Enviri (NVRI) Q4 2025 earnings summary

Executive summary

• The Clean Earth sale is targeted for mid-2026 closing, with regulatory filings and HSR waiting period milestones met; the transaction is expected to reshape the business, forming New Enviri from Harsco Environmental and Rail.

• 2025 was a transformative year, with Clean Earth achieving record earnings and margins, while Harsco Environmental and Rail faced volume and demand challenges.

• Aggressive restructuring and cost actions are underway, especially in Rail, to address ETO contract risk and weak demand.

• Leadership is reviewing business opportunities to enhance margins and shareholder value post-spin-off.

• Q4 2025 revenues were $556 million, with a GAAP consolidated loss from continuing operations of $86 million, impacted by sale and spin-off expenses and Rail contract adjustments.

Financial highlights

• Full-year 2025 revenues were $2.24 billion, with Clean Earth growth offset by declines at Harsco Environmental and Rail; adjusted EBITDA was $275 million.

• Q4 2025 revenues were $556 million and adjusted EBITDA was $70 million, both flat year-over-year.

• Adjusted diluted loss per share for Q4 was $0.17, excluding $57 million in unusual items; GAAP diluted loss per share was $1.07.

• Adjusted free cash flow for Q4 was $6 million; full-year adjusted free cash flow was $(15) million, improved from $(34) million in 2024.

• Net cash provided by operating activities in 2025 was $101 million; year-end cash and cash equivalents were $104 million.

Outlook and guidance

• 2026 guidance is provided only for Harsco Environmental and Rail; Clean Earth is excluded due to the pending sale.

• Harsco Environmental 2026 adjusted EBITDA is projected at $170 million–$180 million; Rail EBITDA loss is projected at $(26) million–$(19) million.

• Pro forma EBITDA for New Enviri is estimated at $140 million for 2026, $5 million higher than prior disclosure.

• Free cash flow for New Enviri in 2026 is anticipated to be modest, with Q1 typically negative due to bond interest and ETO contract burdens.

• Q1 2026 segment performance is expected to be lower year-over-year and sequentially from Q4.