Clean Harbors, Inc. Q3 2025 Earnings Recap

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.