Enviri (NVRI) Q4 2025 earnings summary

Executive summary

• Clean Earth sale is targeted for mid-2025 to mid-2026 closing, with HSR waiting period expiring March 9 and Form 10/proxy filings expected later in March; the sale is valued at $3 billion.

• New Enviri will consist of Harsco Environmental (HE) and Rail, both positioned for operational improvement and value creation post-spin, with leadership transition underway including Russell Hochman as future CEO and Pete Minan returning as CFO.

• 2025 marked a transformative year, with strong financial performance and strategic progress, including a leadership review to drive future margin and value growth.

• Q4 2025 revenues were $556 million, with a GAAP consolidated loss from continuing operations of $86 million, impacted by expenses related to the pending sale of Clean Earth and spin-offs, as well as contract adjustments in Harsco Rail.

Financial highlights

• Full-year 2025 revenues were $2.24 billion, down 4% year-over-year; adjusted EBITDA was $275 million, down 14%; adjusted diluted loss per share was $0.60.

• 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 pre-tax items.

• Adjusted free cash flow for Q4 2025 was $6 million; full-year adjusted free cash flow ended at $(15) million, a $20 million improvement year-over-year.

• Net cash provided by operating activities in 2025 was $101 million; capital expenditures were $141 million; total debt at year-end 2025 was $1.53 billion.

Outlook and guidance

• 2026 guidance for New Enviri: HE adjusted EBITDA expected at $170–$180 million; Rail EBITDA loss projected at $19–$26 million.

• Pro forma EBITDA for New Enviri estimated at $140 million, $5 million higher than prior guidance; 2026 adjusted EBITDA expected to be modestly below 2025 at the guidance mid-point.

• Free cash flow for 2026 anticipated to be modest, with Q1 typically negative due to bond interest payments; cash generation is expected to improve but remain muted due to Rail's ETO contract burdens.

• Q1 2026 segment performance expected to be lower year-over-year and sequentially from Q4; Q1 2026 guidance: HE adjusted EBITDA of $31M–$36M, Rail adjusted EBITDA of $(7.5)M to $(5.0)M.