Clean Harbors (CLH) financial statements
Clean Harbors reported revenue of $6.0B in fiscal 2025, up 9.1% a year over 9 years.
Net income was $391M and the operating margin 11.2%, against 2.5% in 2016.
Free cash flow was $442M, and the company returned $250M in net buybacks.
The diluted share count fell 7% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Clean Harbors's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8B | $2.9B | $3.3B | $3.4B | $3.1B | $3.8B | $5.2B | $5.4B | $5.9B | $6.0B |
| Cost of revenue | $1.9B | $2.1B | $2.3B | $2.4B | $2.1B | $2.6B | $3.5B | $3.7B | $4.1B | $4.1B |
| Gross profit | $822M | $882M | $995M | $1.0B | $1.0B | $1.2B | $1.6B | $1.7B | $1.8B | $1.9B |
| Selling, general and admin | $422M | $457M | $504M | $484M | $451M | $538M | $627M | $671M | $740M | $753M |
| Operating income | $69M | $128M | $183M | $229M | $251M | $348M | $635M | $612M | $670M | $673M |
| Pre-tax income | $9M | $59M | $94M | $148M | $175M | $270M | $538M | $503M | $533M | $528M |
| Income tax | $49M | -$42M | $29M | $50M | $40M | $66M | $126M | $125M | $131M | $137M |
| Net income | -$40M | $101M | $66M | $98M | $135M | $203M | $412M | $378M | $402M | $391M |
| EPS (diluted) | -$0.69 | $1.76 | $1.16 | $1.74 | $2.42 | $3.71 | $7.56 | $6.95 | $7.42 | $7.28 |
| Diluted shares | 58M | 57M | 56M | 56M | 56M | 55M | 54M | 54M | 54M | 54M |
| Gross margin | 29.8% | 30.0% | 30.1% | 30.0% | 32.0% | 31.4% | 31.4% | 30.7% | 31.0% | 31.3% |
| Operating margin | 2.5% | 4.3% | 5.5% | 6.7% | 8.0% | 9.1% | 12.3% | 11.3% | 11.4% | 11.2% |
| Net margin | -1.4% | 3.4% | 2.0% | 2.9% | 4.3% | 5.3% | 8.0% | 7.0% | 6.8% | 6.5% |
Balance sheet
Fiscal years, from Clean Harbors's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $307M | $358M | $279M | $414M | $571M | $534M | $555M | $551M | $790M | $954M |
| Receivables | $496M | $529M | $607M | $645M | $612M | $793M | $965M | $983M | $1.0B | $1.0B |
| Inventory | — | — | — | $215M | $220M | $251M | $325M | $328M | $385M | $372M |
| Total current assets | $1.1B | $1.2B | $1.2B | $1.4B | $1.5B | $1.7B | $2.0B | $2.1B | $2.4B | $2.6B |
| Property, plant and equipment | $1.6B | $1.6B | $1.6B | $1.6B | $1.5B | $1.9B | $2.0B | $2.2B | $2.4B | $2.5B |
| Goodwill | $465M | $479M | $514M | $525M | $527M | $1.2B | $1.2B | $1.3B | $1.5B | $1.5B |
| Total assets | $3.7B | $3.7B | $3.7B | $4.1B | $4.1B | $5.7B | $6.1B | $6.4B | $7.4B | $7.6B |
| Total current liabilities | $505M | $504M | $602M | $720M | $636M | $925M | $1.0B | $1.0B | $1.1B | $1.1B |
| Long-term debt | $1.6B | $1.6B | $1.6B | $1.6B | $1.5B | $2.5B | $2.4B | $2.3B | $2.8B | $2.8B |
| Total liabilities | $2.6B | $2.5B | $2.6B | $2.8B | $2.8B | $4.1B | $4.2B | $4.1B | $4.8B | $4.9B |
| Shareholders' equity | $1.1B | $1.2B | $1.2B | $1.3B | $1.3B | $1.5B | $1.9B | $2.2B | $2.6B | $2.7B |
| Net debt | $1.3B | $1.3B | $1.3B | $1.2B | $1.0B | $2.1B | $1.9B | $1.9B | $2.1B | $1.9B |
Cash flow
Fiscal years, from Clean Harbors's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $260M | $286M | $373M | $413M | $431M | $546M | $626M | $735M | $778M | $867M |
| Capital spending | $219M | $167M | $193M | $216M | $196M | $242M | $345M | $422M | $432M | $425M |
| Free cash flow | $40M | $119M | $180M | $197M | $234M | $304M | $281M | $312M | $346M | $442M |
| Stock-based compensation | $10M | $13M | $17M | $18M | $19M | $19M | $27M | $21M | $28M | $33M |
| Share buybacks (net) | -$22M | -$49M | -$45M | -$21M | -$75M | -$54M | -$50M | -$51M | -$55M | -$250M |
| Net borrowing | $251M | -$3M | -$58M | -$8M | -$8M | -$8M | -$116M | -$124M | $484M | -$5M |
| Free cash flow margin | 1.5% | 4.0% | 5.4% | 5.8% | 7.5% | 8.0% | 5.4% | 5.8% | 5.9% | 7.3% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CLH.
Open CLH in InvestinglyQuestions
What was Clean Harbors's revenue in 2025?
$6.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Clean Harbors generate?
$442M in fiscal 2025 (operating cash flow minus capital spending).
From Clean Harbors's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.