GFL Environmental Inc. reported a strong fourth‑quarter 2025 performance, with revenue rising 7.3% year‑over‑year to $1.21 billion and an adjusted EBITDA margin of 30.2%, the highest quarterly margin in company history. Full‑year revenue grew 9.5% and the adjusted EBITDA margin expanded 130 basis points to 30.0%, the first time the company has reached this level. Earnings per share of $0.26 beat the consensus estimate of $0.14 by $0.12, a 90% beat that reflects disciplined cost control and a favorable operating mix.
The company’s capital‑allocation strategy accelerated after the sale of its Environmental Services business and the recapitalization of Green Infrastructure Partners. The divestiture, completed in March 2025, and the $4.25 billion recapitalization freed up capital that enabled GFL to repurchase $3.0 billion of shares—over 10% of its voting shares—and to invest approximately $290 million in acquisitions that generated annualized revenue. These moves lowered net leverage to 3.4×, the lowest level on record, and strengthened the balance sheet for future growth.
GFL’s 2026 outlook remains optimistic. Management guided for full‑year revenue of about $7,000 million, an 8% increase, and adjusted EBITDA of roughly $2,140 million, a 10% rise. The guidance signals confidence in sustaining low‑to‑mid‑30% margin expansion while pursuing opportunistic acquisitions and shareholder returns.
"Our more than 15,000 employees delivered another year of results that exceeded our expectations," said Patrick Dovigi, Founder and CEO. "The recapitalization of GIP at an enterprise value of $4.25 billion is a testament to the quality of the business its management team has built since we started GIP in April 2022," he added. "We have built a best‑in‑class North American platform that we will continue to optimize. 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."
Investors responded positively to the results, citing the strong earnings beat, record margins, and the company’s disciplined capital deployment as key drivers of confidence in GFL’s continued growth trajectory.
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