Financial Analysis

BUSINESS COMBINATIONS Proposed 2026 Acquisition On February 17, 2026, the Company signed a purchase agreement to acquire certain environmental businesses of Depot Connect International for an all-cash purchase price of approximately $130.0 million, subject to customary closing adjustments. The Company intends to fund this acquisition with available cash. Once complete, the operations of the acquired businesses will expand the Environmental Services segments technical services and field services operations and includes two permitted waste treatment facilities. The acquisition is expected to close in the first half of 2026, subject to customary closing conditions. 2024 Acquisitions On March 22, 2024, the Company completed its acquisition of HEPACO for an all-cash purchase price of $392.2 million, net of cash acquired. The operations of HEPACO expand the Environmental Services segments field services business. The Company finalized the purchase accounting for this acquisition in the first quarter of 2025. The allocation of the purchase price was based on estimates of the fair value of assets acquired and liabilities assumed as of March 22, 2024. The following table summarizes the preliminary and final determination and recognition of assets acquired and liabilities assumed (in thousands): At Acquisition Date As Reported December 31, 2024 Measurement Period Adjustments Final Allocation At Acquisition Date Accounts receivable, including unbilled receivables $ 69,072 $ (856) $ 68,2 …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES The Company and its subsidiaries are subject to legal proceedings and claims arising in the ordinary course of business. Actions filed against the Company arise from commercial and employment-related claims including alleged class actions related to sales practices and wage and hour claims. The plaintiffs in these actions may be seeking damages or injunctive relief or both. These actions are in various jurisdictions and stages of proceedings, and some are covered in part by insurance. In addition, the Companys waste management services operations are regulated by federal, state, provincial and local laws enacted to regulate discharge of materials into the environment, remediation of contaminated soil and groundwater or otherwise protect the environment. This ongoing regulation results in the Company frequently becoming a party to legal or administrative proceedings involving all levels of government authorities and other interested parties. The issues involved in such proceedings generally relate to alleged violations of existing permits and licenses or alleged responsibility under federal or state Superfund laws to remediate contamination at properties owned either by the Company or by other parties (third-party sites) to which either the Company or the prior owners of certain of the Companys facilities shipped waste. At December 31, 2025 and 2024, the Company had recorded reserves of $16.2 million and $29.8 million, respectively, for actual or …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

FINANCING ARRANGEMENTS Long-term Debt The following table is a summary of the Company's long-term debt (in thousands): December 31, 2025 December 31, 2024 Current Portion of Long-Term Debt: Secured senior term loans $ 12,600 $ 15,102 Long-Term Debt: Secured senior term loans due October 9, 2032 (2032 Term Loans) $ 1,247,400 $ Secured senior term loans due October 8, 2028 (2028 Term Loans) 1,449,796 Unsecured senior notes, at 4.875%, due July 15, 2027 (2027 Notes) 545,000 Unsecured senior notes, at 5.125%, due July 15, 2029 (2029 Notes) 300,000 300,000 Unsecured senior notes, at 6.375%, due February 1, 2031 (2031 Notes) 500,000 500,000 Unsecured senior notes, at 5.750%, due October 15, 2033 (2033 Notes) 745,000 Long-term debt, at par 2,792,400 2,794,796 Unamortized debt issuance costs (28,837) (23,679) Long-term debt, at carrying value $ 2,763,563 $ 2,771,117 As of December 31, 2025 and 2024, the estimated fair value of the Companys outstanding long-term debt, including the current portion, was $2.8 billion in both periods. The Companys estimates of fair value of its long-term debt, including the current portion, are based on quoted market prices or other available market data which are considered Level 2 measures according to the fair value hierarchy. Level 2 utilizes quoted market prices in markets that are not active, broker or dealer quotation or alternative pricing sources with reasonable levels of price transparency for similar assets and liabilities. As of December 31, …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present the Companys third-party revenue disaggregated by source of revenue and geography (in thousands): For the year ended December 31, 2025 Environmental Services Safety-Kleen Sustainability Solutions Corporate Total Primary Geographical Markets United States $ 4,705,709 $ 784,989 $ 186 $ 5,490,884 Canada 440,645 99,308 539,953 Total third-party revenues $ 5,146,354 $ 884,297 $ 186 $ 6,030,837 Sources of Revenue Technical Services $ 1,859,705 $ $ $ 1,859,705 Industrial Services and Other 1,327,883 186 1,328,069 Field and Emergency Response Services 937,362 937,362 Safety-Kleen Environmental Services 1,021,404 290,423 1,311,827 Safety-Kleen Oil 593,874 593,874 Total third-party revenues $ 5,146,354 $ 884,297 $ 186 $ 6,030,837 For the year ended December 31, 2024 Environmental Services Safety-Kleen Sustainability Solutions Corporate Total Primary Geographical Markets United States $ 4,510,845 $ 841,171 $ 407 $ 5,352,423 Canada 449,480 88,049 537,529 Total third-party revenues $ 4,960,325 $ 929,220 $ 407 $ 5,889,952 Sources of Revenue Technical Services $ 1,733,550 $ $ $ 1,733,550 Industrial Services and Other 1,377,502 407 1,377,909 Field and Emergency Response Services 895,120 895,120 Safety-Kleen Environmental Services 954,153 229,730 1,183,883 Safety-Kleen Oil 699,490 699,490 Total third-party revenues $ 4,960,325 $ 929,220 $ 407 $ 5,889,952 For the year ended December 31, 2023 Environmental Services Safety-Kleen Sustainability Solutions Corporate Tot …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

STOCK-BASED COMPENSATION Stock-based Compensation In 2020, the Company's shareholders approved the Clean Harbors, Inc. 2020 Stock Incentive Plan (the 2020 Plan). The 2020 Plan provides for future awards of up to 2.5 million shares of the Companys common stock (subject to certain anti-dilution adjustments) in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. The 2020 Plan is administered by the Compensation and Human Capital Committee of the Companys Board of Directors. The Company grants restricted stock awards and performance stock awards. The restricted stock awards generally vest over three to five years subject to continued employment. Performance stock awards are subject to performance criteria established by the Compensation and Human Capital Committee of the Company's Board of Directors prior to or at the date of grant. The vesting of the performance stock awards is dependent upon the satisfaction of certain performance conditions currently based on revenue, Adjusted EBITDA, Adjusted EBITDA margin, return on invested capital and a measure of workplace safety. In addition, performance stock awards include continued service conditions through the vesting date. Total stock-based compensation cost recognized for the years ended December 31, 2025, 2024 and 2023 was $32.7 million, $28.0 million and $20.7 million, respectively. The total income tax benefit recognized in the consolidated statements of o …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS The changes in goodwill for the years ended December 31, 2025 and 2024 were as follows (in thousands): Environmental Services Safety-Kleen Sustainability Solutions Total Balance at January 1, 2024 $ 1,112,013 $ 175,723 $ 1,287,736 Increase from current period acquisitions 186,911 6,457 193,368 Measurement period adjustments from prior period acquisition 218 218 Foreign currency translation (2,938) (1,185) (4,123) Balance at December 31, 2024 $ 1,296,204 $ 180,995 $ 1,477,199 Measurement period adjustments from prior period acquisitions 146 (99) 47 Decrease from disposition of business (1) (538) (538) Foreign currency translation 1,666 676 2,342 Balance at December 31, 2025 $ 1,297,478 $ 181,572 $ 1,479,050 ___________________________________ (1) In 2025, the Company sold a non-core business unit. The transaction was immaterial to the financial statements. The Company assesses goodwill for impairment on an annual basis as of December 31 or at an interim date when it is more likely than not that events or changes in the business environment (triggering events) would reduce the fair value of a reporting unit below its carrying value. The Company did not identify any triggering events in the years presented. Goodwill is also tested for impairment annually. The Company conducted its annual impairment test of goodwill as of December 31, 2025 and determined that no adjustment to the carrying value of goodwill for any reporting unit was necessary …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES The domestic and foreign components of income before provision for income taxes were as follows (in thousands): For the years ended December 31, 2025 2024 2023 Domestic $ 441,591 $ 444,118 $ 401,912 Foreign 86,376 89,325 101,367 Total $ 527,967 $ 533,443 $ 503,279 The provision for income taxes consisted of the following (in thousands): For the years ended December 31, 2025 2024 2023 Current: Federal $ 66,183 $ 68,321 $ 64,164 State 24,264 27,649 25,496 Foreign 20,783 16,737 23,078 111,230 112,707 112,738 Deferred Federal 22,556 20,669 18,251 State 3,771 (4,415) (9,049) Foreign (564) 2,183 3,483 25,763 18,437 12,685 Provision for income taxes $ 136,993 $ 131,144 $ 125,423 The Company's effective income tax rate varied from the amount computed using the statutory federal income tax rate of 21% as follows (in thousands, except percentages): For the years ended December 31, 2025 2024 2023 Amount Percent Amount Percent Amount Percent Adjusted pre-tax book income $ 527,967 $ 533,443 $ 503,279 U.S. federal statutory tax rate 110,873 21.0 % 112,023 21.0 % 105,689 21.0 % State and local income taxes, net of federal income tax effect (1) 22,147 4.2 18,480 3.5 12,948 2.6 Foreign tax effects Canada Statutory tax rate difference between Canada and the United States (4,600) (0.9) (4,876) (0.9) (5,630) (1.1) Provincial income taxes 6,673 1.3 7,391 1.4 9,786 1.9 Divestiture of business (5,693) (1.1) Other adjustments 4,701 0.9 (3,086) (0.6) 1,177 0.2 Other foreign jurisdictions …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES The Companys lease portfolio is predominately operating leases for real estate, vehicles and industrial equipment utilized in operations and rail cars. The Company presents operating lease balances separately on the consolidated balance sheets. The Company's finance leases relate to vehicles, rail cars and certain real estate. The following table presents the Company's finance lease balances and their classification on the consolidated balance sheets (in thousands): Finance Lease Balances (Classification) December 31, 2025 December 31, 2024 ROU assets (Property, plant and equipment, net) $ 222,291 $ 182,532 Current portion of lease liabilities (Accrued expenses and other current liabilities) 33,125 25,330 Long-term portion of lease liabilities (Other long-term liabilities) 196,192 161,375 The Companys lease expense was as follows (in thousands): For the years ended December 31, 2025 2024 2023 Operating lease cost $ 92,822 $ 81,688 $ 69,156 Finance lease cost: Amortization of ROU assets 33,537 25,985 17,183 Interest on lease liabilities 10,987 7,066 4,051 Total finance lease cost 44,524 33,051 21,234 Short-term lease cost 191,209 199,516 167,379 Variable lease cost 4,574 5,187 4,887 Total lease cost $ 333,129 $ 319,442 $ 262,656 Other information related to leases was as follows: Weighted Average Remaining Lease Term (years) December 31, 2025 December 31, 2024 Operating leases 4.0 4.3 Finance leases 6.1 6.8 Weighted Average Discount Rate December 31, 2025 December 31, 2 …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements Accounting Pronouncements Adopted In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which enhances income tax disclosures related to the tax rate reconciliation and income taxes paid. The Company adopted ASU No. 2023-09 using the retrospective approach for the year ended December 31, 2025. The only significant impact from the adoption of this standard relates to incremental disclosures now required. See Note 12, Income Taxes, for the applicable income tax disclosures required by this guidance. Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires disaggregated disclosure of income statement expenses. This guidance will be effective for annual periods beginning the year ended December 31, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this new pronouncement on its future consolidated financial statement disclosures. In September 2025, the FASB issued ASU No. 2025-06, IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40) : Targeted Improvements to the Accounting for Internal-Use Software , which is intended to modernize the accounting for interna …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

REVENUES The Company generates revenues through the following operating segments: Environmental Services and SKSS. The Companys Environmental Services operating segment generally has four sources of revenue and the SKSS operating segment has two sources of revenue. The Company disaggregates third-party revenues by geographic location and source of revenue as management believes these categories depict how revenue and cash flows are affected by economic factors. The tables below present revenue billed to outside customers by a particular segment. Should it be necessary, there will be intercompany transactions to present the direct revenues in the appropriate segment results. The Companys significant sources of revenue include: Technical Services Technical Services contribute to the revenues of the Environmental Services operating segment. Revenues for these services are generated from fees charged for waste material management and disposal services including onsite environmental management services, remediation projects, collection and transportation, packaging, recycling, treatment and disposal of waste. These services handle hazardous and/or non-hazardous waste, including per- and polyfluoroalkyl substances (PFAS). Revenue is primarily generated by short-term projects, most of which are governed by master service agreements that are long-term in nature and outline the pricing and legal frameworks for such arrangements. Services are provided based on purchase orders or agreem …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT REPORTING Segment reporting is prepared on the same basis that the Company's chief operating decision maker (CODM), which is a committee comprised of the Company's Co-Chief Executive Officers, manages the business, makes operating decisions and assesses performance. The Company is managed and reports as two operating segments; (i) the Environmental Services segment and (ii) the Safety-Kleen Sustainability Solutions segment. Third-party revenue is revenue billed to outside customers by a particular segment. Direct revenue is revenue allocated to the segment providing the product or service. Intersegment revenues represent the sharing of third-party revenues among the segments based on products and services provided by each segment as if the products and services were sold directly to the third-party. The intersegment revenues are shown net. The operations not managed through the Companys operating segments described above are recorded as Corporate. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. The following tables reconcile third-party revenues to direct revenues by Reportable Segment (in thousands): For the year ended December 31, 2025 Environmental Services Safety-Kleen Sustainability Solutions Total Segment Revenues Corporate Total Consolidated Revenues Third-party revenues $ 5,146,354 $ 884,297 $ 6,030,651 $ 186 $ 6,030,837 Intersegment revenues (expense), net 46,936 (46,936) Direct r …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements of the Company reflect the application of certain significant accounting policies as described below: Principles of Consolidation The accompanying consolidated financial statements include the accounts of Clean Harbors, Inc. and its majority-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP), requires management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Management bases its estimates on historical experience and other assumptions that it believes to be reasonable at the time. Actual results could differ from those estimates, and any such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically and the effects of changes, if any, are reflected in the consolidated financial statements in the period they are determined. Cash, Cash Equivalents, Marketable Securities and Uncashed Checks Cash consists primarily of cash on deposit and money market accounts. The Company, through its wholly-owned captive insurance subsidiary, invests in cash equivalents and marketable securities. Marketable securities with maturities of three months or l …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS' EQUITY The Company has a Board approved share repurchase plan which authorizes the Company to purchase the Company's common stock on the open market or in privately negotiated transactions periodically in a manner that complies with applicable U.S. securities laws. As of December 31, 2025, the Companys limit on that repurchase plan was $1.1 billion. On February 18, 2026, the Companys Board of Directors authorized a $350 million expansion of the Companys share repurchase program. The number of shares purchased and the timing of the purchases have depended and will depend on a number of factors including share price, cash required for future business plans, trading volume and other conditions. The Company has no obligation to repurchase stock under this program and may suspend or terminate the repurchase program at any time. During the years ended December 31, 2025, 2024 and 2023, the Company repurchased and retired a total of 1.1 million, 0.2 million and 0.3 million shares, respectively, of the Company's common stock for total costs of $249.8 million, $55.0 million and $51.2 million, respectively. As of December 31, 2025, an additional $249.4 million remained available to repurchase shares under this program. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

BUSINESS COMBINATIONS On July 17, 2026, the Company signed a purchase agreement to acquire ES&H for an all-cash purchase price of approximately $305 million, subject to regulatory approval and customary closing adjustments. The Company intends to fund this acquisition with a combination of available cash and debt financing. Once complete, the operations of the acquired business will expand the Environmental Services segments field services operations. The acquisition is expected to close in the second half of 2026. On July 17, 2026, the Company acquired Western Oil, Inc., a waste oil collection business in the Northeast, for $30 million, subject to customary closing adjustments. The operations of the acquired business will be incorporated into the Safety Kleen Sustainability Solutions segment and the Environmental Services segments field services operations. On May 13, 2026, the Company acquired Terra Nova Solutions for an all-cash purchase price of $225.8 million, net of cash acquired and subject to final settlement of working capital balances. The operations of the acquired business expanded the Environmental Services segments Technical and Field Services businesses and included four permitted waste treatment facilities. The preliminary allocation of the purchase price is provisional and was based on estimates of fair value of assets acquired and liabilities assumed as of May 13, 2026. The Company continues to obtain information to complete the valuation of these balanc …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES The Company and its subsidiaries are subject to legal proceedings and claims arising in the ordinary course of business. Actions filed against the Company arise from commercial and employment-related claims including alleged class actions related to sales practices and wage and hour claims. The plaintiffs in these actions may be seeking damages or injunctive relief or both. These actions are in various jurisdictions and stages of proceedings, and some are covered in part by insurance. In addition, the Companys waste management services operations are regulated by federal, state, provincial and local laws enacted to regulate discharge of materials into the environment and remediation of contaminated soil and groundwater or otherwise protect the environment. This ongoing regulation results in the Company frequently becoming a party to legal or administrative proceedings involving all levels of government authorities and other interested parties. The issues involved in such proceedings generally relate to alleged violations of existing permits and licenses or alleged responsibility under federal or state Superfund laws to remediate contamination at properties owned either by the Company or by other parties (third-party sites) to which either the Company or the prior owners of certain of the Companys facilities shipped waste. At June 30, 2026 and December 31, 2025, the Company had recorded reserves of $21.6 million and $16.2 million, respectively, fo …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

FINANCING ARRANGEMENTS Long-term Debt The following table is a summary of the Companys long-term debt (in thousands): June 30, 2026 December 31, 2025 Current Portion of Long-Term Debt: Secured senior term loans $ 12,600 $ 12,600 Long-Term Debt: Secured senior term loans due October 9, 2032 (2032 Term Loans) $ 1,241,100 $ 1,247,400 Unsecured senior notes, at 5.125%, due July 15, 2029 (2029 Notes) 300,000 300,000 Unsecured senior notes, at 6.375%, due February 1, 2031 (2031 Notes) 500,000 500,000 Unsecured senior notes, at 5.750%, due October 15, 2033 (2033 Notes) 745,000 745,000 Long-term debt, at par $ 2,786,100 $ 2,792,400 Unamortized debt issuance costs and discount, net (26,773) (28,837) Long-term debt, at carrying value $ 2,759,327 $ 2,763,563 Financing Activities The Companys significant financing arrangements are described in Note 11, Financing Arrangements, in the Companys Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to the arrangements described therein as of June 30, 2026. As of June 30, 2026 and December 31, 2025, the estimated fair value of the Company's outstanding long-term debt, including the current portion, was $2.8 billion in both periods. The Company's estimates of fair value of its long-term debt, including the current portion, are based on quoted market prices or other available market data that are considered Level 2 measures according to the fair value hierarchy. Level 2 utilizes quoted market price …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present the Companys third-party revenues disaggregated by source of revenues and geography in total and for the Environmental Services and SKSS operating segments and Corporate (in thousands): Three Months Ended June 30, 2026 Environmental Services Safety-Kleen Sustainability Solutions Corporate Total Primary Geographical Markets United States $ 1,311,522 $ 259,315 $ $ 1,570,837 Canada 133,010 31,158 164,168 Total third-party revenues $ 1,444,532 $ 290,473 $ $ 1,735,005 Sources of Revenue Technical Services $ 544,910 $ $ $ 544,910 Industrial Services and Other 358,929 358,929 Field and Emergency Response Services 249,020 249,020 Safety-Kleen Environmental Services 291,673 87,738 379,411 Safety-Kleen Oil 202,735 202,735 Total third-party revenues $ 1,444,532 $ 290,473 $ $ 1,735,005 Three Months Ended June 30, 2025 Environmental Services Safety-Kleen Sustainability Solutions Corporate Total Primary Geographical Markets United States $ 1,208,770 $ 194,110 $ 89 $ 1,402,969 Canada 121,289 25,596 146,885 Total third-party revenues $ 1,330,059 $ 219,706 $ 89 $ 1,549,854 Sources of Revenue Technical Services $ 463,421 $ $ $ 463,421 Industrial Services and Other 361,580 89 361,669 Field and Emergency Response Services 242,791 242,791 Safety-Kleen Environmental Services 262,267 72,463 334,730 Safety-Kleen Oil 147,243 147,243 Total third-party revenues $ 1,330,059 $ 219,706 $ 89 $ 1,549,854 Six Months Ended June 30, 2026 Environmental Services Safety-Kleen Sustaina …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

STOCK-BASED COMPENSATION Total stock-based compensation cost recognized for the three and six months ended June 30, 2026 was $14.8 million and $24.4 million, respectively. Total stock-based compensation cost recognized for the three and six months ended June 30, 2025 was $6.1 million and $13.7 million, respectively. The total income tax benefit recognized in the unaudited consolidated statements of operations from stock-based compensation expense for the three and six months ended June 30, 2026 was $2.0 million and $3.9 million, respectively. The total income tax benefit recognized in the unaudited consolidated statements of operations from stock-based compensation expense for the three and six months ended June 30, 2025 was $0.9 million and $2.2 million, respectively. Restricted Stock Awards The following table summarizes information about restricted stock awards for the six months ended June 30, 2026: Restricted Stock Number of Shares Weighted Average Grant-Date Fair Value Balance at January 1, 2026 313,820 $ 176.06 Granted 71,563 266.07 Vested (104,930) 167.73 Forfeited (9,498) 190.33 Balance at June 30, 2026 270,955 $ 202.56 As of June 30, 2026, there was $42.4 million of total unrecognized compensation cost arising from restricted stock awards. This cost is expected to be recognized over a weighted average period of 2.5 years. The total fair value of restricted stock vested during the six months ended June 30, 2026 and June 30, 2025 was $28.3 million and $22.1 million, r …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER INTANGIBLE ASSETS The changes in goodwill by segment for the six months ended June 30, 2026 were as follows (in thousands): Environmental Services Safety-Kleen Sustainability Solutions Totals Balance at January 1, 2026 $ 1,297,478 $ 181,572 $ 1,479,050 Increase from current period acquisitions 195,393 195,393 Foreign currency translation (1,283) (525) (1,808) Balance at June 30, 2026 $ 1,491,588 $ 181,047 $ 1,672,635 The Company assesses goodwill for impairment on an annual basis as of December 31 or at an interim date when it is more likely than not that events or changes in the business environment (triggering events) would reduce the fair value of a reporting unit below its carrying value. During the period ended June 30, 2026, no such triggering events were identified. As of June 30, 2026 and December 31, 2025, the Companys intangible assets consisted of the following (in thousands): June 30, 2026 December 31, 2025 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Permits $ 195,809 $ 135,362 $ 60,447 $ 196,224 $ 132,308 $ 63,916 Customer and supplier relationships 804,861 294,037 510,824 698,381 292,813 405,568 Other intangible assets 120,942 62,710 58,232 121,030 57,438 63,592 Total amortizable permits and other intangible assets 1,121,612 492,109 629,503 1,015,635 482,559 533,076 Trademarks and trade names 119,608 119,608 119,951 119,951 Total permits and other intangible assets $ 1,241,220 $ 492,109 $ 749,111 $ 1,135,586 $ 482,559 $ …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUES The Company generates revenues through the following operating segments: Environmental Services and Safety-Kleen Sustainability Solutions (SKSS). The Companys Environmental Services operating segment generally has four sources of revenue and the SKSS operating segment has two sources of revenue. The Company disaggregates third-party revenues by geographic location and source of revenue as management believes these categories depict how revenue and cash flows are affected by economic factors. The tables below present revenues from external customers by segment. When necessary, the Company records intercompany transactions to present the direct revenue in the appropriate segment results. The Companys significant sources of revenue include: Technical Services Technical Services contribute to the revenues of the Environmental Services operating segment. Revenues for these services are generated from fees charged for waste material management and disposal services, including onsite environmental management services, remediation projects, collection and transportation, packaging, recycling, treatment and disposal of waste. These services include both hazardous and non-hazardous waste, including per- and polyfluoroalkyl substances, or PFAS. Revenues are primarily generated by short-term projects, most of which are governed by master service agreements that are long-term in nature and outline the pricing and legal frameworks for such arrangements. Services are provided based …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT REPORTING Segment reporting is prepared on the same basis that the Companys chief operating decision maker (the CODM), which is a committee composed of the Companys Co-Chief Executive Officers, manages the business, makes operating decisions and assesses performance. The Company is managed and reports as two operating segments; (i) the Environmental Services segment and (ii) the Safety-Kleen Sustainability Solutions segment. Third-party revenues are revenues billed to outside customers by a particular segment. Direct revenues are revenues allocated to the segment providing the product or service. Intersegment revenues represent the sharing of third-party revenues among the segments based on products and services provided by each segment as if the products and services were sold directly to the third- party. The intersegment revenues are shown net. The operations not managed through the Companys operating segments described above are recorded as Corporate. Although such transactions are excluded from the business segment results, they are included in reported consolidated earnings. The following tables reconcile third-party revenues to direct revenues by reportable segment (in thousands): For the Three Months Ended June 30, 2026 Environmental Services Safety-Kleen Sustainability Solutions Total Segment Revenues Corporate Total Consolidated Revenues Third-party revenues $ 1,444,532 $ 290,473 $ 1,735,005 $ $ 1,735,005 Intersegment revenues (expense), net 12,031 (12,031) …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SIGNIFICANT ACCOUNTING POLICIES The Companys significant accounting policies are described in Note 2, Significant Accounting Policies, in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to these policies or their application during the periods presented. …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing