Clean Harbors (CH6) Q3 2026 Earnings Report

The call was strongly positive. Clean Harbors reported record quarterly revenue, adjusted EBITDA, margin and operating cash flow, materially exceeded Q3 guidance, raised its 2026 adjusted EBITDA and free cash flow outlooks, and described healthy demand across PFAS, reshoring, data centers, acquisitions and collection volumes. The main challenges were softer refinery turnaround activity, modestly lower incinerator utilization, Q4 seasonality and difficult comparisons, acquisition-related margin headwinds, higher corporate expenses and uncertainty around commodity pricing in SKSS. These lowlights were outweighed by the reported results, raised guidance and management's stated confidence in the near- and long-term outlook.

For 2026, Clean Harbors raised adjusted EBITDA guidance to a range of $1.44 billion to $1.48 billion, with a midpoint of $1.46 billion, implying adjusted EBITDA growth of $290 million or approximately 25% over fiscal year 2025; Q4 adjusted EBITDA is expected to grow 23% to 26% year-over-year on a consolidated basis, with no large-scale events assumed in Q4, ES EBITDA expected to grow approximately 9% to 11% at the midpoint of the guidance range, including approximately $10 million from ES&H and EnviroServe, SKSS adjusted EBITDA expected at approximately $340 million, corporate adjusted EBITDA expense expected to increase by 14% to 17% from 2025 at the midpoint, adjusted free cash flow raised to a range of $600 million to $660 million with a midpoint of $630 million, SG&A expected in the mid- to high 12% range as a percentage of revenue, depreciation and amortization expected in the range of $490 million to $500 million, annual net CapEx expected in the range of $370 million to $430 million with a midpoint of $400 million, net leverage expected in the low 2x range at year-end, and full-year incineration utilization expected at mid- to high 80% utilization; 2027 guidance will be provided in February.