CLEAN HARBORS (CLH) Company Report

Clean Harbors' Environmental Services business has expanded margins by 480 basis points since 2019, with current margins just over 26% and a long-term goal of 30% and above.
The new Kimball Incinerator is expected to generate $10 million in EBITDA this year (2025), with projections of $25 million-$30 million in 2026, and an exit run rate of $40 million incremental EBITDA for 2027.
The PFAS opportunity is a significant growth area, currently generating $100 million-$120 million in revenue this year (2025) (growing 20%-25%) and includes a new $110 million contract over three years for water treatment at Pearl Harbor.
The company is focusing on high-return organic investments, planning over $500 million in internal initiatives, including a $200 million+ processing plant and projects to increase incinerator throughput, alongside continued share buybacks.

Dec 4, 2025, 3:50 PM

Transcript

Clean Harbors Discusses Margin Expansion, Incinerator Growth, PFAS Opportunity, and Capital Allocation

CLH

New Projects/Investments

Revenue Acceleration/Inflection

Share Buyback

Clean Harbors' Environmental Services (ES) business has expanded margins by 480 basis points since 2019, with a target to reach 30% and above from just over 26% this year, driven by volume, pricing, and strategic tailwinds.
The new Kimball incinerator is projected to achieve $10 million in EBITDA this year, with an incremental $40 million EBITDA run rate by 2027. The company also anticipates significant opportunities from the potential closure of 41 captive incinerators.
PFAS-related revenues are a growing segment, currently estimated at $100 million - $120 million this year and growing 20%-25%. A recent $110 million revenue contract over three years for water filtration at Pearl Harbor highlights this growth.
The company is prioritizing high-return internal organic investments, planning over $500 million in initiatives, including a $200 million+ processing plant, and has increased share buybacks in 2025 due to disciplined M&A valuations.

Dec 4, 2025, 3:50 PM

Transcript

Clean Harbors Reports Mixed Q3 Results and Raises Full-Year EBITDA Guidance

CLH

Earnings

Guidance Update

New Projects/Investments

Clean Harbors reported third-quarter earnings per share of $2.21 and revenues of $1.55 billion, narrowly missing Wall Street expectations.
Despite the short-term miss, the company raised its full-year adjusted EBITDA guidance to a range of $1.16 billion to $1.18 billion.
The company's stock experienced a 12% drop following the earnings announcement, marking its largest decline since March 2020.
Clean Harbors is investing $220 million in a facility upgrade focused on recycling and environmental efficiency.

Oct 29, 2025, 3:03 PM

Morningstar

CLH Reports Strong Q3 2025 Results, Raises Free Cash Flow Guidance, and Announces New SDA Unit Investment

CLH

Earnings

Guidance Update

New Projects/Investments

CLH reported Q3 2025 revenue of $1.55 billion and adjusted EBITDA of $320 million, a 6% increase year-over-year, with an adjusted EBITDA margin of 20.7%. Earnings per share reached $2.21.
The company achieved a record Q3 adjusted free cash flow of $231 million, up $86 million year-on-year, and held $850 million in cash and short-term marketable securities at quarter-end.
Full-year 2025 adjusted EBITDA guidance was revised to $1.155 billion to $1.175 billion, and adjusted free cash flow guidance was raised to a midpoint of $475 million, reflecting over 30% growth from 2024.
CLH announced plans for a new SDA unit investment of $210 million to $220 million, expected to generate $30 million to $40 million in annual EBITDA upon its 2028 commercial launch.
The company repurchased over 208,000 shares for $50 million in Q3, with approximately $380 million remaining under its share repurchase authorization, while actively pursuing M&A opportunities.

Oct 29, 2025, 1:00 PM

Transcript

Clean Harbors Announces Q3 2025 Results and Full-Year Guidance

CLH

Earnings

Guidance Update

New Projects/Investments

Clean Harbors reported Q3 2025 revenue of $1.55 billion, net income of $118.8 million, and diluted EPS of $2.21.
Adjusted EBITDA for Q3 2025 was $320.2 million, with a margin of 20.7%, and adjusted free cash flow reached a record $230.6 million.
The company issued full-year 2025 guidance, forecasting net income between $379 million and $400 million, Adjusted EBITDA between $1,155 million and $1,175 million, and Adjusted Free Cash Flow between $455 million and $495 million.
Clean Harbors successfully completed a PFAS incineration study with the EPA and DoD in September 2025, confirming the safe destruction of PFAS, and expects PFAS revenue to grow to $100 million-$120 million in 2025.
The company plans a Solvent De-Asphalting (SDA) Unit project with a total spend of $210 million-$220 million, anticipating $30 million total in 2025 and an expected annual EBITDA contribution of $30 million-$40 million.

Oct 29, 2025, 1:00 PM

Presentation

Clean Harbors Reports Q3 2025 Results, Updates Guidance, and Announces New SDA Unit Investment

CLH

Earnings

Guidance Update

New Projects/Investments

Clean Harbors reported Q3 2025 total revenue of $1.55 billion and adjusted EBITDA of $320 million, a 6% increase year-over-year, with consolidated adjusted EBITDA margin expanding by 100 basis points to 20.7%. The performance fell slightly short of expectations due to slowness in field and industrial services and elevated healthcare costs.
The company revised its full-year 2025 adjusted EBITDA guidance to a range of $1.155 billion to $1.175 billion and raised its adjusted free cash flow guidance to a midpoint of $475 million, representing over 30% growth from 2024.
Clean Harbors announced plans to construct a new SDA unit with an expected total spend of $210 million to $220 million and anticipated commercial launch in 2028, projected to generate $30 million to $40 million in annual EBITDA.
In Q3 2025, Clean Harbors bought back over 208,000 shares for $50 million and has approximately $380 million remaining under its share repurchase authorization.

Oct 29, 2025, 1:00 PM

Transcript

Clean Harbors Announces Q3 2025 Results and New Investment

CLH

Earnings

Guidance Update

New Projects/Investments

Clean Harbors reported Q3 2025 revenue of $1.55 billion and Adjusted EBITDA of $320 million, representing a 6% increase year-over-year, with an expanded consolidated Adjusted EBITDA margin of 20.7%. Net income grew modestly, delivering EPS of $2.21.
The company revised its full-year 2025 Adjusted EBITDA guidance to $1.155 billion-$1.175 billion and raised its adjusted free cash flow guidance to a midpoint of $475 million.
Clean Harbors announced plans to construct a new SDA unit with an expected total spend of $210 million-$220 million, anticipated to generate annual EBITDA of $30 million-$40 million upon commercial launch in 2028.
The company repurchased $50 million in stock during Q3 2025 and ended the quarter with $850 million in cash and short-term marketable securities.

Oct 29, 2025, 1:00 PM

Transcript

Clean Harbors Announces Third-Quarter 2025 Financial Results

CLH

Earnings

Guidance Update

New Projects/Investments

Clean Harbors reported Q3 2025 revenue of $1.55 billion, an increase from $1.53 billion in the same period of 2024.
Net income for Q3 2025 was $118.8 million, or $2.21 per diluted share, compared to $115.2 million, or $2.12 per diluted share, for Q3 2024.
Adjusted EBITDA for Q3 2025 increased 6% to $320.2 million from $301.8 million in Q3 2024, achieving an Adjusted EBITDA margin of 20.7%.
The company revised its full-year 2025 Adjusted EBITDA guidance to a range of $1.155 billion to $1.175 billion and raised its 2025 Adjusted Free Cash Flow guidance to a range of $455 million to $495 million.
Performance was driven by continued growth in Technical Services and Safety-Kleen Environmental Services revenues, and the company announced an investment in a facility to upgrade and recycle re-refinery byproducts.

Oct 29, 2025, 11:42 AM

8-K

Clean Harbors Announces Third-Quarter 2025 Financial Results

CLH

Earnings

Guidance Update

New Projects/Investments

Clean Harbors reported Q3 2025 revenue of $1.55 billion, with net income of $118.8 million and EPS of $2.21.
Adjusted EBITDA for Q3 2025 increased 6% year-over-year to $320.2 million, achieving an Adjusted EBITDA Margin of 20.7%.
The company revised its full-year 2025 Adjusted EBITDA guidance to a range of $1.155 billion to $1.175 billion and raised its 2025 Adjusted Free Cash Flow guidance to $455 million to $495 million.
Clean Harbors announced an investment of $210 million to $220 million in a new solvent de-asphalting (SDA) facility, projected to generate $30 million to $40 million in annual EBITDA upon its anticipated commercial launch in 2028.

Oct 29, 2025, 11:30 AM

Press Release

Clean Harbors, Inc. Completes Debt Refinancing and New Note Issuance

CLH

Debt Issuance

On October 9, 2025, Clean Harbors, Inc. issued $745.0 million aggregate principal amount of 5.750% senior notes due 2033.
Concurrently, the company entered into an Amended Credit Agreement for $1,260.0 million in new term loans, maturing on October 9, 2032, with interest at Term SOFR + 1.50% or U.S. Base Rate + 0.50%.
A portion of the proceeds from the new notes and the new term loans were used to refinance approximately $1,457.3 million of existing secured senior term loans.
The remaining net proceeds from the new notes, along with cash on hand, are intended to redeem $545.0 million of its outstanding 4.875% senior notes due 2027 on October 31, 2025.

Oct 10, 2025, 6:00 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for CLEAN HARBORS.

Q3 2025

Oct 29, 2025

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Q2 2025

Jul 30, 2025

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Q1 2025

Apr 30, 2025

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CLEAN HARBORS (CLH)

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