CLEAN HARBORS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CLEAN HARBORS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,755	2,945	3,300	3,412	3,144	3,806	5,167	5,409	5,890	6,031
Cost of revenue	1,933	2,063	2,306	2,388	2,138	2,610	3,544	3,746	4,066	4,145
Gross profit	822	882	995	1,024	1,006	1,196	1,623	1,663	1,824	1,886
Selling, general and administrative	422	457	504	484	451	538	627	671	740	753
Operating income	69.2	128	183	229	251	348	635	612	670	673
Interest income			2.96	4.23	3.46	2.22	4.61	11.9	19.4	25.7
Other non-operating income	6.2	-6.12	-4.51	2.9	-0.29	-0.52	2.47	2.32	-1.45	5.2
Pre-tax income	8.72	58.7	94.5	148	175	270	538	503	533	528
Income tax	48.6	-42.1	28.8	50.5	39.7	66.5	126	125	131	137
Net income	-39.9	101	65.6	97.7	135	203	412	378	402	391
EBITDA	356	416	481	530	544	646	982	978	1,071	1,119
EPS, basic	-0.69	1.77	1.17	1.75	2.43	3.73	7.59	6.99	7.46	7.31
EPS, diluted	-0.69	1.76	1.16	1.74	2.42	3.71	7.56	6.95	7.42	7.28
Shares, basic (weighted)	57.5	57.1	56.1	55.8	55.5	54.5	54.2	54.1	53.9	53.5
Shares, diluted (weighted)	57.5	57.2	56.3	56.1	55.7	54.8	54.5	54.4	54.2	53.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	307	319	227	372	519	453	493	445	687	826
Short-term investments	0	38.2	52.9	42.4	51.9	81.7	62	106	103	127
Receivables	496	529	607	645	612	793	965	983	1,015	1,044
Inventory				215	220	251	325	328	385	372
Other current assets	290	268	316	48.9	67.1	68.5	82.5	82.9	81.7	116
Total current assets	1,093	1,154	1,202	1,401	1,526	1,741	2,034	2,052	2,434	2,647
Property, plant and equipment	1,612	1,587	1,562	1,588	1,525	1,863	1,980	2,193	2,448	2,541
Lease right-of-use assets				162	150	162	166	187	251	255
Goodwill	465	479	514	525	527	1,227	1,247	1,288	1,477	1,479
Intangible assets	499	469	442	419	387	645	621	603	702	653
Other non-current assets	13.3	17.5	18.1	13.6	16.5	15.6	81.8	59.7	65.5	48.6
Total assets	3,682	3,707	3,738	4,109	4,132	5,654	6,130	6,383	7,377	7,624
Accounts payable	230	224	276	298	196	360	447	452	487	507
Accrued liabilities	191	188	233	277	296	391	397	397	419	442
Deferred revenue		67.8	61.8	73.4	74.1	83.7	94.1	95.2	88.5	81.5
Short-term debt	0	4	7.54	7.54	7.54	17.5	10	10	15.1	12.6
Total current liabilities	505	504	602	720	636	925	1,020	1,038	1,103	1,137
Long-term debt	1,633	1,626	1,565	1,554	1,550	2,517	2,415	2,292	2,771	2,764
Lease liabilities				121	114	118	119	132	183	184
Other non-current liabilities				46	83.2	78.8	90.8	118	163	198
Total liabilities	2,598	2,518	2,569	2,839	2,790	4,140	4,207	4,135	4,804	4,878
Total debt	1,633	1,630	1,573	1,562	1,557	2,535	2,425	2,302	2,786	2,776
Paid-in capital	726	687	655	644	583	536	504	460	422	194
Retained earnings	573	673	737	835	970	1,173	1,585	1,963	2,365	2,756
Other comprehensive income	-214	-172	-223	-210	-211	-196	-167	-175	-214	-205
Shareholders' equity	1,084	1,188	1,170	1,270	1,342	1,514	1,922	2,248	2,574	2,746
Total equity	1,084	1,188	1,170	1,270	1,342	1,514	1,922	2,248	2,574	2,746
Total liabilities and equity	3,682	3,707	3,738	4,109	4,132	5,654	6,130	6,383	7,377	7,624
Shares outstanding	57.3	56.5	55.8	55.8	54.8	54.4	54.1	53.9	53.8	52.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-39.9	101	65.6	97.7	135	203	412	378	402	391
Depreciation and amortization	287	288	299	301	293	298	348	366	401	446
Stock-based compensation	10.5	13.1	16.8	17.8	18.5	18.8	26.8	20.7	28	32.7
Deferred income tax	15.2	-83.3	19.1	8.01	-9.75	1.48	17.5	12.7	18.4	25.8
Change in receivables	-15	-33.8	-79.6	-33.3	22.4	-96.6	-201	2.45	-28.8	-31.8
Change in inventory	-16.1	-5	-27	-15.9	-7.93	-31.7	-74.5	-4.31	-49.6	12.5
Change in payables	-3.5	-10.7	46.9	7.15	-80.3	108	74.5	-27.4	12.3	23.4
Cash from operations	260	286	373	413	431	546	626	735	778	867
Capital expenditures	-219	-167	-193	-216	-196	-242	-345	-422	-432	-425
Acquisitions	-207	-49.2	-151	-29.4	-8.84	-1,253	-86.3	-120	-478	0
Purchases of investments	-0.6	-38.3	-44.8	-35.8	-70.9	-129	-49.8	-158	-118	-117
Sales and maturities of investments						98.4	68.6	117	124	93.6
Cash from investing	-362	-203	-350	-218	-199	-1,508	-389	-575	-904	-426
Debt issued	251	399	348	845			0	500	499	2,005
Debt repaid	0	-402	-406	-853	-7.54	-7.54	-116	-624	-15.1	-2,010
Stock issued	0.63	0.05	0	0
Share buybacks	-22.2	-49	-45.1	-21.4	-74.8	-54.4	-50.2	-51.2	-55.2	-250
Cash from financing	220	-72.8	-111	-53.4	-88.9	898	-187	-209	377	-309
Exchange rate effect	4.21	2.73	-5.45	3.57	4.92	-3.17	-9.93	1.48	-8.64	7.53
Net change in cash	122	12.4	-92.9	145	147	-66.5	40	-47.9	242	139
Free cash flow	40.2	119	180	197	234	304	281	312	346	442
Interest paid	88.7	93.2	89.2	60.9	72.5	73.4	106	115	153	157
Income taxes paid	29.3	18.7	20	27	53.1	65.2	78.5	132	131	118

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $313.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.7%	Gross profit / revenue.
Operating margin	11.2%	Operating income / revenue.
EBITDA margin	18.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.9%	Pre-tax income / revenue.
Net margin	6.5%	Net income / revenue.
FCF margin	7.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.4%	Cash from operations / revenue.
Effective tax rate	26.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.2%	Net income / average total assets.
Return on invested capital (ROIC)	10.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	12.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.7%	Capital expenditures / revenue.
D&A / revenue	7.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	0.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-2.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-1.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	23.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-1.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-1.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	24.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	11.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	27.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	16.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	15.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.34x	Current assets / current liabilities.
Quick ratio	1.71x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.64x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.7%	Total debt / total assets.
Liabilities / assets	63.3%	Total liabilities / total assets.
Net debt	$2.10B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.86x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.40B	Current assets - current liabilities.
Goodwill and intangibles / assets	29.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$541.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	2.36x	Revenue / average property, plant and equipment.
Inventory turnover	11.4x	Cost of revenue / average inventory.
Days inventory	32 days	365 x average inventory / cost of revenue.
Receivables turnover	5.44x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	58 days	Days inventory + days sales outstanding - days payables.
FCF conversion	118.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	46.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$114.33	Revenue / diluted weighted shares.
FCF per share	$8.81	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.44	Cash from operations / diluted weighted shares.
Book value per share	$52.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.25	Tangible book value / shares outstanding.
Cash per share	$12.66	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	47.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$16.52B	Share price x shares outstanding.
Enterprise value	$18.63B	Market cap + total debt - cash - short-term investments.
P/E	41.8x	Market cap / net income. Only when net income is positive.
P/S	2.73x	Market cap / revenue.
P/B	5.95x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	30.5x	Market cap / tangible book value, when positive.
P/FCF	35.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.0x	Market cap / cash from operations, when positive.
EV/Sales	3.07x	Enterprise value / revenue.
EV/EBIT	27.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	39.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.8%	Free cash flow / market cap.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.3%	(Dividends paid + share buybacks) / market cap.

What was CLEAN HARBORS INC's revenue in fiscal 2025?

CLEAN HARBORS INC reported revenue of $6.03B for fiscal 2025, 2.4% higher than the year before.

Was CLEAN HARBORS INC profitable in fiscal 2025?

Yes. Net income was $391.0M, a net margin of 6.5%.

How much free cash flow did CLEAN HARBORS INC generate in fiscal 2025?

Cash from operations of $866.7M minus capital expenditures of $424.9M left free cash flow of $441.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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