CLH Q3 2025 Earnings
Reported Oct 29, 2025 at 7:42 AM ET · SEC Source
Q3 25 EPS
$2.21
MISS 7.56%
Est. $2.39
Q3 25 Revenue
$1.55B
MISS 1.43%
Est. $1.57B
vs S&P Since Q3 25
+32.0%
BEATING MARKET
CLH +36.8% vs S&P +4.8%
Market Reaction
Did CLH Beat Earnings? Q3 2025 Results
Clean Harbors delivered a mixed third quarter, missing Wall Street expectations on both the top and bottom lines as industrial softness weighed on results. Revenue came in at $1.55 billion, up just 1.3% year over year but short of the $1.57 billion c… Read more Clean Harbors delivered a mixed third quarter, missing Wall Street expectations on both the top and bottom lines as industrial softness weighed on results. Revenue came in at $1.55 billion, up just 1.3% year over year but short of the $1.57 billion consensus, while diluted EPS of $2.21 trailed the $2.39 estimate by 7.56%. The central drag was weakness in Field Services and Industrial Services, where chemical and refining customers curtailed turnaround spending amid tariff-driven uncertainty, a headwind that contrasted with 12% growth in Technical Services and expanding Environmental Services margins. Adjusted EBITDA rose 6% to $320.16 million, with the Environmental Services segment posting its 14th consecutive quarter of year-over-year margin improvement. Looking ahead, management revised full-year 2025 Adjusted EBITDA guidance to a $1.16 billion to $1.18 billion range and raised adjusted free cash flow guidance to $455 million to $495 million, representing more than 30% growth, while projecting Q4 Adjusted EBITDA growth of 6-8%, as the company expects industrial spending constraints to ease alongside improving economic conditions.
Key Takeaways
- • Technical Services revenue grew 12% year-over-year
- • Safety-Kleen Environmental Services revenue rose 8% through price and volume growth
- • Incineration utilization of 92% (excluding Kimball incinerator)
- • Landfill volumes up 40% on project strength
- • 14th consecutive quarter of year-over-year Adjusted EBITDA margin improvement in ES segment (up 120 bps to 26.8%)
- • Cost management, operating efficiencies, and increased waste volumes through disposal and recycling network
- • Dramatically lower waste oil collection costs
- • Direct lubricant gallons sold increased to 9% of total volume
- • Gathered 64 million gallons of waste oil keeping plants at full production
CLH YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CLH Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our third-quarter performance reflected continued growth in our Technical Services and Safety-Kleen Environmental Services revenues. We increased our consolidated Adjusted EBITDA margin by 100 basis points from a year ago by continuing to manage costs, driving operating efficiencies and increasing waste volumes handled through our disposal and recycling network. Within safety, our team did an excellent job protecting themselves and each other; at quarter end our year-to-date Total Recordable Incident Rate (TRIR) was just 0.49, putting us on track for a record year.”
— Eric Gerstenberg, Q3 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% |