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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 Solutions |  | Total Segment Revenues |  | Corporate |  | Total Consolidated Revenues
Third-party revenues | $ | 1,242,448 |  |  | $ | 217,089 |  |  | $ | 1,459,537 |  |  | $ | — |  |  | $ | 1,459,537 |
Intersegment revenues (expense), net | 10,078 |  |  | (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 Solutions |  | Total Segment Revenues |  | Corporate |  | Total Consolidated Revenues
Third-party revenues | $ | 1,207,038 |  |  | $ | 224,815 |  |  | $ | 1,431,853 |  |  | $ | 97 |  |  | $ | 1,431,950 |
Intersegment revenues (expense), net | 2,075 |  |  | (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 Services |  | Safety-Kleen Sustainability Solutions |  | Total Reportable Segments |  |  |  |  |  |
Direct Revenues | $ | 1,252,526 |  |  | $ | 207,011 |  |  | $ | 1,459,537 |  |  |  |  |  |  |
Cost of Revenues | 852,380 |  |  | 154,636 |  |  | 1,007,016 |  |  |  |  |  |  |
Selling, General and Administrative Expenses | 109,745 |  |  | 19,394 |  |  | 129,139 |  |  |  |  |  |  |
Total Reportable Segment Adjusted EBITDA | $ | 290,401 |  |  | $ | 32,981 |  |  | $ | 323,382 |  |  |  |  |  |  |
| For the Three Months Ended March 31, 2025
| Environmental Services |  | Safety-Kleen Sustainability Solutions |  | Total Reportable Segments |  |  |  |
Direct Revenues | $ | 1,209,113 |  |  | $ | 222,740 |  |  | $ | 1,431,853 |  |  |  |  |
Cost of Revenues | 839,942 |  |  | 177,438 |  |  | 1,017,380 |  |  |  |  |
Selling, General and Administrative Expenses | 94,580 |  |  | 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,
|  |  |  |  | 2026 |  | 2025
Adjusted EBITDA: |  |  |  |  |  |  |
Environmental Services |  |  |  |  | $ | 290,401 |  |  | $ | 274,591 |
Safety-Kleen Sustainability Solutions |  |  |  |  | 32,981 |  |  | 28,252 |
Total Reportable Segment Adjusted EBITDA |  |  |  |  | 323,382 |  |  | 302,843 |
Reconciliation to Consolidated Statements of Operations: |  |  |  |  |  |  |
Corporate Costs(1) |  |  |  |  | 75,528 |  |  | 67,989 |
Accretion of environmental liabilities |  |  |  |  | 3,542 |  |  | 3,620 |
Stock-based compensation |  |  |  |  | 9,578 |  |  | 7,635 |
Depreciation and amortization |  |  |  |  | 115,799 |  |  | 111,980 |
Income from operations |  |  |  |  | 118,935 |  |  | 111,619 |
Other expense, net |  |  |  |  | 731 |  |  | 932 |
Interest expense, net of interest income |  |  |  |  | 33,854 |  |  | 36,077 |
Income from operations before provision for income taxes |  |  |  |  | $ | 84,350 |  |  | $ | 74,610 |
________________ (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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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