Q2 26 EPS
$3.22
BEAT +14.59%
Est. $2.81
Q2 26 Revenue
$1.74B
BEAT +5.55%
Est. $1.64B
vs S&P Since Q2 26
-3.2%
TRAILING MARKET
CLH +1.1% vs S&P +4.3%
Market Reaction
Did CLH Beat Earnings? Q2 2026 Results
Clean Harbors posted a standout second quarter of 2026, beating Wall Street on both top and bottom lines as accelerating demand across its environmental and oil re-refining businesses powered results well ahead of expectations. The company reported d… Read more Clean Harbors posted a standout second quarter of 2026, beating Wall Street on both top and bottom lines as accelerating demand across its environmental and oil re-refining businesses powered results well ahead of expectations. The company reported diluted EPS of $3.22, clearing the $2.81 consensus estimate by 14.59%, while revenue climbed 11.9% year over year to $1.74 billion against a $1.64 billion forecast. The single most dramatic driver was the Safety-Kleen Sustainability Solutions segment, where revenue surged 41% and Adjusted EBITDA jumped 143% to $92.99 million, fueled by a sharp rise in re-refined product pricing tied to global supply disruptions. Technical Services also contributed meaningfully, with incineration utilization reaching 91% and a ten-year, $600 million disposal contract announced with a U.S. Manufacturing customer set to commence in Q4 2026. Confidence in the momentum is reflected in raised full-year guidance, with management lifting the Adjusted EBITDA midpoint by $110 million to a range of $1.35 billion to $1.41 billion, citing reshoring trends, a growing PFAS pipeline, and favorable SKSS conditions extending into Q3.
Key Takeaways
- • Strong disposal and recycling volumes in Environmental Services segment
- • Sharp uptick in re-refined product market pricing due to global supply disruptions in SKSS
- • Strategic pricing initiatives to offset inflation and fuel costs
- • Incineration utilization rose to 91% from 86% a year ago, aided by new Kimball incinerator
- • Landfill volumes rose 7% in Q2
- • Technical Services revenue grew 18% on strong demand
- • Safety-Kleen Environmental Services revenue increased 11%
- • PFAS-related work including large filtration project
- • Collected 61 million gallons of waste oil while increasing collection service revenues
CLH Forward Guidance & Outlook
Clean Harbors raised full-year 2026 guidance, now expecting Adjusted EBITDA of $1.35 billion to $1.41 billion (midpoint raised by $110 million) and adjusted free cash flow of $520 million to $580 million (midpoint raised by $30 million). Full-year GAAP net income is expected in the range of $481 million to $531 million. For Q3 2026, the company expects Adjusted EBITDA to grow 24% to 28% year over year. Management cited positive demand trends across both segments, a U.S. Manufacturing PMI above 50 for the first six months of 2026, ongoing reshoring creating new customer opportunities, a growing PFAS pipeline in the U.S. and Canada, multiple large emergency response events supporting Q3 Field Services growth, a new strategic data center offering for Industrial Services, and favorable SKSS supply conditions extending into Q3.
CLH YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
CLH Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our record second-quarter results demonstrate the substantial momentum we achieved in both of our operating segments. Our Environmental Services (ES) segment benefited from a combination of healthy volumes into our disposal and recycling network, remediation projects, PFAS-related work and our strategic pricing initiatives to offset inflation and fuel costs. Within our Safety-Kleen Sustainability Solutions (SKSS) segment, a sharp uptick in market pricing for our re-refined products drove significant profitability during the quarter.”
— Mike Battles, Q2 2026 Earnings Press Release
CLH Earnings Trends
CLH vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CLH EPS Trend
Earnings per share: estimate vs actual
CLH Revenue Trend
Quarterly revenue: estimate vs actual
CLH Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $2.81 | $3.22 | +14.59% | $1.74B | +5.55% |
| Q1 26 BEAT | $1.15 | $1.19 | +3.41% | $1.46B | -0.68% |
| Q4 25 BEAT FY | $1.60 | $1.62 | +1.50% | $1.50B | +2.44% |
| FY Full Year | $7.25 | $7.28 | +0.38% | $6.03B | +0.60% |
| Q3 25 MISS | $2.39 | $2.21 | -7.56% | $1.55B | -1.43% |
| Q2 25 MISS | $2.39 | $2.36 | -1.16% | $1.55B | -2.65% |
| Q1 25 BEAT | $1.05 | $1.09 | +3.62% | $1.43B | -0.62% |