$CLH · CLEAN HARBORS INC
Clean Harbors filed its 10-Q for the quarter ended September 30, 2026. Total revenue reached $1.869B (+20.7% YoY), net income was $208.1M ($3.93 diluted EPS vs $2.21), and total Adjusted EBITDA hit $456.1M (+42.5% YoY). The Safety-Kleen Sustainability Solutions segment was the standout, with Adjusted EBITDA of $126.5M, up 209% from $40.9M a year ago.
- Q3 revenue of $1.869B, up 20.7% YoY from $1.549B
- Q3 diluted EPS of $3.93 vs $2.21 in prior year, a 77.8% increase
- SKSS segment Adjusted EBITDA jumped 209% YoY to $126.5M from $40.9M
- Income from operations rose 64.8% to $318.1M from $193.0M
- Nine-month operating cash flow reached $664.7M vs $511.6M, a 29.9% improvement
CLH up 1.36% in regular session to $317.18, a modest gain suggesting results were largely in line with or slightly above expectations despite the strong headline growth.
The 209% SKSS Adjusted EBITDA surge and 64.8% operating income jump signal Clean Harbors is capturing exceptional pricing and volume in recycled oil markets while its core environmental services business delivers steady double-digit growth.
The 209% SKSS Adjusted EBITDA surge reflects strong recycled oil pricing and demand, a cyclical tailwind that may not persist. Environmental Services posted a more measured 19.1% Adjusted EBITDA gain, consistent with steady hazardous-waste industry growth.
Goodwill rose to $1.84B from $1.48B at year-end 2025, driven by $689M in acquisitions — any impairment could pressure earnings. Foreign currency translation losses of $19.7M over nine months signal international exposure risk.