Clean Harbors Inc (CLH)

Clean Harbors Announces First-Quarter 2026 Financial ResultsMay 6, 2026 7:30 AM
Business Wire Delivers Highest Q1 Revenue in Company’s History at $1.46 Billion Generates Q1 Net Income of $63.2 Million, or EPS of $1.19 Achieves 6% Growth in Q1 Adjusted EBITDA to $247.9 Million; Expands Adjusted EBITDA Margin YoY by 60 Basis Points Raises 2026 Guidance for Adjusted EBITDA and Adjusted Free Cash Flow Clean Harbors, Inc. (“Clean Harbors” or the “Company”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the first quarter ended March 31, 2026. “We began 2026 with better-than-expected first-quarter results, including higher profitability in both of our operating segments,” said Eric Gerstenberg, Co-Chief Executive Officer. “Our Environmental Services (ES) segment delivered its 16th consecutive quarter of year-over-year Adjusted EBITDA margin improvement, navigating challenging weather conditions that impacted our collection and services businesses. At the same time, our Safety-Kleen Sustainability Solutions (SKSS) segment benefited from our continued focus around charge-for-oil (CFO) services and a late-quarter surge in base oil pricing. Our safety performance was outstanding, with the team achieving the lowest quarterly Total Recordable Incident Rate in our history at 0.39.” First-Quarter 2026 Results Revenues increased to $1.46 billion, compared with $1.43 billion in the same period of 2025. Income from operations rose 7% to $118.9 million, compared with $111.6 million in the first quarter of 2025. Net income increased to $63.2 million, or $1.19 per diluted share, compared with $58.7 million, or $1.09 per diluted share, for the same period in 2025. Adjusted EBITDA (see description and reconciliation below) increased 6% to $247.9 million from $234.9 million for the same period in 2025. First-Quarter 2026 Segment Review “Our ES segment delivered a 50-basis-point improvement in Adjusted EBITDA margin as we leveraged top-line growth while continuing to effectively manage costs and generate operational efficiencies,” said Gerstenberg. “Within the segment, Technical Services grew revenue by 5% on demand for disposal and recycling services, including higher project and PFAS-related work, as well as collecting more volumes. Safety-Kleen Environmental Services’ revenue in the segment increased by 7%, driven by pricing and growth in its core offerings. Incineration utilization, including the new Kimball incinerator, was 80%, in line with our expectations and reflecting a high number of planned maintenance days and weather impacts in the quarter. At the same time, landfill volumes rose 34% due to sizeable project activity. Field Services revenue grew 7%, as we responded to a steady stream of customer emergency events across the U.S., including a large-scale project that generated approximately $10 million in revenue. Overall, our ES segment delivered solid Q1 results despite regional softness in our Industrial Services business. Following a strong March, we exited the quarter with considerable momentum heading into the balance of the year.” “Within our SKSS segment, we began the quarter by advancing our CFO pricing strategy for our waste oil collection services and finished amid an improving pricing environment for base oil and related products,” said Mike Battles, Co-Chief Executive Officer. “We exceeded our Q1 expectations by growing segment Adjusted EBITDA by 17% and achieving a 320-basis-point improvement in Adjusted EBITDA margin. We gathered 53 million gallons of waste oil while continuing to increase revenues generated from our oil collection services. We also continued to execute on our profitability-enhancing initiatives, such as Group III production and increasing our direct lubricant gallons sold.” Business Outlook and Financial Guidance “We are seeing positive demand trends and increased opportunities across our key lines of business to start the year,” Gerstenberg said. “An improving U.S. economic backdrop is creating growth opportunities for our expanding disposal and recycling network, fueled by reshoring, PFAS, and project services. Safety-Kleen Environmental Services should deliver another consistent year of profitable growth. Branch expansion and investments within our Field Services business further solidifies our reputation as the national go-to provider for environmental emergencies. Although our Industrial Services business continues to operate in a challenged market, strategic initiatives being undertaken now will ensure growth as conditions improve. For SKSS, we are operating in a rising pricing and demand environment, with a focus on improving profitability and strengthening long-term customer relationships.” Battles concluded, “We remain excited about our organic growth and acquisition prospects in 2026. The demand environment is highly favorable across our core lines of business, which is driving our capex decisions to accelerate near-term revenue growth. Through sustained execution of our capital allocation strategy, we continue to expect Clean Harbors to deliver strong profitable growth and robust free cash flow this year.” In the second quarter of 2026, Clean Harbors expects Adjusted EBITDA to grow 5% to 9% year over year. Based on its first-quarter performance and current market conditions, Clean Harbors is raising the midpoint of its 2026 Adjusted EBITDA guidance by $40 million and the midpoint of its adjusted free cash flow guidance by $10 million. For the full year, Clean Harbors now expects: Adjusted EBITDA in the range of $1.24 billion to $1.30 billion, with a midpoint of $1.27 billion. This Adjusted EBITDA range is based on anticipated GAAP net income in the range of $421 million to $472 million. Adjusted free cash flow in the range of $490 million to $550 million, with a midpoint of $520 million. This range is based on anticipated net cash from operating activities in the range of $840 million to $960 million. Non-GAAP Results: Adjusted EBITDA Reconciliation Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP) but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors because the Company’s management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the three months ended March 31, 2026 and 2025 (in thousands, except percentages):     Three Months Ended     March 31, 2026   March 31, 2025 Net income   $ 63,201     $ 58,680   Accretion of environmental liabilities     3,542       3,620   Stock-based compensation     9,578       7,635   Depreciation and amortization     115,799       111,980   Other expense, net     731       932   Interest expense, net of interest income     33,854       36,077   Provision for income taxes     21,149       15,930   Adjusted EBITDA   $ 247,854     $ 234,854   Adjusted EBITDA Margin     17.0 %     16.4 %   Adjusted Free Cash Flow Reconciliation Clean Harbors reports adjusted free cash flow, a non-GAAP measure, which it considers to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. When necessary, the Company adjusts for the cash impact of items derived from non-operating activities. Additionally, adjusted free cash flow excludes significant strategic growth investments, as they are not indicative of free cash flow for the current period. Adjusted free cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies. An itemized reconciliation between reported GAAP net cash from operating activities and adjusted free cash flow is as follows (in thousands):     Three Months Ended     March 31, 2026   March 31, 2025 Net cash from operating activities   $ 6,297     $ 1,605   Additions to property, plant and equipment     (98,443 )     (118,695 ) Cash investments in strategic growth projects     14,787       —   Proceeds from sale and disposal of fixed assets     1,522       1,343   Adjusted free cash flow   $ (75,837 )   $ (115,747 )   Adjusted EBITDA Guidance Reconciliation An itemized reconciliation between projected GAAP net income and projected Adjusted EBITDA is as follows (in millions):   For the Year Ending December 31, 2026 Projected GAAP net income $ 421 to $ 472 Adjustments:       Accretion of environmental liabilities   16 to   15 Stock-based compensation   41 to   44 Depreciation and amortization   470 to   460 Interest expense, net   144 to   139 Provision for income taxes   148 to   170 Projected Adjusted EBITDA $ 1,240 to $ 1,300   Adjusted Free Cash Flow Guidance Reconciliation An itemized reconciliation between projected GAAP net cash from operating activities and projected adjusted free cash flow is as follows (in millions). The Company excludes significant strategic growth investments, which the Company expects to realize future long-term benefits from, as they are not indicative of free cash flow generation for the current period. For the Year Ending December 31, 2026 Projected net cash from operating activities $ 840   to $ 960   Additions to property, plant and equipment   (475 ) to   (535 ) Cash investments in strategic growth projects   110   to   110   Proceeds from sale and disposal of fixed assets   15   to   15   Projected adjusted free cash flow $ 490   to $ 550     Conference Call Information Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 877.709.8155 or 201.689.8881 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website. About Clean Harbors Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, manufacturing and refining, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is a leading provider of parts washers and environmental services to commercial, industrial and automotive customers, as well as North America’s largest re-refiner and recycler of used oil. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com. Safe Harbor Statement Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “will,” “should,” “estimates,” “projects,” “may,” “likely,” “potential,” “outlook” or similar expressions. Such statements may include, but are not limited to, statements about the Company’s future financial and operating results, plans, strategy, objectives and goals, cost management initiatives, pricing and productivity initiatives, contingent liabilities, liquidity, business, economic and market conditions, trends, customer demand, impacts of tariffs and new legislation, acquisitions, growth opportunities, expectations, challenges and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of the date of this press release only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation: operational and safety risks; risks relating to the failure of new or existing technologies; cybersecurity risks; the occurrence of natural disasters or other catastrophic events, as well as their residual macroeconomic effects; risks associated with retaining and hiring key personnel; environmental liability and product liability risks relating to hazardous waste management and other components of the Company’s business; negative economic, industry or other developments, including market volatility or economic downturns; risks associated with management’s assumptions relating to expansion of the Company’s landfills; reductions in the demand for emergency response services at industrial facilities or on roadways, railways or waterways, and other remedial projects and regulatory developments; reductions in the demand for oil products and automotive services and volatility in oil prices in the markets the Company serves; changes in statutory and regulatory requirements and risks relating to extensive environmental laws and regulations; risks associated with existing and potential litigation; risks associated with the Company’s identification and execution of strategic capital expenditures, acquisitions and divestitures and their related liabilities; risks relating to the availability and sufficiency of the Company’s insurance coverage, self-insurance, surety bonds, letters of credit and other forms of financial assurance; the impact of new tax legislation or changes in tax regulations and interpretations; the imposition of trade sanctions or tariffs; fluctuations in interest rates and foreign currency exchange rates; risks relating to the Company’s indebtedness and covenants in its debt agreements; risks associated with certain anti-takeover provisions under the Massachusetts Business Corporation Act and the Company’s By-Laws, and those items identified as “Risk Factors” in Clean Harbors’ most recently filed reports on Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.   CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)         Three Months Ended     March 31,       2026       2025   Revenues   $ 1,459,537     $ 1,431,950   Cost of revenues     1,014,120       1,021,884   Selling, general and administrative expenses     207,141       182,847   Accretion of environmental liabilities     3,542       3,620   Depreciation and amortization     115,799       111,980   Income from operations     118,935       111,619   Other expense, net     (731 )     (932 ) Interest expense, net     (33,854 )     (36,077 ) Income before provision for income taxes     84,350       74,610   Provision for income taxes     21,149       15,930   Net income   $ 63,201     $ 58,680   Earnings per share:         Basic   $ 1.20     $ 1.09   Diluted   $ 1.19     $ 1.09   Shares used to compute earnings per share - Basic     52,821       53,759   Shares used to compute earnings per share - Diluted     52,992       53,993     CLEAN HARBORS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)       March 31, 2026   December 31, 2025 Current assets: (unaudited)     Cash and cash equivalents $ 547,994   $ 826,315 Short-term marketable securities   121,040     127,363 Accounts receivable, net   1,113,163     1,044,137 Unbilled accounts receivable   192,241     160,888 Inventories and supplies   363,935     372,088 Prepaid expenses and other current assets   104,759     116,452 Total current assets   2,443,132     2,647,243 Property, plant and equipment, net   2,562,156     2,541,067 Other assets:       Operating lease right-of-use assets   263,251     255,084 Goodwill   1,555,062     1,479,050 Permits and other intangibles, net   679,081     653,027 Other long-term assets   49,884     48,585 Total other assets   2,547,278     2,435,746 Total assets $ 7,552,566   $ 7,624,056         Current liabilities:       Current portion of long-term debt $ 12,600   $ 12,600 Accounts payable   464,173     506,592 Deferred revenue   82,858     81,529 Accrued expenses and other current liabilities   384,130     441,788 Current portion of closure, post-closure and remedial liabilities   21,129     19,112 Current portion of operating lease liabilities   78,069     75,226 Total current liabilities   1,042,959     1,136,847 Other liabilities:       Closure and post-closure liabilities, less current portion   123,334     125,038 Remedial liabilities, less current portion   85,009     86,547 Long-term debt, less current portion   2,761,417     2,763,563 Operating lease liabilities, less current portion   189,797     184,308 Deferred tax liabilities   384,297     384,207 Other long-term liabilities   190,250     197,886 Total other liabilities   3,734,104     3,741,549 Total stockholders’ equity, net   2,775,503     2,745,660 Total liabilities and stockholders’ equity $ 7,552,566   $ 7,624,056   CLEAN HARBORS, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)       Three Months Ended   March 31, 2026 March 31, 2025 Cash flows from operating activities:     Net income $ 63,201   $ 58,680   Adjustments to reconcile net income to net cash from operating activities:     Depreciation and amortization   115,799     111,980   Allowance for doubtful accounts   2,919     2,825   Amortization of deferred financing costs and debt discount   1,307     1,666   Accretion of environmental liabilities   3,542     3,620   Changes in environmental liability estimates   (1,635 )   (9,863 ) Other expense, net   731     932   Stock-based compensation   9,578     7,635   Environmental expenditures   (4,086 )   (2,591 ) Changes in assets and liabilities, net of acquisitions:     Accounts receivable and unbilled accounts receivable   (104,781 )   (74,576 ) Inventories and supplies   7,803     8,670   Other current and non-current assets   7,513     (6,983 ) Accounts payable   (40,814 )   (10,989 ) Other current and long-term liabilities   (54,780 )   (89,401 ) Net cash from operating activities   6,297     1,605   Cash flows used in investing activities:     Additions to property, plant and equipment   (98,443 )   (118,695 ) Proceeds from sale and disposal of fixed assets   1,522     1,343   Acquisition, net of cash acquired   (131,820 )   —   Additions to intangible assets including costs to obtain or renew permits   (159 )   (248 ) Purchases of available-for-sale securities   (16,142 )   (24,186 ) Proceeds from sale of available-for-sale securities   22,319     21,456   Net cash used in investing activities   (222,723 )   (120,330 ) Cash flows used in financing activities:     Change in uncashed checks   (7,556 )   (1,714 ) Tax payments related to withholdings on vested restricted stock   (9,303 )   (8,688 ) Repurchases of common stock   (25,000 )   (55,000 ) Deferred financing costs paid   (643 )   —   Payments on finance leases   (12,601 )   (10,081 ) Principal payments on debt   (3,150 )   (3,776 ) Net cash used in financing activities   (58,253 )   (79,259 ) Effect of exchange rate change on cash   (3,642 )   209   Decrease in cash and cash equivalents   (278,321 )   (197,775 ) Cash and cash equivalents, beginning of period   826,315     687,192   Cash and cash equivalents, end of period $ 547,994   $ 489,417   Cash payments for interest and income taxes:     Supplemental information: Interest paid $ 38,435   $ 56,671   Income taxes paid, net of refunds   7,916     9,280   Non-cash investing activities:     Property, plant and equipment accrued   39,903     12,462   ROU assets obtained in exchange for operating lease liabilities   24,399     15,638   ROU assets obtained in exchange for finance lease liabilities   4,592     27,181     Supplemental Segment Data (in thousands)   Three Months Ended Revenue March 31, 2026   March 31, 2025   Third-Party
Revenues   Intersegment
Revenues
(Expenses),
net   Direct
Revenues   Third-Party
Revenues   Intersegment
Revenues
(Expenses),
net   Direct
Revenues Environmental Services $ 1,242,448   $ 10,078     $ 1,252,526   $ 1,207,038   $ 2,075     $ 1,209,113 Safety-Kleen Sustainability Solutions   217,089     (10,078 )     207,011     224,815     (2,075 )     222,740 Corporate   —     —       —     97     —       97 Total $ 1,459,537   $ —     $ 1,459,537   $ 1,431,950   $ —     $ 1,431,950     Three Months Ended Adjusted EBITDA March 31, 2026   March 31, 2025 Environmental Services $ 290,401     $ 274,591   Safety-Kleen Sustainability Solutions   32,981       28,252   Corporate   (75,528 )     (67,989 ) Total $ 247,854     $ 234,854     View source version on businesswire.com: https://www.businesswire.com/news/home/20260505814915/en/ Eric J. Dugas
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
InvestorRelations@cleanharbors.com Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
Buckley.James@cleanharbors.com Original: Clean Harbors Announces First-Quarter 2026 Financial Results

Depot Connect International Streamlines Portfolio with Sale of Industrial and Rail Services to Clean HarborsFebruary 19, 2026 10:28 AM
PR Newswire (US)

TAMPA, Fla., Feb. 19, 2026 /PRNewswire/ -- Depot Connect International (DCI) announced today that it has entered into a definitive agreement to sell its Industrial Services and Rail Services business to Clean Harbors (NYSE: CLH) for approximately $130 million. The transaction, which includes five strategic locations across Ohio, Louisiana, and Texas, is expected to close in the first half of 2026, subject to the completion of customary closing conditions.
The divestiture marks a significant milestone in DCI's long-term strategy to sharpen its focus on its primary business."We are pleased to reach this agreement with Clean Harbors," said Chris Synek, CEO of Depot Connect International. "This sale allows us to move forward with a more streamlined portfolio. By divesting these non-core assets, we are positioned to reinvest in our core functions, expanding our premier depot network and enhancing the specialized services that our customers rely on most."The relationship between DCI and Clean Harbors will remain deeply collaborative following the sale. DCI will continue to co-locate with Clean Harbors at major facilities in Baton Rouge, Louisiana, and Pasadena, Texas, where DCI will remain the dedicated provider for tank trailer cleaning and maintenance services. Additionally, the two companies will maintain an active partnership across the DCI network for essential transportation services and wastewater treatment. Both DCI and Clean Harbors are committed to a seamless and smooth transition for our valued customers as we close this transaction.By focusing on its core strengths, DCI remains committed to driving innovation and operational excellence across its North American and European footprint, ensuring the company is more agile and better equipped to serve the evolving needs of the transportation and logistics industry.Depot Connect International was advised by Simpson Thacher & Bartlett LLP as legal counsel and Stifel as financial advisor.About Depot Connect International:
Depot Connect International (DCI) is a leading provider of mission-critical services to the transportation industry, specializing in tank trailer cleaning, maintenance, and container solutions. With a vast network of strategically located facilities, DCI provides the essential infrastructure required to keep the global supply chain moving safely and efficiently.About Clean Harbors:
Clean Harbors (NYSE: CLH) is North America's leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. With annual revenues of approximately $6 billion and a vast network of service locations across North America, Clean Harbors provides a broad range of services such as end-to-end hazardous waste management, emergency spill response, and industrial cleaning.Contact for Media Inquiries:
Terry O'Brien, Chief Development Officer
tobrien@depotconnect.comLogo - https://mma.prnewswire.com/media/2611837/DCI_Logo.jpg



View original content:https://www.prnewswire.co.uk/news-releases/depot-connect-international-streamlines-portfolio-with-sale-of-industrial-and-rail-services-to-clean-harbors-302692756.html

Original: Depot Connect International Streamlines Portfolio with Sale of Industrial and Rail Services to Clean Harbors

Clean Harbors Announces Fourth-Quarter and Full-Year 2025 Financial ResultsFebruary 18, 2026 7:30 AM
Business Wire

Posts 5% Increase in Q4 Revenues to $1.5 Billion; Full-Year Revenues Reach Record $6.03 Billion, Driven by Environmental Services Segment Growth



Generates Q4 Net Income of $86.6 Million, or EPS of $1.62; Full-Year Net Income of $391.0 Million, or EPS of $7.28



Achieves 8% Growth in Q4 Adjusted EBITDA to $278.7 Million; Full-Year Adjusted EBITDA of $1.17 Billion, Up 5% from Prior Year



Delivers Full-Year Net Cash from Operating Activities of $866.7 Million and Record Adjusted Free Cash Flow of $509.3 Million



Repurchases $250 Million of CLH Shares in 2025; Announces $350 Million Expansion of Share Buyback Program



Signs Agreement to Acquire Environmental Businesses from Depot Connect International for ~$130 Million



Announces $50 Million Strategic Investment in Fleet Expansion to Support Growth



Provides Full-Year 2026 Adjusted EBITDA and Adjusted Free Cash Flow Guidance



Clean Harbors, Inc. (“Clean Harbors” or the “Company”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the fourth quarter and year ended December 31, 2025.


“We concluded 2025 with strong fourth-quarter results, including higher profitability in both of our operating segments,” said Eric Gerstenberg, Co-Chief Executive Officer. “Our performance was led by our Environmental Services (ES) segment, where segment Adjusted EBITDA margin expanded year over year for the 15th consecutive quarter, reflecting the diversity of our end markets as we have continued to gain volumes against the muted industrial backdrop of the past several years. We believe that our results also demonstrate our consistency in executing our pricing initiatives, cost management plans and network efficiencies.”


Fourth-Quarter 2025 Results


Revenues were $1.50 billion, compared with $1.43 billion in the same period of 2024. Income from operations rose 16% to $158.4 million, compared with $137.0 million in the fourth quarter of 2024.


Net income was $86.6 million, or $1.62 per diluted share, compared with $84.0 million, or $1.55 per diluted share, for the same period in 2024.


Adjusted EBITDA (see description and reconciliation below) increased 8% to $278.7 million from $257.2 million for the same period in 2024.


Q4 2025 Segment Review


“Our ES segment delivered a 50-basis-point improvement in Adjusted EBITDA margin to 25.8%, reflecting our ability to leverage our unique assets,” said Gerstenberg. “The segment’s 6% top-line growth was led by Technical Services, which grew 8% on strong demand for disposal and recycling services, higher project volumes, and continued expansion in PFAS services. Safety-Kleen Environmental Services’ revenue in the segment increased 7%, driven by pricing and higher volumes, particularly in vacuum services, as we continue to deliver high levels of repeatable service offerings to customers. Our incineration utilization, excluding the new Kimball incinerator, was 87%, consistent with our expectations, while landfill volumes rose 56% on the strength of project activity. Field Services revenue grew 13%, supported by large-scale emergency response projects. Overall, our ES segment delivered strong results despite select market headwinds, underscoring the resiliency and multiple growth levers within our business model.”


“Within our Safety-Kleen Sustainability Solutions (SKSS) segment, in response to further weakening in the base oil pricing environment we advanced our charge-for-oil (CFO) pricing strategy for our waste oil collection services, which helped lead to a 310-basis-point improvement in Adjusted EBITDA margin,” said Mike Battles, Co-Chief Executive Officer. “We gathered 56 million gallons of waste oil at a CFO rate that was nearly 50% above what we charged in the third quarter as we continued to aggressively manage our re-refining spread and provide excellent service to these customers. In addition, we grew our direct lubricant gallons sold, which also supported our year-over-year margin improvement.”


2025 Financial Results


Revenues for 2025 grew 2% to $6.03 billion, compared with $5.89 billion in 2024. Income from operations increased to $673.4 million, compared with $670.2 million in 2024.


Net income was $391.0 million, or $7.28 per diluted share, compared with net income of $402.3 million, or $7.42 per diluted share for 2024.


Adjusted EBITDA (see description and reconciliation below) grew 5% to $1.17 billion from $1.12 billion in 2024. The Company generated adjusted free cash flow (see description and reconciliation below) of $509.3 million in 2025, compared with $357.9 million in 2024. The increase in adjusted free cash flow is attributable to higher Adjusted EBITDA, improvements in working capital management and lower net capital expenditures, exclusive of significant strategic growth investments.


“2025 was another year of strong operational performance and profitable growth, led by our ES segment where both Technical Services and Safety-Kleen Environmental delivered 7% revenue growth,” said Gerstenberg. “We topped $6 billion in annual revenues and exceeded $500 million in Adjusted Free Cash Flow for the first time in our history. Adjusted EBITDA margin in our ES segment expanded by 60 basis points for the year to 25.9%. Another highlight was our best-ever safety performance, with a record Total Recordable Incident Rate (TRIR) of 0.49. We also achieved several notable operational milestones in 2025, including the successful first-year ramp-up of our new Kimball incinerator; creation of our Phoenix Hub; handling nearly 22,000 emergency response events; the issuance of our PFAS incineration study with the EPA; and the reduction of voluntary turnover by 150 bps to a five-year low.”


Expansion of Share Repurchase Program


As of December 31, 2025, the Company had approximately $250 million of availability remaining under its existing share repurchase program. The Board of Directors has authorized a $350 million expansion of the existing program. Clean Harbors intends to fund the share repurchases through its available cash resources.


“Our share repurchase program remains a core element in our capital allocation strategy, and we appreciate the support of our Board in expanding the program back to $600 million of availability,” said Eric Dugas, Chief Financial Officer. “In 2025, given our strong balance sheet, reliable business model and cash generation, we returned significant capital to shareholders by repurchasing a record $250 million in shares at an average price of approximately $222 per share. We deploy capital with a clear focus on maximizing shareholder returns, whether through acquisitions, internal investments, stock repurchases or debt reduction, and we look to continue to deploy capital in the most accretive way in 2026.”


Agreement to Acquire DCI Businesses


The Company today announced the signing of a purchase and sale agreement to acquire certain businesses of Depot Connect International (DCI) for approximately $130 million. The acquired businesses operate five locations in Ohio, Louisiana and Texas and are expected to generate approximately $40 million of revenue and $11 million of Adjusted EBITDA annually. Clean Harbors will fund the acquisition with available cash and expects the transaction to close in the first half of 2026, subject to customary closing conditions.


“The businesses we are acquiring offer waste handling, tank cleaning and railcar cleaning, which is a great strategic fit for Clean Harbors,” said Battles. “Additionally, two facilities have wastewater treatment and solidification capabilities. We will integrate these businesses into our facilities network within Technical Services, as well as our Field Services business, and we expect to remain active on the acquisition front in 2026.”


Business Outlook and Financial Guidance


“We are encouraged by the growth opportunities we are seeing across multiple parts of our business, particularly within Technical Services,” said Gerstenberg. “We expect our entire disposal and recycling network to remain in high demand in 2026 as we capitalize on reshoring, PFAS and a growing pipeline of remediation and project work. Within Safety-Kleen Environmental, we expect another year of stable growth. To support and accelerate our organic growth in this business, we are making a $50 million strategic investment to expand our vacuum truck fleet over the next two years. We expect this investment to have a five-year payback as we cross-sell our vacuum service offerings to more customers. We also expect to continue to grow and expand our Field Services business through additional branch locations and customer relationships. We expect our Industrial Services business to stabilize after two challenging years of reduced customer spending. For SKSS, we will continue to manage our re-refining spread through appropriate CFO rates. We will also focus on greater direct blended sales, Group III production and partnership opportunities.”


“We enter the year with strong momentum in our core hazardous waste collection and disposal businesses,” said Battles. “Our outlook is grounded in modest economic assumptions. We expect to achieve growth in revenue, Adjusted EBITDA and margins again in 2026, as we continue to deliver value to our shareholders.”


In the first quarter of 2026, Clean Harbors expects Adjusted EBITDA to grow 4% to 7% year over year in its ES segment and be up 1% to 3% on a consolidated basis. For full-year 2026, Clean Harbors expects:



Adjusted EBITDA in the range of $1.20 billion to $1.26 billion, with a midpoint of $1.23 billion. This Adjusted EBITDA range is based on anticipated GAAP net income in the range of $410 million to $461 million.



Adjusted free cash flow in the range of $480 million to $540 million, with a midpoint of $510 million. This range is based on anticipated net cash from operating activities in the range of $820 million to $940 million.



Non-GAAP Results


Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP) but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors because the Company’s management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the three and twelve months ended December 31, 2025 and 2024 (in thousands, except percentages):




 






For the Three Months Ended






 






For the Twelve Months Ended








 






December 31, 2025






 






December 31, 2024






 






December 31, 2025






 






December 31, 2024








Net income






$






86,590






 






 






$






83,974






 






 






$






390,974






 






 






$






402,299






 








Accretion of environmental liabilities






 






3,616






 






 






 






3,317






 






 






 






14,326






 






 






 






13,456






 








Stock-based compensation






 






10,082






 






 






 






7,291






 






 






 






32,702






 






 






 






27,981






 








Depreciation and amortization






 






103,012






 






 






 






105,290






 






 






 






446,006






 






 






 






400,922






 








Third-party transaction related costs






 






3,533






 






 






 






—






 






 






 






3,533






 






 






 






—






 








Kimball startup costs






 






—






 






 






 






4,343






 






 






 






—






 






 






 






4,343






 








Other (income) expense, net






 






(3,218






)






 






 






(977






)






 






 






(5,200






)






 






 






1,454






 








Loss on early extinguishment of debt






 






8,277






 






 






 






371






 






 






 






8,277






 






 






 






371






 








Gain on sale of businesses






 






(776






)






 






 






—






 






 






 






(776






)






 






 






—






 








Interest expense, net of interest income






 






34,221






 






 






 






34,197






 






 






 






143,104






 






 






 






134,964






 








Provision for income taxes






 






33,352






 






 






 






19,403






 






 






 






136,993






 






 






 






131,144






 








Adjusted EBITDA






$






278,689






 






 






$






257,209






 






 






$






1,169,939






 






 






$






1,116,934






 








Adjusted EBITDA Margin






 






18.6






%






 






 






18.0






%






 






 






19.4






%






 






 






19.0






%







Adjusted Free Cash Flow Reconciliation


Clean Harbors reports adjusted free cash flow, a non-GAAP measure, which it considers to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. When necessary, the Company adjusts for the cash impact of items derived from non-operating activities. Additionally, adjusted free cash flow excludes significant strategic growth investments, as they are not indicative of free cash flow for the current period. Adjusted free cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.


An itemized reconciliation between reported GAAP net cash from operating activities and adjusted free cash flow is as follows (in thousands):




 






For the Three Months Ended






 






For the Twelve Months Ended








 






December 31, 2025






 






December 31, 2024






 






December 31, 2025






 






December 31, 2024








Adjusted free cash flow






 






 






 






 






 






 






 








Net cash from operating activities






$






355,093






 






 






$






303,938






 






 






$






866,725






 






 






$






777,771






 








Additions to property, plant and equipment






 






(121,749






)






 






 






(62,415






)






 






 






(424,918






)






 






 






(432,241






)








Cash investments in strategic growth projects






 






18,986






 






 






 






—






 






 






 






43,326






 






 






 






—






 








Third-party transaction related costs






 






2,614






 






 






 






—






 






 






 






2,614






 






 






 






—






 








Kimball startup costs






 






—






 






 






 






3,253






 






 






 






—






 






 






 






3,253






 








Proceeds from sale and disposal of fixed assets






 






6,318






 






 






 






2,746






 






 






 






21,568






 






 






 






9,099






 








Adjusted free cash flow






$






261,262






 






 






$






247,522






 






 






$






509,315






 






 






$






357,882






 







Adjusted EBITDA Guidance Reconciliation


An itemized reconciliation between projected GAAP net income and projected Adjusted EBITDA is as follows (in millions):





 






For the Year Ending




December 31, 2026










Projected GAAP net income






$410







to







$461










Adjustments:






 







 







 










Accretion of environmental liabilities






16







to







15










Stock-based compensation






35







to







38










Depreciation and amortization






450







to







440










Interest expense, net






144







to







139










Provision for income taxes






145







to







167










Projected Adjusted EBITDA






$1,200







to







$1,260








Adjusted Free Cash Flow Guidance Reconciliation


An itemized reconciliation between projected GAAP net cash from operating activities and projected adjusted free cash flow is as follows (in millions). The Company excludes significant strategic growth investments, which the Company expects to realize future long-term benefits from, as they are not indicative of free cash flow generation for the current period.





 






For the Year Ending




December 31, 2026










Projected net cash from operating activities






$820







to







$940






 









Additions to property, plant and equipment






(465)







to







(525)






 









Cash investments in strategic growth projects






110







to







110






 









Proceeds from sale and disposal of fixed assets






15







to







15






 









Projected adjusted free cash flow






$480







to







$540






 







Conference Call Information


Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 877.709.8155 or 201.689.8881 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website.


About Clean Harbors


Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, manufacturing and refining, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is a leading provider of parts washers and environmental services to commercial, industrial and automotive customers, as well as North America’s largest re-refiner and recycler of used oil. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.


Safe Harbor Statement


Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “will,” “should,” “estimates,” “projects,” “may,” “likely,” “potential,” “outlook” or similar expressions. Such statements may include, but are not limited to, statements about the Company’s future financial and operating results, plans, strategy, objectives and goals, cost management initiatives, pricing and productivity initiatives, contingent liabilities, liquidity, business, economic and market conditions, trends, customer demand, impacts of tariffs and new legislation, acquisitions, growth opportunities, expectations, challenges and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of the date of this press release only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation: operational and safety risks; risks relating to the failure of new or existing technologies; cybersecurity risks; the occurrence of natural disasters or other catastrophic events, as well as their residual macroeconomic effects; risks associated with retaining and hiring key personnel; environmental liability and product liability risks relating to hazardous waste management and other components of the Company’s business; negative economic, industry or other developments, including market volatility or economic downturns; risks associated with management’s assumptions relating to expansion of the Company’s landfills; reductions in the demand for emergency response services at industrial facilities or on roadways, railways or waterways, and other remedial projects and regulatory developments; reductions in the demand for oil products and automotive services and volatility in oil prices in the markets the Company serves; changes in statutory and regulatory requirements and risks relating to extensive environmental laws and regulations; risks associated with existing and potential litigation; risks associated with the Company’s identification and execution of strategic capital expenditures, acquisitions and divestitures and their related liabilities; risks relating to the availability and sufficiency of the Company’s insurance coverage, self-insurance, surety bonds, letters of credit and other forms of financial assurance; the impact of new tax legislation or changes in tax regulations and interpretations; the imposition of trade sanctions or tariffs; fluctuations in interest rates and foreign currency exchange rates; risks relating to the Company’s indebtedness and covenants in its debt agreements; risks associated with certain anti-takeover provisions under the Massachusetts Business Corporation Act and the Company’s By-Laws, and those items identified as “Risk Factors” in Clean Harbors’ most recently filed reports on Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.




CLEAN HARBORS, INC. AND SUBSIDIARIES




UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




(in thousands, except per share amounts)










 



 






For the Three Months Ended






 






For the Twelve Months Ended








 






December 31, 2025






 






December 31, 2024






 






December 31, 2025






 






December 31, 2024








Revenues






$






1,499,696






 






 






$






1,431,116






 






 






$






6,030,837






 






 






$






5,889,952






 








Cost of revenues:






 






1,040,728






 






 






 






1,003,502






 






 






 






4,144,599






 






 






 






4,065,713






 








Selling, general and administrative expenses






 






193,894






 






 






 






182,039






 






 






 






752,534






 






 






 






739,629






 








Accretion of environmental liabilities






 






3,616






 






 






 






3,317






 






 






 






14,326






 






 






 






13,456






 








Depreciation and amortization






 






103,012






 






 






 






105,290






 






 






 






446,006






 






 






 






400,922






 








Income from operations






 






158,446






 






 






 






136,968






 






 






 






673,372






 






 






 






670,232






 








Other income (expense), net






 






3,218






 






 






 






977






 






 






 






5,200






 






 






 






(1,454






)








Loss on early extinguishment of debt






 






(8,277






)






 






 






(371






)






 






 






(8,277






)






 






 






(371






)








Gain on sale of businesses






 






776






 






 






 






—






 






 






 






776






 






 






 






—






 








Interest expense, net






 






(34,221






)






 






 






(34,197






)






 






 






(143,104






)






 






 






(134,964






)








Income before provision for income taxes






 






119,942






 






 






 






103,377






 






 






 






527,967






 






 






 






533,443






 








Provision for income taxes






 






33,352






 






 






 






19,403






 






 






 






136,993






 






 






 






131,144






 








Net income






$






86,590






 






 






$






83,974






 






 






$






390,974






 






 






$






402,299






 








Earnings per share:






 






 






 






 






 






 






 








Basic






$






1.63






 






 






$






1.56






 






 






$






7.31






 






 






$






7.46






 








Diluted






$






1.62






 






 






$






1.55






 






 






$






7.28






 






 






$






7.42






 








Shares used to compute earnings per share - Basic






 






53,188






 






 






 






53,857






 






 






 






53,509






 






 






 






53,902






 








Shares used to compute earnings per share - Diluted






 






53,382






 






 






 






54,168






 






 






 






53,716






 






 






 






54,199






 









CLEAN HARBORS, INC. AND SUBSIDIARIES




UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS




(in thousands)










 



 






December 31, 2025






 






December 31, 2024








Current assets:






 






 






 








Cash and cash equivalents






$






826,315






 






$






687,192








Short-term marketable securities






 






127,363






 






 






102,634








Accounts receivable, net






 






1,044,137






 






 






1,015,357








Unbilled accounts receivable






 






160,888






 






 






162,215








Inventories and supplies






 






372,088






 






 






384,657








Prepaid expenses and other current assets






 






116,452






 






 






81,741








Total current assets






 






2,647,243






 






 






2,433,796








Property, plant and equipment, net






 






2,541,067






 






 






2,447,941








Other assets:






 






 






 








Operating lease right-of-use assets






 






255,084






 






 






250,853








Goodwill






 






1,479,050






 






 






1,477,199








Permits and other intangibles, net






 






653,027






 






 






701,987








Other long-term assets






 






48,585






 






 






65,502








Total other assets






 






2,435,746






 






 






2,495,541








Total assets






$






7,624,056






 






$






7,377,278








 






 






 






 








Current liabilities:






 






 






 








Current portion of long-term debt






$






12,600






 






$






15,102








Accounts payable






 






506,592






 






 






487,286








Deferred revenue






 






81,529






 






 






88,545








Accrued expenses and other current liabilities






 






441,788






 






 






419,445








Current portion of closure, post-closure and remedial liabilities






 






19,112






 






 






20,625








Current portion of operating lease liabilities






 






75,226






 






 






71,663








Total current liabilities






 






1,136,847






 






 






1,102,666








Other liabilities:






 






 






 








Closure and post-closure liabilities, less current portion






 






125,038






 






 






119,484








Remedial liabilities, less current portion






 






86,547






 






 






101,424








Long-term debt, less current portion






 






2,763,563






 






 






2,771,117








Operating lease liabilities, less current portion






 






184,308






 






 






182,883








Deferred tax liabilities






 






384,207






 






 






363,623








Other long-term liabilities






 






197,886






 






 






162,552








Total other liabilities






 






3,741,549






 






 






3,701,083








Total stockholders’ equity, net






 






2,745,660






 






 






2,573,529








Total liabilities and stockholders’ equity






$






7,624,056






 






$






7,377,278









CLEAN HARBORS, INC. AND SUBSIDIARIES




UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS




(in thousands)








 



 






For the Year Ended








 






December 31, 2025






 






December 31, 2024








Cash flows from operating activities:






 






 






 








Net income






$






390,974






 






 






$






402,299






 








Adjustments to reconcile net income to net cash from operating activities:






 






 






 








Depreciation and amortization






 






446,006






 






 






 






400,922






 








Allowance for doubtful accounts






 






8,079






 






 






 






8,129






 








Amortization of deferred financing costs and debt discount






 






6,317






 






 






 






6,321






 








Accretion of environmental liabilities






 






14,326






 






 






 






13,456






 








Changes in environmental liability estimates






 






(10,108






)






 






 






4,139






 








Deferred income taxes






 






25,763






 






 






 






18,437






 








Other (income) expense, net






 






(5,200






)






 






 






1,454






 








Stock-based compensation






 






32,702






 






 






 






27,981






 








Loss on early extinguishment of debt






 






8,277






 






 






 






371






 








Gain on sale of businesses






 






(776






)






 






 






—






 








Environmental expenditures






 






(16,099






)






 






 






(27,522






)








Changes in assets and liabilities, net of acquisitions:






 






 






 








Accounts receivable and unbilled accounts receivable






 






(31,849






)






 






 






(28,822






)








Inventories and supplies






 






12,461






 






 






 






(49,588






)








Other current and non-current assets






 






(42,372






)






 






 






(57,220






)








Accounts payable






 






23,382






 






 






 






12,327






 








Other current and long-term liabilities






 






4,842






 






 






 






45,087






 








Net cash from operating activities






 






866,725






 






 






 






777,771






 








Cash flows used in investing activities:






 






 






 








Additions to property, plant and equipment






 






(424,918






)






 






 






(432,241






)








Proceeds from sale and disposal of fixed assets






 






21,568






 






 






 






9,099






 








Acquisitions, net of cash acquired






 






—






 






 






 






(478,011






)








Proceeds from sale of businesses, net of transaction costs






 






4,275






 






 






 






750






 








Additions to intangible assets including costs to obtain or renew permits






 






(3,648






)






 






 






(9,607






)








Purchases of available-for-sale securities






 






(116,681






)






 






 






(117,861






)








Proceeds from sale of available-for-sale securities






 






93,618






 






 






 






124,197






 








Net cash used in investing activities






 






(425,786






)






 






 






(903,674






)








Cash flows (used in) from financing activities:






 






 






 








Change in uncashed checks






 






3,563






 






 






 






(1,473






)








Tax payments related to withholdings on vested restricted stock






 






(15,834






)






 






 






(13,759






)








Repurchases of common stock






 






(250,002






)






 






 






(55,178






)








Deferred financing costs paid






 






(16,216






)






 






 






(8,954






)








Payments on finance leases






 






(33,113






)






 






 






(30,886






)








Proceeds from employee stock purchase plan






 






7,158






 






 






 






3,009






 








Principal payments on debt






 






(2,009,898






)






 






 






(15,102






)








Proceeds from issuance of debt, net of discount






 






2,005,000






 






 






 






499,375






 








Net cash (used in) from financing activities






 






(309,342






)






 






 






377,032






 








Effect of exchange rate change on cash






 






7,526






 






 






 






(8,635






)








Increase in cash and cash equivalents






 






139,123






 






 






 






242,494






 








Cash and cash equivalents, beginning of year






 






687,192






 






 






 






444,698






 








Cash and cash equivalents, end of year






$






826,315






 






 






$






687,192






 









Supplemental information:






 







 






 









Cash payments for interest and income taxes:






 







 






 









Interest paid






$






157,263







 






$






153,059









Income taxes paid, net of refunds






 






117,904







 






 






130,606









Non-cash investing activities:






 







 






 









Property, plant and equipment accrued






 






33,332







 






 






43,750








Supplemental Segment Data (in thousands)




 






For the Three Months Ended








Revenue






December 31, 2025






 






December 31, 2024








 






Third Party Revenues






 






Intersegment Revenues (Expenses), net






 






Direct Revenues






 






Third Party Revenues






 






Intersegment Revenues (Expenses), net






 






Direct Revenues








Environmental Services






$






1,290,677






 






$






10,165






 






 






$






1,300,842






 






$






1,214,098






 






$






11,569






 






 






$






1,225,667








Safety-Kleen Sustainability Solutions






 






209,019






 






 






(10,165






)






 






 






198,854






 






 






216,908






 






 






(11,569






)






 






 






205,339








Corporate






 






—






 






 






—






 






 






 






—






 






 






110






 






 






—






 






 






 






110








Total






$






1,499,696






 






$






—






 






 






$






1,499,696






 






$






1,431,116






 






$






—






 






 






$






1,431,116









 






For the Twelve Months Ended








Revenue






December 31, 2025






 






December 31, 2024








 






Third Party Revenues






 






Intersegment Revenues (Expenses), net






 






Direct Revenues






 






Third Party Revenues






 






Intersegment Revenues (Expenses), net






 






Direct Revenues








Environmental Services






$






5,146,354






 






$






46,936






 






 






$






5,193,290






 






$






4,960,325






 






$






44,422






 






 






$






5,004,747








Safety-Kleen Sustainability Solutions






 






884,297






 






 






(46,936






)






 






 






837,361






 






 






929,220






 






 






(44,422






)






 






 






884,798








Corporate






 






186






 






 






—






 






 






 






186






 






 






407






 






 






—






 






 






 






407








Total






$






6,030,837






 






$






—






 






 






$






6,030,837






 






$






5,889,952






 






$






—






 






 






$






5,889,952









 






For the Three Months Ended






 






For the Twelve Months Ended








Adjusted EBITDA






December 31, 2025






 






December 31, 2024






 






December 31, 2025






 






December 31, 2024








Environmental Services






$






335,762






 






 






$






310,570






 






 






$






1,343,776






 






 






$






1,267,462






 








Safety-Kleen Sustainability Solutions






 






29,952






 






 






 






24,604






 






 






 






137,454






 






 






 






147,006






 








Corporate






 






(87,025






)






 






 






(77,965






)






 






 






(311,291






)






 






 






(297,534






)








Total






$






278,689






 






 






$






257,209






 






 






$






1,169,939






 






 






$






1,116,934






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260218551945/en/
Eric J. Dugas

EVP and Chief Financial Officer

Clean Harbors, Inc.

781.792.5100

InvestorRelations@cleanharbors.com


Jim Buckley

SVP Investor Relations

Clean Harbors, Inc.

781.792.5100

Buckley.James@cleanharbors.com


Original: Clean Harbors Announces Fourth-Quarter and Full-Year 2025 Financial Results