GFL Environmental Inc. (GFL) Cash Flow Statement
Where GFL’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$1.32B −14.6% vs 2024
- Capital expenditures
- C$1.14B 17.3% of revenue
- Free cash flow
- C$174.6M 2.6% margin
- Returned to shareholders
- C$3.00B 1,717% of free cash flow
- Change in cash
- −C$48.2M cash at year-end C$85.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GFL operating cash flow, capex and free cash flow
GFL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$80.9M2016 | C$1.32B2025 | +36.3%/yr | |
| Capital expenditures | C$124.3M2016 | C$1.14B2025 | +27.9%/yr | |
| Free cash flow | −C$43.4M2016 | C$174.6M2025 | — | |
| Free cash flow margin | −4.6%2016 | 2.6%2025 | +7.3 pts | |
| Operating cash flow / net income | 21.592023 | 0.342025 | −21.25 | |
| Stock-based compensation | C$3.1M2016 | C$151.5M2025 | +54.2%/yr | |
| Dividends paid | C$13.1M2017 | C$31.1M2025 | +11.4%/yr | |
| Share buybacks (net) | C$02016 | C$2.97B2025 | — | |
| Capex / revenue | 13.3%2016 | 17.3%2025 | +3.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GFL cash flow by activity
GFL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GFL cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$3.83B | −C$737.7M | C$45.4M | −C$311.1M | −C$606.8M | −C$994.9M | −C$451.7M | −C$483.3M | −C$101.0M | −C$152.2M |
| Depreciation & amortization | C$1.32B | C$1.57B | C$1.49B | C$1.53B | C$1.39B | C$1.24B | C$799.4M | C$412.9M | C$239.1M | C$177.6M |
| Stock-based compensation | C$151.5M | C$104.7M | C$124.8M | C$55.1M | C$45.7M | C$37.9M | C$14.5M | C$20.8M | C$5.1M | C$3.1M |
| Change in working capital | C$17.7M | −C$17.9M | C$31.0M | −C$85.5M | −C$46.1M | C$5.2M | −C$74.9M | −C$30.3M | −C$30.2M | C$6.5M |
| Other non-cash items | −C$4.00B | C$623.3M | −C$710.5M | −C$87.7M | C$112.1M | C$216.4M | −C$36.3M | C$45.6M | C$13.3M | C$45.9M |
| Cash from operating activities | C$1.32B | C$1.54B | C$980.4M | C$1.10B | C$897.9M | C$502.2M | C$251.0M | −C$34.2M | C$126.4M | C$80.9M |
| Investing activities | ||||||||||
| Capital expenditures | −C$1.14B | −C$1.19B | −C$1.06B | −C$780.1M | −C$647.2M | −C$428.3M | −C$457.8M | −C$160.3M | −C$203.1M | −C$124.3M |
| Investments (net) | — | −C$1.68B | −C$205.7M | −C$1.73B | −C$2.69B | −C$4.35B | −C$1.17B | — | −C$431.0M | −C$1.75B |
| Acquisitions & other investing | C$5.10B | C$1.19B | C$950.4M | C$780.1M | C$647.2M | C$428.3M | C$466.4M | −C$6.65B | C$203.1M | C$124.3M |
| Cash from investing activities | C$3.96B | −C$1.68B | −C$310.4M | −C$1.73B | −C$2.69B | −C$4.35B | −C$1.16B | −C$6.81B | −C$431.0M | −C$1.75B |
| Financing activities | ||||||||||
| Dividends paid | −C$31.1M | −C$28.2M | −C$25.0M | −C$20.7M | −C$17.9M | −C$13.1M | −C$13.1M | −C$13.1M | −C$13.1M | — |
| Share repurchases & issuance (net) | −C$2.97B | C$0 | — | — | C$3.82B | −C$800,000 | −C$5.8M | −C$5.1M | C$0 | C$579.0M |
| Net borrowing (repayment) | −C$2.30B | C$224.6M | −C$533.8M | C$610.9M | C$1.66B | −C$618.4M | C$1.51B | C$3.67B | C$306.3M | C$1.13B |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$372.5M | C$5.05B | C$3.26B | C$0 | C$0 | C$0 |
| Other financing | −C$14.7M | −C$33.2M | −C$44.0M | −C$21.2M | −C$3.87B | −C$1.08B | −C$3.27B | C$3.07B | −C$2.0M | −C$31.0M |
| Cash from financing activities | −C$5.32B | C$163.2M | −C$602.8M | C$569.0M | C$1.96B | C$3.34B | C$1.47B | C$6.73B | C$291.2M | C$1.68B |
| Summary | ||||||||||
| Net change in cash | −C$48.2M | −C$1.9M | C$53.6M | −C$108.3M | C$163.2M | −C$547.6M | C$567.4M | C$7.4M | −C$14.5M | C$14.5M |
| Cash at end of period | C$85.6M | C$133.8M | C$135.7M | C$82.1M | C$190.4M | C$27.2M | C$574.8M | C$7.4M | C$10,000 | C$14.5M |
| Free cash flow | C$174.6M | C$347.2M | −C$74.7M | C$316.2M | C$250.7M | C$73.9M | −C$206.8M | −C$194.5M | −C$76.8M | −C$43.4M |
| Free cash flow margin | 2.6% | 5.7% | −1.0% | 4.7% | 4.9% | 1.8% | −6.2% | −10.5% | −5.8% | −4.6% |
| Capex / revenue | 17.3% | 19.4% | 14.0% | 11.5% | 12.6% | 10.2% | 13.7% | 8.7% | 15.2% | 13.3% |
| Operating cash flow / net income | 0.34 | — | 21.59 | — | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −C$159.9M | −C$216.3M | C$33.9M | C$114.3M | C$274.2M | C$3.41B | −C$199.5M | C$110.6M | −C$387.9M | −C$141.8M | −C$62.1M | C$18.3M |
| Depreciation & amortization | C$388.7M | C$346.3M | C$340.4M | C$333.5M | C$322.9M | C$319.3M | C$406.3M | C$399.9M | C$397.9M | C$363.7M | C$390.1M | C$349.2M |
| Stock-based compensation | C$25.6M | C$37.6M | C$56.5M | C$18.6M | C$16.7M | C$59.7M | C$14.1M | C$18.0M | C$15.6M | C$57.0M | C$68.1M | C$26.5M |
| Change in working capital | −C$14.4M | −C$117.5M | C$87.6M | −C$70.2M | −C$112.3M | −C$41.5M | C$150.4M | −C$38.4M | −C$56.0M | −C$39.3M | C$200.6M | C$12.9M |
| Other non-cash items | C$169.6M | C$108.8M | −C$73.1M | −C$5.1M | −C$195.4M | −C$3.57B | C$194.0M | −C$143.0M | C$293.7M | −C$42.4M | −C$195.3M | −C$281.1M |
| Cash from operating activities | C$409.6M | C$158.9M | C$445.3M | C$391.1M | C$306.1M | C$173.5M | C$565.3M | C$347.1M | C$263.3M | C$197.2M | C$401.4M | C$125.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$287.7M | −C$387.2M | −C$248.3M | −C$289.5M | −C$289.0M | −C$314.6M | −C$317.2M | −C$281.1M | −C$218.0M | −C$218.7M | −C$231.5M | −C$276.3M |
| Investments (net) | — | — | — | −C$414.8M | −C$431.9M | C$5.38B | −C$314.5M | −C$309.6M | −C$666.4M | −C$393.9M | −C$509.0M | −C$638.0M |
| Acquisitions & other investing | −C$1.33B | −C$139.4M | −C$327.9M | C$289.5M | C$289.0M | C$314.6M | C$317.2M | C$281.1M | C$396.0M | C$317.2M | C$231.5M | C$276.3M |
| Cash from investing activities | −C$1.62B | −C$526.6M | −C$576.2M | −C$414.8M | −C$431.9M | C$5.38B | −C$314.5M | −C$309.6M | −C$488.4M | −C$295.4M | −C$509.0M | −C$638.0M |
| Financing activities | ||||||||||||
| Dividends paid | −C$8.4M | −C$7.5M | −C$7.6M | −C$7.6M | −C$8.0M | −C$7.9M | −C$7.5M | −C$7.2M | −C$5.2M | −C$4.7M | −C$6.5M | −C$6.4M |
| Share repurchases & issuance (net) | −C$14.0M | −C$57.1M | −C$208.9M | −C$346.3M | −C$277.6M | −C$2.13B | — | — | C$876,840 | −C$885,840 | — | — |
| Net borrowing (repayment) | C$17.9M | C$1.78B | C$240.3M | C$464.8M | C$36.7M | −C$3.05B | −C$193.2M | −C$66.9M | — | — | — | C$623.1M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$17.8M | −C$9.8M | −C$1.7M | −C$31.7M | −C$6.8M | C$25.5M | C$1.1M | C$300,000 | C$280.4M | C$55.4M | C$87.0M | −C$11.8M |
| Cash from financing activities | −C$22.3M | C$1.71B | C$22.1M | C$79.2M | −C$255.7M | −C$5.16B | −C$199.6M | −C$73.8M | C$276.1M | C$49.8M | C$80.5M | C$604.9M |
| Summary | ||||||||||||
| Net change in cash | −C$1.28B | C$1.35B | −C$109.0M | C$54.9M | −C$397.5M | C$403.4M | C$34.3M | −C$34.7M | C$46.4M | −C$50.7M | −C$38.5M | C$92.0M |
| Cash at end of period | C$192.2M | C$1.44B | C$85.6M | C$194.6M | C$139.7M | C$537.2M | C$133.8M | C$99.5M | C$98.1M | C$51.7M | C$135.7M | C$174.2M |
| Free cash flow | C$121.9M | −C$228.3M | C$197.0M | C$101.6M | C$17.1M | −C$141.1M | C$248.1M | C$66.0M | C$45.2M | −C$21.6M | C$169.9M | −C$150.5M |
| Free cash flow margin | 6.3% | −13.9% | 11.7% | 6.0% | 1.0% | −9.0% | 12.5% | 4.2% | 2.9% | −1.2% | 9.0% | −8.0% |
| Capex / revenue | 14.8% | 23.6% | 14.7% | 17.1% | 17.3% | 20.2% | 16.0% | 18.1% | 13.8% | 12.1% | 12.3% | 14.6% |
| Operating cash flow / net income | — | — | 13.14 | 3.42 | 1.12 | 0.05 | — | 3.14 | — | — | — | 6.87 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
GFL cash generation
In fiscal 2025 (ended December 31, 2025), GFL Environmental generated C$1.3 billion of cash from operations (down 14.6%) and spent C$1.1 billion on capital expenditures, leaving free cash flow of C$174.6 million, 2.6% of revenue. It returned C$3.0 billion to shareholders through dividends (C$31.1 million) and net share buybacks (C$3.0 billion). Cash and equivalents fell by C$48.2 million over the year.
Related: GFL income statement, GFL balance sheet, GFL dividend history. See the GFL stock overview for the latest quote and news.
GFL cash flow FAQ
What is GFL Environmental's free cash flow?
GFL Environmental's free cash flow was C$174.6 million in fiscal 2025: C$1.3 billion of operating cash flow minus C$1.1 billion of capital expenditures It was C$347.2 million a year earlier..
How much cash does GFL Environmental generate from operations?
GFL Environmental generated C$1.3 billion of cash from operating activities in fiscal 2025, 0.34 times its net income of C$3.8 billion.
How much does GFL Environmental spend on capital expenditures?
GFL Environmental spent C$1.1 billion on capital expenditures in fiscal 2025, 17.3% of revenue, compared with C$1.2 billion the year before.
How much stock does GFL Environmental buy back?
GFL Environmental spent C$3.0 billion on net share repurchases in fiscal 2025.
How much does GFL Environmental pay in dividends?
GFL Environmental paid C$31.1 million in dividends in fiscal 2025, 17.8% of free cash flow.