Clean Harbors Stock Earnings Reports

Clean Harbors reported a stronger-than-expected start to 2026 with Q1 revenue of $1.46B and adjusted EBITDA of $248M (up 6%), driven by continued margin expansion across both Environmental Services (ES) and Safety-Kleen Sustainable Solutions (SKSS). Safety performance was highlighted (record low TRIR of 0.39). ES delivered its 16th consecutive quarter of year-over-year margin improvement and growth was powered by project services (including PFAS work), emergency response, higher landfill volumes and stronger March momentum (ES March revenue ~10% above prior year). SKSS outperformed due to higher charge-for-oil activity and a late-quarter increase in base oil prices, producing a 17% rise in SKSS adjusted EBITDA and a 320 bps margin improvement. Management closed the DCI acquisition, continues to pursue tuck-in M&A, repurchased ~87k shares for $25M in Q1 (with ~$575M remaining authorization), and retains a strong balance sheet (cash/marketable securities ~$670M; net debt/EBITDA ~2x). CapEx guidance was modestly increased to a $350–410M range (midpoint $380M) to support strategic growth projects (SDA unit, fleet expansion); adjusted free cash flow guidance was raised to $490–550M (midpoint $520M). The company reaffirmed confidence in PFAS as a growing market where it claims a unique, scalable end‑to‑end solution, and expects AI and technology initiatives to drive productivity, safety and margin gains. Operational notes: Kimball incinerator is fully ramped and meeting targets; Field Services branch expansion continues to be a priority to drive cross-sell; guidance was raised to $1.24–1.30B adjusted EBITDA for 2026 (midpoint $1.27B, +$40M vs prior).