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Sep 30, 2025
Clean Harbors Q3 2025 Earnings Report
Clean Harbors reported higher revenue and profitability in Q3 2025, driven by strong performance in Technical Services and Safety-Kleen Environmental Services.
Key Takeaways
Clean Harbors delivered Q3 2025 revenue of $1.55 billion, a 1% increase year over year. Net income rose to $118.8 million with EPS of $2.21, while Adjusted EBITDA grew 6% to $320.2 million, reflecting margin expansion and operational efficiency. The company continued to generate solid cash flow, achieving $230.6 million in adjusted free cash flow, and maintained strong safety metrics and utilization rates.
Revenue reached $1.55 billion, up from $1.53 billion in Q3 2024.
Adjusted EBITDA increased 6% to $320.2 million with a 20.7% margin.
Net income rose to $118.8 million, or $2.21 per diluted share.
Incineration utilization remained high at 92%, and waste oil collections totaled 64 million gallons.
Revenue by Segment
Forward Guidance
For full-year 2025, Clean Harbors expects Adjusted EBITDA between $1.155 billion and $1.175 billion, with adjusted free cash flow between $455 million and $495 million, supported by steady operations and strategic investments.
Positive Outlook
- Adjusted EBITDA guidance midpoint of $1.165 billion, up 4% year over year.
- Adjusted free cash flow guidance midpoint of $475 million, over 30% higher than prior year.
- Technical Services and Safety-Kleen Environmental segments show continued resilience.
- Strong liquidity position supports long-term investments like the SDA project.
- Ongoing operational efficiencies expected to support margin growth.
Challenges Ahead
- Softness in chemical and refining markets impacted project demand.
- Base oil pricing weakness limited Safety-Kleen margin upside.
- Healthcare and labor costs increased in the Environmental Services segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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