Clean Harbors (CLH) Q3 2026 Earnings
Includes approximately $120 million of emergency response revenue from one substantial event at emergency response rates, which is not a recurring item but flowed through to net income
How Did CLH Stock React to Q3 2026 Earnings?
Did CLH Beat Earnings? Q3 2026 Results
Yes. Clean Harbors reported Q3 2026 earnings of $3.93 a share on Oct 28, 2026, beating the $3.22 consensus estimate by 22.0%. Revenue was $1.9B against a $1.7B estimate.
Clean Harbors posted a blowout third quarter for fiscal 2026, with revenue climbing 20.7% year-over-year to $1.87 billion, well ahead of the $1.73 billion consensus, while GAAP earnings of $3.93 per diluted share beat the $3.22 analyst estimate by 22.05%. The standout results were powered primarily by the Environmental Services segment, where Field Services revenue grew more than 70%, fueled by a substantial emergency response event that alone contributed approximately $120 million in revenue at emergency response rates; that one-time item flowed through to net income and is reflected in the reported GAAP per-share figure. Adjusted EBITDA expanded 42% to $456.09 million, with margins widening 370 basis points to 24.4%, while adjusted free cash flow reached a record $323.13 million for the quarter. Analysts had been broadly constructive heading into the print, with at least one major bank lifting its price target to $390 ahead of the release. Management raised full-year 2026 Adjusted EBITDA guidance by $80 million at the midpoint to a range of $1.44 billion to $1.48 billion, and cited PFAS work, data center services, and U.S. manufacturing reshoring as key catalysts into 2027.
- Substantial emergency response event generating approximately $120 million in revenue at emergency response rates
- Growth in PFAS-related work across water filtration and remediation
- Strong waste volumes and pricing initiatives to offset inflation and higher fuel costs
- Global supply disruptions supporting higher prices for re-refined products including base oil and lubricants
- Group III production increased approximately 20% year-over-year
- ES segment Adjusted EBITDA margin of 27.4% — 18th consecutive quarter of YoY margin expansion
- Field Services revenue growth of more than 70%
- Incineration utilization at 87% with deferred revenue up 20%
- Charge-for-oil position maintained while collecting 62 million gallons of waste oil
- Safety-Kleen Environmental Services revenue grew 11% on pricing and core offering momentum
“Our third-quarter results reflect the strength of our market position and robust demand for our environmental services and sustainable products. Revenues increased 21% and Adjusted EBITDA grew 42% year-over-year, resulting in a record Adjusted EBITDA margin of 24.4%. Environmental Services (ES) delivered better-than-expected results, supported by a sizeable emergency response event, growth in PFAS-related work, strong waste volumes and pricing initiatives designed to offset inflation and higher fuel costs. Safety-Kleen Sustainability Solutions (SKSS) also generated significant profitability, as market pricing for our re-refined products remained high amid global shortages. Together, these results drove record adjusted free cash flow of $323 million. At the same time, we continued to execute safely, with our year-to-date Total Recordable Incident Rate of 0.49 on track to match the best performance in our history.”
Clean Harbors CEO, on the earnings call
What Is Clean Harbors's Outlook?
Clean Harbors raised its full-year 2026 guidance midpoint by $80 million for both Adjusted EBITDA and adjusted free cash flow. Full-year 2026 Adjusted EBITDA is now expected in the range of $1.44 billion to $1.48 billion (midpoint $1.46 billion), based on anticipated GAAP net income of $528 million to $563 million. Adjusted free cash flow is expected between $600 million and $660 million (midpoint $630 million), based on anticipated net cash from operating activities of $970 million to $1.09 billion. Q4 2026 Adjusted EBITDA is expected to grow 23% to 26% year-over-year. Looking into 2027, management sees multiple catalysts including strong waste collection volumes, improving U.S. manufacturing activity and reshoring, a robust PFAS pipeline, a 10-year contract commencing in Q4 2026, growing data center service offerings within Industrial Services, and supportive market conditions for SKSS re-refining spreads.
CLH YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.9B | $1.5B | +20.7% |
| Gross Profit | $661.4M | $500.9M | +32.1% |
| Operating Income | $318.1M | $193.0M | +64.8% |
| Net Income | $208.1M | $118.8M | +75.2% |
CLH Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.