CLEAN HARBORS INC (CLH)

Latest 10-Q (filed 2026-07-29)

Income Statement

Consolidated Statement of Income

CLEAN HARBORS, INC (CLH)

Three and Six Months Ended (In thousands, except shares and per share data)

Jun 30, 2026 (Q2) Jun 30, 2025 (Q2) Jun 30, 2026 (YTD) Jun 30, 2025 (YTD)
        Total revenues $1,735,005 $1,549,854 $3,194,542 $2,981,804
Service revenues $1,432,855 $1,336,948 $2,680,289 $2,538,402
Product revenues $302,150 $212,906 $514,253 $443,402
        Total cost of revenues $1,126,225 $1,033,497 $2,140,345 $2,055,381
Service revenues $944,568 $874,919 $1,790,945 $1,714,663
Product revenues $181,657 $158,578 $349,400 $340,718
        Selling, general and administrative expenses $214,574 $186,183 $421,715 $369,030
        Accretion of environmental liabilities $3,502 $3,591 $7,044 $7,211
        Depreciation and amortization $121,807 $116,285 $237,606 $228,265
        Income from operations 268,897 210,298 387,832 321,917
        Other income (expense), net $430 $(603) $(301) $(1,535)
        Interest expense, net of interest income of $3,628, $5,086, $10,041, and $10,714, respectively $(37,208) $(37,106) $(71,062) $(73,183)
      Income before provision for income taxes $232,119 $172,589 $316,469 $247,199
      Provision for income taxes $61,655 $45,684 $82,804 $61,614
      Net income $170,464 $126,905 $233,665 $185,585
        Basic (in dollars per share) 3.23 2.37 4.42 3.46
        Diluted (in dollars per share) 3.22 2.36 4.41 3.44
      Shares used to compute earnings per share - Basic (in shares) 52,806 53,593 52,843 53,675
      Shares used to compute earnings per share - Diluted (in shares) 52,961 53,799 53,005 53,895

Balance Sheet

Consolidated Balance Sheets

CLEAN HARBORS, INC (CLH)

As of June 30, 2026 and December 31, 2025 (In thousands, except shares and per share data)

Jun 30, 2026 Dec 31, 2025
        Cash and cash equivalents $408,357 $826,315
        Short-term marketable securities $108,361 $127,363
        Accounts receivable, net of allowances aggregating $42,892 and $35,991, respectively $1,276,620 $1,044,137
        Unbilled accounts receivable $186,764 $160,888
        Inventories and supplies $382,935 $372,088
Supplies $221,142 $217,028
Oil and oil related products $128,467 $123,883
Solvent and solutions $13,379 $11,589
Other $19,947 $19,588
        Prepaid expenses and other current assets $109,203 $116,452
      Total current assets $2,472,240 $2,647,243
      Property, plant and equipment, net $2,636,955 $2,541,067
        Operating lease right-of-use assets $257,518 $255,084
        Goodwill $1,672,635 $1,479,050
        Permits and other intangibles, net $749,111 $653,027
        Other long-term assets $48,574 $48,585
      Total other assets $2,727,838 $2,435,746
    Total assets $7,837,033 $7,624,056
        Current portion of long-term debt $12,600 $12,600
Term Loans - Secured debt $12,600 $12,600
        Accounts payable $518,186 $506,592
        Deferred revenue $84,038 $81,529
        Accrued expenses and other current liabilities $442,435 $441,788
        Current portion of closure, post-closure and remedial liabilities $22,774 $19,112
        Current portion of operating lease liabilities $80,291 $75,226
      Total current liabilities $1,160,324 $1,136,847
        Closure and post-closure liabilities, less current portion of $13,177 and $10,290, respectively $124,554 $125,038
        Remedial liabilities, less current portion of $9,597 and $8,822, respectively $83,512 $86,547
        Long-term debt, less current portion $2,759,327 $2,763,563
        Operating lease liabilities, less current portion $182,077 $184,308
        Deferred tax liabilities $384,008 $384,207
        Other long-term liabilities $214,809 $197,886
      Total other liabilities $3,748,287 $3,741,549
      Commitments and contingent liabilities (See Note 15)
      Common stock, $0.01 par value: Authorized 80,000,000 shares; issued and outstanding 52,791,094 and 52,870,599 shares, respectively $528 $529
      Additional paid-in capital $160,100 $193,896
      Accumulated other comprehensive loss $(221,722) $(204,616)
      Retained earnings $2,989,516 $2,755,851
      Total stockholders’ equity $2,928,422 $2,745,660
    Total liabilities and stockholders’ equity $7,837,033 $7,624,056

Cash Flow

Consolidated Statement of Cash Flows

CLEAN HARBORS, INC (CLH)

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

Jun 30, 2026 (YTD) Jun 30, 2025 (YTD)
      Net income $233,665 $185,585
      Depreciation and amortization $237,606 $228,265
      Allowance for doubtful accounts $5,951 $3,249
      Amortization of deferred financing costs and debt discount $2,610 $3,352
      Accretion of environmental liabilities $7,044 $7,211
      Changes in environmental liability estimates $(2,061) $(8,954)
      Other expense, net $301 $1,535
      Stock-based compensation $24,396 $13,698
      Environmental expenditures $(7,079) $(7,051)
        Accounts receivable and unbilled accounts receivable $(262,255) $(116,399)
        Inventories and supplies $(11,679) $2,952
        Other current and non-current assets $10,057 $(13,395)
        Accounts payable $8,859 $(36,035)
        Other current and long-term liabilities $(1,945) $(54,368)
    Net cash from operating activities $245,470 $209,645
      Additions to property, plant and equipment $(224,638) $(208,724)
      Proceeds from sale and disposal of fixed assets $3,694 $4,063
      Acquisitions, net of cash acquired $(357,593)
      Additions to intangible assets including costs to obtain or renew permits $(987) $(777)
      Purchases of available-for-sale securities $(25,853) $(45,622)
      Proceeds from sale of available-for-sale securities $44,857 $50,318
    Net cash used in investing activities $(560,520) $(200,742)
      Change in uncashed checks $(5,507) $(2,767)
      Tax payments related to withholdings on vested restricted stock $(11,804) $(10,456)
      Repurchases of common stock $(52,133) $(67,001)
      Proceeds from employee stock purchase plan $3,611 $3,360
      Deferred financing costs paid $(691)
      Payments on finance leases $(25,422) $(16,754)
      Principal payments on debt $(6,300) $(7,551)
    Net cash used in financing activities $(98,246) $(101,169)
    Effect of exchange rate change on cash $(4,662) $5,260
  Decrease in cash and cash equivalents $(417,958) $(87,006)
  Cash and cash equivalents, end of period
  Cash and cash equivalents, end of period
      Interest paid $75,394 $76,570
      Income taxes paid, net of refunds $63,801 $64,534
      Property, plant and equipment accrued $40,544 $25,156
    ROU assets obtained in exchange for operating lease liabilities $41,492 $34,867
    ROU assets obtained in exchange for finance lease liabilities $45,495 $57,802