Clean Harbors reported solid Q3 2025 results characterized by strong growth in waste volumes and notable margin expansion, despite facing challenges in its Field Services and Industrial Services segments.

• Consolidated adjusted EBITDA margin improved by 100 basis points year-over-year to 20.7%, reflecting effective pricing and cost-saving strategies.
• Revenue from Environmental Services (ES) increased 3%, driven by robust demand in Technical Services and significant gains in landfill volumes.
• Despite an 11% decline in Field Services revenue due to a lack of large-scale projects, total PFAS-related revenue is projected to grow by 20%-25% this year, contributing $100 million to $120 million.
• A successful PFAS incineration study conducted with the EPA enhances Clean Harbors’ market position in addressing environmental regulations.
• Overall Q3 results slightly fell short of expectations, mainly due to macroeconomic pressures impacting customer spending in certain sectors.