Jun 2026 (Q2 FY26) — Jul 29, 2026
Clean Harbors Q2 FY26 — Record Revenue & EBITDA, Strong ES Performance, and Strategic Growth Initiatives
Read the full callClean Harbors (CLH) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Clean Harbors earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,460 | +1.9% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 8.2 | +0.4 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 63.2 | +7.7% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 22 judged targets kept · 35 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Consolidated adjusted EBITDA growth | 5% to 9% | Mar 2026 | Q2 adjusted EBITDA increased 22% to $409 million. | Achieved |
| Adjusted EBITDA | $1.20 billion to $1.26 billion | Dec 2025 | Based on first half performance, planned investments and current market conditions, we are now guiding to a 2026 adjusted EBITDA range of $1.35 billion to $1.41 billion, with a midpoint of $1.38 billion, and representing a $110 million increase from our prior guidance. | Revised Up |
| Consolidated adjusted EBITDA growth | 24% to 28% | Jun 2026 | we expect third quarter adjusted EBITDA to grow 24% to 28% year-over-year on a consolidated basis. | New |
9 of CLEAN HARBORS INC's 57 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 54 more targets are in the full ledger.
Claimed
- Achieved record revenue of $1.74 billion, up 12% year-over-year.
- Delivered record adjusted EBITDA of $409 million, a 22% increase year-over-year, with a consolidated adjusted EBITDA margin of 23.6% (up 190 basis points).
- Environmental Services revenue grew by over $100 million, with Technical Services up 18% and Safety-Kleen Environmental Services up 11%.
- Secured a 10-year disposal contract with an estimated value of $600 million, commencing in Q4 FY26.
- Safety-Kleen Sustainability Solutions (SKSS) adjusted EBITDA increased 143% due to elevated market pricing.
Qualified
- Industrial Services revenue was comparable to Q2 FY25 due to limited refinery downtime and turnaround activity.
- SG&A expense as a percentage of revenue increased year-over-year to 12.4% due to higher incentive compensation, insurance, and strategic investments.
- Corporate segment negative adjusted EBITDA is expected to increase by 8-10% compared to FY25.
Price
$316.61 −1.08% · −$3.45
Performance +33.5% 1Y
1Y: $237.2 on 17 Oct 2025 → $316.61. High $326.34 (29 Jul 2026), low $201.73 (17 Nov 2025).
- Previous close
- $320.06
- 52-week range
- $201.73 – $326.34
- One year
- +30.09%
Overview
- Symbol
- CLH
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 22 judged targets kept · 35 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Consolidated adjusted EBITDA growth | 5% to 9% | Mar 2026 | Q2 adjusted EBITDA increased 22% to $409 million. | Achieved |
| Adjusted EBITDA | $1.20 billion to $1.26 billion | Dec 2025 | Based on first half performance, planned investments and current market conditions, we are now guiding to a 2026 adjusted EBITDA range of $1.35 billion to $1.41 billion, with a midpoint of $1.38 billion, and representing a $110 million increase from our prior guidance. | Revised Up |
| Consolidated adjusted EBITDA growth | 24% to 28% | Jun 2026 | we expect third quarter adjusted EBITDA to grow 24% to 28% year-over-year on a consolidated basis. | New |
Claimed
- Achieved record revenue of $1.74 billion, up 12% year-over-year.
- Delivered record adjusted EBITDA of $409 million, a 22% increase year-over-year, with a consolidated adjusted EBITDA margin of 23.6% (up 190 basis points).
- Environmental Services revenue grew by over $100 million, with Technical Services up 18% and Safety-Kleen Environmental Services up 11%.
- Secured a 10-year disposal contract with an estimated value of $600 million, commencing in Q4 FY26.
- Safety-Kleen Sustainability Solutions (SKSS) adjusted EBITDA increased 143% due to elevated market pricing.
Qualified
- Industrial Services revenue was comparable to Q2 FY25 due to limited refinery downtime and turnaround activity.
- SG&A expense as a percentage of revenue increased year-over-year to 12.4% due to higher incentive compensation, insurance, and strategic investments.
- Corporate segment negative adjusted EBITDA is expected to increase by 8-10% compared to FY25.
The full ledger
Open CLEAN HARBORS INC’s full ledger
A free account opens 5 company ledgers a month. All 57 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
Clean Harbors Q1 FY26 — Strong Q1 Outperformance and Raised Full-Year Guidance
Read the full callEvery analysed call
Clean Harbors earnings calls (CLH)
Financials
What the filings say
Net profit, year on year: +8% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,553 | 1,529 | 1,431 | 1,432 | 1,550 | 1,549 | 1,500 | 1,460 |
| Operating profit | 215 | 192 | 137 | 112 | 210 | 193 | 158 | 119 |
| Operating margin | 13.9% | 12.6% | 9.6% | 7.8% | 13.6% | 12.5% | 10.6% | 8.2% |
| Profit before tax | 179 | 155 | 103 | 75 | 173 | 161 | 120 | 84 |
| Tax rate | 25.5% | 25.9% | 18.8% | 21.4% | 26.5% | 26.1% | 27.8% | 25.1% |
| Net profit | 133 | 115 | 84 | 59 | 127 | 119 | 87 | 63 |
| EPS ($ per share) | 2.47 | 2.14 | — | 1.09 | 2.37 | 2.22 | — | 1.20 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 737 | 835 | 970 | 1,173 | 1,585 | 1,963 | 2,365 | 2,756 |
| Total liabilities | 2,569 | 2,839 | 2,790 | 4,140 | 4,207 | 4,135 | 4,804 | 4,878 |
| Fixed assets | 1,562 | 1,588 | 1,525 | 1,863 | 1,980 | 2,193 | 2,448 | 2,541 |
| Investments | 53 | 42 | 52 | 82 | 62 | 106 | 103 | 127 |
| Total assets | 3,738 | 4,109 | 4,132 | 5,654 | 6,130 | 6,383 | 7,377 | 7,624 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 373 | 413 | 431 | 546 | 626 | 735 | 778 | 867 |
| Cash from investing | -350 | -218 | -199 | -1,508 | -389 | -575 | -904 | -426 |
| Cash from financing | -111 | -53 | -89 | 898 | -187 | -209 | 377 | -309 |
| Net cash flow | -93 | 145 | 147 | -67 | 40 | -48 | 242 | 139 |
| Capital expenditure | -193 | -216 | -196 | -242 | -345 | -422 | -432 | -425 |
| Free cash flow | 180 | 197 | 234 | 304 | 281 | 312 | 346 | 442 |
CLH revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Environmental Services | 85% | 86% | 84% | 87% | 86% | 87% | 86% | 84% | +7.7% |
| Safety Kleen Sustainability Solutions | 15% | 14% | 16% | 13% | 14% | 13% | 14% | 16% | +40.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CLH operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Incineration utilization | 80%Incineration utilization, including the new Kimball incinerator, was 80% versus 81% a year ago, reflecting scheduled maintenance days and weather-related impacts in both periods.Source: earnings call transcript | 91%Incineration utilization in Q2 was 91% versus 86% a year ago, with the new Kimball incinerator included in both periods.Source: earnings call transcript | +11 pt |
| Waste oil collected Safety-Kleen Sustainability Solutions | 53M gallonsWe continue to provide high-level services to customers and even with the higher CFO, we collected 53 million gallons of waste oil to keep our re-refinery running efficiently.Source: earnings call transcript | 61M gallonsWe gathered 61 million gallons of waste oil while continuing to increase revenue generated from our CFO program compared with a year ago.Source: earnings call transcript | +15.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- CA 9%
As CLH cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
92 filings between Nov 1, 2025 and Aug 14, 2026.
Open market
decisions to buy or sellPurchases
$135.8K
1 purchase by 1 insider
Sales
$63.40M
13 sales by 9 insiders
Compensation
not trading decisions- 28
- Award — granted as compensation
- 36
- Tax withheld — shares kept back by the company to cover tax
Also filed: 9 dispositions to the issuer, 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MCKIM ALAN S | — | $57.38M | Mar 4, 2026 |
| GERSTENBERG ERIC W | — | $1.94M | Aug 14, 2026 |
| Weber Brian P | — | $1.37M | Mar 17, 2026 |
| Gabriel Sharon M. | — | $998.5K | Feb 20, 2026 |
| Dugas Eric J. | — | $784.3K | Feb 20, 2026 |
| Robertson Andrea | — | $247.8K | Aug 3, 2026 |
| Reed Marcy L. | — | $240.7K | Mar 18, 2026 |
| States Lauren | — | $225.8K | May 26, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 14, 2026 | GERSTENBERG ERIC W CO-CEO | Sale | 2,500 | $803.3K |
| Aug 3, 2026 | Robertson Andrea Director | Sale | 789 | $247.8K |
| Jul 17, 2026 | MCKIM ALAN S EXEC CHAIR, CTO. | Tax withheld | 1,265 | $392.9K |
| Jul 1, 2026 | GERSTENBERG ERIC W CO-CEO | Tax withheld | 564 | $164.0K |
| Jul 1, 2026 | Dugas Eric J. EVP CHIEF FINANCIAL OFFICER | Tax withheld | 447 | $130.0K |
| Jul 1, 2026 | Battles Michael Louis CO-CEO | Tax withheld | 1,032 | $300.0K |
| Jul 1, 2026 | CURTIS GEORGE L EXEC. VICE PRESIDENT (CHESI) | Tax withheld | 1,757 | $510.8K |
| Jul 1, 2026 | Geer Charles H. II EVP, Industrial Services | Tax withheld | 40 | $11.6K |
| Jul 1, 2026 | Weber Brian P EVP (CHESI) | Tax withheld | 814 | $236.7K |
| Jul 1, 2026 | Gabriel Sharon M. EVP/CIO (CHESI) | Tax withheld | 359 | $104.4K |
| Jul 1, 2026 | MCKIM ALAN S EXEC CHAIR, CTO. | Tax withheld | 1,343 | $390.5K |
| Jul 1, 2026 | Underwood Rebecca PRESIDENT & EVP FACILITIES | Tax withheld | 311 | $90.4K |
| Jun 1, 2026 | Diderich Jeroen EVP&President of Sales&Service | Tax withheld | 1,717 | $482.5K |
| May 26, 2026 | States Lauren Director | Sale | 789 | $225.8K |
| May 20, 2026 | Reed Marcy L. Director | Award | 652 | $0 |
| May 20, 2026 | States Lauren Director | Award | 652 | $0 |
| May 20, 2026 | Welch John R. Director | Award | 652 | $0 |
| May 20, 2026 | Stewart Shelley JR Director | Award | 652 | $0 |
| May 20, 2026 | Robertson Andrea Director | Award | 652 | $0 |
| May 20, 2026 | Polito Karyn Director | Award | 652 | $0 |
| May 20, 2026 | GALANTE EDWARD G Director | Award | 652 | $0 |
| May 20, 2026 | PRESTON JOHN T Director | Award | 652 | $0 |
| May 20, 2026 | Willett Robert Director | Award | 652 | $0 |
| May 20, 2026 | Quirk Alison A. Director | Award | 652 | $0 |
| May 11, 2026 | Polito Karyn Director | Purchase | 460 | $135.8K |
| May 11, 2026 | Robertson Andrea Director | Gift | 342 | $0 |
| Mar 18, 2026 | GERSTENBERG ERIC W CO-CEO | Sale | 1,000 | $293.0K |
| Mar 18, 2026 | Reed Marcy L. Director | Sale | 836 | $240.7K |
| Mar 17, 2026 | Weber Brian P EVP (CHESI) | Sale | 4,683 | $1.37M |
| Mar 13, 2026 | Dugas Eric J. EVP CHIEF FINANCIAL OFFICER | Tax withheld | 630 | $182.0K |
| Mar 13, 2026 | GERSTENBERG ERIC W CO-CEO | Disposition to issuer | 2,166 | $0 |
| Mar 13, 2026 | Dugas Eric J. EVP CHIEF FINANCIAL OFFICER | Disposition to issuer | 1,324 | $0 |
| Mar 13, 2026 | GERSTENBERG ERIC W CO-CEO | Tax withheld | 977 | $282.3K |
| Mar 13, 2026 | Geer Charles H. II EVP, Industrial Services | Disposition to issuer | 139 | $0 |
| Mar 13, 2026 | Underwood Rebecca PRESIDENT & EVP FACILITIES | Disposition to issuer | 1,401 | $0 |
| Mar 13, 2026 | Harrison Robert W. EVP, EHS | Disposition to issuer | 368 | $0 |
| Mar 13, 2026 | Harrison Robert W. EVP, EHS | Tax withheld | 18 | $5.2K |
| Mar 13, 2026 | Gabriel Sharon M. EVP/CIO (CHESI) | Disposition to issuer | 1,401 | $0 |
| Mar 13, 2026 | Gabriel Sharon M. EVP/CIO (CHESI) | Tax withheld | 727 | $210.1K |
| Mar 13, 2026 | Battles Michael Louis CO-CEO | Disposition to issuer | 2,166 | $0 |
| Mar 13, 2026 | Battles Michael Louis CO-CEO | Tax withheld | 1,148 | $331.7K |
| Mar 13, 2026 | Weber Brian P EVP (CHESI) | Disposition to issuer | 1,869 | $0 |
| Mar 13, 2026 | Weber Brian P EVP (CHESI) | Tax withheld | 960 | $277.4K |
| Mar 13, 2026 | CURTIS GEORGE L EXEC. VICE PRESIDENT (CHESI) | Disposition to issuer | 1,028 | $0 |
| Mar 13, 2026 | CURTIS GEORGE L EXEC. VICE PRESIDENT (CHESI) | Tax withheld | 350 | $101.1K |
| Mar 13, 2026 | Underwood Rebecca PRESIDENT & EVP FACILITIES | Tax withheld | 125 | $36.1K |
| Mar 13, 2026 | MCKIM ALAN S EXEC CHAIR, CTO. | Tax withheld | 1,265 | $365.5K |
| Mar 4, 2026 | MCKIM ALAN S EXEC CHAIR, CTO. | Sale | 100,000 | $29.26M |
| Feb 23, 2026 | GERSTENBERG ERIC W CO-CEO | Sale | 2,500 | $699.6K |
| Feb 20, 2026 | Dugas Eric J. EVP CHIEF FINANCIAL OFFICER | Sale | 2,788 | $784.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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