Clean Harbors, Inc. (CLH) Earnings
Clean Harbors, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $2.70. CLH has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise -0.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.15 | $1.19 | +3.5% | $1.5B | -0.5% |
| Feb 18, 2026 | $1.59 | $1.62 | +1.9% | $1.5B | +1.8% |
| Oct 29, 2025 | $2.37 | $2.21 | -6.8% | $1.5B | +5.8% |
| Jul 30, 2025 | $2.33 | $2.36 | +1.3% | $1.5B | -2.3% |
| Apr 30, 2025 | $1.02 | $1.09 | +6.9% | $1.4B | -10.0% |
| Feb 19, 2025 | $1.36 | $1.55 | +14.0% | $1.4B | +0.5% |
| Jul 31, 2024 | $2.23 | $2.46 | +10.3% | $1.6B | +1.5% |
| May 1, 2024 | $1.15 | $1.29 | +12.2% | $1.4B | +3.0% |
| Feb 21, 2024 | $1.69 | $1.82 | +7.7% | $1.3B | -1.6% |
| Nov 1, 2023 | $2.10 | $1.68 | -20.0% | $1.4B | +0.7% |
| Aug 2, 2023 | $2.10 | $2.13 | +1.4% | $1.4B | -1.7% |
| May 3, 2023 | $1.17 | $1.36 | +16.2% | $1.3B | +4.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Safety: Achieved lowest quarterly total recordable incident rate of 0.39 in Q1. Results Summary: Q1 results better than expected with higher profitability in both segments. ES segment had 16th consecutive quarter of year-over-year adjusted EBITDA margin improvement and 18th straight quarter of EBITDA growth. SKSF benefited from focus on charge for oil services and late quarter surge in base oil pricing. ES Segment Details: Revenue up over $40M due to project services growth including PFAS and emergency response. Technical services up 5%, safety clean up 7%. Incineration utilization 80%. Landfill volumes up 34%. Field service revenue up 7% with 18 new branches opened in 2025 and 10 planned in 2026. PFAS Management Framework: Issued in early April, provides end-to-end cost-effective solution. Regulatory movement around PFAS with both DoD and EPA issuing guidance endorsing incineration, hazardous waste landfill, etc. AI: Implementing AI-type functionality in many areas like waste classifications, invoice audit, etc. to improve productivity, compliance, safety, and customer service. Capital Allocation: Closed DCI acquisition in Q1. Investing internally in back-truck fleet expansion, SDA unit, etc. Ended quarter with ample cash and low leverage. Share repurchases ongoing with $25M spent on buying back 87,000 shares.
Guidance
2026 adjusted EBITDA range revised to $1.24B - $1.30B (midpoint $1.27B), up $40M from prior guidance. Midpoint implies 9% growth vs 2025. ES segment expected to grow 5%-8% in adjusted EBITDA for 2026. SKSF segment expected to have adjusted EBITDA of ~$165M in 2026, up ~20% from 2025. 2026 adjusted free cash flow range $490M - $550M (midpoint $520M), up $10M from prior guidance.
Segment performance
Environmental Services Segment: Q1 revenue increased by over $40 million due to growth in project services including PFAS-related opportunities and emergency response work. Technical services revenue rose 5%, safety clean environmental services revenue grew 7%. Incineration utilization was 80%. Landfill volumes rose by 34%. Field service revenue grew 7% with 18 new field service branches opened in 2025 and 10 planned in 2026. Adjusted EBITDA was up 6% with segment margin up 50 basis points. SKSF Segment: Year-over-year revenue decrease due to lower market pricing for base and blended products, partially offset by increase in charge for oil revenue and rising base oil prices towards end of quarter. Q1 adjusted EBITDA grew 17% to $33 million with 320 basis point improvement in March.
Risks & headwinds
Uncertainty around duration of overseas conflict and its impact on base oil prices. Weather conditions impacting collection and services business in February. Regional softness in industrial services business. Uncertainty around regulatory requirements and their impact on PFAS business.
Analyst Q&A
Q: Noah Kay asks about Q2 segment performance,
A: Eric and Mike discuss ES segment growth potential and SKSF segment's base oil fluctuation.
Q: Brian Bergmeier asks about impact of rising diesel costs,
A: Mike explains recovery fee covers diesel costs and is reset monthly.
Q: Jerry Ravitch asks about M&A pipeline and deal sizes,
A: Mike mentions DCI acquisition closed in Q1, many M&A opportunities in swim lane, mostly smaller tuck-ins.
Q: James Rashudi asks about industrial services turnarounds and market verticals,
A: Eric talks about turnaround counts and verticals like healthcare, retail, pharma showing strength.
Q: Larry Solo asks about PFAS guidance and customer behavior,
A: Eric and Mike discuss PFAS framework being enacted and customers responding to it.
Q: David Manthe asks about SKSS guidance spread and Kimball incinerator,
A: Eric talks about SKSS guidance spread and Kimball incinerator running well.
Q: Adam Bubis asks about charge for oil actions and SKSS EBITDA growth,
A: Eric discusses charge for oil and base oil price trends.
Q: James Shum asks about SKSS guidance spread and PFAS growth,
A: Eric talks about SKSS guidance spread and PFAS growth in 25%-35% range.
Q: Toby Somer asks about EPA and DOD PFAS guidelines differences,
A: Mike talks about EPA and DOD endorsing incineration and Clean Harbors' end-to-end solution.