Clean Harbors, Inc. Q2 2025 Earnings Recap

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.