Clean Harbors raises 2026 profit forecast as Q3 revenue climbs 21%

Clean Harbors Inc. (CLH) said on Oct. 28 that third-quarter revenue rose 21% to a record $1.87 billion, and it raised the midpoint of its 2026 Adjusted EBITDA and adjusted free cash flow guidance by $80 million.

The company said in a press release furnished with a regulatory filing that net income rose 75% to $208.1 million, or $3.93 per diluted share, from $118.8 million, or $2.21 per diluted share, a year earlier.

Adjusted EBITDA increased 42% to $456.1 million from $320.2 million for the same period in 2025. Adjusted EBITDA margin was 24.4%, up from 20.7%.

Third-quarter results

Here's how the company did:

• Revenue: $1.87 billion vs. $1.55 billion a year earlier
• Net income: $208.1 million, or $3.93 per diluted share, vs. $118.8 million, or $2.21 per diluted share, a year earlier
• Income from operations: $318.1 million vs. $193.0 million a year earlier

Segment results

The company's Environmental Services segment posted an Adjusted EBITDA margin of 27.4%. The company said Field Services revenue grew more than 70%, driven by emergency response activity, including one event that generated approximately $120 million of revenue.

Safety-Kleen Sustainability Solutions revenue rose 46% in the third quarter, and its Adjusted EBITDA was 209% higher. Battles said global supply disruptions supported higher prices for refined products, including base oil and lubricants.

2026 guidance

The company expects Adjusted EBITDA to grow 23% to 26% year over year in the fourth quarter. For the full year, it now expects Adjusted EBITDA of $1.44 billion to $1.48 billion, with a midpoint of $1.46 billion.

It also expects adjusted free cash flow of $600 million to $660 million, with a midpoint of $630 million. The company's previous full-year Adjusted EBITDA range was $1.35 billion to $1.41 billion.

Leadership transition

In a separate release furnished with the filing, the company said Eric Gerstenberg will serve as sole Chief Executive Officer effective Jan. 1, 2027. Mike Battles will retire as Co-Chief Executive Officer and a board member on Dec. 31, 2026, and will serve in a strategic advisory role in 2027.

Chairman Rob Willett said the leadership change was endorsed by both Co-CEOs and the board.

The company said it spent $689 million on acquisitions in the first nine months of 2026, and it has completed five transactions this year.