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Clean Harbors
Clean Harbors (CLH) investor relations material
Clean Harbors Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Achieved record safety performance in 2025 with a TRIR of 0.49, the lowest ever, and voluntary turnover at a five-year low.
Delivered record revenue, Adjusted EBITDA, and Adjusted Free Cash Flow, with margin expansion in both operating segments.
Environmental Services segment posted its 15th consecutive quarter of year-over-year Adjusted EBITDA margin growth and led overall company growth.
Notable milestones included ramp-up of the Kimball Incinerator, creation of the Phoenix Hub, and handling nearly 22,000 emergency response events.
Repurchased $250 million in shares, expanded buyback authorization by $350 million, and announced a $50 million fleet investment.
Financial highlights
2025 revenue surpassed $6 billion for the first time, reaching $6.03 billion, with Adjusted EBITDA up 5% to $1.17 billion.
Q4 revenue grew 5% to $1.5 billion; Q4 Adjusted EBITDA increased 8% to $279 million.
Full-year Adjusted EBITDA margin improved to 19.4%; Q4 margin was 18.6%.
Record annual Adjusted Free Cash Flow of $509.3 million, representing 44% of Adjusted EBITDA.
Q4 net income was $86.6 million (EPS $1.62); full-year net income was $391.0 million (EPS $7.28).
Outlook and guidance
2026 Adjusted EBITDA guidance: $1.20–$1.26 billion (midpoint $1.23 billion), with net income guidance of $410–$461 million.
2026 Adjusted Free Cash Flow guidance: $480–$540 million (midpoint $510 million), with net cash from operating activities expected at $820–$940 million.
Q1 2026 ES segment Adjusted EBITDA expected to grow 4–7% year-over-year; consolidated Adjusted EBITDA up 1–3%.
ES segment expected to grow Adjusted EBITDA just over 5% in 2026, with continued PFAS and remediation project growth.
Continued focus on organic growth, fleet expansion, and acquisition integration.
Capital allocation priorities for expanded buyback?
2026 revenue impact from PFAS and reshoring?
SKSS CFO strategy: long-term sustainability?
What is the key catalyst for PFAS growth acceleration?
What is the long-term EBITDA margin target?
How would a strong industrial economy impact growth?
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Next Clean Harbors earnings date
47th Annual Raymond James Institutional Investor Conference3 Mar, 2026
Clean Harbors
Next Clean Harbors earnings date
47th Annual Raymond James Institutional Investor Conference3 Mar, 2026
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Frequently asked questions
Clean Harbors Inc provides environmental and industrial services, including hazardous waste management, emergency spill response, and industrial cleaning. The company serves commercial, government, and industrial clients in the United States and Canada. It also operates a network of waste treatment and disposal facilities. The company is headquartered in Norwell, Massachusetts, and its shares are listed on the NYSE.
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