Total Revenues

+4% (from $1,376,695K to $1,431,950K)

Despite only a modest increase of 4%, the rise in revenues reflects continued operational growth likely driven by resilient business segments such as Environmental Services, building on the momentum from previous periods where acquisitions and favorable market pricing had supported revenue gains. " "

Net Income

–16% (from $69,832K to $58,680K)

Net income fell by about 16%, primarily due to increased operating and non-operating expenses. The decline is compounded by lower operating margins despite modest revenue growth, reflecting cost pressures from higher depreciation, interest expenses, and other expense items seen in earlier periods. " "

Income from Operations

–11% (from $125,475K to $111,619K)

An 11% decline in operating income suggests that while revenues edged upward, rising costs—such as increased depreciation and amortization along with higher interest charges—eroded the operating margin, a trend that had begun in previous quarters as the cost base from acquisitions and capital investments expanded. " "

Depreciation and Amortization

+18% (from $95,065K to $111,980K)

A significant 18% increase is attributable to the ongoing impact of recent acquisitions and capital expenditures. The higher D&A aligns with the addition of new assets and investments made in prior periods, which are now reflecting increased charge levels as the asset base expands. " "

Interest Expense

+26% (from $28,539K to $36,077K)

Interest costs surged 26% largely because of increased outstanding debt linked to earlier acquisition activity and new financing arrangements. This upward pressure on expenses continues the trend from previous periods where the company took on additional debt to fund growth initiatives. " "

Provision for Income Taxes

–39% (from $25,963K to $15,930K)

The sharp 39% drop in tax provision can be linked to a lower pre-tax income base and potential adjustments in tax benefits or loss carryforwards recognized in prior periods, which helped reduce the effective tax burden despite the expense pattern in earlier years. " "

Net Cash from Operating Activities

–91% (from $18,549K to $1,605K)

A dramatic 91% reduction in operating cash flow indicates substantial changes in working capital and cash conversion efficiency. This shortfall may be driven by factors such as increased cash utilization for acquisitions, changes in receivables/payables, or other cash cycle issues that were less pronounced in the previous period. " "

Cash and Cash Equivalents

+45% (from $337,825K to $489,417K)

Cash holdings improved by 45% year-over-year, reflecting strong financing inflows—possibly from debt issuance and reduced debt repayments—that outpaced the cash usage in operations. However, the sequential decline from Q4 2024’s high of $687,192K suggests variability in cash management across quarters. " " "

Adjusted EBITDA

FY 2025

$1.15B–$1.21B, midpoint $1.18B "

$1.15B–$1.21B, midpoint $1.18B, representing 6% annual growth "

no change

Environmental Services (ES) Segment EBITDA

FY 2025

5%–8% increase from FY 2024 "

5%–8% increase from FY 2024 "

no change

SKSS Segment EBITDA

FY 2025

$140M "

$140M "

no change

Corporate Segment EBITDA

FY 2025

Negative, up 3%–7% vs FY 2024 "

Negative, up 3%–7% vs FY 2024 "

no change

Adjusted Free Cash Flow

FY 2025

$430M–$490M, midpoint $460M "

$430M–$490M, midpoint $460M "

no change

SG&A Expense

FY 2025

Mid‑12% range "

Mid‑12% range "

no change

Depreciation and Amortization

FY 2025

$440M–$450M "

$440M–$450M "

no change

Net CapEx

FY 2025

$345M–$375M "

$345M–$375M "

no change

Adjusted EBITDA

Q2 2025

no prior guidance

Expected to grow 1%–3% year‑over‑year with 3%–5% growth in ES and lower Corporate expenses, offsetting a decline in SKSS "

no prior guidance

Incineration Ramp-Up and Pricing Power

In Q4 2024, Q3 2024 and Q2 2024, the Kimball incinerator launch and ramp‐up were emphasized with details on capacity increases, pricing strength (3–6% increases) and utilization rates between 86% and 94%. " " "

In Q1 2025, the Kimball plant processed 5,000 tons in spite of challenging weather, achieved an 88% utilization rate (excluding the new kiln still ramping), and the incineration pricing is expected to grow at mid-single-digit rates due to strong demand and efficient ramp-up. " " "

Consistently positive, with both periods emphasizing robust ramp-up progress and pricing power. The current period reinforces earlier optimistic sentiment with clear performance metrics despite weather challenges.

Environmental Services Growth and Margin Expansion

Across Q4 2024, Q3 2024 and Q2 2024, Clean Harbors reported organic revenue growth, strong EBITDA margin improvements (ranging from 40 to 90 basis points improvements or more), and contributions from acquisitions like HEPACO, along with record volumes and successful integration efforts. " " " "

In Q1 2025, ES revenue grew by 4% with adjusted EBITDA up by 4% and a 10 basis point margin improvement. The segment’s performance was bolstered by higher incineration utilization, the ramp-up of the Kimball facility and organic growth driven by branch expansion, even as incremental challenges (e.g. weather) were noted. " " " "

Steady and positive, with recurring themes of organic growth and margin expansion continuing strongly, supported by both operational performance and successful integration of recent acquisitions.

PFAS Pipeline Expansion and Remediation Opportunities

In Q4 2024, Q3 2024 and Q2 2024, the PFAS narrative focused on a growing pipeline with percentage increases (15–25% quarter-over-quarter in Q3, 20% in Q4), active testing at facilities (e.g., Utah facility) and the promise of a multibillion‐dollar market despite regulatory pending clarity. " " " " "

In Q1 2025, Clean Harbors highlighted a “strong and robust” PFAS pipeline, regulatory momentum from EPA’s updated guidance, ongoing incineration tests (results expected in Q2 2025) and customer actions that indicate readiness for PFAS remediation, emphasizing it as a significant long-term growth opportunity. " " "

Consistently optimistic, with steady pipeline growth and enhanced regulatory support. The current period builds on previous momentum by stressing additional validation through testing and the commitment to capitalizing on the long-term market.

Pricing Strategy Effectiveness Amidst Base Oil and Commodity Price Pressures

In Q4 2024, Q3 2024 and Q2 2024, discussions focused on adjusting pricing dynamically in response to base oil price weakness, with mentions of CFO strategy adjustments, slower adjustments in the SKSS segment, diversification through blended sales, and modest price increases in incineration pricing (3–6%) to counteract commodity pressures. " " " " " "

In Q1 2025, the strategy was noted as very effective – doubling the price per gallon for oil collection since year-end, aggressive shift to a charge-for-oil model and overall mitigation of commodity pressures contributed to exceeding profitability expectations despite lower base oil prices. " " " "

Resilient and adaptive. While previous periods emphasized challenges and gradual adjustments, the current period demonstrates more aggressive pricing maneuvers yielding strong results.

Industrial Services Downturn and Margin Compression

Q4 2024, Q3 2024 and Q2 2024 showed a consistent narrative: Industrial Services was suffering (e.g., 10% revenue declines, reduced refinery turnaround scope, margin pressures from pricing cuts and labor cost pressures), balanced by a recovery pipeline of more planned refinery turnarounds and cost management initiatives. " " " " " "

In Q1 2025, the Industrial Services business continued to show a 10% year-over-year revenue decline due to delayed refinery spending and conservative capital projects. However, a strong pipeline of over 150 planned turnarounds and focused cost management efforts were highlighted as the basis for a muted recovery later in the year. " " " " "

Persistent challenges with cautious optimism for recovery. While downturn and margin compression continue as key issues, the underlying signal is of an expected rebound as turnaround work ramps up and cost measures take effect.

Acquisition Integration and M&A Pipeline Opportunities

In Q4 2024, Q3 2024 and Q2 2024, integration of acquisitions such as HEPACO and Noble Oil was emphasized along with a busy and robust M&A pipeline. The companies noted successful realization of synergies, improved collections and operational efficiencies, with an active search for both tuck-ins and larger deals. " " " " " "

In Q1 2025, the integration of HEPACO was highlighted as contributing significantly (e.g., Field Services revenue up 32%), and the overall M&A pipeline remained strong with high valuation assets and readiness to move decisively when opportunities arise. The strategy was stressed as both cost and revenue enhancing, reinforcing the company’s long‐term growth plans. " "

Consistently positive and strategic. The company’s disciplined but aggressive M&A approach and excellent integration performance continue to underpin growth. The message remains very upbeat across periods with further emphasis in Q1 2025.

Regulatory and Capital Expenditure Risks (No Longer Prominent)

In Q4 2024, Q3 2024 and Q2 2024, commentary generally described stable regulatory environments (e.g., long-established environmental regulations, proactive PFAS measures) and outlined significant capital expenditure plans with major projects completed or underway (e.g., Kimball incinerator, Baltimore facility), suggesting that these risks were managed and not expected to derail operations. " " " " "

In Q1 2025, while not explicitly discussing these risks as “no longer prominent,” the call confirmed a stable regulatory environment and noted reduced CAPEX spending following the completion of major projects, further implying that regulatory and capital expenditure risks have eased in significance. " "

Diminishing concern. Earlier periods focused on managing these risks and detailed CAPEX plans; in Q1 2025, the absence of explicit risk discussion and a focus on lower CAPEX signal that these issues are now considered under control.

Emerging Weather Sensitivity Risks Impacting EBITDA

In Q4 2024, weather issues (e.g., rough weather in January) were mentioned as having impacted throughput at the Kimball facility, while earlier periods (Q3, Q2) did not emphasize weather risks significantly in relation to EBITDA. " "

In Q1 2025, adverse weather in January was directly attributed to a loss of approximately $10–12 million in EBITDA, with improved conditions in March partially mitigating these losses. The discussion also noted deferred inventory and backlog adjustments due to weather, signaling a more detailed acknowledgment of weather-related risks. " "

Becoming more visible. While weather impacts were mentioned previously in Q4, Q1 2025 provides a more detailed quantification of the negative effects on EBITDA, though recovery efforts suggest that the impact may be temporary and manageable.