CLHHIGH SIGNALFINANCIAL10-K

Clean Harbors delivered exceptional revenue growth of 290% to $2.9B while dramatically increasing share buybacks by 353% to $250M, signaling strong operational performance and aggressive capital return strategy.

The massive revenue increase suggests either significant organic growth, major acquisitions, or both, positioning the company as a dominant player in environmental services. However, the 29% decline in cash reserves despite strong operating cash flow growth indicates management is aggressively deploying capital through acquisitions and shareholder returns, which requires monitoring for leverage and liquidity implications.

Comparing 2026-02-18 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

Clean Harbors shows exceptional financial momentum with revenue surging 290% to $2.9B and operating cash flow growing 11% to $866.7M, demonstrating strong operational leverage. The company aggressively returned capital through a 353% increase in share buybacks to $250M, reducing outstanding shares from 53.9M to 52.9M, though this contributed to a 29% decline in cash reserves to $226.5M. Overall, the financial picture signals a company in rapid expansion mode with strong cash generation capabilities, though the reduced cash position warrants attention given the scale of growth investments.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+353.1%
$55.2M→$250.0M

Share repurchases increased 353.1% — management returning capital, signals confidence in intrinsic value.

Revenue
P&L
+289.6%
$755.8M→$2.9B

Strong top-line growth of 289.6% — accelerating demand or successful expansion into new markets.

Cash & Equivalents
Balance Sheet
-29.1%
$319.4M→$226.5M

Cash decreased 29.1% — monitor burn rate and upcoming capital needs.

Operating Cash Flow
Cash Flow
+11.4%
$777.8M→$866.7M

Operating cash flow grew 11.4% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-19
ADDED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
On February 11, 2026, there were 52,910,946 shares of Common Stock, $0.01 par value, outstanding.
Such statements may include, but are not limited to, statements about our future financial and operating results, plans, strategy, objectives and goals, cost management initiatives, pricing and productivity initiatives, contingent liabilities, liquidity, business, economic and market conditions, trends, customer demand, impacts of tariffs and new legislation, acquisitions, capital spending, growth opportunities, expectations, challenges and other statements that are not historical facts.
BUSINESS General Clean Harbors, Inc., together with its subsidiaries, is a leading provider of environmental and industrial services throughout North America.
Everywhere industry meets the environment, we strive to provide sustainable services and products that minimize environmental impact, maximize environmental benefit through reuse and recycling and support our customers business needs.
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REMOVED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
On February 12, 2025, there were 53,856,836 shares of Common Stock, $0.01 par value, outstanding.
Such statements may include, but are not limited to, statements about our future financial and operating results, plans, strategy, objectives and goals, cost management initiatives, contingent liabilities, liquidity, business and market conditions, customer demand, acquisitions, growth opportunities, expectations and other statements that are not historical facts.
Readers should also carefully review the risk factors described in the other documents which we file from time to time with the Securities and Exchange Commission ( SEC ), including Clean Harbors quarterly reports on Form 10-Q to be filed during 2025.
and its subsidiaries (collectively, we, Clean Harbors or the Company ) is a leading provider of sustainable environmental and industrial services throughout North America.
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