GFL Environmental Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data GFL Environmental Inc. files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,347	4,196	5,137	6,761	7,516	6,139	6,616
Cost of revenue	3,073	4,006	4,663	5,964	6,246	5,010	5,249
Gross profit	274	190	474	798	1,269	1,129	1,367
Selling, general and administrative	397	508	563	730	974	865	967
Pre-tax income	-609	-1,356	-736	-359	192	-1,124	227
Income tax	-158	-253	-109	-176	160	-226	-14.2
Income from continuing operations			-627	-183	32.2	-898	241
Net income to minority interests			0	-0.7	13.2	15	20.7
Net income	-452	-1,102	-607	-312	45.4	-723	3,834
EPS, basic	-2.77	-3.10	-1.83	-1.08	-0.13	-2.11	10.24
EPS, diluted	-2.77	-3.10	-1.83	-1.08	-0.13	-2.11	9.99

Balance sheet

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	575	27.2	190	82.1	136	134	85.6
Receivables	713	867	1,135	1,118	1,080	1,175	802
Inventory	50.5	57.4	82	84.2	98.2	108	60.9
Total current assets	1,420	1,028	1,496	1,383	1,485	1,696	1,164
Lease right-of-use assets	140	149
Goodwill	5,174	6,500	7,501	8,182	7,891	8,066	6,895
Intangible assets	2,848	3,093	3,330	3,245	3,056	2,833	1,757
Total assets	12,324	15,730	18,397	19,768	19,879	21,207	19,295
Accounts payable	732	1,015	1,320	1,558	1,679	1,880	1,888
Total current liabilities	865	1,193	1,522	2,692	1,810	3,151	1,998
Lease liabilities	159	154	257	327	383	477	451
Total liabilities	9,556	10,158	12,620	13,724	12,493	13,986	11,810
Total debt	7,625	6,166	8,002	9,267	8,837	10,000	7,423
Retained earnings	-770	-1,886	-2,511	-2,843	-2,823	-3,574	230
Shareholders' equity	2,768	5,572	5,776	6,037	7,177	6,978	7,303
Minority interests			0	6.9	209	243	183
Total equity	2,768	5,572	5,776	6,044	7,386	7,222	7,485
Total liabilities and equity	12,324	15,730	18,397	19,768	19,879	21,207	19,295

Cash flow statement

	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-452	-995	-607	-311	32.2	-738	3,813
Cash from operations	251	502	898	1,096	980	1,540	1,316
Cash from investing	-1,158	-4,354	-2,687	-1,734	-310	-1,684	3,959
Debt issued	3,144	4,668	3,816	1,656	4,972	3,241	2,633
Debt repaid	-1,570	-6,200	-2,011	-905	-5,365	-2,906	-4,819
Share buybacks						0	-2,967
Dividends paid	0	-13.1	-17.9	-20.7	-25	-28.2	-31.1
Cash from financing	1,471	3,338	1,965	569	-603	163	-5,317
Exchange rate effect	4.2	-34.6	-12.2	-39.4	-13.6	-20.9	-5.9
Interest paid	344	402	336	413	517	490	449
Income taxes paid	4.1	-4.3	11	24.4	412	43.8	34.3

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	20.7%	Gross profit / revenue.
Pre-tax margin	3.4%	Pre-tax income / revenue.
Net margin	58.0%	Net income / revenue.
Operating cash flow margin	19.9%	Cash from operations / revenue.
Effective tax rate	-6.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	53.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	18.9%	Net income / average total assets.
SG&A / revenue	14.6%	Selling, general and administrative expense / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	21.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	19.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	48.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-14.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.58x	Current assets / current liabilities.
Quick ratio	0.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	38.5%	Total debt / total assets.
Liabilities / assets	61.2%	Total liabilities / total assets.
Net debt	CA$7.34B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-CA$833.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	44.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-CA$1.35B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Inventory turnover	62.3x	Cost of revenue / average inventory.
Days inventory	6 days	365 x average inventory / cost of revenue.
Receivables turnover	6.69x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	131 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-71 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	CA$9.99	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	CA$10.24	Net income per basic share, as reported (split-adjusted).
Payout ratio	0.8%	Dividends paid / net income, when net income is positive.

What was GFL Environmental Inc.'s revenue in fiscal 2025?

GFL Environmental Inc. reported revenue of CA$6.62B for fiscal 2025, 7.8% higher than the year before.

Was GFL Environmental Inc. profitable in fiscal 2025?

Yes. Net income was CA$3.83B, a net margin of 58%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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