Clean Harbors reported record second-quarter 2026 results with revenue of $1.74 billion and net income of $170.5 million, or $3.22 per diluted share. Adjusted EBITDA was $409.0 million, a 22% increase year-over-year, and adjusted EBITDA margin expanded to 23.6%. The company raised full-year adjusted EBITDA and adjusted free cash flow guidance and announced a major ten-year disposal contract and a signed acquisition agreement to expand field services.

Financial Highlights

  • Revenue: $1,735.0 million for the three months ended June 30, 2026 (up 12% from prior year).
  • Income from operations: $268.9 million for Q2 2026.
  • Net income: $170.5 million for Q2 2026; diluted EPS of $3.22.
  • Adjusted EBITDA: $409.0 million for Q2 2026 (22% increase vs. Q2 2025); adjusted EBITDA margin 23.6%.
  • Cash and cash equivalents: $408.4 million as of June 30, 2026; total assets $7,837.0 million.

Business Highlights

  • Environmental Services segment: Delivered 17th consecutive quarter of year-over-year adjusted EBITDA margin expansion with a segment margin of 27.9%; Technical Services revenue grew 18% on strong demand for disposal and recycling services, including PFAS-related projects.
  • Safety-Kleen Sustainability Solutions segment: Revenue increased 41% in Q2 with adjusted EBITDA up 143%, driven by higher market pricing for re-refined products and increased production of Group III gallons; collected 61 million gallons of waste oil in the quarter.
  • Awarded a ten-year disposal contract involving incineration and complex wastewater volumes with an estimated lifetime value of $600 million; contract to commence Q4 2026 and ramp to full capacity by 2030.
  • Signed definitive agreement to acquire ES&H for $305 million in cash to expand Field Services in the Gulf region; ES&H adds 13 branches, maritime/on-water response capabilities and is expected to contribute approximately $30 million of annual adjusted EBITDA with ~$5 million of post-first-year synergies.
  • Operational indicators: Incineration utilization (including new Kimball incinerator) at 91% versus 86% a year ago; landfill volumes increased 7% year-over-year; ongoing work on multiple large emergency response events supporting Field Services.

Original SEC Filing:

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