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Clean Harbors cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$246M in Q3 2026 · $501M over twelve months

Operating cash flow$419M
Capital spending−$173M
Free cash flow+$246M
Cash / net income2.0×
Cash conversion cycle52 days

Analysis

In Q3 2026, Clean Harbors generated $419M of operating cash flow and spent $173M on capital projects, leaving free cash flow of $246M. That is $38.8M more than in Q3 2025 ($208M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.0B; the largest uses were net borrowing (+) / repaid (−) ($1.9B), acquisitions ($689M), capital spending ($519M); besides operations, cash came from other financing ($2.0B), asset & business sales ($14.8M); the cash balance fell by $336M.

Operating cash flow was $419M against net income of $208M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$123M, other liabilities +$76.5M, inventory −$24.1M.

Its cash conversion cycle was 52 days (receivables 63 + inventory 30 − payables 41).

Free cash flow

Clean Harbors: free cash flow by quarterClean Harbors: free cash flow by quarter$242MQ4 2024−$117MQ1 2025$118MQ2 2025$208MQ3 2025$233MQ4 2025−$92.1MQ1 2026$113MQ2 2026$246MQ3 2026
Operating cash flow less capital spending.
Clean Harbors: operating cash flow against capital spendingClean Harbors: operating cash flow against capital spendingOperating cash flowCapital spending$304M$62.4MQ4 2024$1.6M$119MQ1 2025$208M$90.0MQ2 2025$302M$94.4MQ3 2025$355M$122MQ4 2025$6.3M$98.4MQ1 2026$239M$126MQ2 2026$419M$173MQ3 2026
Latest (Q3 2026): Operating cash flow $419M, Capital spending $173M.

Capital allocation, year by year

Clean Harbors: where the cash came from (up) and went (down), by fiscal yearClean Harbors: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $546MFY2021: Net borrowing $979MFY2021: Asset sales $22.2MFY2021: Capital spending −$242MFY2021: Acquisitions −$1.3BFY2021: Buybacks −$54.4M$1.5BFY2021FY2022: Operating cash flow $626MFY2022: Net borrowing −$128MFY2022: Asset sales $25.6MFY2022: Capital spending −$345MFY2022: Acquisitions −$86.3MFY2022: Buybacks −$50.2M$652MFY2022FY2023: Operating cash flow $735MFY2023: Net borrowing −$140MFY2023: Asset sales $10.4MFY2023: Capital spending −$422MFY2023: Acquisitions −$120MFY2023: Buybacks −$51.2M$745MFY2023FY2024: Operating cash flow $778MFY2024: Net borrowing $453MFY2024: Shares issued $3.0MFY2024: Asset sales $9.8MFY2024: Capital spending −$432MFY2024: Acquisitions −$478MFY2024: Buybacks −$55.2M$1.2BFY2024FY2025: Operating cash flow $867MFY2025: Net borrowing −$38.0MFY2025: Shares issued $7.2MFY2025: Asset sales $25.8MFY2025: Capital spending −$425MFY2025: Buybacks −$250M$900MFY2025
Over these 5 years operating cash flow totalled $3.6B; the largest uses were acquisitions ($1.9B) and capital spending ($1.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$517M
Debt$2.9B
Net debt$2.4B
Due within a year$12.6M

Clean Harbors funds itself: free cash flow was $501M over the last twelve months, and $517M of cash and investments stands against $2.9B of debt ($12.6M due within a year, 41.0× covered by cash).

Where the cash came from and went

Clean Harbors: sources (+) and uses (−) of cash, Q3 2026Clean Harbors: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$419MAcquisitions−$331MCapital spending−$173MOther financing$127MBuybacks−$25.0MNet borrowing (+) / repaid (−)−$15.8MCash drawn (+) / kept (−)−$15.2MOther investing$13.4MAsset & business sales$4.8MTaxes on employees’ shares−$3.8MExchange rates−$518K
Clean Harbors: sources (+) and uses (−) of cash, TTM to Q3 2026Clean Harbors: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$2.0BNet borrowing (+) / repaid (−)−$1.9BOperating cash flow$1.0BAcquisitions−$689MCapital spending−$519MCash drawn (+) / kept (−)$336MBuybacks−$210MTaxes on employees’ shares−$17.6MAsset & business sales$14.8MShares issued$7.4MOther investing−$2.3MExchange rates−$1.1M

From profit to cash

Clean Harbors: net income to operating cash flow, Q3 2026Clean Harbors: net income to operating cash flow, Q3 2026Net income$208MDepreciation & amortization$123MStock-based pay$11.7MOther non-cash−$1.5MReceivables−$14.7MInventory−$24.1MPayables$13.7MPrepaid and other assets$21.2MOther liabilities$76.5MOperating cash flow$419M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202663304152
Q2 202663304053
Q1 202667334356
Q4 202566334257
Q3 202566333861
Q2 202564333959
Q1 202566334158
Q4 202468354557

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$419M−$173M−$331M−$25.0M−$15.8M—−$15.2M$246M
Q2 2026$239M−$126M−$226M−$27.1M−$12.8M—$140M$113M
Q1 2026$6.3M−$98.4M−$132M−$25.0M−$15.8M—$278M−$92.1M
Q4 2025$355M−$122M—−$133M−$1.6M$3.8M−$67.1M$233M
Q3 2025$302M−$94.4M—−$50.0M−$12.1M—−$159M$208M
Q2 2025$208M−$90.0M—−$12.0M−$10.4M—−$111M$118M
Q1 2025$1.6M−$119M—−$55.0M−$13.9M—$198M−$117M
Q4 2024$304M−$62.4M−$4.0M−$25.0M−$7.3M$3.0M−$175M$242M

Clean Harbors: income statement and cash flow

Clean Harbors, Q3 2026: revenue $1.9B (+21% year over year), operating margin 17.0%. The chart follows the revenue to costs, profit and cash.

Clean Harbors: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.