CLEAN HARBORS INCCLH
CLEAN HARBORS INC Segments Disclosure
SEGMENT REPORTING
Segment reporting is prepared on the same basis that the Company's chief operating decision maker (“CODM”), which is a committee comprised of the Company's Co-Chief Executive Officers, manages the business, makes operating decisions and assesses performance. The Company is managed and reports as two operating segments; (i) the Environmental Services segment and (ii) the Safety-Kleen Sustainability Solutions segment.
Third-party revenue is revenue billed to outside customers by a particular segment. Direct revenue is revenue allocated to the segment providing the product or service. Intersegment revenues represent the sharing of third-party revenues among the segments based on products and services provided by each segment as if the products and services were sold directly to the third-party. The intersegment revenues are shown net. The operations not managed through the Company’s operating segments described above are recorded as “Corporate.” Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings.
The following tables reconcile third-party revenues to direct revenues by Reportable Segment (in thousands):
| For the year ended December 31, 2025 | |||||||||||||||||||||||||||||
| Environmental Services | Safety-Kleen Sustainability Solutions | Total Segment Revenues | Corporate | Total Consolidated Revenues | |||||||||||||||||||||||||
| Third-party revenues | $ | 5,146,354 | $ | 884,297 | $ | 6,030,651 | $ | 186 | $ | 6,030,837 | |||||||||||||||||||
| Intersegment revenues (expense), net | 46,936 | (46,936) | — | — | — | ||||||||||||||||||||||||
| Direct revenues | $ | 5,193,290 | $ | 837,361 | $ | 6,030,651 | $ | 186 | $ | 6,030,837 | |||||||||||||||||||
| For the year ended December 31, 2024 | |||||||||||||||||||||||||||||
| Environmental Services | Safety-Kleen Sustainability Solutions | Total Segment Revenues | Corporate | Total Consolidated Revenues | |||||||||||||||||||||||||
| Third-party revenues | $ | 4,960,325 | $ | 929,220 | $ | 5,889,545 | $ | 407 | $ | 5,889,952 | |||||||||||||||||||
| Intersegment revenues (expense), net | 44,422 | (44,422) | — | — | — | ||||||||||||||||||||||||
| Direct revenues | $ | 5,004,747 | $ | 884,798 | $ | 5,889,545 | $ | 407 | $ | 5,889,952 | |||||||||||||||||||
| For the year ended December 31, 2023 | |||||||||||||||||||||||||||||
| Environmental Services | Safety-Kleen Sustainability Solutions | Total Segment Revenues | Corporate | Total Consolidated Revenues | |||||||||||||||||||||||||
| Third-party revenues | $ | 4,469,909 | $ | 938,796 | $ | 5,408,705 | $ | 447 | $ | 5,409,152 | |||||||||||||||||||
| Intersegment revenues (expense), net | 41,533 | (41,533) | — | — | — | ||||||||||||||||||||||||
| Direct revenues | $ | 4,511,442 | $ | 897,263 | $ | 5,408,705 | $ | 447 | $ | 5,409,152 | |||||||||||||||||||
The primary financial measure by which the CODM evaluates the performance of its segments is Adjusted EBITDA, which consists of net income plus accretion of environmental liabilities, stock-based compensation, depreciation and amortization, net interest expense, loss on early extinguishment of debt and provision for income taxes and excludes other transactions not deemed representative of fundamental segment results and other (income) expense, net. Transactions between the segments are accounted for at the Company’s best estimate based on similar transactions with outside customers.
The CODM uses Adjusted EBITDA to enhance their understanding of segment operating performance, which represents the Company’s performance in the ordinary, ongoing and customary course of operations. The reportable segment operating performance Adjusted EBITDA is used by the CODM to make key operating decisions such as the allocation of resources. Total assets by segment are not used by the CODM to assess the performance of, or allocate resources to, the Company’s segments, therefore total assets by segment are not disclosed.
The tables below present total Reportable Segment Adjusted EBITDA and the relevant significant segment expenses provided to the CODM by reported segment (in thousands):
| For the year ended December 31, 2025 | |||||||||||||||||
| Environmental Services | Safety-Kleen Sustainability Solutions | Total Reportable Segments | |||||||||||||||
| Direct Revenues | $ | 5,193,290 | $ | 837,361 | $ | 6,030,651 | |||||||||||
| Cost of Revenues | 3,461,985 | 626,918 | 4,088,903 | ||||||||||||||
| Selling, General and Administrative Expenses | 387,529 | 72,989 | 460,518 | ||||||||||||||
| Total Reportable Segment Adjusted EBITDA | $ | 1,343,776 | $ | 137,454 | $ | 1,481,230 | |||||||||||
| For the year ended December 31, 2024 | |||||||||||||||||
| Environmental Services | Safety-Kleen Sustainability Solutions | Total Reportable Segments | |||||||||||||||
| Direct Revenues | $ | 5,004,747 | $ | 884,798 | $ | 5,889,545 | |||||||||||
| Cost of Revenues | 3,366,022 | 659,217 | 4,025,239 | ||||||||||||||
| Selling, General and Administrative Expenses | 371,263 | 78,575 | 449,838 | ||||||||||||||
| Total Reportable Segment Adjusted EBITDA | $ | 1,267,462 | $ | 147,006 | $ | 1,414,468 | |||||||||||
| For the year ended December 31, 2023 | |||||||||||||||||
| Environmental Services | Safety-Kleen Sustainability Solutions | Total Reportable Segments | |||||||||||||||
| Direct Revenues | $ | 4,511,442 | $ | 897,263 | $ | 5,408,705 | |||||||||||
| Cost of Revenues | 3,063,043 | 646,301 | 3,709,344 | ||||||||||||||
| Selling, General and Administrative Expenses | 346,791 | 78,089 | 424,880 | ||||||||||||||
| Total Reportable Segment Adjusted EBITDA | $ | 1,101,608 | $ | 172,873 | $ | 1,274,481 | |||||||||||
The following table presents Total Reportable Segment Adjusted EBITDA reconciled to income from operations before provision for income taxes (in thousands):
| For the years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Adjusted EBITDA: | |||||||||||||||||
| Environmental Services | $ | 1,343,776 | $ | 1,267,462 | $ | 1,101,608 | |||||||||||
| Safety-Kleen Sustainability Solutions | 137,454 | 147,006 | 172,873 | ||||||||||||||
Total Reportable Segment Adjusted EBITDA | 1,481,230 | 1,414,468 | 1,274,481 | ||||||||||||||
| Reconciliation to Consolidated Statements of Operations: | |||||||||||||||||
Corporate Costs (1) | 311,291 | 297,534 | 261,911 | ||||||||||||||
| Accretion of environmental liabilities | 14,326 | 13,456 | 13,667 | ||||||||||||||
| Stock-based compensation | 32,702 | 27,981 | 20,703 | ||||||||||||||
| Depreciation and amortization | 446,006 | 400,922 | 365,761 | ||||||||||||||
| Third-party transaction related costs | 3,533 | — | — | ||||||||||||||
| Kimball startup costs | — | 4,343 | — | ||||||||||||||
| Income from operations | 673,372 | 670,232 | 612,439 | ||||||||||||||
| Other (income) expense, net | (5,200) | 1,454 | (2,315) | ||||||||||||||
| Loss on early extinguishment of debt | 8,277 | 371 | 2,880 | ||||||||||||||
| Gain on sale of businesses | (776) | — | — | ||||||||||||||
| Interest expense, net of interest income | 143,104 | 134,964 | 108,595 | ||||||||||||||
| Income from operations before provision for income taxes | $ | 527,967 | $ | 533,443 | $ | 503,279 | |||||||||||
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(1) Corporate Costs include the revenue, cost of revenues and selling, general and administrative expenses not managed through the Company’s operating segments. These costs are not captured within the Company’s Reportable Segment Adjusted EBITDA but are included in the Company’s total Adjusted EBITDA balances.
The following table presents assets by reported segment and in the aggregate (in thousands):
| December 31, 2025 | December 31, 2024 | ||||||||||
| Property, plant and equipment, net | |||||||||||
| Environmental Services | $ | 1,929,643 | $ | 1,865,611 | |||||||
| Safety-Kleen Sustainability Solutions | 492,400 | 463,538 | |||||||||
Corporate | 119,024 | 118,792 | |||||||||
| Total property, plant and equipment, net | $ | 2,541,067 | $ | 2,447,941 | |||||||
| Goodwill and Permits and other intangibles, net | |||||||||||
| Environmental Services | |||||||||||
| Goodwill | $ | 1,297,478 | $ | 1,296,204 | |||||||
| Permits and other intangibles, net | 510,919 | 549,482 | |||||||||
| Total Environmental Services | 1,808,397 | 1,845,686 | |||||||||
| Safety-Kleen Sustainability Solutions | |||||||||||
| Goodwill | $ | 181,572 | $ | 180,995 | |||||||
| Permits and other intangibles, net | 142,108 | 152,505 | |||||||||
| Total Safety-Kleen Sustainability Solutions | 323,680 | 333,500 | |||||||||
| Total | $ | 2,132,077 | $ | 2,179,186 | |||||||
Geographic Information
As of December 31, 2025 and 2024, the Company had property, plant and equipment, net of depreciation and amortization and permits and other intangible assets, net of amortization in the following geographic locations (in thousands, except percentages):
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||
| Total | % of Total | Total | % of Total | ||||||||||||||||||||
| Property, plant and equipment, net | |||||||||||||||||||||||
| United States | $ | 2,331,260 | 91.7 | % | $ | 2,249,155 | 91.9 | % | |||||||||||||||
| Canada and other foreign | 209,807 | 8.3 | 198,786 | 8.1 | |||||||||||||||||||
| Total property, plant and equipment, net | $ | 2,541,067 | 100.0 | % | $ | 2,447,941 | 100.0 | % | |||||||||||||||
| Permits and other intangibles, net | |||||||||||||||||||||||
| United States | $ | 625,670 | 95.8 | % | $ | 674,246 | 96.0 | % | |||||||||||||||
| Canada | 27,357 | 4.2 | 27,741 | 4.0 | |||||||||||||||||||
| Total permits and other intangibles, net | $ | 653,027 | 100.0 | % | $ | 701,987 | 100.0 | % | |||||||||||||||
The following table presents the total assets by geographical area (in thousands):
| December 31, 2025 | December 31, 2024 | ||||||||||
| United States | $ | 6,937,254 | $ | 6,756,813 | |||||||
| Canada and other foreign | 686,802 | 620,465 | |||||||||
| Total | $ | 7,624,056 | $ | 7,377,278 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.