Revenue: As of FY2026 Q2, the actual value is USD 1.735 B, beating the estimate of USD 1.648 B.

EPS: As of FY2026 Q2, the actual value is USD 3.22, beating the estimate of USD 2.8462.

EBIT: As of FY2026 Q2, the actual value is USD 269.33 M.

Clean Harbors, Inc. announced its second-quarter 2026 financial results, demonstrating significant growth across various metrics compared to the same period in 2025.

Segment Revenue

• Second Quarter 2026 Third-Party Revenue
  • Environmental Services revenue was $1,444.5 million, up from $1,330.1 million in Q2 2025.
  • Safety-Kleen Sustainability Solutions revenue was $290.5 million, up from $219.7 million in Q2 2025.
• Six Months Ended June 30, 2026 Third-Party Revenue
  • Environmental Services revenue was $2,687.0 million, up from $2,537.1 million in the same period of 2025.
  • Safety-Kleen Sustainability Solutions revenue was $507.6 million, up from $444.5 million in the same period of 2025.

Operational Metrics

• Second Quarter 2026 Financial Performance
  • Net Income increased 34% to $170.5 million, up from $126.9 million in Q2 2025.
  • Income from Operations rose 28% to $268.9 million, compared to $210.3 million in Q2 2025.
  • Adjusted EBITDA grew 22% to $409.0 million, up from $336.2 million in Q2 2025.
  • Adjusted EBITDA Margin expanded by 190 basis points year-over-year to 23.6%, from 21.7% in Q2 2025.
  • Cost of Revenues was $1,126.2 million, compared to $1,033.5 million in Q2 2025.
  • Selling, General and Administrative Expenses were $214.6 million, up from $186.2 million in Q2 2025.
  • Accretion of Environmental Liabilities was $3.5 million, compared to $3.6 million in Q2 2025.
  • Depreciation and Amortization was $121.8 million, up from $116.3 million in Q2 2025.
  • Other (Income) Expense, Net was - $0.4 million, compared to $0.6 million in Q2 2025.
  • Interest Expense, Net was $37.2 million, compared to $37.1 million in Q2 2025.
  • Provision for Income Taxes was $61.7 million, up from $45.7 million in Q2 2025.
• Six Months Ended June 30, 2026 Financial Performance
  • Net Income was $233.7 million, compared to $185.6 million in the same period of 2025.
  • Income from Operations was $387.8 million, compared to $321.9 million in the same period of 2025.
  • Adjusted EBITDA was $656.9 million, up from $571.1 million in the same period of 2025.
  • Adjusted EBITDA Margin was 20.6%, up from 19.2% in the same period of 2025.
  • Cost of Revenues was $2,140.3 million, compared to $2,055.4 million in the same period of 2025.
  • Selling, General and Administrative Expenses were $421.7 million, up from $369.0 million in the same period of 2025.
  • Accretion of Environmental Liabilities was $7.0 million, compared to $7.2 million in the same period of 2025.
  • Depreciation and Amortization was $237.6 million, up from $228.3 million in the same period of 2025.
  • Other (Income) Expense, Net was - $0.3 million, compared to - $1.5 million in the same period of 2025.
  • Interest Expense, Net was $71.1 million, compared to $73.2 million in the same period of 2025.
  • Provision for Income Taxes was $82.8 million, up from $61.6 million in the same period of 2025.
• Segment Adjusted EBITDA - Q2 2026 vs Q2 2025
  • Environmental Services Adjusted EBITDA was $406.1 million, up from $376.2 million, with an Adjusted EBITDA margin of 27.9%.
  • Safety-Kleen Sustainability Solutions Adjusted EBITDA was $93.0 million, significantly up from $38.3 million, with a segment margin up over 70%.
• Segment Adjusted EBITDA - Six Months Ended June 30, 2026 vs 2025
  • Environmental Services Adjusted EBITDA was $696.5 million, up from $650.8 million.
  • Safety-Kleen Sustainability Solutions Adjusted EBITDA was $126.0 million, up from $66.6 million.

Cash Flow

• Second Quarter 2026
  • Net Cash from Operating Activities was $239.2 million, an increase from $208.0 million in Q2 2025.
  • Adjusted Free Cash Flow was $135.7 million, up from $133.2 million in Q2 2025.
• Six Months Ended June 30, 2026
  • Net Cash from Operating Activities was $245.5 million, up from $209.6 million in the same period of 2025.
  • Adjusted Free Cash Flow was $59.8 million, significantly up from $17.4 million in the same period of 2025.

Unique Metrics

• Environmental Services Specifics (Q2 2026)
  • Technical Services revenue grew 18%.
  • Safety-Kleen Environmental Services revenue increased 11%.
  • Incineration utilization was 91%, up from 86% a year ago.
  • Landfill volumes rose 7%.
  • Field Services revenue grew 3%.
• Safety-Kleen Sustainability Solutions Specifics (Q2 2026)
  • SKSS segment revenue increased 41%.
  • 61 million gallons of waste oil were gathered.
• Strategic Developments
  • Clean Harbors, Inc. secured a ten-year disposal contract with an estimated value of $600 million, involving incineration waste and complex wastewater volumes, set to commence in Q4 2026 and reach full capacity by 2030.
  • The company entered into a definitive agreement to acquire ES&H for $305 million in cash, expected to close in the second half of 2026.
  • ES&H has annual base revenues of approximately $90 million and generates approximately $30 million in annual Adjusted EBITDA, with Clean Harbors, Inc. anticipating $5 million in cost synergies after the first full year, resulting in a post-synergy acquisition multiple of 8.7 times.

Outlook / Guidance

Clean Harbors, Inc. expects continued positive demand trends across both operating segments. For Q3 2026, Adjusted EBITDA is projected to grow 24% to 28% year-over-year. The company raised its full-year 2026 guidance, now expecting Adjusted EBITDA between $1.35 billion and $1.41 billion, and Adjusted Free Cash Flow between $520 million and $580 million.