# EDGAR Filing Document

**Accession Number:** 0000822818
**File Stem:** 0000822818-25-000038
**Filing Date:** 2025-10
**Character Count:** 37211
**Document Hash:** fc5c809d371f85523483bb48cb0ae1d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000822818-25-000038.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000822818-25-000038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CLEAN HARBORS INC
- **CENTRAL INDEX KEY:** 0000822818
- **STANDARD INDUSTRIAL CLASSIFICATION:** HAZARDOUS WASTE MANAGEMENT [4955]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 042997780
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34223
- **FILM NUMBER:** 251426878

**BUSINESS ADDRESS:**
- **STREET 1:** 42 LONGWATER DRIVE
- **STREET 2:** P.O. BOX 9149
- **CITY:** NORWELL
- **STATE:** MA
- **ZIP:** 02061-9149
- **BUSINESS PHONE:** 781-792-5000

**MAIL ADDRESS:**
- **STREET 1:** 42 LONGWATER DRIVE
- **CITY:** NORWELL
- **STATE:** MA
- **ZIP:** 02061-9149

?xml version='1.0' encoding='ASCII'? clh-20251029

**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): October 29, 2025

![CH Logo_RED_rgb.jpg](clh-20251029_g1.jpg)

**CLEAN HARBORS, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Massachusetts** | **001-34223** | **04-2997780** |
| &nbsp;&nbsp;(State or other jurisdiction<br>of incorporation) | &nbsp;&nbsp;(Commission<br>File Number) | &nbsp;&nbsp;(IRS Employer<br>Identification No.) |

---

---

| | | | |
|:---|:---|:---|:---|
| **42 Longwater Drive** | **Norwell** | **MA** | **02061-9149** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (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 October 29, 2025, Clean Harbors, Inc. (the "Company") issued a press release announcing the Company's results of operations for the third quarter ended September 30, 2025. A copy of that press release is furnished with this report as Exhibit 99.1.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Statements and Exhibits.</u>**

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

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release dated October 29, 2025](clh-q32025pressrelease.htm)</u> |
| 104 | The cover page from this Current Report on Form 8-K, formatted in iXBRL (Inline eXtensible Business Reporting Language) |

---

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;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) |
| October 29, 2025 | /s/ Eric J. Dugas |
| | Executive Vice President and Chief Financial Officer |

---

## Exhibit 99.1

![image.jpg](image.jpg)

**EXHIBIT 99.1**

**Press Release**

**Clean Harbors Announces Third-Quarter 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;• *Reports Revenue of $1.55 Billion with Strong Growth in Technical Services and Safety-Kleen Environmental Services*

&nbsp;&nbsp;&nbsp;&nbsp;• *Delivers Q3 Net Income of $118.8 Million, or EPS of $2.21*

&nbsp;&nbsp;&nbsp;&nbsp;*• Generates Q3 Adjusted EBITDA of $320.2 Million, up 6% Year-Over-Year; Adjusted EBITDA Margin of 20.7% is 100 bps Higher Than Prior Year Period*

&nbsp;&nbsp;&nbsp;&nbsp;*• Revises Full-Year 2025 Adjusted EBITDA to Reflect Q3 Performance*

&nbsp;&nbsp;&nbsp;&nbsp;*• Raises 2025 Adjusted Free Cash Flow Guidance*

&nbsp;&nbsp;&nbsp;&nbsp;*• Announces Investment in Facility to Upgrade and Recycle Re-Refinery Byproducts*

**NORWELL, Mass. – October 29, 2025 –** <u>Clean Harbors, Inc.</u> ("Clean Harbors" or the "Company") (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the third quarter ended September 30, 2025.

"Our third-quarter performance reflected continued growth in our Technical Services and Safety-Kleen Environmental Services revenues," said Eric Gerstenberg, Co-Chief Executive Officer. "We increased our consolidated Adjusted EBITDA margin by 100 basis points from a year ago by continuing to manage costs, driving operating efficiencies and increasing waste volumes handled through our disposal and recycling network. Within safety, our team did an excellent job protecting themselves and each other; at quarter end our year-to-date Total Recordable Incident Rate (TRIR) was just 0.49, putting us on track for a record year."

**Third-Quarter 2025 Results**

Revenues were $1.55 billion, compared with $1.53 billion in the same period of 2024. Income from operations was $193.0 million, compared with $192.3 million in the third quarter of 2024.

Net income was $118.8 million, or $2.21 per diluted share, compared with $115.2 million, or $2.12 per diluted share, for the same period in 2024.

Adjusted EBITDA (see description and reconciliation below) increased 6% to $320.2 million from $301.8 million for the same period in 2024.

**Q3 2025 Segment Review**

"By leveraging our network, focusing on labor management and continuing our pricing strategies, our ES segment achieved its 14th consecutive quarter of year-over-year improvement in Adjusted EBITDA margin, which increased by 120 basis points to 26.8%," said Gerstenberg. "The segment's 3% top-line growth was led

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

------

![image.jpg](image.jpg)

by Technical Services, which grew 12% despite slowdowns with customers in some key verticals such as the chemical space due to general economic conditions and tariff driven uncertainty. Offsetting these slowdowns was significant growth from other verticals, increased remediation and waste project work, and demand for our Total PFAS Solution. Safety-Kleen Environmental Services revenue rose 8% through a combination of price and steady volume growth. High demand for disposal led to incineration utilization, excluding the new Kimball incinerator, of 92%, while landfill volumes were up 40% on project strength. Field Services revenue declined from prior year due to the absence of medium- to large-scale emergency response projects in the quarter. Within Industrial Services, chemical and refining customers continued to limit their turnaround spending. The softness in these end markets, combined with the lack of large emergency response projects and increased healthcare costs, resulted in lower-than-anticipated results for the Environmental Services segment. However, the team remains focused on margin growth and cash flow generation, and we believe that initiatives in those areas puts us in a position to greatly benefit as economic conditions improve."

"Our Safety-Kleen Sustainability Solutions (SKSS) segment results in the quarter were consistent with our expectations. We dramatically lowered waste oil collection costs and improved our mix of products sold in the face of weaker base oil pricing," said Mike Battles, Co-Chief Executive Officer. "We gathered 64 million gallons of waste oil, which kept our plants at full production. We incrementally increased our direct lubricant gallons sold to 9% of total volume, which helped drive our margin improvement in the segment. As highlighted in our recent news release, we are advancing our strategic shift toward higher charge-for-oil (CFO) pricing for our collection services to proactively address base oil market conditions."

**Investing in SDA Unit to Unlock Value of Re-refining Byproducts**

Clean Harbors today announced plans to build a state-of-the-art processing plant that employs innovative solvent de-asphalting (SDA) technology to convert a re-refining byproduct – vacuum tower asphalt extender (VTAE) – into a high-value 600N base oil. Total investment in this facility is expected to be $210 million to $220 million with commercial launch anticipated in 2028.

"By using an industry-proven SDA process, combined with our existing hydrotreating capabilities, we expect to unlock incremental value from an everyday byproduct generated today at our re-refineries," Battles said. "For several years we have been evaluating ways to upgrade VTAE, which we currently sell to roofing and paving markets, into a more valuable and profitable product. Because of its durability and high-performance characteristics, 600N is a high-purity base oil typically used in heavy-duty industrial applications. We expect this facility to generate annual EBITDA of $30 million to $40 million, a six- to seven-year payback on the investment once completed, which rivals the returns on our incineration projects."

**Business Outlook and Financial Guidance**

"Looking ahead, we believe that the market challenges we faced in the third quarter are temporary and brought on by macro-economic conditions. The continued growth in Technical Services and Safety-Kleen Environmental demonstrates the diversification of our end markets and continued resilience of our business model. We expect our incinerators to continue to run strong through year-end and projects to continue to feed

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

------

![image.jpg](image.jpg)

our entire disposal and recycling network," Gerstenberg said. "The North American economy has been navigating through short-term turbulence, but the economic outlook looks promising as reshoring continues. Based on conversations with our customers, we anticipate incentives to reshore and the benefits of the recent U.S. tax bill will drive a meaningful lift in American manufacturing, as well as continue to support remediation and waste projects. Spending constraints related to key verticals, such as chemicals and refining, should loosen in the coming quarters as economic conditions improve, benefiting our Industrial Services and Field Services businesses. Labor efficiencies and other margin generating initiatives we have undertaken put us in a good position to benefit when those key verticals rebound. Overall, we continue to see a substantial project pipeline that is only strengthened by growing PFAS opportunities. We believe our initiatives around CFO, partnerships and Group III production have stabilized our SKSS business. As a result, we expect to achieve our profitability target for this business in 2025."

Battles concluded, "Given our current market outlook, we expect to conclude 2025 with a strong fourth-quarter performance that includes Adjusted EBITDA growth in the six to eight percent range compared with a year ago. We remain on track to deliver a record level of annual Adjusted EBITDA and adjusted free cash flow in 2025 with a healthy long-term market outlook."

For full-year 2025, Clean Harbors is revising its prior guidance and now expects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA in the range of $1.155 billion to $1.175 billion, or a midpoint of $1.165 billion, which represents 4% growth year over year. This Adjusted EBITDA range is based on anticipated GAAP net income in the range of $379 million to $400 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted free cash flow in the range of $455 million to $495 million, or a midpoint of $475 million, which represents more than a 30% increase from prior year. This range is based on anticipated net cash from operating activities in the range of $795 million to $865 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

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

------

![image.jpg](image.jpg)

Adjusted EBITDA as described in the following reconciliation showing the differences between reported GAAP net income and Adjusted EBITDA (in thousands, except percentages):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net income | $118799 | $115213 | $304384 | $318325 |
| Accretion of environmental liabilities | 3499 | 3618 | 10710 | 10139 |
| Stock-based compensation | 8922 | 5837 | 22620 | 20690 |
| Depreciation and amortization | 114729 | 100063 | 342994 | 295632 |
| Other (income) expense, net | (3517) | 1123 | (1982) | 2431 |
| Interest expense, net of interest income | 35700 | 35779 | 108883 | 100767 |
| Provision for income taxes | 42027 | 40181 | 103641 | 111741 |
| Adjusted EBITDA | $320159 | $301814 | $891250 | $859725 |
| Adjusted EBITDA Margin | 20.7% | 19.7% | 19.7% | 19.3% |

---

**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. 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** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net cash from operating activities | $301987 | $239239 | $511632 | $473833 |
| Additions to property, plant and equipment | (94445) | (96803) | (303169) | (369826) |
| Cash investment in Solvent De-Asphalting Unit | 11813 |  | 11813 |  |
| Cash investment in Phoenix Hub | 91 |  | 12527 |  |
| Proceeds from sale and disposal of fixed assets | 11187 | 2058 | 15250 | 6353 |
| Adjusted free cash flow | $230633 | $144494 | $248053 | $110360 |

---

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

------

![image.jpg](image.jpg)

**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, 2025** | **For the Year Ending December 31, 2025** | **For the Year Ending December 31, 2025** |
| Projected GAAP net income | $379 | to | $400 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accretion of environmental liabilities | 15 | to | 14 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 28 | to | 31 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 455 | to | 445 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 147 | to | 142 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 131 | to | 143 |
| Projected Adjusted EBITDA | $1155 | to | $1175 |

---

**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 one-time 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, 2025** | **For the Year Ending December 31, 2025** | **For the Year Ending December 31, 2025** |
| Projected net cash from operating activities | $795 | to | $865 |
| Additions to property, plant and equipment | (400) | to | (430) |
| Cash investment in Solvent De-Asphalting Unit | 30 | to | 30 |
| Cash investment in Phoenix Hub | 15 | to | 15 |
| Proceeds from sale and disposal of fixed assets | 15 | to | 15 |
| Projected adjusted free cash flow | $455 | to | $495 |

---

**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 <u>www.cleanharbors.com</u>. 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

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

------

![image.jpg](image.jpg)

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 <u>www.cleanharbors.com</u>.

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

------

![image.jpg](image.jpg)

**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 |
| <u>InvestorRelations@cleanharbors.com</u> | <u>Buckley.James@cleanharbors.com</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

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![image.jpg](image.jpg)

**CLEAN HARBORS, INC. AND SUBSIDIARIES**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

 **(in thousands, except per share amounts)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;Revenues | $1549337 | $1529422 | $4531141 | $4458836 |
| &nbsp;&nbsp;Cost of revenues (exclusive of items shown separately below) | 1048490 | 1055599 | 3103871 | 3062211 |
| &nbsp;&nbsp;Selling, general and administrative expenses | 189610 | 177846 | 558640 | 557590 |
| &nbsp;&nbsp;Accretion of environmental liabilities | 3499 | 3618 | 10710 | 10139 |
| &nbsp;&nbsp;Depreciation and amortization | 114729 | 100063 | 342994 | 295632 |
| &nbsp;&nbsp;Income from operations | 193009 | 192296 | 514926 | 533264 |
| &nbsp;&nbsp;Other income (expense), net | 3517 | (1123) | 1982 | (2431) |
| &nbsp;&nbsp;Interest expense, net | (35700) | (35779) | (108883) | (100767) |
| &nbsp;&nbsp;Income before provision for income taxes | 160826 | 155394 | 408025 | 430066 |
| &nbsp;&nbsp;Provision for income taxes | 42027 | 40181 | 103641 | 111741 |
| &nbsp;&nbsp;Net income | $118799 | $115213 | $304384 | $318325 |
| &nbsp;&nbsp;Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $2.22 | $2.14 | $5.67 | $5.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $2.21 | $2.12 | $5.65 | $5.87 |
| &nbsp;&nbsp;Shares used to compute earnings per share - Basic | 53518 | 53951 | 53659 | 53936 |
| &nbsp;&nbsp;Shares used to compute earnings per share - Diluted | 53713 | 54229 | 53871 | 54229 |

---

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

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![image.jpg](image.jpg)

**CLEAN HARBORS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

 **(in thousands)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;**Current assets:** | **(unaudited)** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $759197 | $687192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term marketable securities | 91176 | 102634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 1104805 | 1015357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled accounts receivable | 182059 | 162215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories and supplies | 377308 | 384657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 93716 | 81741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2608261 | 2433796 |
| &nbsp;&nbsp;Property, plant and equipment, net | 2497600 | 2447941 |
| &nbsp;&nbsp;**Other assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 241048 | 250853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1478831 | 1477199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permits and other intangibles, net | 663965 | 701987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 50594 | 65502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other assets | 2434438 | 2495541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $7540299 | $7377278 |
| &nbsp;&nbsp;**Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | $15102 | $15102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 444119 | 487286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 91966 | 88545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 415170 | 419445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of closure, post-closure and remedial liabilities | 28814 | 20625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 72241 | 71663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1067412 | 1102666 |
| &nbsp;&nbsp;**Other liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Closure and post-closure liabilities, less current portion | 122546 | 119484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remedial liabilities, less current portion | 85299 | 101424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, less current portion | 2764231 | 2771117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, less current portion | 173137 | 182883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 358597 | 363623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 193237 | 162552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other liabilities | 3697047 | 3701083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity, net | 2775840 | 2573529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $7540299 | $7377278 |

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

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![image.jpg](image.jpg)

**CLEAN HARBORS, INC. AND SUBSIDIARIES**

**UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

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| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30, 2025** | **September 30, 2024** |
| &nbsp;&nbsp;Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $304384 | $318325 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 342994 | 295632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts | 6520 | 5674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt discount | 5024 | 4623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of environmental liabilities | 10710 | 10139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in environmental liability estimates | (8933) | 4347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes |  | (418) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) expense, net | (1982) | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 22620 | 20690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental expenditures | (10960) | (19679) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable and unbilled accounts receivable | (113131) | (145647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories and supplies | 8301 | (39673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and long-term assets | (5467) | (47826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (35492) | 30004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and long-term liabilities | (12956) | 35211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities | 511632 | 473833 |
| &nbsp;&nbsp;Cash flows used in investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to property, plant and equipment | (303169) | (369826) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale and disposal of fixed assets | 15250 | 6353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired |  | (474011) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of business |  | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to intangible assets including costs to obtain or renew permits | (1528) | (2545) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of available-for-sale securities | (62108) | (73682) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of available-for-sale securities | 74968 | 100021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (276587) | (812940) |
| &nbsp;&nbsp;Cash flows (used in) from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in uncashed checks | (2639) | (5852) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax payments related to withholdings on vested restricted stock | (13833) | (11514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (117001) | (30215) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from employee stock purchase plan | 3360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid |  | (8316) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on finance leases | (25088) | (23596) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on debt | (11327) | (11327) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of debt, net of discount |  | 499375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) from financing activities | (166528) | 408555 |
| &nbsp;&nbsp;Effect of exchange rate change on cash | 3488 | (1775) |
| &nbsp;&nbsp;Increase in cash and cash equivalents | 72005 | 67673 |
| &nbsp;&nbsp;Cash and cash equivalents, beginning of period | 687192 | 444698 |
| &nbsp;&nbsp;Cash and cash equivalents, end of period | $759197 | $512371 |

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

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![image.jpg](image.jpg)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Supplemental information: |  |  |
| &nbsp;&nbsp;Cash payments for interest and income taxes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $133520 | $134177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid, net of refunds | 93531 | 100752 |
| &nbsp;&nbsp;Non-cash investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment accrued | 36604 | 43604 |
| &nbsp;&nbsp;ROU assets obtained in exchange for operating lease liabilities | 51736 | 98927 |
| &nbsp;&nbsp;ROU assets obtained in exchange for finance lease liabilities | 59937 | 53391 |

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**Supplemental Segment Data (in thousands)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| **Revenue** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| | **Third-Party Revenues** | **Intersegment Revenues (Expenses), net** | **Direct Revenues** | **Third-Party Revenues** | **Intersegment Revenues (Expenses), net** | **Direct Revenues** |
| Environmental Services | $1318580 | $12720 | $1331300 | $1287650 | $9537 | $1297187 |
| Safety-Kleen Sustainability Solutions | 230757 | (12720) | 218037 | 241676 | (9537) | 232139 |
| Corporate |  |  |  | 96 |  | 96 |
| Total | $1549337 | $— | $1549337 | $1529422 | $— | $1529422 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| **Revenue** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| | **Third-Party Revenues** | **Intersegment Revenues (Expenses), net** | **Direct Revenues** | **Third-Party Revenues** | **Intersegment Revenues (Expenses), net** | **Direct Revenues** |
| Environmental Services | $3855677 | $36771 | $3892448 | $3746227 | $32853 | $3779080 |
| Safety-Kleen Sustainability Solutions | 675278 | (36771) | 638507 | 712312 | (32853) | 679459 |
| Corporate | 186 |  | 186 | 297 |  | 297 |
| Total | $4531141 | $— | $4531141 | $4458836 | $— | $4458836 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| **Adjusted EBITDA** | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Environmental Services | $357229 | $332502 | $1008014 | $956892 |
| Safety-Kleen Sustainability Solutions | 40937 | 41226 | 107502 | 122402 |
| Corporate | (78007) | (71914) | (224266) | (219569) |
| Total | $320159 | $301814 | $891250 | $859725 |

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