GFL
Connects local waste collection routes to transfer, recovery, and landfill infrastructure.
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Profile
Provides residential and commercial waste collection, transfer, material recovery, and landfill disposal across Canada and the United States. Recurring local routes feed owned infrastructure, while geographic segments, decentralized regional oversight, and acquisition integration shape the operating model.
Collects residential and commercial waste and moves it through a vertically integrated network of transfer stations, material-recovery facilities, and landfills. Canada and the USA are the reportable segments, while most revenue comes from U.S. operations.
Recurring local routes feed owned infrastructure, linking customer collection volumes to transfer, recovery, and disposal assets. A decentralized operating structure gives regional leaders oversight in fragmented local markets, and acquisition integration remains central to the platform assembled since its founding.
Municipal work is often awarded through competitive bids, and performance depends on permits, labor, fuel, waste volumes, regulation, and access to acquisition candidates. The Environmental Services business was divested, leaving solid waste as the operating core; the announced SECURE transaction remains subject to closing approvals.
Company facts
Categories
Key statistics
Year to date −0.2% · Average volume (30d) 2.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Apr 14, 2026 | JP Morgan | Downgrade | Neutral | Underweight | ||
| Feb 12, 2026 | Barclays | Reiterate | Overweight | $63 | ||
| Jan 21, 2026 | Scotiabank | Reiterate | Sector Outperform | $58 | $57 | |
| Nov 24, 2025 | Goldman Sachs | Target | $50 | |||
| Oct 16, 2025 | UBS | Reiterate | Buy | $58 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.17 | $0.14 | −17.6% | $1.33B | $1.37B | +2.9% | +2.81% |
| Apr 29, 2026Q1 FY26 | $0.05 | $0.06 | +20.0% | $1.17B | $1.18B | +1.0% | −0.57% |
| Feb 11, 2026Q4 FY25 | $0.14 | $0.26 | +85.7% | $1.21B | $1.23B | +1.2% | −6.17% |
| Nov 5, 2025Q3 FY25 | $0.19 | $0.17 | −10.5% | $1.67B | $1.21B | −27.1% | 0.00% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.12B | $1.21B | $1.22B | $1.21B | $1.18B | $1.40B | |
| Gross profit | $206.8M | $267.6M | $266.3M | $242.8M | $215.7M | $277.6M | |
| Operating income | $935.1K | $103.9M | $116.0M | $21.6M | $24.5M | $78.8M | |
| Net income | $2.45B | $198.8M | $82.2M | $24.4M | −$155.2M | −$115.0M | |
| Diluted EPS | $6.24 | $0.50 | $0.20 | $0.04 | −$0.43 | −$0.32 | |
| Gross margin | 18.4% | 22.2% | 21.9% | 20.0% | 18.2% | 19.8% | |
| Operating margin | 0.1% | 8.6% | 9.5% | 1.8% | 2.1% | 5.6% |
Fiscal years (4-quarter sums)FY21 $3.77B · FY22 $4.86B · FY23 $5.41B · FY24 $4.98B · FY25 $4.76B
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $138.2M · Total debt $7.30B · Total assets $15.49B · Shareholders' equity $5.30B
Dividends
Raised for 4 straight years — most recently to $0.0169 from $0.0154 in Apr 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 13, 2026 | Jul 13 | Jul 31 | $0.0169 | |
| Apr 13, 2026 | Apr 13 | Apr 30 | $0.0169 | raised from $0.0154 |
| Jan 13, 2026 | Jan 13 | Jan 30 | $0.0154 | |
| Oct 15, 2025 | Oct 15 | Oct 31 | $0.0154 | |
| Jul 14, 2025 | Jul 14 | Jul 31 | $0.0154 | |
| Apr 14, 2025 | Apr 14 | Apr 30 | $0.0154 | raised from $0.014 |
| Jan 13, 2025 | Jan 13 | Jan 31 | $0.014 | |
| Oct 16, 2024 | Oct 16 | Oct 31 | $0.014 |
Ownership
Shares outstanding 349.08M · Float 275.29M · 78.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BCEC-GFL Borrower (Cayman) LP | 62.06M | 17.90% | 13G | Feb 13, 2026 |
| BC Partners Pe LP | 29.91M | 8.57% | 13F | Aug 14, 2026 |
| Patrick Dovigi | 25.69M | 6.80% | 13G | Nov 7, 2025 |
| FMR LLC | 22.64M | 6.49% | 13F | Aug 13, 2026 |
| Ontario Teachers Pension Plan Board | 22.45M | 6.43% | 13F | Aug 7, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Waste Connections
Broad U.S.-Canada overlap across integrated solid waste services
- WM
Large-scale overlap in collection, transfer, landfill, and recycling
- Republic Services
U.S. route and disposal overlap across core solid-waste services
- Casella Waste Systems
Regional overlap in collection, disposal, transfer, and recycling
- S.E.S. AI
Western Canadian overlap in industrial-waste infrastructure
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| GFL | $43.30 | +1.14% | $14.95B | — | 68.8 | 3.0 | +11.5% |
| Waste Connections | $165.68 | −0.14% | $41.82B | 40.2 | 28.1 | 4.3 | +3.8% |
| WM | $219.31 | −0.15% | $87.80B | 31.1 | 25.7 | 3.4 | +4.0% |
| Republic Services | $225.00 | +1.32% | $68.34B | 31.5 | 29.2 | 4.0 | +4.6% |
| Casella Waste Systems | $93.68 | −0.02% | $5.87B | 1,005.2 | 71.2 | 3.0 | +16.9% |
| S.E.S. AI | $0.5280 | +1.13% | $190.3M | — | — | 8.1 | +44.6% |
| Median | 35.8 | 28.6 | 4.0 | +4.6% |