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Clean Harbors (CLH) investor relations material
Clean Harbors Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 revenue reached $1.55 billion, up 1.3% year-over-year, driven by growth in Environmental Services, Technical Services, and Safety-Kleen Environmental Services, while SKSS faced declines due to lower oil product pricing.
Net income for Q3 was $118.8 million ($2.21 EPS), up 3.1% year-over-year; Adjusted EBITDA rose 6% to $320.2 million, with margin improving by 100 basis points to 20.7%.
Safety performance remained strong, with a YTD TRIR of 0.49, on track for a record year.
Q3 results slightly missed expectations due to slowness in field and industrial services and higher healthcare costs.
Full-year 2025 guidance was raised for Adjusted EBITDA and adjusted free cash flow, with a major SDA unit investment announced.
Financial highlights
Q3 2025 gross profit was $500.8 million, with gross margin improving to 32.3% from 31.0% year-over-year.
Adjusted free cash flow for Q3 was $230.6 million, up from $144.5 million in Q3 2024; operating cash flow reached $302 million.
SG&A expense as a percentage of revenue increased to 12.2% due to higher healthcare costs and compensation.
Q3 income from operations was $193.0 million, nearly flat year-over-year.
For the nine months ended September 30, 2025, net income was $304.4 million, down from $318.3 million year-over-year.
Outlook and guidance
Full-year 2025 Adjusted EBITDA expected between $1.155 billion and $1.175 billion, with adjusted free cash flow guidance raised to $455–$495 million, over 30% higher than prior year.
Net income guidance for 2025 is $379 million–$400 million; net cash from operations expected at $795 million–$865 million.
2025 capital spending, net of disposals, is expected to be $385 million–$415 million, including $30 million for a solvent de-asphalting unit and $15 million for a Phoenix hub.
Management anticipates a strong Q4 and record annual Adjusted EBITDA and free cash flow.
Targeting 5% EBITDA growth for 2026, mainly from waste collection and service businesses.
SDA unit's long-term margin impact?
Drivers for Industrial/Field Services rebound?
Effectiveness of SKSS CFO pricing shift?
PFAS revenue acceleration drivers?
SDA Unit: Key assumptions for 6-7 year payback?
What drives 5% EBITDA growth target for 2026?
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Next Clean Harbors earnings date
Goldman Sachs Industrials and Materials Conference 20254 Dec, 2025
Next Clean Harbors earnings date
Goldman Sachs Industrials and Materials Conference 20254 Dec, 2025
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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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