GFL Environmental Inc. (GFL)

GFL Environmental Inc. is the fourth largest diversified environmental services company in North America, measured by revenue and North American operating footprint. Founded by Patrick Dovigi in 2007, it provides solid waste management services, including collection, transportation, transfer, recycling and disposal. It is recognized by its fleet of bright green trucks and emphasizes sustainable solutions such as diverting waste from landfills through compost processing and recycling, and harnessing power generated by landfills. The company has grown through organic expansion and more than 290 acquisitions, and it is incorporated in Ontario and listed on the TSX and NYSE under the symbol "GFL".

Reported revenue by business line in fiscal 2025 totaled $6,615.9 million after intercompany eliminations. Collection was the largest line at $4,504.7 million, made up of commercial/industrial ($3,006.4 million) and residential ($1,498.3 million). The other lines were landfill ($1,190.2 million), transfer ($926.7 million), material recovery ($503.8 million) and other ($363.4 million), all before intercompany eliminations. In March 2025 the company sold its Environmental Services business for an enterprise value of $8.0 billion to funds managed by affiliates of Apollo and BC Partners. It retained a non-controlling interest, which fell to about 34% after HPS subscribed for an equity stake in September 2025, and it holds an option to repurchase the remaining equity within five years of closing. It earlier divested its Infrastructure Services division in 2022, and information in the filing excludes Environmental Services.

GFL serves municipal, residential, and commercial and industrial customers. It operates throughout Canada and in 18 U.S. states, and in fiscal 2025 about 68% of revenue came from U.S. operations and 32% from Canadian operations. The company describes its industry as relatively recession resistant, with visible waste volumes, a stringent regulatory framework, high capital intensity and significant fragmentation that has driven consolidation. Its revenue is described as predictable and recurring because of stable waste generation and contractual customer relationships.

About 15,000 employees support the operations, which are run under a decentralized structure that gives regional business leaders operational oversight. The company's growth strategy rests on organic revenue growth and pricing optimization, acquisitions of regional operators followed by tuck-in deals that increase route density, and operating cost efficiencies. It cites the capital investment needed to replicate its network, its route density, and permitting and regulatory requirements as supports for its competitive position. Its executive headquarters is in Miami Beach, Florida, and its registered office is in Vaughan, Ontario.