The continued strong execution of its value creation strategies drove full-year top-line growth of 9.5 percent, Adjusted EBITDA margin of 30 percent, the highest in company history, and industry-leading Adjusted EBITDA margin expansion of 130 basis points over the prior year. GFL's 2026 outlook calls for about $7.0 billion of revenue, a roughly 30.6% Adjusted EBITDA margin and $835 million of Adjusted Free Cash Flow, supported by core pricing, modest volume gains and M&A contributions.
Cyborg Score Rationale
GFL delivered record margins (30%), robust 23.6% free cash flow growth, and strategic capital deployment ($3B buybacks, $1B acquisitions). Execution is exceptional with industry-leading metrics. Currency headwinds and modest volume pressures present modest headwinds.
Top Insights
Achieved record 30% EBITDA margins in 2025; targeting low-to-mid 30s by 2028 representing substantial upside opportunity
Generated $756M free cash flow (up 23.6% YoY) with disciplined capital allocation: $3B share buybacks (10%+ of shares), $1B acquisitions, and net leverage at 3.4x (lowest in company history)
Relocated headquarters to Miami Beach reflecting strategic focus on high-growth U.S. markets; divested Environmental Services segment ($8B valuation) to refocus on core platform
Diversified geographic and service footprint across Canada and 18 U.S. states positions GFL to benefit from population growth and regulatory tailwinds in key markets
Named Competitors
Waste Connections — Integrated solid waste and recycling services provider
Waste Management — Leading North American waste and recycling company
Heritage-Crystal Clean — Waste management and environmental services
Stericycle — Environmental and waste compliance services
Recent Developments
(February 2026) Reported 2025 results with record margins and announced 2026 guidance targeting $7B revenue and $2.14B EBITDA
(January 2026) Relocated corporate headquarters to Miami Beach, Florida from Vaughan, Canada to align with growth markets
(October 2025) Acquired Plummer's Environmental Services as part of ongoing M&A strategy
(January 2025) Divested Environmental Services segment for $8B while retaining $1.7B equity stake in Green Infrastructure Partners
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