Clean Harbors Announces Third-Quarter 2026 Financial Results
Key Highlights
- ➤Revenue $1.87B, up 21% year over year, reaches a record
- ➤Net income $208.1M, up 75%, or diluted EPS $3.93
- ➤Adjusted EBITDA $456.1M, up 42%; margin expands 370 basis points
- ➤2026 Adjusted EBITDA guidance raised to $1.44B-$1.48B
- ➤2026 adjusted free cash flow guidance raised to $600M-$660M
Expert Statements
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“Our third-quarter results reflect the strength of our market position and robust demand for our environmental services and sustainable products”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“Revenues increased 21% and Adjusted EBITDA grew 42% year-over-year, resulting in a record Adjusted EBITDA margin of 24.4%.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“Environmental Services (ES) delivered better-than-expected results, supported by a sizeable emergency response event, growth in PFAS-related work, strong waste volumes and pricing initiatives designed to offset inflation and higher fuel costs.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“Safety-Kleen Sustainability Solutions (SKSS) also generated significant profitability, as market pricing for our re-refined products remained high amid global shortages.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“Together, these results drove record adjusted free cash flow of $323 million.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“At the same time, we continued to execute safely, with our year-to-date Total Recordable Incident Rate of 0.49 on track to match the best performance in our history.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“Our ES segment generated an Adjusted EBITDA margin of 27.4%, marking its 18th consecutive quarter of year-over-year margin expansion”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“Our Field Services business was the largest contributor with revenue growth of more than 70%.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“This was driven by considerable emergency response activity, including one substantial event that generated approximately $120 million of revenue at emergency response rates, given the scale and expedited timeframe of the work.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“Revenue in Technical Services rose 3% with incineration utilization of 87%.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“Underlying disposal and recycling demand remained healthy, with deferred revenue increasing 20% due to our backlog of waste and growing sales pipeline.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“Safety-Kleen Environmental Services revenue rose 11%, supported by pricing and continued momentum in its core offerings.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“Overall, ES delivered another exceptional quarter, underscoring the broad-based demand trends we have seen throughout 2026.”
Mike Battles, Co-Chief Executive Officer of Clean Harbors
“SKSS segment revenue increased 46% in Q3 and Adjusted EBITDA was 209% higher, with segment margin more than doubling from the year-ago period.”
Mike Battles, Co-Chief Executive Officer of Clean Harbors
“This segment continues to benefit from market dynamics, with global supply disruptions supporting higher prices for refined products, including base oil and lubricants.”
Mike Battles, Co-Chief Executive Officer of Clean Harbors
“We also continued to improve our mix and profitability, increasing Group III production by approximately 20% from a year ago and selling more direct blended gallons.”
Mike Battles, Co-Chief Executive Officer of Clean Harbors
“Importantly, we also maintained discipline around feedstock costs, collecting 62 million gallons of waste oil while maintaining an average charge-for-oil position.”
Mike Battles, Co-Chief Executive Officer of Clean Harbors
“The combination of strategic execution and favorable market conditions drove the highest quarterly revenue and profitability in SKSS history.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“We continue to pursue our growth strategy through a combination of acquisitions and organic growth investments.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“The successful completion of the ES&H and EnviroServe acquisitions brings our total to five transactions this year, expanding our capabilities and supporting long-term profitable growth.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“At the same time, we are investing in areas where we see the potential for compelling returns.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“That includes a $55 million investment in a Los Angeles site that will expand our Hub concept to the West Coast.”
Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors
“These initiatives reflect our focus on deploying capital into markets where we see meaningful opportunities to grow.”
Mike Battles, Co-Chief Executive Officer of Clean Harbors
“We expect to enter 2027 with momentum across both operating segments.”
Mike Battles, Co-Chief Executive Officer of Clean Harbors
“Taken together, we see a clear path to achieve record results for 2026 and expect multiple catalysts for continued growth in 2027.”
* Delivers 21% Growth in Revenues to a Record $1.87 Billion, Driven by Both Operating Segments
Generates 75% Increase in Q3 Net Income to $208.1 Million, or EPS of $3.93
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