GFL Environmental Inc. (GFL) Balance Sheet

NYSE: GFLAssets, liabilities, debt and equity over 9 years.

GFL balance sheet, 2025

December 31, 2025 · Canadian dollars

C$19.30B assets = C$11.81B liabilities + C$7.49B equity

What it ownsC$19.30BCash & ST investments: C$85.6M (0.4%)Receivables: C$802.0M (4.2%)Inventory: C$60.9M (0.3%)Other current: C$215.7M (1.1%)PP&E: C$7.32B (38.0%)PP&EC$7.32B · 38%Goodwill & intangibles: C$8.65B (44.8%)Goodwill & intangiblesC$8.65B · 45%LT investments: C$1.90B (9.8%)LT investments C$1.90BOther non-current: C$256.8M (1.3%)=How it is financedC$19.30BCurrent liabilities: C$2.00B (10.4%)C$2.00BLong-term debt: C$7.42B (38.5%)Long-term debtC$7.42B · 38%Other LT liabilities: C$2.39B (12.4%)Other LT liabilitiesC$2.39B · 12%Shareholders’ equity: C$7.49B (38.8%)Shareholders’ equityC$7.49B · 39%

Both columns are drawn to the same scale: what GFL owns equals what it owes plus shareholders’ equity. Hover a block for its value.

GFL financial health

Current ratio0.58
Tight · current assets cover current liabilities 0.58×
Debt / equity1.09
Moderate leverage · C$1.09 of debt for each $1 of equity
Equity / assets37.8%
Balanced · of assets funded by shareholders
Cash / debt1.1%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles44.8%
Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

GFL balance sheet trends, 2017–2025

MetricTrendThenLatestChange
Total assetsC$3.45B2017C$19.30B2025+24.0%/yr
Total liabilitiesC$2.94B2017C$11.81B2025+19.0%/yr
Shareholders’ equityC$509.0M2017C$7.30B2025+39.5%/yr
Cash & short-term investmentsC$10,0002017C$85.6M2025+210.1%/yr
Total debtC$2.46B2017C$7.93B2025+15.8%/yr
Net cash (debt)−C$2.46B2017−C$7.85B2025−C$5.4B
Working capitalC$61.1M2017−C$833.7M2025−C$894.8M
Current ratio1.1820170.582025−0.60
Debt / equity4.8420171.092025−3.75
Shares outstanding326.4M2017378.7M2025+1.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

GFL assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

GFL liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

GFL debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

GFL balance sheet in Canadian dollars

202520242023202220212020201920182017
Assets
Cash & short-term investmentsC$85.6MC$133.8MC$135.7MC$82.1MC$190.4MC$27.2MC$574.8MC$7.4MC$10,000
Cash & equivalentsC$85.6MC$133.8MC$135.7MC$82.1MC$190.4MC$27.2MC$574.8MC$7.4MC$10,000
ReceivablesC$802.0MC$1.26BC$1.13BC$1.10BC$1.13BC$786.4MC$713.4MC$574.7MC$318.6M
InventoryC$60.9MC$107.7MC$98.2MC$84.2MC$82.0MC$57.4MC$50.5MC$42.4MC$23.9M
Other current assetsC$215.7MC$193.0MC$123.4MC$112.0MC$88.6MC$157.2MC$81.6MC$56.6MC$57.9M
Total current assetsC$1.16BC$1.70BC$1.49BC$1.38BC$1.50BC$1.03BC$1.42BC$681.1MC$400.5M
Property, plant & equipment (net)C$7.32BC$7.85BC$6.98BC$6.54BC$6.01BC$5.07BC$2.85BC$2.44BC$1.01B
Goodwill & intangible assetsC$8.65BC$10.90BC$10.95BC$11.43BC$10.83BC$9.59BC$8.02BC$7.92BC$2.03B
Long-term investmentsC$1.90BC$344.4MC$319.0MC$326.6MC$0C$0C$0C$0C$0
Other non-current assetsC$256.8MC$416.7MC$147.7MC$90.2MC$59.1MC$33.2MC$31.6MC$34.5MC$11.4M
Total assetsC$19.30BC$21.21BC$19.88BC$19.77BC$18.40BC$15.73BC$12.32BC$11.07BC$3.45B
Liabilities
Accounts payableC$850.8MC$812.3MC$711.0MC$656.7MC$565.7MC$413.1MC$732.0MC$606.2MC$312.6M
Short-term debtC$59.9MC$1.22BC$75.1MC$94.2MC$137.8MC$114.1MC$97.6MC$53.7MC$9.2M
Deferred revenueC$297.8MC$231.6MC$207.8MC$248.1MC$198.7MC$170.4M——C$13.6M
Total current liabilitiesC$2.00BC$3.15BC$1.81BC$2.69BC$1.52BC$1.19BC$865.1MC$681.4MC$339.3M
Long-term debtC$7.42BC$8.85BC$8.83BC$9.25BC$8.22BC$6.32BC$7.72BC$6.24BC$2.45B
Lease obligationsC$510.5MC$546.6MC$443.0MC$378.8MC$308.3MC$191.2MC$192.0M——
Other long-term liabilitiesC$2.39BC$1.98BC$1.85BC$1.78BC$2.88BC$2.65BC$971.3MC$962.6MC$146.6M
Total liabilitiesC$11.81BC$13.99BC$12.49BC$13.72BC$12.62BC$10.16BC$9.56BC$7.88BC$2.94B
Shareholders' equity
Common stock & paid-in capitalC$7.01BC$9.94BC$9.84BC$8.64BC$8.46BC$7.64BC$3.52BC$3.47BC$879.5M
Retained earnings (deficit)C$229.5M−C$3.57B−C$2.82B−C$2.84B−C$2.51B−C$1.89B−C$770.3M−C$318.7M−C$381.7M
Accumulated other comprehensive income−C$140.8MC$462.6MC$15.1MC$130.3M−C$253.7M−C$241.5M−C$2.7MC$39.0M−C$9.9M
Minority interestC$182.6MC$243.3MC$209.1MC$6.9M—————
Total shareholders' equityC$7.30BC$6.98BC$7.18BC$6.04BC$5.78BC$5.57BC$2.77BC$3.19BC$509.0M
Key figures
Total debtC$7.93BC$10.55BC$9.29BC$9.68BC$9.63BC$6.52BC$7.82BC$6.29BC$2.46B
Net cash (debt)−C$7.85B−C$10.42B−C$9.15B−C$9.60B−C$9.44B−C$6.50B−C$7.24B−C$6.28B−C$2.46B
Working capital−C$833.7M−C$1.46B−C$325.4M−C$1.31B−C$26.7M−C$165.1MC$555.2M−C$225,000C$61.1M
Tangible book value−C$1.35B−C$3.92B−C$3.77B−C$5.39B−C$5.05B−C$4.02B−C$5.25B−C$4.73B−C$1.52B
Shares outstanding378.7M380.8M369.7M367.2M361.6M355.3M180.5M314.0M326.4M
Current ratio0.580.540.820.510.980.861.641.001.18
Quick ratio0.440.440.700.440.870.681.490.850.94
Debt / equity1.091.511.291.601.671.172.821.974.84
Equity / assets37.8%32.9%36.1%30.5%31.4%35.4%22.5%28.8%14.8%

Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed February 18, 2026); data from EODHD.

GFL financial position

At the end of fiscal 2025 (December 31, 2025), GFL Environmental had total assets of C$19.3 billion (down 9.0% from a year earlier), total liabilities of C$11.8 billion and shareholders' equity of C$7.3 billion. It held C$85.6 million in cash and short-term investments against C$7.9 billion of debt, net debt of C$7.8 billion. Its current ratio was 0.58. In the latest quarter (ended June 30, 2026) total assets were C$21.5 billion and equity C$7.4 billion.

Related: GFL income statement, GFL cash flow statement, GFL key metrics. See the GFL stock overview for the latest quote and news.

GFL balance sheet FAQ

What are GFL Environmental's total assets?

GFL Environmental reported total assets of C$19.3 billion at the end of fiscal 2025 (December 31, 2025), compared with C$21.2 billion a year earlier.

How much debt does GFL Environmental have?

GFL Environmental had C$7.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.09.

How much cash does GFL Environmental have?

GFL Environmental held C$85.6 million in cash and short-term investments at the end of fiscal 2025; with C$7.9 billion of debt that is net debt of C$7.8 billion.

What is GFL Environmental's book value?

GFL Environmental's shareholders' equity (book value) was C$7.3 billion at the end of fiscal 2025.

What is GFL Environmental's current ratio?

GFL Environmental had current assets of C$1.2 billion and current liabilities of C$2.0 billion, a current ratio of 0.58 (current liabilities exceed current assets).

How much goodwill does GFL Environmental have?

GFL Environmental carried C$8.7 billion of goodwill and intangible assets, 44.8% of total assets, at the end of fiscal 2025.

Waste Management: balance sheet