CLEAN HARBORS INC

For the period ended Dec 31, 2025. Filed Feb 18, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 18, 2026

CLH$290.04+0.8%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	For the years ended December 31,
	2025	2024	2023
Cash flows from operating activities:
Net income	$390,974	$402,299	$377,856
Adjustments to reconcile net income to net cash from operating activities:
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)
Changes in assets and liabilities, net of acquisitions:
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
Cash flows used in investing activities:
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)
Cash flows (used in) from financing activities:
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, beginning of year	687,192	444,698	492,603
Cash and cash equivalents, end of year	$826,315	$687,192	$444,698
Supplemental information:
Cash payments for interest and income taxes:
Interest paid	$157,263	$153,059	$114,560
Income taxes paid, net of refunds	117,904	130,606	132,314
Non-cash investing activities:
Property, plant and equipment accrued	33,332	43,750	52,376

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