EarningsQ3 2026 Earnings Report
MX:CLH1 Q3 2026 EPS Results
Actual EPS$73.83
Consensus EPS$61.24
Beat/MissBeat by +$12.59
One Year Ago EPS$41.52
MX:CLH1 Q3 2026 Revenue Results
Actual Revenue$35.12B
Expected Revenue$32.49B
Beat/MissBeat by +$2.63B
YoY Revenue Growth+20.66%
Earnings Announcement Details
QuarterQ3 2026
Date10/28/2026
TimeBefore Open
Conference CallWednesday, October 28, 2026
MX:CLH1 Upcoming Earnings
Clean Harbors's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:CLH1 Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
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.Company Guidance
Industry-Leading Safety Performance
Year-to-date total recordable incident rate was 0.49, matching Clean Harbors' best full-year rate in company history and in line with its annual target.
Record Quarterly Revenue and Adjusted EBITDA
Third-quarter revenue increased 21% year-over-year to $1.87 billion, while adjusted EBITDA increased 42% to $456 million. Consolidated adjusted EBITDA margin reached a company-record 24.4%, up 370 basis points from the prior year.
Environmental Services Delivered Broad-Based Growth
Environmental Services revenue increased $220 million from the prior year, while adjusted EBITDA rose 19%. The segment achieved an adjusted EBITDA margin of 27.4%, up 60 basis points year-over-year, supported by pricing, capital allocation, cost reduction and productivity gains.
Strong Field Services and Emergency Response Performance
Field Services revenue increased more than 70% year-over-year, driven by several significant emergency response events, including a large warehouse fire that generated approximately $120 million of revenue in the quarter. The event involved more than 75,000 tons of deteriorating frozen food waste and was completed within Q3.
Safety-Kleen Environmental Services Growth
Safety-Kleen Environmental Services revenue increased 11% year-over-year, driven by growth in core offerings including containerized waste collection and vacuum services.
PFAS-Related Work Continued to Expand
Technical Services revenue increased 3% year-over-year as strength in PFAS-related work and other areas offset lower project revenue compared with the prior-year period. PFAS-related revenue is growing 30% this year and is expected to be north of $150 million to $200 million year-over-year. Approximately one-third of PFAS revenue is related to industrial and municipal water treatment.
Strong Collection Volumes and Deferred Revenue
Overall waste collections were strong, reflected in a 20% increase in the deferred revenue balance. Management said most of the increase was due to volume growth across the network, with particularly strong activity in semiconductor, manufacturing, retail and pharmaceutical verticals.
SKSS Delivered Record Quarterly Results
Safety-Kleen Sustainability Solutions revenue grew 46% year-over-year, while adjusted EBITDA more than tripled to $126 million, the highest quarterly adjusted EBITDA in the segment's history. Results reflected tight supply of refined products and effective spread management.
Higher-Value SKSS Product Mix
Group III production increased approximately 20% year-over-year. Blended direct gallons sold represented 12% of total volumes, up from 9% a year ago. The company gathered 62 million gallons of waste oil during the quarter while maintaining a charge-for-oil position.
Reshoring and Single-Provider Demand Supported Growth
The company said reshoring and customer consolidation of service providers remain important growth trends. Its 10-year, $600 million reshoring contract commenced in Q4, and management continues to see opportunities to provide total waste management and recycling services to large organizations.
Acquisition Pipeline and Integration Progress
Integration of the ES&H and EnviroServe acquisitions is well underway, with early signs described as encouraging. Management expects to achieve the outlined EnviroServe synergies and said the acquisition pipeline remains healthy heading into 2027.
Los Angeles Hub Investment Expected to Generate Savings
Clean Harbors closed on a $55 million Los Angeles property that will consolidate six legacy locations and five business units. The company expects annual lease-consolidation savings of $5 million to $7 million, along with opportunities to expand wastewater treatment, e-waste and waste-consolidation capabilities.
Data Center Opportunity Gaining Traction
The company increased its 2026 data center investment from $10 million to $15 million and raised its overall dedicated data center capital target to $70 million. Management cited approximately 12 active projects, growing relationships with general contractors and additional potential services including coolant change-outs, analysis and recycling.
SDA Project Remains on Schedule
Management said the SDA unit remains targeted for start-up at the tail end of 2028. Changes in spending allocation reflect construction movement and have not delayed the expected start-up date.
Record Operating Cash Flow and Free Cash Flow
Cash provided from operations reached a record $419 million in Q3, up nearly 40% year-over-year. Adjusted free cash flow excluding strategic projects was a record $323 million.
Raised 2026 Adjusted EBITDA Guidance
The company raised 2026 adjusted EBITDA guidance to $1.44 billion to $1.48 billion, with a midpoint of $1.46 billion, which is $80 million above the prior guidance midpoint. The revised midpoint implies approximately 25% adjusted EBITDA growth over fiscal year 2025.
Raised 2026 Adjusted Free Cash Flow Guidance
2026 adjusted free cash flow guidance was raised to $600 million to $660 million, with a midpoint of $630 million, an $80 million increase from the prior outlook.
Strong Balance Sheet and Capital Flexibility
The company ended the quarter with $517 million of cash and short-term marketable securities. Following the $600 million note offering, management expects year-end net leverage in the low 2x range. Clean Harbors also had just under $525 million remaining under its share repurchase authorization.
Share Repurchases Continued
During Q3, Clean Harbors repurchased approximately 82,000 shares at an average price of $306 per share, for a total of $25 million.
Healthy Long-Term Growth Pipeline
Management cited continued growth opportunities in PFAS, data centers, reshoring, acquisitions, collection volumes and future emergency response work. The company expects healthy year-over-year increases in both operating segments in Q4 and said it remains positioned to deliver record 2026 results.
Leadership Transition Endorsed by the Board
Effective January 1, Eric Gerstenberg will become sole CEO, while Mike Battles will retire from his Co-CEO role and Board seat at year-end. Management said the transition is endorsed by both executives and the entire Board, and expressed confidence in Clean Harbors' future leadership and growth prospects.
Free Cash Flow Conversion Reached the Mid-40% Range
Management said trailing-twelve-month free cash flow conversion was approximately 45% to 46% at the end of September, while the current full-year guidance remains in the 40% range, including 43% at the guidance midpoint.
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