Revenue growth has been volatile and gross margin has trailed peers at roughly 18% to 22%, with operating margin ranging from 0.1% to 9.5% and net losses appearing in five of ten quarters, suggesting fragile and inconsistent profitability.
GFL Environmental Inc. (GFL) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 7.43B | 6.62B | 6.14B | 7.52B | 6.76B | 5.14B | 4.2B | 3.35B | 1.85B | 1.33B |
| Revenue Growth % | 7.5% | 7.77% | -18.32% | 11.15% | 31.63% | 22.41% | 25.38% | 80.66% | 38.97% | - |
| Cost of Goods Sold | 5.98B | 5.25B | 5.01B | 6.25B | 5.96B | 4.66B | 4.01B | 3.07B | 1.7B | 1.15B |
| COGS % of Revenue | - | 79.33% | 81.61% | 83.11% | 88.2% | 90.78% | 95.47% | 91.82% | 91.95% | 85.9% |
| Gross Profit | 1.45B | 1.37B | 1.13B | 1.27B | 797.6M | 473.7M | 190.1M | 273.8M | 149.1M | 188M |
| Gross Margin % | 19.5% | 20.67% | 18.39% | 16.89% | 11.8% | 9.22% | 4.53% | 8.18% | 8.05% | 14.1% |
| Gross Profit Growth % | - | 21.13% | -11.08% | 59.15% | 68.38% | 149.18% | -30.57% | 83.64% | -20.69% | - |
| Operating Expenses | 1.11B | 1.02B | 906M | 1.01B | 757.7M | 577.1M | 190.1M | 273.8M | 344.16M | 188M |
| OpEx % of Revenue | - | 15.44% | 14.76% | 13.42% | 11.21% | 11.24% | 4.53% | 8.18% | 18.58% | 14.1% |
| Selling, General & Admin | 1.14B | 967.4M | 864.5M | 973.9M | 730.4M | 562.7M | 508.4M | 276.3M | 344.16M | 157.09M |
| SG&A % of Revenue | - | 14.62% | 14.08% | 12.96% | 10.8% | 10.95% | 12.12% | 8.26% | 18.58% | 11.78% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | 53.9M | 41.5M | 34.4M | 27.3M | 14.4M | -318.3M | -2.5M | 0 | 30.91M |
| Operating Income | 343.05M | 346M | 222.8M | 261.1M | 39.9M | -103.4M | 0 | -31.7M | -195.06M | 30.91M |
| Operating Margin % | 4.61% | 5.23% | 3.63% | 3.47% | 0.59% | -2.01% | - | -0.95% | -10.53% | 2.32% |
| Operating Income Growth % | - | 55.3% | -14.67% | 554.39% | 138.59% | - | 100% | 83.75% | -731.05% | - |
| EBITDA | 1.87B | 1.66B | 1.79B | 1.75B | 1.57B | 1.29B | 254.2M | 767.7M | 217.86M | 269.98M |
| EBITDA Margin % | 25.18% | 25.12% | 29.17% | 23.3% | 23.15% | 25.11% | 6.06% | 22.94% | 11.76% | 20.25% |
| EBITDA Growth % | 4.33% | -7.18% | 2.27% | 11.84% | 21.39% | 407.32% | -66.89% | 252.38% | -19.31% | - |
| D&A (Non-Cash Add-back) | 1.53B | 1.32B | 1.57B | 1.49B | 1.53B | 1.39B | 1.24B | 799.4M | 412.93M | 239.07M |
| EBIT | 266.05M | 683.1M | -560.3M | 724.8M | 67.8M | -412.3M | -983.4M | -136.5M | -254.61M | 72.73M |
| Net Interest Income | -562.77M | -456.2M | -616.2M | -584.1M | -427.1M | -323.9M | -331.24M | -410.43M | -368.47M | -212.68M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 562.77M | 456.2M | 616.2M | 584.1M | 427.1M | 323.9M | 331.24M | 410.43M | 368.47M | 212.68M |
| Other Income/Expense | -769.43M | -119.1M | -1.35B | -69M | -399.2M | -632.8M | -1.36B | -577.5M | -429.19M | -170.87M |
| Pretax Income | -426.38M | 226.9M | -1.12B | 192.1M | -359.3M | -736.2M | -1.36B | -609.2M | -624.25M | -139.96M |
| Pretax Margin % | -5.74% | 3.43% | -18.31% | 2.56% | -5.31% | -14.33% | -32.31% | -18.2% | -33.7% | -10.5% |
| Income Tax | -89.21M | -14.2M | -226.4M | 159.9M | -176.1M | -109.2M | -253.4M | -157.5M | -140.92M | -38.98M |
| Effective Tax Rate % | 20.92% | -6.26% | 20.14% | 83.24% | 49.01% | 14.83% | 18.69% | 25.85% | 22.57% | 27.85% |
| Net Income | -363.27M | 3.83B | -722.7M | 45.4M | -311.8M | -606.8M | -1.1B | -451.7M | -483.34M | -100.98M |
| Net Margin % | -4.89% | 57.95% | -11.77% | 0.6% | -4.61% | -11.81% | -26.27% | -13.5% | -26.09% | -7.58% |
| Net Income Growth % | -110.06% | 630.52% | -1691.85% | 114.56% | 48.62% | 44.96% | -144.06% | 6.55% | -378.64% | - |
| Net Income (Continuing) | -337.17M | 241.1M | -897.5M | 32.2M | -183.2M | -627M | -1.1B | -451.7M | -483.34M | -100.98M |
| Discontinued Operations | -1000K | 3.57B | 159.8M | 0 | -127.9M | 20.2M | 0 | 0 | 0 | 0 |
| Minority Interest | 176M | 182.6M | 243.3M | 209.1M | 6.9M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.94 | 9.99 | -2.11 | 0.13 | -1.08 | -1.83 | -2.80 | -2.50 | -1.54 | -0.31 |
| EPS Growth % | -111.33% | 573.46% | -1723.08% | 112.04% | 40.98% | 34.64% | -12% | -62.34% | -396.77% | - |
| EPS (Basic) | - | 0.66 | -2.11 | 0.13 | -1.08 | -1.83 | -2.80 | -2.50 | -1.54 | -0.31 |
| Diluted Shares Outstanding | 385.67M | 378.69M | 380.84M | 369.66M | 367.17M | 361.57M | 355.32M | 180.55M | 314.05M | 326.42M |
| Basic Shares Outstanding | 385.67M | 369.56M | 380.84M | 369.66M | 367.17M | 361.57M | 355.32M | 180.55M | 314.05M | 326.42M |
| Dividend Payout Ratio | - | 0.81% | - | 55.07% | - | - | - | - | - | - |
Quick answers to the most common questions about buying GFL stock.
For fiscal year 2025, GFL Environmental Inc. (GFL) reported total revenue of $6.62B. This represents a 396.3% increase compared to $1.33B in 2017.
GFL Environmental Inc. (GFL) is profitable, generating $3.83B in net income for the fiscal year ending 2025 with a net profit margin of 58.0%.
GFL Environmental Inc. (GFL) reported an operating income of $346.0M, resulting in an operating profit margin of 5.2%. This margin reflects the operational efficiency of the business before interest and taxes.
GFL Environmental Inc. (GFL) generated $1.37B in gross profit for the year, representing a gross profit margin of 20.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage and debt maturity
Revenue Growth Oscillating Around Flat
Based on the reported quarterly income statement, GFL's revenue growth swung from -29.8% in 2024Q2 to +23.9% in 2026Q3, with no sustained acceleration visible across the ten-quarter window.
The sharp swings appear heavily distorted by the timing of divestitures and acquisitions rather than clean organic demand, so the headline growth rates should not be read as a durable trend. The more informative signal is that revenue has broadly held in the $1.6B to $2.1B range, which suggests a mature top line rather than an expanding one. Investors should monitor whether organic volume and pricing can carry growth once portfolio-reshaping effects fade.
Gross Margin Holding Near Twenty Percent
As reported in the quarterly statements, GFL's gross margin has ranged between roughly 18% and 22%, trailing the 39% to 42% gross margins shown for RSG and WCN in the peer set.
The gap relative to Tier-1 peers may point to a lower internalization rate, a higher reliance on third-party disposal, or a cost base less efficient at the route level. The margin modestly improved from the 18-19% range in 2024 to roughly 20-22% in 2025, which could reflect operational discipline rather than pricing alone. Margin durability depends on whether this trend persists without asset sales flattering the mix.
Operating Margin Thin Relative to Scale
Based on GFL's reported figures, operating margin stayed in a 0.1% to 9.5% band, with the 2025Q3 peak of 9.5% reflecting a single strong quarter rather than a steady scaling pattern.
Operating income moves erratically relative to gross profit, which suggests SG&A and other overhead are not scaling consistently with revenue. SG&A of roughly $186M to $320M per quarter absorbs most of the gross profit, leaving little cushion for depreciation and integration costs. This pattern warrants further investigation into how much of the variability reflects one-time items versus underlying operating leverage.
Reported Net Income Distorted by Gains
According to the reported income statement, GFL's 2025Q1 net income of $3.4B against $1.3M of operating income implies a non-operating gain roughly 2,600 times larger than core operating profit.
Such a disconnect strongly suggests headline earnings and EPS of 8.67 in that quarter are not representative of recurring profitability. Net losses in several other quarters, including -$471.2M in 2024Q2, further indicate that reported earnings are dominated by non-operating and one-time items. Investors should rely on operating income and cash-based measures rather than headline EPS when assessing the business.
Thin Margins Leave Little Room for Error
Based on reported figures, GFL's operating margin has fallen as low as 0.1% and net losses appeared in five of ten quarters, which short-sellers would likely cite as evidence of fragile profitability.
With SG&A consuming most gross profit and debt of $10.55B against a 4.7x leverage ratio, even modest margin compression could push operating income toward zero and strain debt service. The 2028 repayment schedule adds timing pressure that may limit flexibility if growth stalls. The bear case therefore rests less on revenue collapse and more on the possibility that integration costs and interest burdens permanently cap earnings power.