10-Q · July 29, 2026
Clean Harbors delivered a strong Q2, with $1.735 billion of revenue and $3.22 diluted EPS, exceeding the supplied consensus estimates of $1.620 billion and $2.67. Both segments grew, while SKSS pricing and feedstock…
Earnings analysis · 10-Q
CLH earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Clean Harbors reported a strong Q3, with revenue of $1.869 billion and diluted EPS of $3.93, exceeding consensus revenue of $1.727 billion and EPS of $3.21. Adjusted EBITDA grew 42% year over year to a 24.4% margin,…
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Clean Harbors reported a strong Q3, with revenue of $1.869 billion and diluted EPS of $3.93, exceeding consensus revenue of $1.727 billion and EPS of $3.21. Adjusted EBITDA grew 42% year over year to a 24.4% margin, supported by Environmental Services emergency-response and PFAS demand and strong Safety-Kleen re-refined-product pricing. Management raised 2026 Adjusted EBITDA guidance to $1.44-$1.48 billion and adjusted free cash flow guidance to $600-$660 million, although the January 1, 2027 CEO transition and continued cash commitments for repurchases warrant monitoring.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.93
- Segment
- Environmental Services: growth was driven by emergency-response activity and PFAS demand; segment revenue was not disclosed in the provided filing text.
- Segment
- Safety-Kleen Sustainability Solutions: performance benefited from strong re-refined-product pricing; segment revenue was not disclosed in the provided filing text.
What stood out
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Revenue accelerated and beat consensus
Q3 revenue was $1.869 billion, up approximately 7.4% from $1.74 billion in Q2 2026 and approximately 20.6% from $1.55 billion in Q3 2025. Revenue also exceeded the $1.727 billion consensus estimate by approximately $142 million.
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EPS materially exceeded expectations
Diluted EPS was $3.93, up $0.71, or 22.0%, from $3.22 in Q2 2026 and up $1.72, or 77.8%, from $2.21 in Q3 2025. EPS exceeded the $3.21 consensus estimate by $0.72.
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Adjusted EBITDA growth reached 42%
Adjusted EBITDA increased 42% year over year to a 24.4% margin, according to the company’s quarterly earnings disclosure. The improvement reflects strong operating leverage and favorable mix.
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Both operating franchises supported growth
Environmental Services benefited from emergency-response activity and PFAS demand, while Safety-Kleen Sustainability Solutions benefited from strong re-refined-product pricing. The filing materials did not provide segment revenue amounts.
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Full-year outlook was raised
The company raised 2026 Adjusted EBITDA guidance by $80 million at the midpoint to $1.44-$1.48 billion and adjusted free cash flow guidance by $80 million at the midpoint to $600-$660 million.
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Capital return authorization remains substantial
As of September 30, 2026, $524.4 million remained available under the share-repurchase authorization; the company repurchased 81,576 shares under the announced program during the quarter.
What to watch
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Upcoming CEO transition
Eric W. Gerstenberg will become sole CEO and President effective January 1, 2027, while Michael L. Battles transitions from the co-CEO role effective December 31, 2026. The transition includes a $5.0 million one-time restricted-stock award for Gerstenberg and could create execution or leadership-continuity risk.
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Cash allocation and repurchase risk
The company stated that repurchases are funded and intended to be funded through available cash resources. $524.4 million remained available under the program as of September 30, 2026, creating a potential competing use of liquidity versus acquisitions, capital spending, or debt reduction.
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Accelerated executive equity vesting
The company disclosed that 75% of certain unvested restricted-stock awards held by Battles may accelerate upon a qualifying retirement under the Retirement Agreement. This could increase future compensation expense and dilution relative to the ordinary vesting schedule.
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No change to existing risk framework
The company reported no material changes to the risk factors in its December 31, 2025 Form 10-K. Accordingly, the filing does not identify a new quantified environmental, regulatory, or market-risk exposure, but those existing risks remain applicable.
Management's outlook
Management raised 2026 Adjusted EBITDA guidance by $80 million at the midpoint to $1.44-$1.48 billion and adjusted free cash flow guidance by $80 million at the midpoint to $600-$660 million. Q4 2026 Adjusted EBITDA is expected to grow 23%-26% year over year; no revenue or EPS guidance was provided.
Earlier filings 4
10-Q · May 6, 2026
Clean Harbors reported strong Q1 2026 results, with revenues of $1.46 billion, up from $1.43 billion in Q1 2025, and exceeded EPS estimates by delivering $1.19 compared to $1.15 expected. Growth was driven by the…
10-K · February 18, 2026
Clean Harbors describes a scale-driven strategy centered on cross-selling a broad suite of environmental services, expanding asset capacity (notably incineration) and technology-enabled efficiency. For fiscal 2025 total…
10-Q · April 30, 2025
Clean Harbors reported total direct revenues of $1,431,950,000 for Q1 2025, up $55,255,000 or 4.0% year-over-year, driven by Environmental Services and SKSS acquisitive and organic growth. Adjusted EBITDA rose modestly…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.