Clean Harbors, Inc. Earnings Recaps
Q3 2025
Oct 29, 2025
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.
Key takeaways
- 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.
Q2 2025
Aug 1, 2025
Clean Harbors delivered strong second-quarter results, highlighted by impressive growth in Environmental Services and a record-low safety performance, underscoring the company’s operational excellence.
Key takeaways
- Adjusted EBITDA margin increased by 60 basis points to 21.7%, driven by high demand for disposal and recycling services and cost efficiency gains.
- Environmental Services achieved a year-over-year adjusted EBITDA margin growth for the 13th consecutive quarter, supported by organic revenue increases in disposal and efficiency improvements.
- The company is well-positioned in the growing PFAS remediation market, leveraging its advanced incineration capabilities and expected regulatory support to capture significant business opportunities.
- Safety-Kleen Environmental revenue grew 9% due to pricing gains and further development of core service offerings, demonstrating solid performance in a competitive market.
- Continued operational efficiency efforts are yielding better margins in Industrial Services despite a challenging environment for customer spending.