Highlights

  • Third quarter 2026 total revenues were $1,869.4 million, and net income was $208.1 million, or $3.93 per diluted share.
  • Adjusted EBITDA, a non-GAAP measure, was $456.1 million in the third quarter, compared with $320.2 million in the prior-year quarter.
  • Clean Harbors acquired EnviroServe on October 2, 2026 for approximately $470 million and ES&H on September 18, 2026 for $300.7 million.
  • The company issued $600.0 million of 6.250% unsecured senior notes due 2034 in October 2026 to fund the two acquisitions.

Clean Harbors, Inc. (NYSE:CLH) shares were trading at USD 315.17 on October 28, 2026, up 0.72%, with a relative volume at time of 3.30. The environmental and industrial services provider acquired ES&H in September, acquired EnviroServe and issued senior notes in October, and filed its quarterly report for the period ended September 30, 2026 on October 28.

Clean Harbors is incorporated in Massachusetts and lists its principal executive offices in Norwell, Massachusetts. The company describes itself as a provider of environmental and industrial services in North America, with more than 350,000 customers. It reports two segments, Environmental Services and Safety-Kleen Sustainability Solutions. The company believes it operates the largest number of hazardous waste incinerators, landfills and treatment, storage and disposal facilities in North America, and it is also a re-refiner and recycler of used oil. Its fiscal year ends December 31.

Third Quarter Results

Clean Harbors reported total revenues of $1,869.4 million for the three months ended September 30, 2026, compared with $1,549.3 million a year earlier. Income from operations was $318.1 million, compared with $193.0 million. Net income was $208.1 million, an increase of 75.2% from $118.8 million, and diluted earnings per share were $3.93, compared with $2.21.

Environmental Services direct revenues were $1,551,121 thousand, an increase of 16.5%. The filing said Field and Emergency Response Services revenues included a large-scale emergency response event that contributed approximately $120 million of revenues. Safety-Kleen Sustainability Solutions direct revenues were $318,328 thousand, an increase of 46.0%, which the filing attributes to higher pricing of oil-based products.

Adjusted EBITDA was $456.1 million, an increase of 42.5%, and Adjusted EBITDA as a percentage of direct revenues was 24.4%, compared with 20.7%. For the nine months ended September 30, 2026, total revenues were $5,064.0 million and net income was $441.8 million, or $8.34 per diluted share.

Cash Flow, Debt and Capital

Net cash from operating activities for the nine months was $664.7 million, compared with $511.6 million. Net cash used in investing activities was $1,046.6 million, which included $689.0 million paid to acquire businesses. Adjusted free cash flow, a non-GAAP measure, was $382,981 thousand.

Cash and cash equivalents were $423,544 thousand at September 30, 2026, compared with $826,315 thousand at December 31, 2025. On September 16, 2026, the company borrowed $120.0 million under its $600.0 million revolving credit facility to partly fund the ES&H acquisition, and it repaid that borrowing on October 16, 2026. The company said it was in compliance with its debt covenants.

During the three and nine months, the company repurchased and retired 81,576 and 252,765 shares for $25.0 million and $75.0 million, respectively.

Acquisitions and Capital Plans

The company acquired EnviroServe on October 2, 2026 for an all-cash purchase price of approximately $470 million, net of cash acquired, to expand the Technical and Field Services businesses. It acquired ES&H on September 18, 2026 for $300.7 million, net of cash acquired, to expand the Field Services business. Both prices are subject to final working capital settlement. The $600.0 million notes offering funded EnviroServe, with remaining proceeds used to repay the revolver borrowing.

The company anticipates 2026 capital spending, net of disposals, in the range of $515.0 million to $575.0 million, including strategic growth projects. Those projects are the SDA unit, a fleet expansion project, the L.A. Hub and a data center strategy investment, with expected completion dates from 2026 to 2028. The company said it expects to fund remaining 2026 spending with cash from operations. The quarterly report does not provide earnings guidance.