Clean Harbors
CLH · NYSEHazardous Waste Management · Fiscal year ends Dec 31
Clean Harbors reported revenue of $6B in the fiscal year ended Dec 2025, up 2.4% from the year before. Operating income was $673M, an operating margin of 11.2%, and net income was $391M. Operating cash flow of $867M less capital expenditure of $425M left free cash flow of $442M. Net debt was $1.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.8B | $5.2B | $5.4B | $5.9B | $6B |
| Cost of revenue | $2.6B | $3.5B | $3.7B | $4.1B | $4.1B |
| Gross profit | $1.2B | $1.6B | $1.7B | $1.8B | $1.9B |
| Selling, general & admin | $538M | $627M | $671M | $740M | $753M |
| Operating income | $348M | $635M | $612M | $670M | $673M |
| Net interest incomeBanks | – | −$108M | −$109M | −$135M | −$143M |
| Pre-tax income | $270M | $538M | $503M | $533M | $528M |
| Income tax | $66M | $126M | $125M | $131M | $137M |
| Net income | $203M | $412M | $378M | $402M | $391M |
| Diluted EPS | 3.71 | 7.56 | 6.95 | 7.42 | 7.28 |
| Diluted shares | 55M | 54M | 54M | 54M | 54M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $453M | $493M | $445M | $687M | $826M |
| Receivables | $793M | $965M | $983M | $1B | $1B |
| Inventory | $251M | $325M | $328M | $385M | $372M |
| Current assets | $1.7B | $2B | $2.1B | $2.4B | $2.6B |
| Goodwill | $1.2B | $1.2B | $1.3B | $1.5B | $1.5B |
| Total assets | $5.7B | $6.1B | $6.4B | $7.4B | $7.6B |
| Payables | $360M | $447M | $452M | $487M | $507M |
| Deferred revenue | $84M | $94M | $95M | $89M | $82M |
| Current liabilities | $925M | $1B | $1B | $1.1B | $1.1B |
| Short-term debt | $18M | $10M | $10M | $15M | $13M |
| Long-term debt | $2.5B | $2.4B | $2.3B | $2.8B | $2.8B |
| Shareholders' equity | $1.5B | $1.9B | $2.2B | $2.6B | $2.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $546M | $626M | $735M | $778M | $867M |
| Capital expenditure | $242M | $345M | $422M | $432M | $425M |
| Free cash flow | $304M | $281M | $312M | $346M | $442M |
| Depreciation & amortisation | $298M | $348M | $366M | $401M | $446M |
| Stock-based compensation | $19M | $27M | $21M | $28M | $33M |
| Acquisitions | $1.3B | $86M | $120M | $478M | $0 |
| Share buybacks | $54M | $50M | $51M | $55M | $250M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.8% | 4.7% | 8.9% | 2.4% |
| Operating income growth (YoY) | – | 82.5% | −3.5% | 9.4% | 0.5% |
| EPS growth (YoY) | – | 103.8% | −8.1% | 6.8% | −1.9% |
| Gross margin | 31.4% | 31.4% | 30.7% | 31.0% | 31.3% |
| Operating margin | 9.1% | 12.3% | 11.3% | 11.4% | 11.2% |
| Net margin | 5.3% | 8.0% | 7.0% | 6.8% | 6.5% |
| Return on equityBlank when equity is negative | 13.4% | 21.4% | 16.8% | 15.6% | 14.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.4% | 12.4% | 11.5% | 10.7% | 10.4% |
| Free cash flow margin | 8.0% | 5.4% | 5.8% | 5.9% | 7.3% |
| Cash conversion (CFO ÷ net income) | 2.69x | 1.52x | 1.94x | 1.93x | 2.22x |
| Receivable days | 76 | 68 | 66 | 63 | 63 |
| Inventory days | 35 | 33 | 32 | 35 | 33 |
| Payable days | 50 | 46 | 44 | 44 | 45 |
| Debt ÷ equity | 1.67x | 1.26x | 1.02x | 1.08x | 1.01x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.1B | $1.9B | $1.9B | $2.1B | $1.9B |
| Current ratio | 1.88x | 1.99x | 1.98x | 2.21x | 2.33x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.