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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Enviri
Enviri (NVRI) investor relations material
Enviri Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Aug, 2026
Executive summary
Harsco Environmental and Rail segments outperformed expectations, delivering strong quarterly results despite subdued end-markets.
Completed the sale of Clean Earth, now reported as discontinued operations, marking the first quarter as a new public company post-spin.
Exited two major European ETO contracts (Deutsche Bahn & Network Rail), reducing future risk and cash outflows.
Broad restructuring and self-help initiatives underway, including operational efficiency, cost discipline, and workforce reductions.
2026 outlook for both segments reaffirmed, with limited short-term impact from EU steel trade measures.
Financial highlights
Q2 2026 adjusted revenues were $324M, up 2% year-over-year after adjusting for Rail contract exits.
Adjusted EBITDA rose 22% year-over-year to $34M, driven by growth in Harsco Environmental.
Adjusted diluted loss per share was $0.63 for the quarter.
Adjusted free cash flow was negative $9M, improved from $(39)M in Q2 2025.
GAAP net loss from continuing operations was $297M, impacted by contract exit and restructuring charges.
Outlook and guidance
Full-year 2026 guidance reaffirmed: Harsco Environmental adjusted EBITDA $170M–$180M; Rail adjusted EBITDA $(26)M to $(19)M.
Q3 2026 guidance: Harsco Environmental adjusted EBITDA $43M–$47M, modestly above prior year; Rail $(7)M–$(10)M, below prior year.
Harsco Environmental expects modest growth from higher demand, new sites, and improvement initiatives.
Harsco Rail outlook reflects lower equipment demand and manufacturing inefficiencies, partially offset by cost reductions.
Adjusted free cash flow expected to be modestly negative in Q3.
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Latest events from Enviri
- Q1 2026 revenue steady at $550M; Clean Earth sale to Veolia set for June 1, 2026.NVRI
Q1 2026 - Shareholders to vote on $3.04B Clean Earth sale, New Enviri spin-off, and executive pay.NVRIProxy filing
- Shareholders to vote on $3.04B Clean Earth sale, cash payout, and New Enviri spin-off; board recommends approval.NVRIProxy filing
- Spin-off of environmental and rail units into New Enviri targets $1.2B revenue by 2026.NVRIProxy filing
- Record segment results and strong ESG progress drive transformation and future growth.NVRIinvestor presentation
- Clean Earth sale advances; shareholders to vote on transaction and New Enviri spin-off.NVRIProxy Filing
- Clean Earth sale and New Enviri spin-off advance toward mid-2026 closing, pending shareholder vote.NVRIProxy Filing
- 2025 revenue reached $2.24B; Clean Earth sale on track; 2026 outlook steady for Environmental, weak for Rail.NVRIQ4 2025
- Double-digit EBITDA growth and 17% Clean Earth margins targeted by 2027, with leverage below 2.5x.NVRIAnalyst Day 2024
Next Enviri earnings date
Q3 20265 Nov, 2026
Enviri
Next Enviri earnings date
Q3 20265 Nov, 2026
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Frequently asked questions
Enviri Corporation is a company that specializes in providing environmental solutions for industrial and specialty waste streams. The company operates through two main segments: Harsco Environmental and Harsco Clean Earth. Harsco Environmental is focused on delivering on-site services for material logistics, product quality improvement, and resource recovery for iron, steel, and metals manufacturing. It also manufactures and sells industrial abrasives, roofing granules, aluminum dross, and scrap processing systems. Harsco Clean Earth, on the other hand, specializes in the management and recycling of hazardous waste, as well as other specialized waste services. The company is headquartered in Philadelphia, Pennsylvania, and its shares are listed on the NYSE.