Clean Harbors (NYSE: CLH) lifts buybacks and details 2026 EBITDA outlook

Rhea-AI Filing Summary

Clean Harbors reported strong fourth-quarter and full-year 2025 results, highlighted by record annual revenues of $6.03 billion and Adjusted EBITDA of $1.17 billion. Net income for 2025 was $391.0 million, or $7.28 per diluted share, while adjusted free cash flow reached a record $509.3 million.

The company repurchased $250 million of stock in 2025 and its Board authorized a $350 million expansion of the buyback program, restoring $600 million of availability. Clean Harbors also signed an agreement to acquire certain Depot Connect International businesses for approximately $130 million, expected to add about $40 million of revenue and $11 million of Adjusted EBITDA annually.

For 2026, Clean Harbors projects Adjusted EBITDA between $1.20 billion and $1.26 billion, based on anticipated GAAP net income of $410 million to $461 million, and adjusted free cash flow between $480 million and $540 million, supported by projected net cash from operating activities of $820 million to $940 million.

Insights

Industrial services equity analyst

Record cash generation funds larger buybacks and bolt-on M&A.

Clean Harbors delivered record 2025 revenue of $6.03 billion and Adjusted EBITDA of $1.17 billion, with adjusted free cash flow jumping to $509.3 million. This reflects resilient Environmental Services demand and disciplined cost control despite only modest topline growth of 2%.

Management accelerated capital returns, repurchasing $250 million of shares at an average price of about $222 and expanding the buyback authorization by $350 million back to $600 million. They also signed a $130 million acquisition of Depot Connect International assets, expected to contribute roughly $40 million of revenue and $11 million of Adjusted EBITDA annually.

Guidance for 2026 calls for Adjusted EBITDA of $1.20 billion to $1.26 billion and adjusted free cash flow of $480 million to $540 million, implying continued but measured growth. Actual outcomes will depend on execution in integrating the DCI businesses, the planned $50 million fleet expansion, and demand across hazardous waste, PFAS and re-refining markets.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

 CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 Date of Report (Date of earliest event reported): February 18, 2026

CLEAN HARBORS, INC.

(Exact name of registrant as specified in its charter)

Massachusetts

001-34223

04-2997780

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

42 Longwater Drive

Norwell

MA

02061-9149

(Address of Principal Executive Offices)

(Zip Code)

 Registrant’s telephone number, including area code (781) 792-5000

 Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value

CLH

New York Stock Exchange

Item 2.02 Results of Operations and Financial Condition

On February 18, 2026, Clean Harbors, Inc. (the “Company”) issued a press release announcing the Company’s results of operations for the fourth quarter and year ended December 31, 2025. A copy of that press release is furnished with this report as Exhibit 99.1.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished herewith:

Exhibit No.						Description
99.1						Press Release dated February 18, 2026
104						The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline eXtensible Business Reporting Language)

1

SIGNATURES

    Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Clean Harbors, Inc.
			(Registrant)
February 18, 2026			/s/ Eric J. Dugas
			Executive Vice President and Chief Financial Officer

2

EXHIBIT 99.1

Press Release                                            

Clean Harbors Announces Fourth-Quarter

and Full-Year 2025 Financial Results

•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

NORWELL, Mass. – February 18, 2026 – 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.

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com

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.

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com

“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

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com

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.

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com

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.

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com

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

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com

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

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com

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.

Contacts:

Eric J. Dugas						Jim Buckley
EVP and Chief Financial Officer						SVP Investor Relations
Clean Harbors, Inc.						Clean Harbors, Inc.
781.792.5100						781.792.5100
InvestorRelations@cleanharbors.com						Buckley.James@cleanharbors.com

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • 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 • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com

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 • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com

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

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com

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

Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058 • www.cleanharbors.com

FAQ

How did Clean Harbors (CLH) perform financially in full-year 2025?

Clean Harbors posted 2025 revenues of $6.03 billion, up from $5.89 billion, and net income of $391.0 million, or $7.28 per diluted share. Adjusted EBITDA reached $1.17 billion and adjusted free cash flow climbed to $509.3 million, reflecting stronger cash generation.

What were Clean Harbors’ Q4 2025 earnings and profitability metrics?

In Q4 2025, Clean Harbors generated $1.50 billion in revenue and net income of $86.6 million, or $1.62 per diluted share. Adjusted EBITDA was $278.7 million, an 8% increase from $257.2 million, driven by higher income from operations of $158.4 million.

What share repurchase actions did Clean Harbors (CLH) take in 2025?

Clean Harbors repurchased $250 million of its shares in 2025 at an average price of approximately $222 per share. The Board then authorized a $350 million expansion of the repurchase program, bringing total remaining availability back to $600 million for future buybacks.

What acquisition did Clean Harbors announce related to Depot Connect International?

Clean Harbors signed a purchase and sale agreement to acquire certain Depot Connect International businesses for approximately $130 million. These operations, across five locations, are expected to generate about $40 million in annual revenue and roughly $11 million of Adjusted EBITDA once integrated.

What 2026 financial guidance did Clean Harbors provide for EBITDA and cash flow?

For 2026, Clean Harbors expects Adjusted EBITDA between $1.20 billion and $1.26 billion, based on projected GAAP net income of $410–$461 million. The company also guides to adjusted free cash flow of $480–$540 million, supported by net cash from operating activities of $820–$940 million.

How did Clean Harbors’ Environmental Services segment perform in 2025?

In 2025, the Environmental Services segment delivered third-party revenues of $5.15 billion and Adjusted EBITDA of $1.34 billion. Segment Adjusted EBITDA margin expanded by 60 basis points to 25.9%, supported by 7% revenue growth in Technical Services and Safety-Kleen Environmental.

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