GFL Environmental is a solid waste management company operating across Canada and 18 U.S. states. GFL collects, transports, transfers, recycles, and disposes of waste for municipal, residential, and commercial and industrial customers. Collection accounts for roughly 60% of gross revenue, with landfill tipping fees (~16%), transfer station fees (~12%), and material recovery (~7%) making up most of the rest. About 68% of revenue comes from U.S. operations and 32% from Canada. GFL sells to municipalities on long-term competitive bid contracts, to residential customers on subscription agreements, and to commercial and industrial customers on 3-5 year contracts with CPI-linked price escalators. GFL's profitability is driven by vertical integration: in markets where GFL owns both collection operations and post-collection assets, GFL captures fees at each step rather than paying third parties. Route density also matters — more stops per truck per day spreads fixed costs and lowers unit costs. GFL grows organically by pushing pricing above cost inflation, and through acquisitions of independent regional operators to densify existing markets and drive incremental volume into underutilized landfills and transfer stations. GFL has completed over 290 acquisitions since its founding in 2007. GFL is also building two newer revenue streams: renewable natural gas (capturing and selling landfill gas) and Extended Producer Responsibility contracts in Canada, where regulatory shifts are moving recycling costs to producers and toward fixed-fee processing arrangements. GFL recently divested its hazardous waste business for ~$6B, using proceeds to repay debt and repurchase shares.