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Sep 30, 2025
Harsco Q3 2025 Earnings Report
Harsco reported its Q3 2025 results with stable revenue, a net loss, and lower adjusted EBITDA year-over-year.
Key Takeaways
Enviri Corporation (formerly Harsco) delivered flat revenue in Q3 2025 while posting a $20M net loss. Clean Earth showed continued strength, but results were weighed down by weak Harsco Rail demand and higher costs in Harsco Environmental.
Revenue remained steady at $575 million, flat year-over-year.
Adjusted EBITDA declined to $74 million, down from $85 million in Q3 2024.
Clean Earth posted another record quarter with strong volumes and pricing.
Harsco Rail and Harsco Environmental experienced weakness due to demand and cost pressures.
Revenue by Segment
Forward Guidance
The company revised its full-year guidance downward, citing ongoing headwinds in Harsco Rail and Harsco Environmental, but remains optimistic about long-term value through strategic initiatives.
Positive Outlook
- Clean Earth expected to deliver higher adjusted EBITDA versus 2024.
- Strategic improvement initiatives are progressing.
- Amended credit agreement provides greater flexibility.
- New contracts expected to support Harsco Environmental.
- Volume growth and pricing to continue benefiting Clean Earth.
Challenges Ahead
- Harsco Rail expected to post lower shipments and higher costs.
- Harsco Environmental performance weighed down by currency, exits, and mix.
- 2025 Adjusted EBITDA guidance lowered to $268M–$278M.
- Free cash flow now expected between -$30M and -$20M.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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