$CLH · CLEAN HARBORS INC
Clean Harbors reported Q3 2026 results with revenue of $1.87B (+21% YoY), net income of $208.1M (+75% YoY), and diluted EPS of $3.93. Adjusted EBITDA reached $456.1M with a record 24.4% margin. The company raised full-year 2026 Adjusted EBITDA guidance to $1.44B–$1.48B (midpoint +$80M) and adjusted free cash flow guidance to $600M–$660M. Separately, the company announced Co-CEO Mike Battles will retire at year-end, with Eric Gerstenberg becoming sole CEO on January 1, 2027.
- Q3 revenue hit a record $1.87B, up 21% YoY from $1.55B, driven by both ES and SKSS segments.
- Q3 net income surged 75% to $208.1M, with diluted EPS of $3.93 vs. $2.21 a year ago.
- Adjusted EBITDA grew 42% to $456.1M; margin expanded 370 bps YoY to a record 24.4%.
- Full-year 2026 Adjusted EBITDA guidance raised to $1.44B–$1.48B, a midpoint increase of $80M.
- Co-CEO Mike Battles to retire at year-end; Eric Gerstenberg becomes sole CEO on January 1, 2027.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The $80M guidance raise and 75% net income growth are likely to be viewed positively when trading opens.
A 75% net income surge, $80M guidance raise, and co-CEO retirement in a single filing make this a high-signal event for a $16.5B environmental services leader.
Clean Harbors' results reflect broad strength in environmental services, with PFAS remediation, reshoring-driven industrial demand, and emergency response work all contributing. The SKSS segment is benefiting from global base oil supply shortages that have lifted re-refined product pricing industry-wide.
Q3 benefited from a ~$120M emergency response event at premium rates — a non-recurring windfall that may not repeat. SKSS profitability is tied to global supply disruptions sustaining high re-refined product prices; a normalization in those markets could compress margins.