M	-311.1M	32.2M	-544.8M	3.8B
Depreciation & amortization	177.6M	239.1M	799.4M	1.2B	1.4B	1.5B	1.5B	1.2B	1.3B
Stock-based compensation	3.1M	5.1M	14.5M	37.9M	45.7M	55.1M	124.8M	77.3M	151.5M
Change in working capital	-3M	-34.1M	-72.6M	21.6M	-23.7M	-60.6M	57.7M	-80.6M	49.2M
Operating cash flow	152.6M	280.1M	649M	465.8M	1.1B	1.5B	2.4B	907.9M	1.3B
Capital expenditure	-122.8M	-194.7M	-457.8M	-428.3M	-647.2M	-765.2M	-1.1B	-881M	—
Investing cash flow	-1.7B	-431M	-1.2B	-4.4B	-2.7B	-1.7B	-310.4M	-1.3B	4.9B
Dividends paid	—	—	0	-13.1M	-17.9M	-20.7M	-25M	-20.8M	-31.1M
Share repurchases	—	0	-5.8M	-800K	0	—	—	—	-3B
Financing cash flow	1.7B	291.2M	1.5B	3.3B	2B	569M	-602.8M	120.5M	-5.3B
Net change in cash	86.2M	140.4M	961.2M	-549.4M	376.7M	345.1M	1.5B	-223.5M	886.2M
Free cash flow	-43.4M	-76.8M	-206.8M	73.9M	250.7M	331.1M	-74.7M	256.4M	174.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	18.3M	-62.1M	-176.5M	-472.3M	78.8M	-147.3M	3.4B	274.2M	108.1M	24.2M	-219.2M	-162.6M
Depreciation & amortization	349.2M	390.1M	363.7M	397.9M	284.9M	300M	319.3M	322.9M	333.5M	340.4M	346.3M	388.5M
Stock-based compensation	26.5M	68.1M	57M	15.6M	12.8M	10.4M	59.7M	16.7M	18.6M	56.5M	37.6M	25.6M
Change in working capital	-36.9M	108M	—	—	—	—	-39.8M	—	—	—	-59.6M	—
Operating cash flow	455.2M	620.1M	336.9M	69M	485.1M	185.9M	4.8B	306.1M	391.1M	445.3M	167.8M	417.3M
Capital expenditure	-276.3M	-231.5M	-296.3M	-298.4M	-200.2M	-234.2M	-314.6M	—	—	—	—	—
Investing cash flow	-638M	-509M	-400.2M	-668.4M	-221.3M	-233.3M	5.4B	-144.6M	-331.1M	-329.6M	-139M	-1.3B
Dividends paid	-6.4M	-6.5M	-6.4M	-7.1M	-5.1M	-5.5M	-7.9M	-8M	-7.6M	-7.6M	-7.5M	-8.4M
Share repurchases	—	—	—	—	—	—	-2.1B	-277.6M	-346.3M	-208.9M	-57M	-14M
Financing cash flow	604.9M	80.5M	67.4M	377.9M	-52.6M	-147.4M	-5.2B	-250.2M	79.2M	22.1M	1.7B	-30.2M
Net change in cash	422.1M	191.6M	4.1M	-221.5M	211.1M	-194.7M	5B	-88.7M	139.2M	137.8M	1.7B	-943.7M
Free cash flow	-150.5M	169.9M	-33.1M	66.2M	47M	183.2M	-141.1M	17.1M	101.6M	197M	-218.4M	129.7M

GFL Environmental Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

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Total revenue

Revenue and profits

Condensed income statement

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Condensed income statement

P/E

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Assets vs. liabilities & equity

Condensed balance sheet

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Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement