Clean Harbors Announces Third-Quarter 2026 Financial Results
CLEAN HARBORS INC (CLH) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 Press Release Clean Harbors Announces Third-Quarter 2026 Financial Results • Delivers 21% Growth in Revenues to a Record $1.87 Billion, Driven by Both Operating Segments • Generates 75% Increase in Q3 Net Income to $208.1 Million, or EPS of $3.93 • Achieves 42% Growt
How this was made
The 30-second read
Why it matters
The company delivered record Q3 revenue and profitability, then raised 2026 Adjusted EBITDA and Adjusted free cash flow guidance, signaling stronger forward cash generation.
Market read
Traders can update CLH forward estimates immediately based on the raised 2026 guidance and the detailed segment drivers behind Q3 performance.
What to watch
Investors may scrutinize feedstock cost discipline, backlog conversion into disposal/recycling volumes, and integration execution from the ES&H and EnviroServe acquisitions.
Delivers 21% Growth in Revenues to a Record $1.87 Billion, Driven by Both Operating Segments
Third-quarter revenues increased 21%, net income increased 75%, Adjusted EBITDA increased 42%, and the Company raised the midpoint of both 2026 Adjusted EBITDA and adjusted free cash flow guidance by $80 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenues, three months ended September 30GAAP | $1.87B | – | 21% |
| Cost of revenues, three months ended September 30GAAP | 1,208,014 | – | – |
| Selling, general and administrative expenses, three months ended September 30GAAP | 217,092 | – | – |
| Accretion of environmental liabilities, three months ended September 30GAAP | 3,531 | – | – |
| Depreciation and amortization, three months ended September 30GAAP | 122,703 | – | – |
| Income from operations, three months ended September 30GAAP | $318.1M | – | 65% |
| Other income, net, three months ended September 30GAAP | 1,524 | – | – |
| Interest expense, net, three months ended September 30GAAP | (37,438) | – | – |
| Income before provision for income taxes, three months ended September 30GAAP | 282,195 | – | – |
| Provision for income taxes, three months ended September 30GAAP | 74,095 | – | – |
| Net income, three months ended September 30GAAP | $208.1M | – | 75% |
| Basic earnings per share, three months ended September 30GAAP | $ 3.94 | – | – |
| Diluted earnings per share, three months ended September 30GAAP | $ 3.93 | – | – |
| Adjusted EBITDA, three months ended September 30non-GAAP | $456.1M | – | 42% |
| Adjusted EBITDA Margin, three months ended September 30non-GAAP | 24.4 % | – | 370 Basis Points |
| Net cash from operating activities, three months ended September 30GAAP | $419.2M | – | – |
| Additions to property, plant and equipment, three months ended September 30GAAP | (172,842) | – | – |
| Cash investments in strategic growth projects, three months ended September 30non-GAAP | 71,983 | – | – |
| Proceeds from sale and disposal of fixed assets, three months ended September 30GAAP | 4,789 | – | – |
| Adjusted free cash flow, three months ended September 30non-GAAP | $323.1M | – | – |
| Revenues, nine months ended September 30GAAP | $5.06B | – | – |
| Income from operations, nine months ended September 30GAAP | $705.9M | – | – |
| Net income, nine months ended September 30GAAP | $441.8M | – | – |
| Diluted earnings per share, nine months ended September 30GAAP | $ 8.34 | – | – |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $1.11B | – | – |
| Adjusted EBITDA Margin, nine months ended September 30non-GAAP | 22.0 % | – | – |
| Net cash from operating activities, nine months ended September 30GAAP | 664,673 | – | – |
| Adjusted free cash flow, nine months ended September 30non-GAAP | 382,981 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Environmental Services, third-party revenues, three months ended September 30Field Services revenue growth of more than 70% was driven by considerable emergency response activity, including one substantial event that generated approximately $120 million of revenue. Technical Services revenue rose 3%, Safety-Kleen Environmental Services revenue rose 11%, and Industrial Services posted modest growth. | $1.54B | – | – |
| Safety-Kleen Sustainability Solutions, third-party revenues, three months ended September 30Global supply disruptions supported higher prices for refined products, including base oil and lubricants. The Company increased Group III production by approximately 20% from a year ago, sold more direct blended gallons, and collected 62 million gallons of waste oil while maintaining an average charge-for-oil position. | $331.0M | – | 46% |
| Environmental Services, third-party revenues, nine months ended September 30Underlying disposal and recycling demand remained healthy, with deferred revenue increasing 20% due to the backlog of waste and growing sales pipeline. | $4.23B | – | – |
| Safety-Kleen Sustainability Solutions, third-party revenues, nine months ended September 30Market conditions remained supportive of re-refining spreads and the segment benefited from improved mix and profitability. | $838.6M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
fourth quarter and full year 2026 outlook
- NoteFourth-quarter 2026 Adjusted EBITDA to grow 23% to 26% year over year.
- NoteFull-year 2026 Adjusted EBITDA in the range of $1.44 billion to $1.48 billion, with a midpoint of $1.46 billion.
- NoteFull-year 2026 anticipated GAAP net income in the range of $528 million to $563 million.
- NoteFull-year 2026 adjusted free cash flow in the range of $600 million to $660 million, with a midpoint of $630 million.
- NoteFull-year 2026 anticipated net cash from operating activities in the range of $970 million to $1,090 million.
- NoteFull-year 2026 additions to property, plant and equipment of (530) to (590) million.
- NoteFull-year 2026 cash investments in strategic growth projects of 145 to 145 million.
- NoteFull-year 2026 proceeds from sale and disposal of fixed assets of 15 to 15 million.
Capital returns
- Repurchases of common stock of (77,133) for the nine months ended September 30, 2026, compared with (117,001) for the nine months ended September 30, 2025.
What drove it
- Environmental Services delivered an Adjusted EBITDA margin of 27.4%, its 18th consecutive quarter of year-over-year margin expansion.
- The sizeable emergency response event generated approximately $120 million of revenue at emergency response rates.
- Technical Services incineration utilization was 87%.
- Deferred revenue increased 20% due to the backlog of waste and growing sales pipeline.
- SKSS Adjusted EBITDA was 209% higher and segment margin more than doubled from the year-ago period.
- The Company completed the ES&H and EnviroServe acquisitions, bringing the total to five transactions this year.
- The Company is making a $55 million investment in a Los Angeles site to expand its Hub concept to the West Coast.
Concerns
- Industrial Services posted modest growth amid ongoing softness in refinery turnaround activity.
- Third-quarter Environmental Services results were supported by one substantial emergency response event.
- Cash and cash equivalents were $ 423,544 at September 30, 2026, compared with $ 826,315 at December 31, 2025.
- Acquisitions, net of cash acquired, were (689,044) for the nine months ended September 30, 2026.
What to watch
- Fourth-quarter Adjusted EBITDA growth guidance of 23% to 26% year over year.
- The full-year 2026 Adjusted EBITDA range of $1.44 billion to $1.48 billion and adjusted free cash flow range of $600 million to $660 million.
- Performance of the 10-year contract that commenced in Q4.
- PFAS pipeline activity across water filtration and remediation.
- Re-refining spreads, global supply disruptions, and pricing for refined products including base oil and lubricants.
- Execution of the ES&H and EnviroServe acquisitions and the $55 million Los Angeles Hub investment.
Balance sheet and cash flow
- Cash and cash equivalents were $ 423,544 at September 30, 2026, compared with $ 826,315 at December 31, 2025.
- Short-term marketable securities were 93,010 at September 30, 2026, compared with 127,363 at December 31, 2025.
- Long-term debt, less current portion, was 2,877,298 at September 30, 2026, compared with 2,763,563 at December 31, 2025.
- Current portion of long-term debt was $ 12,600 at September 30, 2026 and December 31, 2025.
- Acquisitions, net of cash acquired, were (689,044) for the nine months ended September 30, 2026, compared with — for the nine months ended September 30, 2025.
- Net cash used in investing activities was (1,046,609) for the nine months ended September 30, 2026, compared with (276,587) for the nine months ended September 30, 2025.
- Borrowing from revolving credit facility was 120,000 for the nine months ended September 30, 2026, compared with — for the nine months ended September 30, 2025.
Analysis
Clean Harbors reported a strong third quarter ended September 30, 2026. Revenues increased 21% to $1.87 billion, income from operations rose 65% to $318.1 million, and net income increased 75% to $208.1 million. Diluted earnings per share were $3.93, compared with $2.21 in the same period of 2025. Adjusted EBITDA increased 42% to $456.1 million and Adjusted EBITDA Margin expanded to 24.4 % from 20.7 %.
Environmental Services was supported by a sizeable emergency response event, PFAS-related work, strong waste volumes, and pricing initiatives. The Company stated that one substantial event generated approximately $120 million of revenue at emergency response rates. Field Services revenue grew more than 70%, while Technical Services revenue rose 3%, Safety-Kleen Environmental Services revenue rose 11%, and Industrial Services posted modest growth amid softness in refinery turnaround activity. Incineration utilization was 87%, and deferred revenue increased 20% because of backlog and the sales pipeline.
Safety-Kleen Sustainability Solutions generated third-party revenue of $331,011, up 46%, and segment Adjusted EBITDA was 209% higher. Management cited global supply disruptions, high market pricing for re-refined products, improved mix, approximately 20% growth in Group III production, more direct blended gallons, and feedstock-cost discipline. The segment collected 62 million gallons of waste oil while maintaining an average charge-for-oil position.
Cash generation was substantial in the quarter, with net cash from operating activities of $419,203 and adjusted free cash flow of $323,133. For the nine months ended September 30, acquisitions, net of cash acquired, were (689,044), additions to property, plant and equipment were (397,480), and repurchases of common stock were (77,133). Cash and cash equivalents were $423,544 at September 30, 2026, while long-term debt, less current portion, was 2,877,298.
Management raised the midpoint of both its 2026 Adjusted EBITDA guidance and adjusted free cash flow guidance by $80 million. Full-year Adjusted EBITDA guidance is $1.44 billion to $1.48 billion and adjusted free cash flow guidance is $600 million to $660 million. The fourth-quarter outlook calls for Adjusted EBITDA growth of 23% to 26% year over year, with management pointing to continued ES demand, the Q4 start of a 10-year contract, a robust PFAS pipeline, supportive SKSS market conditions, and acquisition-related growth initiatives.
Management, verbatim
Our third-quarter results reflect the strength of our market position and robust demand for our environmental services and sustainable products.
Eric Gerstenberg, Co-Chief Executive Officer
Our ES segment generated an Adjusted EBITDA margin of 27.4%, marking its 18th consecutive quarter of year-over-year margin expansion.
Eric Gerstenberg, Co-Chief Executive Officer
This segment continues to benefit from market dynamics, with global supply disruptions supporting higher prices for refined products, including base oil and lubricants.
Mike Battles, Co-Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported quarterly financial metrics were not provided.
- GAAP gross margin was not reported.
- Non-GAAP earnings per share was not reported.
- Quarterly operating cash flow and adjusted free cash flow year-over-year percentage changes were not reported.
- Revenue, gross margin, operating expenses, and tax-rate guidance were not provided.
- Dividend information was not reported.
- Previous-release outlook was not provided, so comparisons of actual results with prior guidance are unavailable.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Clean Harbors furnished Q3 2026 financial results under SEC Form 8-K Item 2.02 and Regulation FD disclosure.
Ticker impact
Clean Harbors reported Q3 results and raised 2026 guidance for Adjusted EBITDA and Adjusted free cash flow, plus outlined Q4 outlook.
Likely upward pressure as the market prices in higher 2026 cash generation and EBITDA margin durability.
The filing explicitly states record Q3 metrics and a guidance raise, which are direct inputs to valuation and forward estimates.
Market effects
Reinforces demand strength and pricing power in environmental services and re-refining, potentially supporting sentiment for waste, remediation, and industrial services peers.
Limited direct regional read-through; primarily US-listed company-specific guidance.
SKSS commentary ties profitability to global refined-product supply disruptions, which can influence broader re-refining sentiment.
Counterpoint
Emergency-response revenue concentration and favorable re-refining spreads may not persist, so the market could later discount the durability of margins.
Key entities
- public_companyClean Harbors, Inc.
Environmental and industrial services provider reporting Q3 results and guidance changes.
- segmentEnvironmental Services (ES) segment
Reported better-than-expected results, including emergency response activity and PFAS-related work.
- segmentSafety-Kleen Sustainability Solutions (SKSS) segment
Reported strong profitability supported by higher re-refined product pricing amid global shortages.
