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Clean Harbors

CLH Q4 2025 Earnings

Reported Feb 18, 2026 at 8:59 AM ET · SEC Source

Q4 25 EPS

$1.62

BEAT +0.00%

Est. $1.62

Q4 25 Revenue

$1.50B

BEAT +2.47%

Est. $1.46B

vs S&P Since Q4 25

+5.3%

BEATING MARKET

CLH +10.5% vs S&P +5.3%

Full Year 2025 Results

FY 25 EPS

$7.28

BEAT +0.38%

Est. $7.25

FY 25 Revenue

$6.03B

BEAT +0.60%

Est. $5.99B

Market Reaction

Did CLH Beat Earnings? Q4 2025 Results

Clean Harbors closed out fiscal 2025 on solid footing, matching Wall Street's earnings estimate of $1.62 per diluted share while delivering a meaningful revenue beat, with fourth-quarter sales climbing 4.8% year over year to $1.50 billion against a $… Read more Clean Harbors closed out fiscal 2025 on solid footing, matching Wall Street's earnings estimate of $1.62 per diluted share while delivering a meaningful revenue beat, with fourth-quarter sales climbing 4.8% year over year to $1.50 billion against a $1.46 billion consensus. The primary engine behind that topline strength was the Environmental Services segment, which posted 6% revenue growth in the quarter as Technical Services benefited from robust demand for disposal, recycling, and expanding PFAS remediation services, while landfill volumes surged 56% on project activity. The quarter also capped a record full-year revenue of $6.03 billion and record adjusted free cash flow of $509.31 million. Looking ahead, management guided 2026 Adjusted EBITDA of $1.20 billion to $1.26 billion, with reshoring trends, PFAS growth, and a deepening remediation pipeline cited as key catalysts, alongside a $350 million buyback program expansion that has lifted the stock to fresh all-time highs.

Key Takeaways

  • • Technical Services grew 8% on strong disposal, recycling, and PFAS demand
  • • Safety-Kleen Environmental Services revenue grew 7% on pricing and higher volumes
  • • Field Services revenue grew 13% on large-scale emergency response projects
  • • Landfill volumes rose 56% on project activity strength
  • • ES segment Adjusted EBITDA margin expanded 50 bps to 25.8% in Q4
  • • SKSS segment Adjusted EBITDA margin improved 310 bps via aggressive CFO pricing strategy
  • • Charge-for-oil rate nearly 50% above Q3 levels
  • • Record Total Recordable Incident Rate (TRIR) of 0.49
  • • Improvements in working capital management and lower net capital expenditures

CLH Forward Guidance & Outlook

For full-year 2026, Clean Harbors expects Adjusted EBITDA in the range of $1.20 billion to $1.26 billion (midpoint $1.23 billion), based on anticipated GAAP net income of $410 million to $461 million. Adjusted free cash flow is expected in the range of $480 million to $540 million (midpoint $510 million), based on projected net cash from operating activities of $820 million to $940 million. In Q1 2026, the company expects ES segment Adjusted EBITDA to grow 4% to 7% year over year, with consolidated Adjusted EBITDA up 1% to 3%. Growth is expected to be driven by reshoring, PFAS services, a growing remediation pipeline, and stable growth in Safety-Kleen Environmental. The company is making a $50 million strategic investment to expand its vacuum truck fleet over the next two years. The SKSS segment will continue to manage re-refining spreads through CFO rates, with focus on direct blended sales, Group III production, and partnerships. Industrial Services is expected to stabilize after two challenging years.

24/7 Wall St

CLH YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

CLH Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“We concluded 2025 with strong fourth-quarter results, including higher profitability in both of our operating segments. Our performance was led by our Environmental Services (ES) segment, where segment Adjusted EBITDA margin expanded year over year for the 15th consecutive quarter, reflecting the diversity of our end markets as we have continued to gain volumes against the muted industrial backdrop of the past several years. We believe that our results also demonstrate our consistency in executing our pricing initiatives, cost management plans and network efficiencies.”

— Eric Gerstenberg, Q4 2025 Earnings Press Release

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