CLEAN HARBORS INC (CLH)

Latest 10-K (filed 2026-02-18)

Income Statement

Consolidated Statement of Income

CLEAN HARBORS, INC. (CLH)

Year Ended (In thousands, except shares and per share data)

Dec 31, 2025 Dec 31, 2024 Dec 31, 2023
        Total revenues $6,030,837 $5,889,952 $5,409,152
Service revenues $5,154,668 $4,928,023 $4,449,542
Product revenues $876,169 $961,929 $959,610
        Total cost of revenues $4,144,599 $4,065,713 $3,746,124
Service revenues $3,466,120 $3,370,231 $3,054,594
Product revenues $678,479 $695,482 $691,530
        Selling, general and administrative expenses $752,534 $739,629 $671,161
        Accretion of environmental liabilities $14,326 $13,456 $13,667
        Depreciation and amortization $446,006 $400,922 $365,761
        Income from operations 673,372 670,232 612,439
        Other income (expense), net $5,200 $(1,454) $2,315
        Loss on early extinguishment of debt $(8,277) $(371) $(2,880)
        Gain on sale of businesses $776
        Interest expense, net of interest income of $25,749, $19,437 and $11,930, respectively $(143,104) $(134,964) $(108,595)
      Income before provision for income taxes $527,967 $533,443 $503,279
      Provision for income taxes $136,993 $131,144 $125,423
      Net income $390,974 $402,299 $377,856
        Basic (in dollars per share) 7.31 7.46 6.99
        Diluted (in dollars per share) 7.28 7.42 6.95
      Shares used to compute earnings per share — Basic (in shares) 53,509 53,902 54,071
      Shares used to compute earnings per share — Diluted (in shares) 53,716 54,199 54,382

Balance Sheet

Consolidated Balance Sheets

CLEAN HARBORS, INC. (CLH)

As of December 31, 2025 and December 31, 2024 (In thousands, except shares and per share data)

Dec 31, 2025 Dec 31, 2024
        Cash and cash equivalents $826,315 $687,192
        Short-term marketable securities $127,363 $102,634
        Accounts receivable, net of allowances aggregating $35,991 and $47,242, respectively $1,044,137 $1,015,357
        Unbilled accounts receivable $160,888 $162,215
        Inventories and supplies $372,088 $384,657
Supplies $217,028 $200,905
Oil and oil related products $123,883 $152,992
Solvent and solutions $11,589 $12,458
Other $19,588 $18,302
        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
        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 portion of long-term debt $12,600 $15,102
Secured senior term loans - Secured 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
        Closure and post-closure liabilities, less current portion of $10,290 and $10,304, respectively $125,038 $119,484
        Remedial liabilities, less current portion of $8,822 and $10,321, respectively $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
      Commitments and contingent liabilities (See Note 17)
      Authorized 80,000,000 shares; issued and outstanding 52,870,599 and 53,832,692 shares, respectively $529 $538
      Additional paid-in capital $193,896 $421,749
      Accumulated other comprehensive loss $(204,616) $(213,635)
      Retained earnings $2,755,851 $2,364,877
      Total stockholders' equity $2,745,660 $2,573,529
    Total liabilities and stockholders' equity $7,624,056 $7,377,278

Cash Flow

Consolidated Statement of Cash Flows

CLEAN HARBORS, INC. (CLH)

Year Ended (In thousands, except shares and per share data)

Dec 31, 2025 Dec 31, 2024 Dec 31, 2023
      Net income $390,974 $402,299 $377,856
      Depreciation and amortization $446,006 $400,922 $365,761
      Allowance for doubtful accounts $8,079 $8,129 $5,956
      Amortization of deferred financing costs and debt discount $6,317 $6,321 $5,309
      Accretion of environmental liabilities $14,326 $13,456 $13,667
      Changes in environmental liability estimates $(10,108) $4,139 $4,828
      Deferred income taxes $25,763 $18,437 $12,685
      Other (income) expense, net $(5,200) $1,454 $(2,315)
      Stock-based compensation $32,702 $27,981 $20,703
      Loss on early extinguishment of debt $8,277 $371 $2,880
      Gain on sale of businesses $(776)
      Environmental expenditures $(16,099) $(27,522) $(28,960)
        Accounts receivable and unbilled accounts receivable $(31,849) $(28,822) $2,453
        Inventories and supplies $12,461 $(49,588) $(4,312)
        Other current and non-current assets $(42,372) $(57,220) $(22,645)
        Accounts payable $23,382 $12,327 $(27,425)
        Other current and long-term liabilities $4,842 $45,087 $8,111
    Net cash from operating activities $866,725 $777,771 $734,552
      Additions to property, plant and equipment $(424,918) $(432,241) $(422,300)
      Proceeds from sale and disposal of fixed assets $21,568 $9,099 $9,650
      Acquisitions, net of cash acquired $(478,011) $(119,596)
      Proceeds from sale of businesses, net of transaction costs $4,275 $750 $750
      Additions to intangible assets including costs to obtain or renew permits $(3,648) $(9,607) $(2,649)
      Purchases of available-for-sale securities $(116,681) $(117,861) $(158,264)
      Proceeds from sale of available-for-sale securities $93,618 $124,197 $117,359
    Net cash used in investing activities $(425,786) $(903,674) $(575,050)
      Change in uncashed checks $3,563 $(1,473) $2,759
      Tax payments related to withholdings on vested restricted stock $(15,834) $(13,759) $(13,838)
      Repurchases of common stock $(250,002) $(55,178) $(51,164)
      Deferred financing costs paid $(16,216) $(8,954) $(6,736)
      Payments on finance leases $(33,113) $(30,886) $(15,937)
      Proceeds from employee stock purchase plan $7,158 $3,009
      Principal payments on debt $(2,009,898) $(15,102) $(623,975)
      Proceeds from issuance of debt, net of discount $2,005,000 $499,375 $500,000
      Borrowing from revolving credit facility $114,000
      Payment on revolving credit facility $(114,000)
    Net cash (used in) from financing activities $(309,342) $377,032 $(208,891)
    Effect of exchange rate change on cash $7,526 $(8,635) $1,484
  Increase (decrease) in cash and cash equivalents $139,123 $242,494 $(47,905)
  Cash and cash equivalents, end of year
  Cash and cash equivalents, end of year
      Interest paid $157,263 $153,059 $114,560
      Income taxes paid, net of refunds $117,904 $130,606 $132,314
      Property, plant and equipment accrued $33,332 $43,750 $52,376