Clean Harbors Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.04%.
Did CLH Beat Earnings? Q3 2025 Results
Clean Harbors delivered a mixed third quarter, missing Wall Street expectations on both the top and bottom lines as industrial softness weighed on results. Revenue came in at $1.55 billion, up just 1.3% year over year but short of the $1.57 billion consensus, while diluted EPS of $2.21 trailed the $2.39 estimate by 7.56%. The central drag was weakness in Field Services and Industrial Services, where chemical and refining customers curtailed turnaround spending amid tariff-driven uncertainty, a headwind that contrasted with 12% growth in Technical Services and expanding Environmental Services margins. Adjusted EBITDA rose 6% to $320.16 million, with the Environmental Services segment posting its 14th consecutive quarter of year-over-year margin improvement. Looking ahead, management revised full-year 2025 Adjusted EBITDA guidance to a $1.16 billion to $1.18 billion range and raised adjusted free cash flow guidance to $455 million to $495 million, representing more than 30% growth, while projecting Q4 Adjusted EBITDA growth of 6-8%, as the company expects industrial spending constraints to ease alongside improving economic conditions.
- Technical Services revenue grew 12% year-over-year
- Safety-Kleen Environmental Services revenue rose 8% through price and volume growth
- Incineration utilization of 92% (excluding Kimball incinerator)
- Landfill volumes up 40% on project strength
- 14th consecutive quarter of year-over-year Adjusted EBITDA margin improvement in ES segment (up 120 bps to 26.8%)
- Cost management, operating efficiencies, and increased waste volumes through disposal and recycling network
- Dramatically lower waste oil collection costs
- Direct lubricant gallons sold increased to 9% of total volume
- Gathered 64 million gallons of waste oil keeping plants at full production
“Our third-quarter performance reflected continued growth in our Technical Services and Safety-Kleen Environmental Services revenues. We increased our consolidated Adjusted EBITDA margin by 100 basis points from a year ago by continuing to manage costs, driving operating efficiencies and increasing waste volumes handled through our disposal and recycling network. Within safety, our team did an excellent job protecting themselves and each other; at quarter end our year-to-date Total Recordable Incident Rate (TRIR) was just 0.49, putting us on track for a record year.”
Clean Harbors CEO, on the earnings call
Forward Guidance & Outlook
Clean Harbors revised its full-year 2025 Adjusted EBITDA guidance to $1.155 billion to $1.175 billion (midpoint $1.165 billion), representing 4% year-over-year growth, based on anticipated GAAP net income of $379 million to $400 million. The company raised its adjusted free cash flow guidance to $455 million to $495 million (midpoint $475 million), representing more than 30% growth from the prior year, based on anticipated net cash from operating activities of $795 million to $865 million. Management expects Q4 2025 Adjusted EBITDA growth in the 6-8% range year-over-year and anticipates record annual Adjusted EBITDA and adjusted free cash flow. The company believes current market challenges are temporary and expects reshoring trends and U.S. tax bill benefits to drive a meaningful lift in American manufacturing. Spending constraints in chemical and refining verticals are expected to loosen as economic conditions improve. The company also announced a $210-$220 million investment in a solvent de-asphalting facility expected to generate $30-$40 million in annual EBITDA upon commercial launch in 2028.
CLH YoY Financials
CLH Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.