Revenue growth re-accelerated to 20.7% in 2026Q3 and gross margin expanded to 35.4% from 22.3% in 2026Q1, though these swings suggest sensitivity to period-level cost and mix conditions that warrants further investigation.
Clean Harbors, Inc. (CLH) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 6.56B | 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 % | 10.09% | 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 | 4.74B | 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 | 1.82B | 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 % | 27.78% | 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 | 958.93M | 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 | 832.7M | 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 | 1000K | 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 | 864.39M | 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 % | 13.17% | 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 | 1.33B | 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 % | 20.23% | 18.56% | 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 % | 20.68% | 4.5% | 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) | 463.32M | 446.01M | 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 | 881.1M | 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 | -148.4M | -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 | 18.58M | 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 | 166.98M | 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 | -145.78M | -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 | 718.61M | 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 % | 10.95% | 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 | 190.25M | 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 % | 26.48% | 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 | 528.36M | 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 % | 8.05% | 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 % | 36.05% | -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) | 528.36M | 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) | 9.99 | 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 % | 38.14% | -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 | 52.9M | 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 | 52.75M | 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% | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Margin volatility and cyclical exposure
Metrics are mathematically derived from official filings.
Revenue Re-Accelerating From Flat Base
As reported in CLH's quarterly income statements, revenue growth moved from roughly flat in 2025Q2 at -0.2% to 20.7% in 2026Q3, suggesting a meaningful but recent acceleration that requires durability testing.
The sequence shows a decelerating base through 2025 followed by a sharp rebound into 2026, with growth stepping from 4.0% in 2025Q1 to 11.9% in 2026Q2 and 20.7% in 2026Q3. The reported figures do not isolate volume versus pricing or organic versus acquired contribution, so the durability of this step-up cannot be confirmed from the income statement alone. Investors should monitor whether subsequent quarters sustain double-digit growth or revert toward the mid-single-digit range seen in 2024 and 2025.
Gross Margin Swings Track Revenue Mix
Based on CLH's reported figures, gross margin ranged from 22.3% in 2026Q1 to 35.4% in 2026Q3, a roughly 13-point band that indicates substantial sensitivity to period-level cost and mix conditions.
Gross margins compressed to the low 20s in the first quarters of 2025 and 2026 and expanded above 30% in the third quarters, pointing to a seasonal or cyclical pattern rather than a steady structural trend. The COGS base has remained near $1.0 to $1.3B per quarter, so the margin variation appears driven more by revenue fluctuation and pricing than by cost inflation alone. This volatility warrants caution when extrapolating recent peak margins.
Operating Leverage Visible in Recent Quarters
According to reported income statements, SG&A held near $180M to $217M per quarter while operating income rose from $118.9M in 2026Q1 to $318.1M in 2026Q3, suggesting operating leverage on incremental gross profit.
Because SG&A grew only modestly while gross profit rose from $326.1M to $661.4M across the same span, incremental revenue appears to have dropped through at a high rate. Operating margin rose from 8.1% to 17.0%, which is consistent with fixed overhead being absorbed by a larger revenue base. Whether this leverage persists depends on whether the recent revenue strength reflects durable demand or a temporary cyclical peak.
Net Income Growth Outpaces Operating Trend
Based on EPS figures in the reported data, diluted EPS climbed from $1.19 in 2026Q1 to $3.93 in 2026Q3, a pace that exceeds the operating income gain and warrants scrutiny of below-the-line items.
Net income growth appears amplified relative to operating income movements, which may reflect changes in interest expense, tax rate, or non-operating items that the provided dataset does not decompose. Stock-based compensation remained small, between roughly $6M and $15M per quarter, so it does not appear to distort earnings materially. Investors should examine the bridge from operating income to net income before treating recent EPS growth as operationally driven.
Peak-Cycle Margins May Not Persist
The strongest challenge is that CLH's 2026Q3 operating margin of 17.0% and gross margin of 35.4% represent cyclical highs, and reported history shows these levels have not been sustained across consecutive quarters.
Quarterly operating margin ranged from 7.8% to 17.0% over the ten-quarter window, and the recent peak sits well above the 2024 and 2025 averages, suggesting mean reversion risk. A bearish reading would argue that the 77.8% EPS jump and 20.7% revenue growth in the latest quarter overstate the underlying earnings power. Based on reported figures alone, this analysis cannot confirm whether the recent strength is structural or episodic, so the base case should be treated with caution.