Clean Harbors (CLH) investor relations material

Executive summary

• Q3 revenue reached a record $1,869.4M, up 20.7% YoY; net income rose 75.2% to $208.1M and Adjusted EBITDA increased 42.5% to $456.1M, with strength across both segments.

• Large-scale emergency-response work and higher oil-product pricing supported results; Q3 adjusted free cash flow was a record $323.1M.

• 9M revenue was $5.064B, Adjusted EBITDA $1.113B and net income $441.8M; Adjusted EBITDA increased 24.9% YoY.

Financial highlights

• Q3 operating income increased to $318.1M from $193.0M; diluted EPS was $3.93 versus $2.21.

• Gross profit was $661.4M versus $500.8M, with gross margin expanding to 35.4% from 32.3%.

• Q3 cash from operations was $419.2M versus $302.0M; adjusted free cash flow was $323.1M versus $230.6M, excluding specified strategic growth investments.

• 9M operating cash flow was $664.7M versus $511.6M; adjusted free cash flow was $383.0M versus $248.1M.

Outlook and guidance

• FY2026 Adjusted EBITDA guidance is $1.44B–$1.48B, midpoint $1.46B; adjusted free cash flow guidance is $600M–$660M, midpoint $630M, raised $80M from prior outlook.

• FY2026 net income guidance is $528M–$563M; net cash from operating activities is expected at $970M–$1.09B.

• Q4 Adjusted EBITDA is expected to grow 23%–26% YoY; guidance assumes no large-scale emergency-response events. FY2026 D&A is expected at $490M–$500M and net CapEx excluding strategic investments at $370M–$430M.

• At the 2026 guidance midpoint, ES EBITDA is expected to grow 9%–11% and SKSS Adjusted EBITDA is assumed at $340M; corporate Adjusted EBITDA expense is expected to rise 14%–17%.

• FY2026 capital spending, net of disposals, is expected at $515M–$575M, including strategic projects; remaining spending is expected to be funded from operating cash flow.