MIAMI BEACH, FL — February 11, 2026 — Leads & Copy — GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) today announced its fourth quarter and full year 2025 results, along with guidance for the full year 2026.
The company reported fourth-quarter revenue, Adjusted EBITDA, and Adjusted Free Cash Flow all exceeded expectations. The fourth-quarter Adjusted EBITDA margin was 30.2%, the highest Q4 margin in the company’s history, representing a 110 basis point increase over the prior year period.
Full-year revenue reached $6,615.9 million, a 9.5% increase excluding the impact of divestitures, or 7.8% including the impact of divestitures. Adjusted EBITDA for the full year was $1,985.0 million, a 12.8% increase. Adjusted Net Income from continuing operations was $283.9 million, while Net income from continuing operations totaled $241.1 million.
The full-year Adjusted EBITDA margin was 30.0%, marking the first time in the company’s history to reach this level, a 130 basis point increase over the prior year period. Adjusted Free Cash Flow for the full year was $755.9 million, a 23.6% increase, with cash flow from operating activities totaling $1,316.0 million.
GFL Environmental Inc. completed acquisitions that generated approximately $290 million in annualized revenue and completed $3.0 billion of share repurchases, representing over 10% of issued and outstanding subordinate voting shares. The company’s Net Leverage was 3.4x, the lowest year-end Net Leverage in company history.
The company provided guidance for 2026, estimating revenue to be approximately $7,000 million, or $7,140 million on a constant currency basis, representing an 8% increase. Adjusted EBITDA is estimated to be approximately $2,140 million, or $2,185 million on a constant currency basis, representing a 10% increase. Adjusted Free Cash Flow is estimated to be approximately $835 million, or $860 million on a constant currency basis, representing a 14% increase.
According to Patrick Dovigi, Founder and Chief Executive Officer of GFL, the company’s more than 15,000 employees delivered another year of results that exceeded expectations. He added that the continued strong execution of the company’s value creation strategies drove full-year top-line growth of 9.5%, an Adjusted EBITDA margin of 30%, the highest in the company’s history, and industry-leading Adjusted EBITDA margin expansion of 130 basis points over the prior year.
Dovigi stated that the company remained committed to its returns-focused capital allocation strategies during the year, completing the sale of its Environmental Services business and the recapitalization of Green Infrastructure Partners. The proceeds from these transactions were used to materially delever the balance sheet and buy back over 10% of the company’s shares. Nearly $1 billion was deployed into accretive acquisitions, and the year ended with Net Leverage of 3.4x, the lowest year-end Net Leverage in the company’s history. He added that the company’s M&A pipeline remains robust and that the company will continue to be opportunistic in its 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 the company’s strong results for 2025 and the contributions from its growth investments and recently completed M&A, Dovigi stated that the company believes it is well-positioned for another year of industry-leading financial performance in 2026.
GFL will host a conference call on February 11, 2026, at 5:00 p.m. Eastern Time to discuss the results. A live audio webcast of the conference call can be accessed on the Investors page at investors.gflenv.com. An audio replay of the call will be available until February 26, 2026.
GFL also announced that it will be filing its annual report on Form 40-F on or about February 17, 2026. The annual report will be available on the Investors page of the company’s website.
GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states.
Guidance for 2026 does not include contributions from any incremental M&A. The 2026 guidance excludes any impact from acquisitions, refinancing opportunities and any redeployment of capital. Implicit in forward-looking information in respect of expectations for 2026 are certain current assumptions, including no changes to the current economic environment, including fuel and commodities. The 2026 guidance assumes GFL will continue to execute on the strategy of organically growing the business, leveraging the scalable network to attract and retain customers across multiple service lines, realizing operational efficiencies and extracting procurement and cost synergies.
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1 A non-IFRS measure; see accompanying Non-IFRS Reconciliation Schedule; see “Non-IFRS Measures” for an explanation of the composition of non-IFRS measures.
2 Effective March 1, 2025, the divestiture of the Environmental Services line of business (“GFL Environmental Services”) was completed. Certain revenue disaggregation and segment reporting balances in prior periods have been re-presented for consistency with the current period presentation in relation to GFL Environmental Services which has been presented as discontinued operations. For additional information, refer to Note 2 and Note 23 in the Annual Financial Statements.
3 Reflects pro forma adjustments to remove the contribution of one divestiture in Fiscal 2024. Refer to “Supplemental Data” for details.
4 Information contained in the section titled “Guidance for 2026” includes non-IFRS measures and ratios, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow and Net Leverage. Due to the uncertainty of the likelihood, amount and timing of effects of events or circumstances to be excluded from these measures, GFL does not have information available to provide a quantitative reconciliation of such projections to comparable IFRS measures. See “Non-IFRS Measures” below. See Fourth Quarter and Full Year 2025 Results for the equivalent historical non-IFRS measure.
Source: GFL Environmental Inc.
