Clean Harbors Q3 EPS $3.93, Revenue Up 21%; Raises 2026 EBITDA and FCF Guidance by $80M
CLH sits 64% above its 52-week low of $201.34.
Summary
Record Q3 results — revenue up 21% to $1.87B, EPS of $3.93, Adjusted EBITDA up 42% to $456.1M — came with a raised 2026 outlook, as Clean Harbors lifted the midpoints of both Adjusted EBITDA and free cash flow guidance by $80M each. The same filing names Eric Gerstenberg sole CEO effective January 1, 2027, with Mike Battles retiring at year-end.
Key Events · Earnings and Guidance · CLH
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Record Q3 Revenue and Earnings
Revenue rose 21% to $1.87B from $1.55B, net income jumped 75% to $208.1M, and diluted EPS was $3.93 versus $2.21 a year ago.
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Adjusted EBITDA Up 42%
Adjusted EBITDA reached $456.1M with margin expanding 370 basis points to 24.4%; Environmental Services margin was 27.4%, the 18th straight quarter of year-over-year expansion.
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2026 Guidance Raised by $80M
Adjusted EBITDA guidance midpoint rose to $1.46B ($1.44B-$1.48B) and adjusted free cash flow midpoint to $630M ($600M-$660M); Q4 Adjusted EBITDA is expected to grow 23%-26% year over year.
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Emergency Response Drove the Quarter
One substantial emergency response event generated approximately $120M of revenue at emergency response rates, and SKSS segment revenue rose 46% on high re-refined product pricing.
Analysis · CLH · Energy & Transportation
A record quarter and a raised full-year outlook reset the earnings base for this $16.5B industrial services company. Revenue rose 21% to $1.87B and net income jumped 75% to $208.1M, or $3.93 per diluted share, while Adjusted EBITDA grew 42% to $456.1M and margin expanded 370 basis points to 24.4%. Management lifted the midpoint of both 2026 Adjusted EBITDA and adjusted free cash flow guidance by $80M, to $1.46B and $630M respectively, and expects Q4 Adjusted EBITDA to grow 23%-26% year over year. The quarter leaned on a roughly $120M emergency response event and strong re-refining spreads, so the durability of those drivers matters for 2027. Separately, Eric Gerstenberg becomes sole CEO on January 1, 2027, with Mike Battles retiring as Co-CEO and director at year-end; the Board endorsed the transition, limiting disruption risk.
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At the time of this filing, CLH was trading at $330.60 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $16.5B. 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.