Revenue growth has decelerated to 1.9% in 2026Q1, while operating margins have compressed to 8.1% from a 2024Q2 peak of 13.9%, reflecting challenges in scaling profitability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 6.06B | 6.03B | 5.89B | 5.41B | 5.17B | 3.81B | 3.14B | 3.41B | 3.3B | 2.94B | 2.76B | 3.28B | 3.4B | 3.51B | 2.19B | 1.98B | 1.73B | 1.07B | 1.03B | 946.92M | 829.81M | 711.17M | 643.22M | 610.97M | 350.13M | 251.6M | 233.47M | 202.97M | 197.44M | 183.8M | 200.2M |
| Revenue Growth % | 1.9% | 2.39% | 8.89% | 4.69% | 35.76% | 21.04% | -7.86% | 3.39% | 12.07% | 6.89% | -15.87% | -3.72% | -3.08% | 60.41% | 10.27% | 14.61% | 61.16% | 4.22% | 8.85% | 14.11% | 16.68% | 10.56% | 5.28% | 74.5% | 39.16% | 7.77% | 15.03% | 2.8% | 7.42% | -8.19% | -4.35% |
| Cost of Goods Sold | 4.24B | 4.25B | 4.07B | 3.75B | 3.54B | 2.61B | 2.14B | 2.39B | 2.31B | 2.06B | 1.93B | 2.36B | 2.44B | 2.54B | 1.54B | 1.38B | 1.21B | 753.48M | 707.82M | 664.44M | 584.84M | 512.58M | 464.84M | 453.21M | 253.41M | 178.09M | 166.3M | 149.3M | 146.4M | 139.8M | 153.9M |
| COGS % of Revenue | - | 70.49% | 69.03% | 69.26% | 68.59% | 68.58% | 67.99% | 69.98% | 69.86% | 70.04% | 70.15% | 71.96% | 71.78% | 72.45% | 70.42% | 69.55% | 69.93% | 70.14% | 68.67% | 70.17% | 70.48% | 72.08% | 72.27% | 74.18% | 72.38% | 70.78% | 71.23% | 73.56% | 74.15% | 76.06% | 76.87% |
| Gross Profit | 1.81B | 1.78B | 1.82B | 1.66B | 1.62B | 1.2B | 1.01B | 1.02B | 994.75M | 882.3M | 822.37M | 918.33M | 959.84M | 967.02M | 647.29M | 604.14M | 520.5M | 320.74M | 322.89M | 282.48M | 244.97M | 198.59M | 178.38M | 157.76M | 96.72M | 73.52M | 67.16M | 53.66M | 51.04M | 44M | 46.3M |
| Gross Margin % | 29.96% | 29.51% | 30.97% | 30.74% | 31.41% | 31.42% | 32.01% | 30.02% | 30.14% | 29.96% | 29.85% | 28.04% | 28.22% | 27.55% | 29.58% | 30.45% | 30.07% | 29.86% | 31.33% | 29.83% | 29.52% | 27.92% | 27.73% | 25.82% | 27.62% | 29.22% | 28.77% | 26.44% | 25.85% | 23.94% | 23.13% |
| Gross Profit Growth % | - | -2.45% | 9.69% | 2.49% | 35.71% | 18.82% | -1.76% | 2.98% | 12.74% | 7.29% | -10.45% | -4.32% | -0.74% | 49.4% | 7.14% | 16.07% | 62.28% | -0.67% | 14.31% | 15.31% | 23.36% | 11.33% | 13.07% | 63.11% | 31.56% | 9.46% | 25.15% | 5.15% | 16% | -4.97% | -11.81% |
| Operating Expenses | 1.01B | 1.11B | 1.15B | 1.05B | 987.93M | 847.84M | 755.01M | 794.91M | 812.18M | 754.53M | 753.21M | 730.75M | 848.03M | 746.47M | 445.08M | 386.48M | 308.59M | 320.74M | 322.89M | 197.22M | 170.6M | 147.33M | 139M | 145.62M | 83.91M | 55.57M | 52.89M | 53.66M | 44.94M | 44M | 45.8M |
| OpEx % of Revenue | - | 18.34% | 19.59% | 19.42% | 19.12% | 22.28% | 24.01% | 23.3% | 24.61% | 25.62% | 27.34% | 22.31% | 24.93% | 21.27% | 20.34% | 19.48% | 17.82% | 29.86% | 31.33% | 20.83% | 20.56% | 20.72% | 21.61% | 23.83% | 23.97% | 22.09% | 22.66% | 26.44% | 22.76% | 23.94% | 22.88% |
| Selling, General & Admin | 776.83M | 752.53M | 739.63M | 671.16M | 627.39M | 537.96M | 451.04M | 484.05M | 503.75M | 456.65M | 422.01M | 414.16M | 437.92M | 470.48M | 273.52M | 254.14M | 205.81M | 173.77M | 170.45M | 159.63M | 125.04M | 118.7M | 114.9M | 119.26M | 62.25M | 44.46M | 42.24M | 37.2M | 35.3M | 34.5M | 36.3M |
| SG&A % of Revenue | - | 12.48% | 12.56% | 12.41% | 12.14% | 14.14% | 14.35% | 14.19% | 15.26% | 15.51% | 15.32% | 12.65% | 12.87% | 13.41% | 12.5% | 12.81% | 11.89% | 16.18% | 16.54% | 16.86% | 15.07% | 16.69% | 17.86% | 19.52% | 17.78% | 17.67% | 18.09% | 18.33% | 17.88% | 18.77% | 18.13% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 353.7M | 414.38M | 379.43M | 360.54M | 309.88M | 303.97M | 310.86M | 308.43M | 297.88M | 331.19M | 316.59M | 410.11M | 275.99M | 171.56M | 132.34M | 102.78M | 146.96M | 152.44M | 37.59M | 45.56M | 28.63M | 24.09M | 26.36M | 21.66M | 11.11M | 10.66M | 16.46M | 9.64M | 9.5M | 9.5M |
| Operating Income | 680.69M | 673.37M | 670.23M | 612.44M | 634.75M | 347.89M | 251.34M | 229.46M | 182.57M | 127.78M | 69.16M | 187.58M | 111.81M | 220.56M | 202.2M | 217.66M | 211.91M | 82.89M | 113.07M | 85.26M | 74.38M | 51.26M | 39.38M | 12.15M | 12.81M | 17.94M | 14.27M | 6.67M | 6.1M | -1.3M | 500K |
| Operating Margin % | 11.24% | 11.17% | 11.38% | 11.32% | 12.29% | 9.14% | 7.99% | 6.72% | 5.53% | 4.34% | 2.51% | 5.73% | 3.29% | 6.28% | 9.24% | 10.97% | 12.24% | 7.72% | 10.97% | 9% | 8.96% | 7.21% | 6.12% | 1.99% | 3.66% | 7.13% | 6.11% | 3.28% | 3.09% | -0.71% | 0.25% |
| Operating Income Growth % | - | 0.47% | 9.44% | -3.51% | 82.46% | 38.42% | 9.54% | 25.68% | 42.89% | 84.75% | -63.13% | 67.77% | -49.31% | 9.08% | -7.1% | 2.71% | 155.65% | -26.69% | 32.61% | 14.63% | 45.1% | 30.15% | 224.25% | -5.16% | -28.62% | 25.75% | 114.09% | 9.26% | 569.23% | -360% | -82.14% |
| EBITDA | 1.13B | 1.12B | 1.07B | 978.2M | 982.34M | 646.02M | 544.25M | 530.18M | 481.2M | 416.2M | 356.16M | 461.77M | 387.89M | 485M | 363.85M | 340.33M | 304.38M | 147.79M | 157.54M | 122.85M | 111.33M | 81.56M | 65.85M | 41.09M | 29.6M | 29.93M | 24.93M | 16.46M | 15.7M | 8.7M | 11M |
| EBITDA Margin % | 18.72% | 18.62% | 18.19% | 18.08% | 19.01% | 16.98% | 17.31% | 15.54% | 14.58% | 14.13% | 12.93% | 14.1% | 11.4% | 13.82% | 16.63% | 17.15% | 17.58% | 13.76% | 15.28% | 12.97% | 13.42% | 11.47% | 10.24% | 6.73% | 8.45% | 11.9% | 10.68% | 8.11% | 7.95% | 4.73% | 5.49% |
| EBITDA Growth % | 5.58% | 4.84% | 9.5% | -0.42% | 52.06% | 18.7% | 2.65% | 10.18% | 15.62% | 16.86% | -22.87% | 19.05% | -20.02% | 33.3% | 6.91% | 11.81% | 105.96% | -6.19% | 28.24% | 10.35% | 36.5% | 23.86% | 60.24% | 38.83% | -1.1% | 20.08% | 51.38% | 4.87% | 80.46% | -20.91% | -14.73% |
| D&A (Non-Cash Add-back) | 453.44M | 449.62M | 400.92M | 365.76M | 347.59M | 298.13M | 292.92M | 300.73M | 298.63M | 288.42M | 287M | 274.19M | 276.08M | 264.45M | 161.65M | 122.66M | 92.47M | 64.9M | 44.47M | 37.59M | 36.95M | 30.3M | 26.46M | 28.95M | 16.8M | 11.99M | 10.66M | 9.8M | 9.6M | 10M | 10.5M |
| EBIT | 569.75M | 686.07M | 687.84M | 623.8M | 650.27M | 349.59M | 251.13M | 231.14M | 178.53M | 146.39M | 93.03M | 186.82M | 117.01M | 222.77M | 175.86M | 224.87M | 213.29M | 78.3M | 107.47M | 89.42M | 74.38M | 51.26M | 39.38M | 12.02M | 18.96M | 17.94M | 14.27M | 6.67M | 6.14M | -500K | -500K |
| Net Interest Income | -76.29M | -149.76M | -134.96M | -108.59M | -107.66M | -77.66M | -73.12M | -78.67M | -81.09M | -85.81M | -83.53M | -76.55M | -77.67M | -78.38M | -47.29M | -39.39M | -27.94M | -16M | -8.4M | -13.16M | -12.45M | -22.75M | -22.3M | -23.72M | -12.68M | -9.99M | -9.17M | 0 | -9.6M | 0 | -9.2M |
| Interest Income | 13.62M | 19.25M | 19.44M | 11.93M | 4.61M | 2.22M | 3.46M | 4.23M | 2.96M | 1.9M | 784K | 626K | 819K | 507K | 846K | 798K | 874K | 825K | 5.09M | 4.02M | 3.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 89.91M | 169.01M | 154.4M | 120.53M | 112.27M | 79.88M | 76.58M | 82.9M | 84.05M | 87.7M | 84.31M | 77.18M | 78.49M | 78.88M | 48.13M | 40.19M | 28.81M | 16.82M | 13.5M | 17.18M | 16.04M | 22.75M | 22.3M | 23.72M | 12.68M | 9.99M | 9.17M | 0 | 9.6M | 0 | 9.2M |
| Other Income/Expense | -142.98M | -145.41M | -136.79M | -109.16M | -96.75M | -78.17M | -76.79M | -81.22M | -88.09M | -69.09M | -60.45M | -77.93M | -73.29M | -76.67M | -74.47M | -32.99M | -27.43M | -20.59M | -13.99M | -13.02M | -21.42M | -22.14M | -30.74M | -24.1M | -12.55M | -9.99M | -9.17M | -8.56M | -9.6M | -8.4M | -10.2M |
| Pretax Income | 537.71M | 527.97M | 533.44M | 503.28M | 538M | 269.71M | 174.55M | 148.24M | 94.48M | 58.69M | 8.72M | 109.65M | 38.52M | 143.88M | 127.73M | 184.68M | 184.48M | 61.47M | 93.98M | 72.24M | 52.95M | 29.12M | 8.64M | -11.96M | 254K | 7.95M | 5.1M | -1.9M | -3.5M | -8.9M | -9.7M |
| Pretax Margin % | 8.88% | 8.75% | 9.06% | 9.3% | 10.41% | 7.09% | 5.55% | 4.34% | 2.86% | 1.99% | 0.32% | 3.35% | 1.13% | 4.1% | 5.84% | 9.31% | 10.66% | 5.72% | 9.12% | 7.63% | 6.38% | 4.09% | 1.34% | -1.96% | 0.07% | 3.16% | 2.19% | -0.94% | -1.77% | -4.84% | -4.85% |
| Income Tax | 142.21M | 136.99M | 131.14M | 125.42M | 126.25M | 66.47M | 39.71M | 50.5M | 28.85M | -42.05M | 48.59M | 65.54M | 66.85M | 48.32M | -1.94M | 57.43M | 56.76M | 26.23M | 36.49M | 28.04M | 6.34M | 3.5M | 6.04M | 5.32M | 3.79M | 2.41M | -2.02M | 300K | 400K | 4.8M | -2.8M |
| Effective Tax Rate % | 26.45% | 25.95% | 24.58% | 24.92% | 23.47% | 24.64% | 22.75% | 34.07% | 30.53% | -71.65% | 557.47% | 59.78% | 173.54% | 33.58% | -1.52% | 31.1% | 30.77% | 42.66% | 38.83% | 38.82% | 11.97% | 12% | 69.92% | -44.51% | 1490.94% | 30.33% | -39.51% | -15.79% | -11.43% | -53.93% | 28.87% |
| Net Income | 395.5M | 390.97M | 402.3M | 377.86M | 411.74M | 203.25M | 134.84M | 97.74M | 65.64M | 100.74M | -39.87M | 44.1M | -28.33M | 95.57M | 129.67M | 127.25M | 130.51M | 36.69M | 57.49M | 44.2M | 46.67M | 25.62M | 2.6M | -17.34M | -28.19M | 5.54M | 7.12M | -2.2M | -3.9M | -13.7M | -6.9M |
| Net Margin % | 6.53% | 6.48% | 6.83% | 6.99% | 7.97% | 5.34% | 4.29% | 2.86% | 1.99% | 3.42% | -1.45% | 1.35% | -0.83% | 2.72% | 5.93% | 6.41% | 7.54% | 3.42% | 5.58% | 4.67% | 5.62% | 3.6% | 0.4% | -2.84% | -8.05% | 2.2% | 3.05% | -1.08% | -1.98% | -7.45% | -3.45% |
| Net Income Growth % | 1.11% | -2.82% | 6.47% | -8.23% | 102.58% | 50.74% | 37.95% | 48.91% | -34.85% | 352.65% | -190.41% | 255.68% | -129.64% | -26.3% | 1.9% | -2.5% | 255.76% | -36.18% | 30.06% | -5.31% | 82.17% | 885.42% | 114.99% | 38.47% | -608.86% | -22.17% | 423.55% | 43.59% | 71.53% | -98.55% | 0% |
| Net Income (Continuing) | 395.5M | 390.97M | 402.3M | 377.86M | 411.74M | 203.25M | 134.84M | 97.74M | 65.64M | 100.74M | -39.87M | 44.1M | -28.33M | 95.57M | 129.67M | 127.25M | 127.72M | 35.25M | 57.49M | 44.2M | 46.67M | 25.62M | 2.6M | -17.28M | -3.53M | 5.54M | 7.12M | -2.2M | -3.9M | -13.7M | -6.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.79M | 1.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.46 | 7.28 | 7.42 | 6.95 | 7.56 | 3.71 | 2.42 | 1.74 | 1.16 | 1.76 | -0.69 | 0.76 | -0.47 | 1.57 | 2.40 | 2.39 | 2.47 | 0.74 | 1.25 | 1.07 | 1.13 | 0.73 | -0.32 | -0.64 | -1.16 | 0.20 | 0.32 | -0.10 | -0.19 | -0.71 | -0.38 |
| EPS Growth % | 2.22% | -1.89% | 6.76% | -8.07% | 103.77% | 53.31% | 39.08% | 50% | -34.09% | 355.07% | -190.79% | 261.7% | -129.94% | -34.58% | 0.42% | -3.24% | 233.78% | -40.8% | 16.82% | -5.31% | 54.79% | 328.13% | 50% | 44.83% | -680% | -37.5% | 420% | 47.37% | 73.24% | -86.84% | -5.56% |
| EPS (Basic) | - | 7.31 | 7.46 | 6.99 | 7.59 | 3.73 | 2.43 | 1.75 | 1.17 | 1.77 | -0.69 | 0.76 | -0.47 | 1.58 | 2.41 | 2.40 | 2.48 | 0.74 | 1.28 | 1.11 | 1.19 | 0.81 | -0.32 | -0.64 | -1.16 | 0.20 | 0.33 | -0.10 | -0.19 | -0.71 | -0.38 |
| Diluted Shares Outstanding | 52.99M | 53.38M | 54.2M | 54.38M | 54.49M | 54.76M | 55.69M | 56.13M | 56.34M | 57.2M | 57.53M | 58.43M | 60.31M | 60.73M | 54.08M | 53.32M | 52.93M | 49.87M | 45.73M | 41.26M | 41.31M | 35.43M | 28.2M | 27.11M | 24.38M | 25.35M | 22.6M | 21.3M | 20.62M | 19.3M | 17.92M |
| Basic Shares Outstanding | 52.82M | 53.19M | 53.9M | 54.07M | 54.22M | 54.51M | 55.48M | 55.84M | 56.15M | 57.07M | 57.53M | 58.32M | 60.31M | 60.57M | 53.88M | 52.96M | 52.62M | 49.63M | 44.93M | 39.65M | 39.05M | 31.26M | 28.2M | 27.11M | 24.38M | 22.81M | 21.9M | 21.3M | 20.62M | 19.3M | 17.92M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.04% | - | - | - | - | - |
Regulatory compliance cost inflation
As indicated by recent quarterly filings, Clean Harbors' revenue growth has decelerated significantly, moving from double-digit year-over-year gains in 2024 to a modest 1.9% increase in 2026Q1, reflecting a cooling industrial environment and the normalization of demand for specialized waste disposal services.
The transition from double-digit growth in mid-2024 to low single-digit expansion suggests that the company is struggling to maintain momentum amidst broader industrial stagnation. Investors should monitor whether this deceleration is a temporary lull or a structural shift in the volume of hazardous waste generated by core industrial clients.
Based on reported financial data, gross margins have exhibited notable volatility, fluctuating between a low of 23.5% in 2025Q4 and a peak of 33.3% in 2025Q2, highlighting the sensitivity of the company's cost structure to operational turnarounds and commodity-linked re-refining spreads.
The significant margin compression observed in late 2025 suggests that the company's high-fixed-cost incineration assets are highly sensitive to utilization rates and maintenance cycles. The inability to consistently maintain margins above the 30% threshold warrants further investigation into whether rising labor and regulatory compliance costs are permanently eroding the company's pricing power.
According to the income statement, operating income has failed to scale proportionally with gross profit, as evidenced by the 2026Q1 operating margin of 8.1% compared to the 13.9% peak seen in 2024Q2, suggesting that SG&A expenses are becoming increasingly difficult to manage relative to revenue.
The divergence between gross profit and operating income indicates that the company is facing persistent overhead pressure, likely driven by the administrative burden of regulatory compliance and specialized labor requirements. This lack of operating leverage may imply that the company's current cost structure is ill-equipped to handle periods of slower top-line growth.
Financial statements reveal that despite the company's unique infrastructure moat, the bottom line remains vulnerable to cyclicality, with net income margins contracting to 4.3% in 2026Q1 from a high of 8.6% in 2024Q2, which may concern investors focused on sustainable profitability.
Short-term observers might argue that the company's reliance on event-driven revenue and commodity-sensitive re-refining operations masks underlying operational inefficiencies. The persistent fluctuation in net income suggests that the company's earnings quality is heavily dependent on external factors rather than consistent, organic operational excellence.
Quick answers to the most common questions about buying CLH stock.
For fiscal year 2025, Clean Harbors, Inc. (CLH) reported total revenue of $6.03B. This represents a 2912.4% increase compared to $200.2M in 1996.
Clean Harbors, Inc. (CLH) is profitable, generating $391.0M in net income for the fiscal year ending 2025 with a net profit margin of 6.5%.
Clean Harbors, Inc. (CLH) reported an operating income of $673.4M, resulting in an operating profit margin of 11.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Clean Harbors, Inc. (CLH) generated $1.78B in gross profit for the year, representing a gross profit margin of 29.5%. This demonstrates the company's core pricing power and production efficiency.