CLH Q2 2025 Earnings
Reported Jul 30, 2025 at 7:45 AM ET · SEC Source
Q2 25 EPS
$2.36
MISS 1.16%
Est. $2.39
Q2 25 Revenue
$1.55B
MISS 2.65%
Est. $1.59B
vs S&P Since Q2 25
+20.7%
BEATING MARKET
CLH +34.3% vs S&P +13.6%
Market Reaction
Did CLH Beat Earnings? Q2 2025 Results
Clean Harbors delivered a mixed second quarter, falling short on both the top and bottom lines as softer Safety-Kleen Sustainability Solutions performance weighed on overall results. Revenue came in at $1.55 billion, missing the $1.59 billion consens… Read more Clean Harbors delivered a mixed second quarter, falling short on both the top and bottom lines as softer Safety-Kleen Sustainability Solutions performance weighed on overall results. Revenue came in at $1.55 billion, missing the $1.59 billion consensus by 2.65% and essentially flat against the prior year at -0.2%, while EPS of $2.36 trailed the $2.39 estimate by 1.16%. The headline misses, however, obscured a more nuanced picture: the Environmental Services segment, the company's core growth engine, delivered its 13th consecutive quarter of year-over-year Adjusted EBITDA margin improvement, and record Q2 Adjusted EBITDA of $336.24 million expanded margins by 60 basis points to 21.7%, aided by SG&A declining to $186.18 million from $197.88 million a year ago. Management reaffirmed full-year 2025 Adjusted EBITDA guidance of $1.16 billion to $1.20 billion, representing 6% growth, and projected Q3 Adjusted EBITDA expansion of 9-12%, citing reshoring trends, the Kimball incinerator ramp-up, and a growing PFAS remediation pipeline as catalysts for a stronger second half.
Key Takeaways
- • Strong incineration utilization at 89% excluding Kimball, with 7% mix-adjusted price increase
- • Safety-Kleen Environmental Services revenue grew 9% through pricing and core offerings
- • Technical Services revenue grew 4% on disposal volume strength
- • SG&A cost controls reduced spend from $197.9M to $186.2M year-over-year
- • Shift to higher charge-for-oil (CFO) pricing in SKSS segment since November 2024
- • Collected 64 million gallons of waste oil in Q2 enabling production goal achievement
- • 13th consecutive quarter of year-over-year ES segment Adjusted EBITDA margin improvement
- • Record Q2 safety performance with TRIR of 0.40
CLH YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CLH Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our second-quarter results reflect the consistent profitable growth of our Environmental Services (ES) segment, where we experienced strong demand for our disposal assets, and a stabilization of our Safety-Kleen Sustainability Solutions (SKSS) segment, where our collection strategies yielded favorable results. We improved our consolidated Adjusted EBITDA margin by 60 basis points from a year ago through lowering our overall cost structure with a sharp focus on our SG&A spend.”
— Mike Battles, Q2 2025 Earnings Press Release
CLH Earnings Trends
CLH vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CLH EPS Trend
Earnings per share: estimate vs actual
CLH Revenue Trend
Quarterly revenue: estimate vs actual
CLH Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $1.62 | $1.62 | +0.00% | $1.50B | +2.47% |
| FY Full Year | $7.25 | $7.28 | +0.38% | $6.03B | +0.60% |
| Q3 25 MISS | $2.39 | $2.21 | -7.56% | $1.55B | -1.43% |
| Q2 25 MISS | $2.39 | $2.36 | -1.16% | $1.55B | -2.65% |
| Q1 25 BEAT | $1.05 | $1.09 | +3.62% | $1.43B | -0.62% |