v3.26.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING 
Segment reporting is prepared on the same basis that the Company’s chief operating decision maker (the “CODM”), which is a committee composed 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 Company’s 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 March 31, 2026
 Environmental
Services		Safety-Kleen Sustainability SolutionsTotal
Segment Revenues		CorporateTotal Consolidated Revenues
Third-party revenues$1,242,448 $217,089 $1,459,537 $— $1,459,537 
Intersegment revenues (expense), net10,078 (10,078)— — — 
Direct revenues$1,252,526 $207,011 $1,459,537 $— $1,459,537 
 For the Three Months Ended March 31, 2025
 Environmental
Services		Safety-Kleen Sustainability SolutionsTotal
Segment Revenues		CorporateTotal Consolidated Revenues
Third-party revenues$1,207,038 $224,815 $1,431,853 $97 $1,431,950 
Intersegment revenues (expense), net2,075 (2,075)— — — 
Direct revenues$1,209,113 $222,740 $1,431,853 $97 $1,431,950 
The primary financial measure by which the CODM evaluates the performance of its segments is Adjusted EBITDA, which consists of net income plus accretion of environmental liabilities, stock-based compensation, depreciation and amortization, net interest expense and provision for income taxes and excludes other transactions not deemed representative of fundamental segment results and other expense, net. Transactions between the segments are accounted for at the Company’s best estimate based on similar transactions with outside customers.
The CODM uses Adjusted EBITDA to enhance their understanding of segment operating performance, which represents the Company’s performance in the ordinary, ongoing and customary course of operations. The reportable segment operating performance measure, Adjusted EBITDA, is used by the CODM to make key operating decisions such as the allocation of resources. Total assets by segment are not used by the CODM to assess the performance of, or allocate resources to, the Company’s segments. Therefore total assets by segment are not disclosed.
The tables below present total Reportable Segment Adjusted EBITDA and the relevant significant segment expenses provided to the CODM by reported segment (in thousands):
For the Three Months Ended March 31, 2026
Environmental ServicesSafety-Kleen Sustainability SolutionsTotal Reportable Segments
Direct Revenues$1,252,526 $207,011 $1,459,537 
Cost of Revenues852,380 154,636 1,007,016 
Selling, General and Administrative Expenses109,745 19,394 129,139 
Total Reportable Segment Adjusted EBITDA$290,401 $32,981 $323,382 
For the Three Months Ended March 31, 2025
Environmental ServicesSafety-Kleen Sustainability SolutionsTotal Reportable Segments
Direct Revenues$1,209,113 $222,740 $1,431,853 
Cost of Revenues839,942 177,438 1,017,380 
Selling, General and Administrative Expenses94,580 17,050 111,630 
Total Reportable Segment Adjusted EBITDA$274,591 $28,252 $302,843 
The following table presents Total Reportable Segment Adjusted EBITDA reconciled to income from operations before provision for income taxes (in thousands):
 Three Months Ended
March 31,
 20262025
Adjusted EBITDA:
Environmental Services$290,401 $274,591 
Safety-Kleen Sustainability Solutions32,981 28,252 
Total Reportable Segment Adjusted EBITDA323,382 302,843 
Reconciliation to Consolidated Statements of Operations:
Corporate Costs(1)
75,528 67,989 
Accretion of environmental liabilities3,542 3,620 
Stock-based compensation9,578 7,635 
Depreciation and amortization115,799 111,980 
Income from operations118,935 111,619 
Other expense, net
731 932 
Interest expense, net of interest income33,854 36,077 
Income from operations before provision for income taxes$84,350 $74,610 
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(1)    Corporate Costs include certain revenue, cost of revenues and selling, general and administrative expenses not managed through the Company’s operating segments. These costs are not captured within the Company’s Reportable Segment Adjusted EBITDA, but are included in the Company’s total Adjusted EBITDA balances.