Clean Harbors Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.73%.
Did CLH Beat Earnings? Q1 2026 Results
Clean Harbors delivered a beat-and-raise quarter in Q1 2026, posting adjusted EPS of $1.19 against a consensus estimate of $1.15, a 3.41% beat, even as revenue of $1.46 billion came in just 0.68% shy of the $1.47 billion Wall Street expected, representing 1.9% growth year over year. The core driver behind the earnings strength was broad-based profitability improvement across both operating segments, with Environmental Services benefiting from a 5% rise in Technical Services revenue on strong PFAS-related project demand and landfill volumes surging 34%, while the Safety-Kleen Sustainability Solutions segment expanded Adjusted EBITDA by 17% to $32.98 million on a favorable charge-for-oil pricing strategy and rising base oil prices. Management rewarded investors with a raised full-year 2026 outlook, lifting its Adjusted EBITDA guidance midpoint by $40 million to a range of $1.24 billion to $1.30 billion and nudging adjusted free cash flow guidance to $490 million to $550 million, reflecting confidence in <a href="https://247wallst.com/investing/2026/04/08/clean-harbors-upgraded-to-buy-at-citi-with-346-target-the-environmental-services-stock-wall-street-is-finally-noticing/">sustained environmental services demand</a> from reshoring activity and PFAS remediation trends.
- ES segment delivered 16th consecutive quarter of year-over-year Adjusted EBITDA margin improvement
- Technical Services revenue grew 5% on demand for disposal, recycling, and PFAS-related work
- Safety-Kleen Environmental Services revenue within ES increased 7% driven by pricing and core offerings growth
- Landfill volumes rose 34% due to sizeable project activity
- Field Services revenue grew 7% including a large-scale emergency project generating approximately $10 million
- SKSS segment Adjusted EBITDA grew 17% with 320-basis-point margin improvement
- Charge-for-oil (CFO) pricing strategy and late-quarter surge in base oil pricing benefited SKSS
- Collected 53 million gallons of waste oil
- Incineration utilization at 80% reflecting planned maintenance and weather impacts
“We began 2026 with better-than-expected first-quarter results, including higher profitability in both of our operating segments. Our Environmental Services (ES) segment delivered its 16th consecutive quarter of year-over-year Adjusted EBITDA margin improvement, navigating challenging weather conditions that impacted our collection and services businesses. At the same time, our Safety-Kleen Sustainability Solutions (SKSS) segment benefited from our continued focus around charge-for-oil (CFO) services and a late-quarter surge in base oil pricing. Our safety performance was outstanding, with the team achieving the lowest quarterly Total Recordable Incident Rate in our history at 0.39.”
Clean Harbors CEO, on the earnings call
Forward Guidance & Outlook
Clean Harbors raised its full-year 2026 guidance, now expecting Adjusted EBITDA of $1.24 billion to $1.30 billion (midpoint $1.27 billion, up $40 million) and adjusted free cash flow of $490 million to $550 million (midpoint $520 million, up $10 million). For Q2 2026, the company expects Adjusted EBITDA to grow 5% to 9% year over year. Management cited positive demand trends from reshoring, PFAS remediation, project services, and an improving U.S. economic backdrop. The SKSS segment is operating in a rising pricing and demand environment. Industrial Services continues to operate in a challenged market, but strategic initiatives are underway to ensure growth as conditions improve. The company remains focused on organic growth and acquisition prospects in 2026.
CLH YoY Financials
CLH Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.