EarningsQ2 2026 Earnings Report
MX:CLH1 Q2 2026 EPS Results
Actual EPS$57.98
Consensus EPS$50.63
Beat/MissBeat by +$7.35
One Year Ago EPS$42.49
MX:CLH1 Q2 2026 Revenue Results
Actual Revenue$31.24B
Expected Revenue$29.56B
Beat/MissBeat by +$1.67B
YoY Revenue Growth+11.95%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
MX:CLH1 Upcoming Earnings
Clean Harbors's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CLH1 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly positive: management reported record revenue, record adjusted EBITDA and the highest quarterly margin in company history, driven by strong performances in both Environmental Services and a particularly robust Safety-Kleen Sustainability Solutions quarter. They raised full-year adjusted EBITDA guidance materially and outlined several growth initiatives (large long-term customer contract, data center strategy, targeted acquisitions) while maintaining a strong cash position and modest leverage. Offsetting factors include higher SG&A and corporate costs, increased capital intensity and D&A, SKSS cyclicality tied to base oil pricing uncertainty, and near-term headwinds in Industrial Services due to limited refinery turnarounds. On balance, the substantive operating outperformance, raised guidance, and visible growth pipeline outweigh the cyclical and execution risks.Company Guidance
Record Quarterly Financial Results
Q2 2026 revenue increased 12% year-over-year to $1.74 billion; adjusted EBITDA rose 22% to $409 million; consolidated adjusted EBITDA margin was a company-record 23.6%, up 190 basis points versus prior year. Net income increased 34% and EPS was $3.22.
Environmental Services (ES) Strong Performance
ES revenue increased by more than $100 million in Q2. Technical Services revenue grew 18% driven by disposal and recycling demand; Safety-Kleen Environmental Services revenue rose 11%; landfill volumes up 7%; incineration utilization 91% versus 86% a year ago. ES adjusted EBITDA increased 8% and segment margin reached 27.9% (+10 bps).
Safety-Kleen Sustainability Solutions (SKSS) Surge
SKSS top line grew by greater than 40% in the quarter; adjusted EBITDA increased approximately 143% year-over-year. Strong collection volumes (61 million gallons of waste oil) and increased blended direct gallons (11% of total volumes) contributed to outsized margin and EBITDA performance.
Large Long-Term Disposal Contract Win
Signed a 10-year disposal contract estimated at $600 million in value (options to expand/extend); expected to start in Q4 2026, generate about $10 million in 2026 revenue, and ramp to a projected $80–100 million annual run rate by 2030 as the customer expands U.S. sites.
Data Center Growth Initiative
Announced integrated data center solution targeting approximately $200 million in annual revenue by end of 2028; company plans incremental $50 million CapEx over three years to support specialty equipment, tankage and vehicles; early wins on 10 sites and bids on a dozen more.
Strategic Acquisitions to Extend Footprint
Definitive agreement to acquire ES&H for $305 million (expected ~ $90 million revenue and ~$30 million adjusted EBITDA annually; ~$5 million post-year-1 synergies, ~8.7x post-synergy multiple). Closed $30 million Western Oil acquisition expected to deliver $4–6 million annual adjusted EBITDA.
Raised 2026 Adjusted EBITDA Guidance
Updated 2026 adjusted EBITDA guidance to $1.35–1.41 billion (midpoint $1.38 billion), a $110 million increase from prior guidance; midpoint implies ~18% adjusted EBITDA growth (~$210 million) versus 2025. SKSS midpoint contribution assumed at ~$275 million of adjusted EBITDA (approximately double 2025).
Strong Cash Position and Cash Generation
Ended Q2 with $517 million in cash and short-term marketable securities; Q2 cash from operations was $239 million (+15% year-over-year). Net debt-to-EBITDA was ~2.0x with blended interest rate of 5.2%. Adjusted free cash flow guidance raised to $520–$580 million (midpoint $550 million).
Operational Track Record and Safety
YTD total recordable incident rate of 0.46, on track for 2026 goal and outperforming industry benchmarks; ES margin improvement streak continues (17th consecutive quarter of YoY margin improvement and 19th straight quarter of EBITDA growth).
MX:CLH1 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed