GFL Environmental Inc. Reports Fourth Quarter and Full Year 2024 Results, Provides 2025 Guidance
VAUGHAN, ON – GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (“GFL” or “the Company”), a leading North American independent commercial and residential environmental services company, announced its financial results for the fourth quarter and full year 2024, as well as its guidance for the full year 2025. The Company’s strong performance in 2024 was driven by the dedication and hard work of its more than 20,000 employees.
Fourth Quarter 2024 Results
The Company reported fourth quarter revenue of $2,067.3 million, which was ahead of expectations. Adjusted EBITDA1 for the quarter was $693.8 million, representing a 30.6% margin and an expansion of 300 basis points compared to the previous quarter. Adjusted Free Cash Flow1 for the quarter was $254.8 million, an increase of 33.3% compared to the same period last year. Solid Waste volumes improved sequentially by 310 basis points, surpassing expectations.
Full Year 2024 Results
GFL reported full year 2024 revenue of $7,862.0 million, representing an 8.8% increase excluding the impact of divestitures. Including divestitures, revenue grew by 4.6%. Adjusted EBITDA1 for the year was $2,250.5 million, up 12.3% from the previous year. Adjusted Net Income1 was $321.3 million, while the net loss was reported at $737.7 million. The Adjusted EBITDA margin1 for the year was 28.6%, representing a 190 basis points increase over the prior year. Adjusted Free Cash Flow1 was $820.3 million, up 17% from 2023.
2025 Guidance
Looking forward, GFL expects full year 2025 revenue to be approximately $8,425 million. This includes the contribution from Environmental Services (“ES”), with revenue between $6,500 million and $6,550 million excluding ES’s contribution. The Company anticipates Adjusted EBITDA2 for 2025 to be approximately $2,500 million, with ES contributing between $1,925 million and $1,950 million. Adjusted Free Cash Flow2 for the year is estimated to be between $950 million and $975 million, with ES contributing approximately $750 million. The guidance does not include the contribution from any incremental M&A.
Impact on Individuals
The strong financial performance of GFL in 2024 and the positive guidance for 2025 may not have a direct impact on individuals unless they are shareholders of the Company or work for one of its competitors. However, the waste management industry is essential to the functioning of modern society, and the continued growth and profitability of companies like GFL can lead to job opportunities and improvements in waste management services.
Impact on the World
The waste management industry plays a crucial role in protecting public health and the environment by collecting, transporting, processing, and disposing of waste. GFL’s strong financial performance and growth plans contribute to the overall sustainability of the industry and help ensure that waste is managed efficiently and effectively. Additionally, the Company’s focus on innovation and technological advancements can lead to more sustainable waste management solutions and a reduced environmental footprint.
Conclusion
GFL Environmental Inc.’s fourth quarter and full year 2024 results demonstrated the Company’s ability to exceed expectations and deliver strong financial performance. With a solid foundation in place and positive guidance for 2025, GFL is well-positioned for continued growth and success in the waste management industry. The impact of these results on individuals and the world at large is significant, as waste management is an essential service that contributes to public health, environmental sustainability, and economic growth.
- GFL reported strong fourth quarter and full year 2024 financial results, surpassing expectations in revenue, Adjusted EBITDA, and Adjusted Free Cash Flow.
- The Company’s Adjusted EBITDA margin expanded by 300 basis points for the second consecutive quarter, and Solid Waste volumes improved sequentially by 310 basis points.
- Full year 2024 revenue was $7,862.0 million, up 8.8% excluding divestitures, with Adjusted EBITDA of $2,250.5 million and Adjusted Free Cash Flow of $820.3 million.
- GFL expects full year 2025 revenue to be approximately $8,425 million, with Adjusted EBITDA of $2,500 million and Adjusted Free Cash Flow between $950 million and $975 million.
- The waste management industry is essential to public health, environmental sustainability, and economic growth, and GFL’s strong financial performance and growth plans contribute to the industry’s overall success.
