ENVIRI CorpNVRI
ENVIRI Corp Segments Disclosure
Information by Segment and Geographic Area*
The Company reports information about operating segments using the "management approach," which is based on the way management organizes and reports the segments within the enterprise for making operating decisions and assessing performance. The Company's reportable segments are identified based upon differences in products, services and markets served. In 2025, the Company had three reportable segments. These segments and the types of products and services offered include the following:
Harsco Environmental
HE is a global provider of on-site environmental services for the management of waste and byproduct streams from our customers, which includes resource recovery and recycling of waste materials, materials handling and logistical support and aluminum dross and scrap management. HE also manufactures value-added downstream products from industrial waste streams, or ecoproducts, which includes road surfacing materials, metallurgical additives, agriculture and turf products and cement additives.
Clean Earth
CE provides specialty waste processing solutions for customers in the industrial, retail, healthcare and construction industries in the U.S. CE's services include the treatment, recycling and beneficial reuse of hazardous and non-hazardous wastes and the processing of contaminated soil and dredged materials.
Harsco Rail
Rail is a global provider of railway track maintenance equipment and services. Rail's products include highly engineered railway track maintenance equipment, aftermarket parts and safety and diagnostics technology systems. In addition, Rail provides railway maintenance services to major railways, mass transit systems and equipment leasing companies.
Information by Geographical Areas
Countries with revenues from unaffiliated customers or net PP&E of 10% or more of the consolidated totals for at least one of the periods presented below are as follows:
| Revenues from Unaffiliated Customers | ||||||||||||||||||||
| Years ended December 31 | ||||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
By geographic location (a): | ||||||||||||||||||||
| U.S. | $ | 1,283,489 | $ | 1,341,287 | $ | 1,405,398 | ||||||||||||||
International | 956,869 | 1,001,850 | 960,789 | |||||||||||||||||
| Total revenues from unaffiliated customers | $ | 2,240,358 | $ | 2,343,137 | $ | 2,366,187 | ||||||||||||||
(a) Revenues are attributed to individual countries based on the location of the facility generating the revenue.
| Property, Plant and Equipment, Net | ||||||||||||||
| December 31 | ||||||||||||||
| (In thousands) | 2025 | 2024 | ||||||||||||
By geographic location: | ||||||||||||||
| U.S. | $ | 362,085 | $ | 338,679 | ||||||||||
International | 337,579 | 325,613 | ||||||||||||
| Total property, plant and equipment, net | $ | 699,664 | $ | 664,292 | ||||||||||
No customer provided in excess of 10% of the Company's consolidated revenues in 2025, 2024 and 2023.
In 2025, 2024 and 2023, HE had one customer that provided in excess of 10% of its revenues under multiple long-term contracts at several mill sites. Should additional consolidations occur involving some of the steel industry's larger companies which are customers of the Company, it would result in an increase in concentration of credit risk for the Company. The loss of these contracts would not have a material adverse effect upon the Company's financial position or cash flows; however, it could have a significant effect on quarterly or annual results of operations.
In 2025, 2024, and 2023, CE had one customer that provided in excess of 10% of its revenue. The loss of this customer would not have a material adverse impact on the Company's financial positions or cash flows; however, it could have a material effect on quarterly or annual results of operations.
In 2025 and 2024, Rail had two customers that provided more than 10% of the segment total revenues and, in 2023, Rail had one customer that provided more than 10% of the segment total revenues. The loss of either customer would not have a material adverse impact on the Company's financial positions or cash flows; however, it could have a material effect on quarterly or annual results of operations.
Operating Information by Segment
The accounting policies for the three reportable segments are consistently applied, as described in Note 1, Summary of Significant Accounting Policies. The Company's chief operating decision maker (the "CODM") is the Company's Chairman and Chief Executive Officer. The CODM uses segment operating income/(loss) from continuing operations as the profit measure to evaluate segment performance and allocate resources across segments. Corporate unallocated expenses, interest income, interest expense, facility fees and debt-related income (expense) and defined benefit pension income (expense) are centrally managed costs and are, therefore, excluded from this profit measure to provide better understanding of the Company's segment operating results. The CODM considers variances of actual performance to the Company's annual operating plan and periodic forecasts when making decisions.
The following tables include information about the Company's revenues and operating income (loss) by reporting segment, along with significant segment expenses and other segment information, for the years ended December 31, 2025, 2024 and 2023:
| Year Ended December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| (in thousands) | Harsco Environmental | Clean Earth | Harsco Rail | Total Segment | Corporate | Total | ||||||||||||||||||||||||||||||||
Segment Profit and Loss: | ||||||||||||||||||||||||||||||||||||||
| Total revenues | 1,019,411 | 973,853 | 247,094 | $ | 2,240,358 | — | $ | 2,240,358 | ||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||
Cost of services and products sold (a) | 857,777 | 711,666 | 251,108 | 1,820,551 | 155 | 1,820,706 | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 105,402 | 169,728 | 46,953 | 322,083 | 59,922 | 382,005 | ||||||||||||||||||||||||||||||||
| Property, plant and equipment impairment charge | 7,797 | — | — | 7,797 | — | 7,797 | ||||||||||||||||||||||||||||||||
Other segment items (a)(b) | 6,258 | 797 | 6,410 | 13,465 | 12,136 | 25,601 | ||||||||||||||||||||||||||||||||
| Operating income (loss) from continuing operations | 42,177 | 91,662 | (57,377) | $ | 76,462 | (72,213) | $ | 4,249 | ||||||||||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||||||||
| Interest income | 2,191 | |||||||||||||||||||||||||||||||||||||
| Interest expense | (110,962) | |||||||||||||||||||||||||||||||||||||
| Facility fees and debt-related income (expense) | (10,662) | |||||||||||||||||||||||||||||||||||||
| Defined benefit pension income (expense) | (21,635) | |||||||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes and equity income | $ | (136,819) | ||||||||||||||||||||||||||||||||||||
Other Segment Information: | ||||||||||||||||||||||||||||||||||||||
Depreciation | 108,168 | 39,778 | 4,464 | $ | 152,410 | 972 | $ | 153,382 | ||||||||||||||||||||||||||||||
Amortization (c) | 2,242 | 23,644 | 713 | $ | 26,599 | 3,976 | $ | 30,575 | ||||||||||||||||||||||||||||||
Capital expenditures | 84,494 | 49,459 | 7,117 | $ | 141,070 | 209 | $ | 141,279 | ||||||||||||||||||||||||||||||
Total assets | 1,329,132 | 1,036,916 | 333,383 | $ | 2,699,431 | 9,240 | $ | 2,708,671 | ||||||||||||||||||||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
| (in thousands) | Harsco Environmental | Clean Earth | Harsco Rail | Total Segment | Corporate | Total | ||||||||||||||||||||||||||||||||
Segment Profit and Loss: | ||||||||||||||||||||||||||||||||||||||
| Total revenues | 1,111,512 | 940,337 | 291,288 | $ | 2,343,137 | — | $ | 2,343,137 | ||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||
Cost of services and products sold (a) | 948,591 | 690,160 | 271,853 | 1,910,604 | — | 1,910,604 | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 113,845 | 156,378 | 48,461 | 318,684 | 40,704 | 359,388 | ||||||||||||||||||||||||||||||||
| Goodwill and other intangible asset impairment charges | 2,840 | — | 13,026 | 15,866 | — | 15,866 | ||||||||||||||||||||||||||||||||
| Property, plant and equipment impairment charge | 23,444 | — | — | 23,444 | — | 23,444 | ||||||||||||||||||||||||||||||||
| Remeasurement of long-lived assets | — | — | 10,695 | 10,695 | — | 10,695 | ||||||||||||||||||||||||||||||||
| Gain on sale of businesses, net | (10,029) | — | — | (10,029) | (449) | (10,478) | ||||||||||||||||||||||||||||||||
Other segment items (a)(b) | 808 | 1,151 | 6,808 | 8,767 | (5,863) | 2,904 | ||||||||||||||||||||||||||||||||
| Operating income (loss) from continuing operations | 32,013 | 92,648 | (59,555) | $ | 65,106 | (34,392) | $ | 30,714 | ||||||||||||||||||||||||||||||
| Plus: | ||||||||||||||||||||||||||||||||||||||
| Interest income | 6,795 | |||||||||||||||||||||||||||||||||||||
| Interest expense | (112,217) | |||||||||||||||||||||||||||||||||||||
| Facility fees and debt-related income (expense) | (11,265) | |||||||||||||||||||||||||||||||||||||
| Defined benefit pension income (expense) | (17,607) | |||||||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes and equity income | $ | (103,580) | ||||||||||||||||||||||||||||||||||||
Other Segment Information: | ||||||||||||||||||||||||||||||||||||||
Depreciation | 109,756 | 33,840 | 3,478 | $ | 147,074 | 1,255 | $ | 148,329 | ||||||||||||||||||||||||||||||
Amortization (c) | 3,068 | 23,976 | 224 | $ | 27,268 | 4,203 | $ | 31,471 | ||||||||||||||||||||||||||||||
Capital expenditures | 98,845 | 32,754 | 4,756 | $ | 136,355 | 236 | $ | 136,591 | ||||||||||||||||||||||||||||||
Total assets | 1,263,031 | 993,107 | 351,174 | $ | 2,607,312 | 27,199 | $ | 2,634,511 | ||||||||||||||||||||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
| (in thousands) | Harsco Environmental | Clean Earth | Harsco Rail | Total Segment | Corporate | Total | ||||||||||||||||||||||||||||||||
Segment Profit and Loss: | ||||||||||||||||||||||||||||||||||||||
| Total revenues | 1,141,935 | 927,457 | 296,795 | $ | 2,366,187 | — | $ | 2,366,187 | ||||||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||
| Cost of services and products sold (a) | 942,219 | 694,164 | 270,996 | 1,907,379 | — | 1,907,379 | ||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 109,131 | 154,513 | 45,770 | 309,414 | 44,571 | 353,985 | ||||||||||||||||||||||||||||||||
| Property, plant and equipment impairment charge | 14,099 | — | — | 14,099 | — | 14,099 | ||||||||||||||||||||||||||||||||
Other segment items (a)(b) | (2,180) | 2,078 | 4,884 | 4,782 | (1,571) | 3,211 | ||||||||||||||||||||||||||||||||
| Operating income (loss) from continuing operations | 78,666 | 76,702 | (24,855) | $ | 130,513 | (43,000) | $ | 87,513 | ||||||||||||||||||||||||||||||
Plus: | ||||||||||||||||||||||||||||||||||||||
| Interest income | 6,809 | |||||||||||||||||||||||||||||||||||||
| Interest expense | (107,081) | |||||||||||||||||||||||||||||||||||||
| Facility fees and debt-related income (expense) | (10,762) | |||||||||||||||||||||||||||||||||||||
| Defined benefit pension income (expense) | (22,326) | |||||||||||||||||||||||||||||||||||||
| Income (loss) from continuing operations before income taxes and equity income | $ | (45,847) | ||||||||||||||||||||||||||||||||||||
Other Segment Information: | ||||||||||||||||||||||||||||||||||||||
Depreciation | 113,571 | 23,252 | — | $ | 136,823 | 2,133 | $ | 138,956 | ||||||||||||||||||||||||||||||
Amortization (c) | 4,030 | 24,583 | — | $ | 28,613 | 3,795 | $ | 32,408 | ||||||||||||||||||||||||||||||
Capital expenditures | 104,045 | 32,100 | 2,453 | $ | 138,598 | 427 | $ | 139,025 | ||||||||||||||||||||||||||||||
Total assets | 1,417,278 | 979,871 | 369,931 | $ | 2,767,080 | 67,444 | $ | 2,834,524 | ||||||||||||||||||||||||||||||
(a) Cost of services and products sold is a significant expense category provided to the CODM at the segment-level.
(b) Other segment activities include amounts reflected in the captions, Research and development costs, Cost of services and products sold and Other (income) expenses, net, on the Company's Consolidated Statements of Operations.
(c) Amortization expense in Corporate relates to the amortization of deferred financing costs.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 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.