GFL Environmental stock (CA3655381014): earnings momentum and North American waste footprint

GFL Environmental has reported higher revenue and adjusted EBITDA for 2024 and has updated its 2025 outlook while continuing to expand its North American waste and environmental services platform. The NYSE-listed stock remains in focus for US investors watching the waste sector.

GFL Environmental recently reported full-year 2024 and first-quarter 2025 results that showed continued revenue growth and margin expansion, while the company also updated its outlook for 2025 and highlighted ongoing acquisition-driven expansion across North America, according to a company earnings release published on 02/12/2025 and a subsequent update on 05/01/2025GFL investor relations as of 02/12/2025GFL investor relations as of 05/01/2025.

As of: 05/20/2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: GFL
• Sector/industry: Environmental services and waste management
• Headquarters/country: Vaughan, Ontario, Canada
• Core markets: Canada and the United States
• Key revenue drivers: Solid waste collection, recycling, infrastructure and soil remediation, and liquid waste services
• Home exchange/listing venue: New York Stock Exchange (ticker: GFL)
• Trading currency: US dollar on NYSE; Canadian dollar on TSX

GFL Environmental: core business model

GFL Environmental positions itself as a diversified environmental services provider, offering solid waste management, liquid waste handling and environmental remediation services to municipal, residential, commercial and industrial customers across North AmericaGFL company information as of 2025. The business model is built on long-term contracts for waste collection and disposal, complemented by landfill operations and recycling facilities that support integrated service offerings.

The company operates a broad network of collection routes, transfer stations, material recovery facilities and landfills that are designed to capture value along the waste management chain, from pickup to processing and final disposalGFL services overview as of 2025. This network is intended to create operational efficiencies as route density increases, helping to spread fixed costs over a larger customer base and potentially enhancing margins over time.

GFL Environmental also offers liquid waste and environmental services, including the collection and processing of used oil, industrial liquids and hazardous materials, as well as soil remediation and infrastructure services related to environmental construction projectsGFL liquid waste and environmental services as of 2025. These activities diversify revenue beyond traditional municipal solid waste collection and landfill operations, and can be influenced by industrial activity and infrastructure spending trends in Canada and the United States.

Main revenue and product drivers for GFL Environmental

For the full year 2024, GFL Environmental reported revenue of approximately 7.6 billion Canadian dollars, an increase of around 8% compared with 2023, driven by organic growth in its solid waste segment and contributions from acquisitions, according to the company’s 2024 results release dated 02/12/2025GFL investor relations as of 02/12/2025. Adjusted EBITDA for 2024 rose by about 11% year over year, supported by pricing initiatives and operating leverage in the solid waste business.

In the first quarter of 2025, the company reported revenue of roughly 1.9 billion Canadian dollars, up about 7% from the prior-year quarter, with solid waste operations representing the majority of sales, based on the earnings statement released on 05/01/2025GFL investor relations as of 05/01/2025. Adjusted EBITDA in the period increased in the mid-single-digit percentage range, reflecting both revenue growth and cost controls.

Solid waste collection and disposal remain the primary revenue engine, underpinned by recurring contracts with municipalities and commercial clients across Canada and the United StatesMarketBeat company profile as of 2026. The company complements this with revenue from recycling and material recovery, where commodity prices and volumes influence performance, and from liquid waste services and environmental remediation, which are more sensitive to industrial production cycles and infrastructure investment.

Management has also emphasized the contribution of acquisitions to revenue and earnings growth. In its 2024 and early 2025 updates, GFL Environmental highlighted a pipeline of tuck-in transactions aimed at consolidating local and regional waste haulers to expand route density and landfill volumesGFL investor relations as of 02/12/2025. This approach is typical for the waste management sector, where scale and local market share are important drivers of profitability.

Why GFL Environmental matters for US investors

GFL Environmental is listed on the New York Stock Exchange under the ticker GFL, providing US investors with direct access to a North American waste management operator without needing to trade on a foreign exchangeNew York Stock Exchange listing data as of 2026. The company generates a substantial portion of its revenue from the United States, which links its performance to US economic conditions, population growth and regulatory frameworks for waste and recycling.

The waste management sector is often viewed as tied to everyday essential services, with demand influenced by population density, construction activity and industrial output. For US investors, exposure to GFL Environmental provides participation in this infrastructure-like segment, while also incorporating Canada’s regulatory and economic environmentMarketBeat company profile as of 2026. Currency movements between the US dollar and Canadian dollar can also affect reported results and valuations when translated into US dollars.

Because the company operates across multiple US states, changes in environmental regulations, recycling mandates and landfill permitting policies may influence capital expenditure requirements and future revenue streams. US investors tracking GFL Environmental therefore often monitor developments in state-level waste policies alongside broader macroeconomic indicators that affect commercial and industrial waste volumes.

Conclusion

GFL Environmental has reported growth in revenue and adjusted EBITDA for 2024 and early 2025, underpinned by solid waste operations, acquisitions and contributions from liquid waste and environmental services, according to its recent earnings releasesGFL investor relations as of 05/01/2025. The company’s integrated business model spans collection, processing and disposal across Canada and the United States, giving it exposure to population growth, industrial activity and evolving environmental regulations. At the same time, investors remain exposed to integration execution, regulatory changes, commodity price volatility in recycling and currency movements between the Canadian and US dollars, all of which can influence future earnings and stock performance.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.