GFL Environmental Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	3,834	-722.7	45.4	-311.8	-606.8
Depreciation & Amortization	1,316	1,568	1,490	1,526	1,393
Other Amortization	-	22.7	18.6	13.8	21.7
Loss (Gain) From Sale of Assets	-4,443	479.6	-593.6	-0.2	-151.4
Loss (Gain) on Equity Investments	39	-18.2	61.6	-20.7	-
Stock-Based Compensation	151.5	104.7	124.8	55.1	45.7
Other Operating Activities	475.8	124.2	-197.1	-201.2	282.8
Change in Accounts Receivable	-	-109.2	57.7	-221	-138
Change in Accounts Payable	-	134.4	-3.4	160.4	73.3
Change in Other Net Operating Assets	-57.8	-43.1	-23.3	-24.9	-22.4
Operating Cash Flow	1,316	1,540	980.4	1,096	897.9
Operating Cash Flow Growth	-14.56%	57.10%	-10.57%	22.10%	78.79%
Capital Expenditures	-1,141	-1,193	-1,055	-765.2	-647.2
Sale of Property, Plant & Equipment	58.4	61.3	61.8	22.4	259.7
Cash Acquisitions	-983.2	-649.5	-966.3	-1,333	-2,300
Divestitures	5,812	86	1,649	341.7	-
Investment in Securities	212.9	10.8	-	-	-
Investing Cash Flow	3,959	-1,684	-310.4	-1,734	-2,687
Long-Term Debt Issued	2,633	3,241	4,972	1,656	3,816
Total Debt Issued	2,633	3,241	4,972	1,656	3,816
Long-Term Debt Repaid	-4,937	-3,016	-5,506	-1,046	-2,152
Total Debt Repaid	-4,937	-3,016	-5,506	-1,046	-2,152
Net Debt Issued (Repaid)	-2,304	224.6	-533.8	610.9	1,664
Issuance of Common Stock	-	-	-	-	372.5
Repurchase of Common Stock	-2,967	-	-	-	-
Dividends Paid	-31.1	-28.2	-25	-20.7	-17.9
Other Financing Activities	-14.7	-33.2	-44	-21.2	-54.2
Financing Cash Flow	-5,317	163.2	-602.8	569	1,965
Foreign Exchange Rate Adjustments	-5.9	-20.9	-13.6	-39.4	-12.2
Net Cash Flow	-48.2	-1.9	53.6	-108.3	163.2
Free Cash Flow	174.6	347.2	-74.7	331.1	250.7
Free Cash Flow Growth	-49.71%	-	-	32.07%	239.24%
Free Cash Flow Margin	2.64%	4.42%	-0.99%	4.90%	4.88%
Free Cash Flow Per Share	0.46	0.91	-0.20	1.15	0.69
Cash Interest Paid	449.2	490.4	517.3	415.2	339.9
Cash Income Tax Paid	34.3	43.8	411.6	24.4	11
Levered Free Cash Flow	736.88	436.74	-434.21	1,864	598.49
Unlevered Free Cash Flow	1,109	786.16	-108.25	2,126	792.79
Change in Working Capital	-57.8	-17.9	31	-85.5	-87.1

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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