Clean Harbors 10-Q Details Record Q3: Revenue $1.87B, EPS $3.93, EBITDA $456.1M
CLH sits 57% above its 52-week low of $201.34.
Summary
Clean Harbors' Q3 10-Q backs up record results — revenue up 21% to $1.87B, EPS of $3.93 and Adjusted EBITDA up 42% to $456.1M — and discloses that Eric Gerstenberg will become sole CEO on January 1, 2027 as Michael Battles retires.
Key Events · Earnings and Guidance · CLH
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Record Q3 Results
Revenue rose 20.7% to $1.87B and net income jumped 75.2% to $208.1M, or $3.93 per diluted share.
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Margin Expansion Drives EBITDA
Adjusted EBITDA grew 42.5% to $456.1M, lifting margin 370 basis points to 24.4% of direct revenues.
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Safety-Kleen Profit Surge
SKSS Adjusted EBITDA rose 209.0% to $126.5M on 46.0% revenue growth, driven by higher base and blended oil pricing.
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Strong Cash Generation
Nine-month operating cash flow was $664.7M and adjusted free cash flow $383.0M; 2026 capex is guided to $515.0M-$575.0M.
Analysis · CLH · Energy & Transportation
Full GAAP numbers now sit behind the Q3 release: revenue of $1.87B (up 20.7%), net income of $208.1M (up 75.2%) and Adjusted EBITDA of $456.1M (up 42.5%), with margin expanding 370 basis points to 24.4%. Safety-Kleen was the profit engine, as higher base and blended oil pricing lifted segment Adjusted EBITDA 209.0% to $126.5M on 46.0% revenue growth; Environmental Services grew EBITDA 19.1%, helped by roughly $120 million of large-scale emergency response revenue. Cash generation is strong — $664.7M from operations and $383.0M of adjusted free cash flow over nine months — and the $775M of acquisitions (EnviroServe, ES&H, Terra Nova, Depot Connect, Western Oil) were funded with the $600M of 6.250% 2034 notes plus a revolver draw that was repaid October 16. The filing also formally discloses the leadership handoff: Eric Gerstenberg becomes sole CEO on January 1, 2027 while Michael Battles retires from the Co-CEO role and the board at year-end.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 38.5% of the 1020 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CLH was trading at $316.36 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $16.7B. The 52-week trading range was $201.34 to $335.94. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.