Key Takeaways Clean Harbors shares gained 5.6% in three months while its industry declined 8%.Revenues are projected to rise 7.8%, while earnings are expected to grow 34.3% in 2026.Acquisitions are expected to add about $340 million in annual revenues and $87 million in adjusted EBITDA. Clean Harbors, Inc. (CLH - Free Report) , a leading provider of environmental, energy and industrial services in North America, has delivered an impressive performance over the past three months and shows potential to sustain its momentum in the near term. Therefore, if you have not yet taken advantage of the share price appreciation, you should add the stock to your portfolio.
What Makes CLH an Attractive Pick? An Outperformer: A glimpse at the company’s price trend reveals that the stock has had a decent run over the past three months. Shares of Clean Harbors have risen 5.6% against the 8% decline of the industry it belongs to.
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Solid Rank & VGM Score: CLH currently carries a Zacks Rank #2 (Buy) and has a VGM Score of A. Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 (Strong Buy) or #2, offer the best investment opportunities for investors. Thus, the company appears to be a compelling investment proposition now. You can see the complete list of today’s Zacks #1 Rank stocks here.
Northward Estimate Revisions: Over the past 60 days, two earnings estimates for 2026 have moved northward, reflecting analysts’ confidence in the company. The Zacks Consensus Estimate for 2026 earnings has increased 2.8% during this period.
Positive Earnings Surprise: CLH has an impressive earnings surprise history. The company outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an earnings surprise of 4% on average.
Strong Growth Prospects: The Zacks Consensus Estimate for Clean Harbors’third-quarter 2026 revenues is pegged at $1.71 billion, indicating a 10.3% increase from the year-ago quarter. For fiscal 2026, the consensus estimate is $6.50 billion, indicating 7.8% year-over-year growth.
The consensus estimate for third-quarter earnings is pegged at $3.25 per share, indicating 47.1% year-over-year growth. For the full year, the consensus mark is pegged at $9.78 per share, implying 34.3% growth from the prior year.
Growth Factors:Demand Trends Remain Favorable: Industrial activity, environmental regulations, reshoring and Per- and polyfluoroalkyl substances-related work continue to support demand for Clean Harbors’ hazardous waste and environmental services. In the second quarter of 2026, Environmental Services generated revenues of $1.46 billion, up 7.7% from the year-ago quarter. Safety-Kleen Environmental Services revenues advanced 11%, aided by pricing and higher volumes in containerized waste collection and vacuum services. Technical Services revenues rose 18%, incinerator utilization reached 91% and landfill volumes increased 7%. A 10-year, $600-million disposal contract beginning in the fourth quarter of 2026 adds further visibility.
Acquisitions Broaden Growth: CLH continues to expand its service capabilities and geographic reach through acquisitions. The May 2026 acquisition of Terra Nova Solutions strengthened technical and field services, while the announcement of the acquisitions of EnviroServe and ES&H on Oct. 5, 2026, is expected to add about $340 million in annual revenues and $87 million in post-synergy adjusted EBITDA. This should provide a visible lift to CLH’s revenue base and earnings capacity, with further upside as integration benefits and synergies are realized.
Profitability Continues to Improve: Clean Harbors posted a 34.3% increase in net income, while adjusted EBITDA rose 21.6% to $409 million in the second quarter of 2026. Gross margin expanded 180 basis points to 35.1%, and adjusted EBITDA margin increased 190 basis points to 23.6%, reflecting better performance across both segments. Sustained margin expansion should support earnings growth if operating momentum continues.
Cash Flow Supports Capital Returns: Clean Harbors generated $245.5 million of operating cash flow in the first half of 2026 and raised 2026 adjusted free cash flow guidance to $520-$580 million. With more than $500 million in cash and short-term securities, the company retains ample flexibility for buybacks and growth investments. Higher cash generation should support continued shareholder returns while preserving balance-sheet capacity.
Other Stocks to ConsiderA couple of other top-ranked stocks in the broader Business Services sector are Corpay, Inc. (CPAY - Free Report) and Gen Digital Inc. (GEN - Free Report) .
Corpay carries a Zacks Rank #2 at present. It has a long-term earnings growth expectation of 14.1%. CPAY delivered a trailing four-quarter earnings surprise of 3.6%, on average.
Gen Digital also holds a Zacks Rank of 2 at present. It has a long-term earnings growth expectation of 12%. GEN’s earnings beat estimates in each of the trailing four quarters, with the surprise being 2.3%, on average.
Clean Harbors zvýšil celoroční výhled na rok 2026 na upravený EBITDA 1,35–1,41 mld. USD a volný peněžní tok 520–580 mil. USD. Tržby z PFAS v roce 2025 přesáhly 120 mil. USD.
Key Takeaways Clean Harbors shares have gained 10.4% in six months against its industry's 5.7% decline.PFAS revenues topped $120M in 2025 and were tracking above 30% year-over-year growth by Q2 2026.CLH raised 2026 adjusted EBITDA guidance to $1.35-$1.41B and free cash flow to $520-$580M. Clean Harbors, Inc. (CLH - Free Report) stock has gained 10.4% over the past six months against the industry’s 5.7% decline. The Zacks S&P 500 Composite rose 16% during that period.
Six-Month Share Price Performance
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Let us delve deeper into the factors that have contributed to the company’s strong performance.
PFAS Demand Broadens the Growth BaseClean Harbors’ per- and polyfluoroalkyl substances (PFAS)-related demand continues to expand across industrial, government and municipal customers. The company generated more than $120 million in PFAS-related revenues in 2025. Management initially projected 25-35% growth in 2026, while PFAS revenues were tracking more than 30% year-over-year growth by the second quarter. Clean Harbors’ integrated capabilities across filtration, remediation, incineration and hazardous-waste disposal enable it to address multiple stages of the PFAS treatment cycle. The expanding pipeline and breadth of its service offering should support sustained PFAS-related growth beyond 2026.
Rising Cash Generation Supports Shareholder ReturnsClean Harbors’ cash generation improved notably in the first half of 2026. Adjusted free cash flow rose from negative $76 million in the seasonally weaker first quarter to $136 million in the second quarter, while operating cash flow increased 15% year over year to $239 million during the same period. The company repurchased shares worth $25 million and $27.1 million in the first and second quarters of 2026, respectively, with nearly $550 million remaining under its authorization as of June 30. Management raised its 2026 adjusted free cash flow outlook to $520-$580 million, with a midpoint of $550 million. Higher cash generation should enhance flexibility to continue returning capital through share repurchases.
Raised Outlook Promises Stronger Earnings & Cash Generation Clean Harbors raised its 2026 financial outlook following a better-than-expected first half. For the third quarter, management expects adjusted EBITDA to increase 24-28% year over year, supported by emergency-response activity, PFAS opportunities, reshoring-related demand and favorable conditions for re-refined products.
For full-year 2026, the company increased the midpoint of its adjusted EBITDA guidance by $110 million to $1.38 billion and expects adjusted EBITDA of $1.35-$1.41 billion. CLH also raised the midpoint of its adjusted free cash flow outlook by $30 million to $550 million, with guidance of $520-$580 million. The higher outlook points to stronger earnings momentum and cash generation in the second half, providing additional capacity to fund organic growth initiatives, acquisitions and other capital-allocation priorities.
CLH’s Zacks Rank & Stocks to ConsiderClean Harbors has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A couple of better-ranked stocks in the broader Business Services sector are Veralto Corporation (VLTO - Free Report) and CBIZ, Inc. (CBZ - Free Report) .
Veralto Corporation currently carries a Zacks Rank #2 (Buy). It has a long-term earnings growth expectation of 8%.
VLTO delivered a trailing four-quarter earnings surprise of 6.6%, on average.
CBIZ also holds a Zacks Rank of 2 at present. It has a long-term earnings growth expectation of 10%.
CBZ beat earnings estimates in three of the last four quarters and missed once, with an average earnings surprise of 8.9%.
Akcie Clean Harbors za tři měsíce vzrostly o 9,9 % a trh čeká, že zisk na akcii v roce 2026 stoupne o 33,5 %. Tahounem je silná poptávka po nebezpečném odpadu a vyšší využití spaloven.
Key Takeaways Clean Harbors shares have risen 9.9% in three months as 2026 earnings are projected to climb 33.5%.CLH benefits from strong hazardous waste demand, acquisitions and higher incinerator utilization.Clean Harbors faces stiff competition & foreign-currency risks, and offers no quarterly dividend. Shares of Clean Harbors, Inc. (CLH - Free Report) have had a decent run over the past three months. The stock has gained 9.9% compared with the industry’s 2.3% growth. The Zacks S&P 500 composite declined 0.3% during that period.
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CLH has a Growth Score of B. This style score condenses key financial metrics to reflect a fair sense of the quality and sustainability of its growth.
The company’s third-quarter 2026 earnings are expected to increase 47.5% year over year. Its 2026 earnings are projected to rise 33.5%. Revenues are anticipated to grow 7.6% in 2026.
Factors That Bode Well for CLH’s SuccessWaste Demand Supports Top Line: Clean Harbors benefits from sustained demand for hazardous waste disposal, recycling and environmental services, supported by reshoring, per and polyfluoroalkyl substances work and long-term customer relationships. Growing industrial activity, environmental requirements and sustainability needs drive this strong demand for Clean Harbors’ services. The company reported that Environmental Services generated revenues of $1.46 billion, up 7.7% from the year-ago quarter, while Technical Services revenues rose 18% year over year during the second quarter of 2026.
CLH also reported that incinerator utilization increased to 91% from 86% a year earlier and Safety-Kleen Environmental Services revenues advanced 11% year over year during the same period. Management expects positive demand trends across segments to continue in the second half of 2026.
Acquisitions Pave the Way to Expansion: CLH’s acquisition strategy continues to broaden its service portfolio and geographic reach. Past acquisitions of HEPACO and Noble Oil Services expanded Environmental Services’ Field Services division and increased Safety-Kleen’s oil collection presence in the southeastern United States, respectively. In the first half of 2026, the company acquired Terra Nova Solutions to enhance its technical and field services businesses, including drum collection, wastewater treatment, tank cleaning and vacuum services. CLH announced an agreement to acquire EnviroServe and Depot Connect International to strengthen its Technical Services and Field Services businesses, while supporting increased throughput across its disposal and recycling portfolio.
Strong Cash Position Supports Financial Flexibility: CLH had $408.4 million of cash and cash equivalents and $108.4 million of short-term marketable securities at the end of the second quarter of 2026. It generated $245.5 million of operating cash flow in the first six months of 2026, up from $209.6 million a year earlier. The company’s current ratio of 2.13 at the end of the second quarter of 2026 indicates that current assets remained above current liabilities. This solid cash position allows the company to innovate and expand further, giving it robust financial flexibility.
Consistent Buybacks Support Capital Allocation Strategy: The company has consistently returned capital through share buybacks over the years. It repurchased shares worth $51.1 million in 2023, $55.2 million in 2024 and $250 million in 2025. This consistency persisted as, in the first six months of 2026, it repurchased another $52.1 million of common stock. This consistency continues to generate shareholder value.
Risks to CLH StockStiff Competition Raises Cost Pressure: Clean Harbors faces stiff rivalry from large national providers and smaller regional firms across environmental and industrial services. Maintaining differentiation requires continued spending on its network, capabilities and service offerings. As a result, CLH faces the challenge of balancing costs while maintaining steady profitability.
Foreign-Currency Risks: Clean Harbors faces foreign-exchange risk from its Canadian operations. In the first six months of 2026, foreign-currency translation resulted in a $17.7 million loss against a $24.7 million gain a year earlier, while exchange-rate movements reduced cash by $4.7 million. Continued U.S.-Canadian dollar volatility could pressure reported results and increase earnings variability.
Absence of Dividend Makes Stock Unattractive: CLH does not offer quarterly dividends. Investors therefore depend on share-price appreciation for returns, which is not guaranteed. This makes the shares less suitable for investors seeking recurring cash income.
Clean Harbors has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to ConsiderA couple of better-ranked stocks in the broader Business Services sector are Bright Horizons Family Solutions Inc. (BFAM - Free Report) and CBIZ, Inc. (CBZ - Free Report) .
Bright Horizons Family Solutions carries a Zacks Rank #2 (Buy) at present. It has a long-term earnings growth expectation of 13.9%.
BFAM delivered a trailing four-quarter earnings surprise of 7.6%, on average.
CBIZ also holds a Zacks Rank of 2 at present. It has a long-term earnings growth expectation of 11.6%.
CBZ beat earnings estimates in three of the last four quarters and missed once, with an average earnings surprise of 8.9%.
Clean Harbors po výsledcích za 2. čtvrtletí zvýšil výhled celoročního upraveného EBITDA na 1,35–1,41 miliardy USD. Akcie za poslední měsíc klesly asi o 1,7 %.
A month has gone by since the last earnings report for Clean Harbors (CLH - Free Report) . Shares have lost about 1.7% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Clean Harbors due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Clean Harbors, Inc. before we dive into how investors and analysts have reacted as of late.
Clean Harbors' Q2 Earnings Beat EstimatesClean Harbors, Inc. reported better-than-expected second-quarter 2026 results, with both earnings and revenues surpassing the Zacks Consensus Estimate.
CLH posted earnings of $3.22 per share, beating the consensus estimate of $2.74 by 17.5%. Revenues came in at $1.74 billion, exceeding the consensus mark of $1.63 billion by 6.8%.
Earnings increased 36.4% year over year, while revenues rose 12%. The strong results reflected healthy disposal and recycling volumes, remediation and PFAS-related projects, strategic pricing initiatives and favorable market prices for re-refined products.
CLH’s Profitability Improves on Broad-Based GrowthClean Harbors generated net income of $170.5 million, up 34.3% from $126.9 million in the year-ago quarter.
Income from operations increased 27.9% year over year to $268.9 million. Gross profit rose 17.9% to $608.8 million, while the gross margin expanded to 35.1% from 33.3% a year earlier.
Adjusted EBITDA climbed 21.6% to $409 million. The adjusted EBITDA margin expanded 190 basis points to 23.6%, supported by stronger results across both operating segments. The company also maintained solid safety performance, with a year-to-date Total Recordable Incident Rate of 0.46.
Selling, general and administrative expenses increased to $214.6 million from $186.2 million. Higher incentive compensation, insurance expenses, acquisition-related costs and strategic investments contributed to the increase.
Clean Harbors’ ES Segment Gains From Disposal DemandEnvironmental Services generated revenues of $1.46 billion, up 7.7% from the year-ago quarter. Segment adjusted EBITDA increased 8% to $406.1 million, while the adjusted EBITDA margin improved 10 basis points to 27.9%.
Technical Services revenues rose 18%, driven by healthy demand for disposal and recycling services, project activity and acquisitions. A large-scale event contributed approximately $30 million to Technical Services revenues during the quarter.
Incinerator utilization, including the new Kimball facility, increased to 91% from 86% a year earlier. The improvement reflected strength in the base business and project volumes. Landfill volumes jumped 7% on continued project wins.
Safety-Kleen Environmental Services revenues advanced 11%, aided by pricing and higher volumes in containerized waste collection and vacuum services. Field Services revenues rose 3% despite a difficult year-over-year comparison that included major emergency-response projects.
The segment has now delivered year-over-year adjusted EBITDA margin expansion for 17 consecutive quarters.
CLH’s SKSS Business Benefits From Higher PricingSafety-Kleen Sustainability Solutions revenues surged 40.8% year over year to $278.4 million. The increase primarily resulted from a sharp rise in market prices for base and blended products amid global supply disruptions, along with higher charge-for-oil revenues.
Segment adjusted EBITDA jumped 142.8% to $93 million, while its margin expanded to 33.4% from 19.4% in the prior-year period. The supply-constrained environment widened the company’s re-refining spread and significantly strengthened profitability.
Clean Harbors collected 61 million gallons of waste oil compared with 64 million gallons a year earlier. Although collection volume declined, the company maintained a charge-for-oil rate that was considerably higher year over year.
Blended products represented 21% of total volumes sold, up from 19% a year ago and 16% in the first quarter. Direct blended sales increased to 11% of total volumes from 9% in the year-ago quarter, reflecting new customer wins and closed-loop arrangements.
The result significantly exceeded management’s expectations from the first-quarter earnings call, when it anticipated SKSS’ second-quarter growth to exceed 10% because of improving base oil prices.
Clean Harbors’ Cash Flow Remains HealthyCash provided by operating activities was $239.2 million, up from $208 million in the prior-year quarter. Adjusted free cash flow increased to $135.7 million from $133.2 million.
Capital expenditures, net of asset-sale proceeds, were $124 million compared with $87.3 million a year ago. Clean Harbors also repurchased $27.1 million of shares during the quarter, up from $12 million in the year-ago period.
The company ended June with $408.4 million in cash and cash equivalents and $108.4 million in short-term marketable securities. Its current and long-term debt totaled approximately $2.77 billion.
CLH Raises 2026 GuidanceFor the third quarter of 2026, Clean Harbors expects adjusted EBITDA to increase 24-28% year over year. Management anticipates continued strength across both operating segments, supported by emergency-response work, PFAS opportunities, reshoring activity and favorable demand for re-refined products.
Following the strong first-half performance, the company raised the midpoint of its full-year adjusted EBITDA guidance by $110 million. Clean Harbors now expects adjusted EBITDA of $1.35-$1.41 billion, with a midpoint of $1.38 billion.
The company also increased the midpoint of its adjusted free cash flow outlook by $30 million. Adjusted free cash flow is now projected between $520 million and $580 million, with a midpoint of $550 million.
The outlook includes anticipated GAAP net income of $481-$531 million and net cash from operating activities of $890 million to $1.01 billion.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates review.
The consensus estimate has shifted 20.15% due to these changes.
VGM ScoresCurrently, Clean Harbors has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. However, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Clean Harbors has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerClean Harbors belongs to the Zacks Waste Removal Services industry. Another stock from the same industry, Veralto (VLTO - Free Report) , has gained 3.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.
Veralto reported revenues of $1.47 billion in the last reported quarter, representing a year-over-year change of +7.5%. EPS of $1.11 for the same period compares with $0.93 a year ago.
Veralto is expected to post earnings of $1.09 per share for the current quarter, representing a year-over-year change of +10.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.8%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #2 (Buy) for Veralto. Also, the stock has a VGM Score of C.
Společnost Clean Harbors za posledních šest měsíců vzrostla o 15,9 %, zatímco odvětví kleslo o 5 % a S&P 500 přidal 14 %. Analytici za posledních 60 dní zvýšili odhad EPS pro rok 2026 o 11,9 %.
Key Takeaways Clean Harbors gained 15.9% in six months, beating the industry's 5% decline and the S&P 500's 14% rally.CLH's 2026 EPS estimate rose 11.9% in 60 days, with four upward revisions and no downward changes.CLH had $517M in cash versus $13M in current debt, while Q2 FCF climbed to $115M from negative $91M. Clean Harbors, Inc. (CLH - Free Report) stock has gained 15.9% over the past six months against the industry’s 5% decline and the Zacks S&P 500 Composite's 14% rally.
6-Month Share Price Performance Image Source: Zacks Investment Research
Let us delve into the factors that have contributed to the company’s outperformance.
Outlook Reinforced by Upward Estimates Revision: For 2026, the Zacks Consensus Estimate for top line is pinned at $6.6 billion, suggesting 6.9% year-over-year growth. The consensus estimate for EPS is pegged at $9.51, implying a 30.6% increase.
Over the past 60 days, four EPS estimates for 2026 have been revised upward with no downward adjustments, highlighting optimistic sentiments among analysts. In the same period, the Zacks Consensus Estimate for 2026 EPS moved up 11.9%.
Robust analyst conviction, coupled with bright top- and bottom-line momentum, bolsters CLH’s performance in 2026. This stock offers a solid risk-reward entry point for investors seeking a growth play, supported by strong fundamentals and analyst sentiment.
Solid Liquidity Profile: As of June 30, 2026, CLH held $517 million in cash and equivalents against a current debt of $13 million. The company’s liquidity profile stands on the back of a manifold increase in operating cash flow to $239 million during the second quarter of 2026 and a free cash flow (FCF) of $115 million, which is a significant rise from the preceding quarter’s negative FCF of $91 million. A strong balance sheet and cash position rank CLH’s liquidity profile in the top tier.
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Clean Harbors’ current ratio attests to its solid liquidity profile. During the second quarter of 2026, CLH’s current ratio of 2.13 outperformed its industry average of 1.02, signaling effective short-term debt coverage and minimal liquidity risks.
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Capital Return via Persistent Share Buyback: The company repurchased $50.2 million of stock in 2022, $51.1 million in 2023, $55.2 million in 2024 and $250 million in 2025. In the first six months of 2026, it repurchased another $52.1 million of common stock. During the second quarter of 2026, share count dipped marginally year over year, which, when combined with 34.3% net income growth, led to a 36.4% jump in EPS. This EPS accretion maximizes shareholders' value.
Zacks Rank & Stocks to ConsiderClean Harbors currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are Acuity (AYI - Free Report) and Marsh (MRSH - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Acuity has a long-term earnings growth expectation of 10%. AYI delivered a trailing four-quarter earnings surprise of 4.9%, on average.
Marsh has a long-term earnings growth expectation of 6.7%. MRSH delivered a trailing four-quarter earnings surprise of 4.1%, on average.
Clean Harbors zvýšil výhled upraveného volného cash flow pro rok 2026 na 520–580 milionů USD. Zároveň se ale obchoduje za 33,7násobek forwardového zisku, nad odvětvím i S&P 500.
Key Takeaways Clean Harbors' 2026 EPS estimate is $8.79, implying 20.7% growth from $7.28 in 2025.CLH trades at 33.7X forward earnings versus 25.5X for the industry and 20.8X for the S&P 500.Clean Harbors raised 2026 adjusted free cash flow guidance to $520-$580 million. Clean Harbors, Inc. (CLH - Free Report) is showing faster earnings growth and improving cash generation, but investors are being asked to pay a sizable premium for that progress.
The key issue is whether rising estimates and structural demand can support the current valuation. With the shares already priced above industry benchmarks, the setup favors a measured approach rather than chasing operating momentum at any price.
CLH’s Growth Case Is Getting StrongerThe Zacks Consensus Estimate for 2026 earnings is $8.79 per share, up from $7.28 in 2025. Projected earnings growth for the current fiscal year is 20.7%, giving CLH a stronger earnings profile as demand remains healthy across its environmental-services businesses.
Estimate revisions reinforce that trend. The full-year earnings estimate has risen 11.8% in the past four weeks. Second-quarter earnings also increased 36.4% year over year to $3.22 per share, while adjusted EBITDA advanced 21.6% to $409 million.
Clean Harbors’ Valuation Leaves Less Room for ErrorGrowth is not inexpensive. CLH trades at 33.7X forward earnings, above the 25.5X industry level and 20.8X for the S&P 500. Its 15.8X EV/EBITDA multiple also exceeds the industry’s 12.5X and the stock’s five-year median of 11.7X.
Image Source: Zacks Investment Research
Image Source: Zacks Investment Research
Image Source: Zacks Investment Research
That premium raises the execution bar. Investors comparing environmental-services names may also consider GFL Environmental Inc. (GFL - Free Report) , a North American solid-waste services provider operating across Canada and 18 U.S. states. Waste Connections, Inc. (WCN - Free Report) provides non-hazardous waste collection, transfer and disposal services, along with recycling and resource-recovery operations.
CLH’s Cash Flow Supports Growth and BuybacksClean Harbors generated $245.5 million of operating cash flow in the first six months of 2026, up from $209.6 million a year earlier. Management also raised 2026 adjusted free cash flow guidance to $520-$580 million, providing additional capacity for growth spending and capital allocation.
Share repurchases remain part of that strategy. CLH bought back $52.1 million of common stock in the first half of 2026. The company also had $408.4 million of cash and cash equivalents and $108.4 million of short-term marketable securities at June 30, 2026.
Clean Harbors Still Faces Competitive and FX RisksCompetition remains a constraint on the investment case. Clean Harbors competes with large national providers and smaller regional firms, which can pressure pricing, raise customer-acquisition costs and affect market share.
Foreign-exchange exposure adds another source of variability. Canadian operations contributed to a $17.7 million foreign-currency translation loss in the first six months of 2026, versus a $24.7 million gain a year earlier. CLH also pays no quarterly dividend, leaving shareholder returns dependent on price appreciation.
CLH’s Rating Mix Favors Patience Over ChasingThe growth case has strengthened, but the valuation leaves limited room for disappointment. Rising earnings estimates, higher cash-flow guidance and continued buybacks support the fundamental picture, while the premium multiples make entry price an important consideration.
CLH currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Clean Harbors has a Growth Score of B and Momentum Score of B, both of which point to favorable growth and price-trend characteristics, while its Value Score of C is more neutral. Its VGM Score of B reflects a favorable combined reading across value, growth and momentum. For investors weighing whether to buy now or wait, the rating mix supports patience rather than treating stronger operating momentum as a stand-alone buy signal.
Clean Harbors zvýšil výhled upravené EBITDA pro rok 2026 na 1,35–1,41 miliardy USD po silném 1. pololetí. Ve 2. čtvrtletí EPS vzrostl o 36,4 % na 3,22 USD a tržby o 12 % na 1,74 miliardy USD.
Key Takeaways Clean Harbors' Q2 EPS rose 36.4% to $3.22 as revenues climbed 12% to $1.74 billion.CLH raised 2026 adjusted EBITDA guidance to $1.35-$1.41 billion after a strong first half.Clean Harbors trades at 15.8X EV/EBITDA versus 12.5X for its sub-industry, reflecting a premium. Clean Harbors, Inc. (CLH - Free Report) shares have gained 13.3% in the past three months, extending a broader advance as operating results and the 2026 outlook improved.
The recent move has fundamental support from earnings growth, disposal-network demand and higher guidance. Still, a premium valuation leaves less room for execution shortfalls and keeps the investment case balanced.
CLH’s Earnings Momentum Supports the 3-Month GainSecond-quarter earnings rose 36.4% year over year to $3.22 per share and topped the Zacks Consensus Estimate of $2.74 by 17.5%. Revenues increased 12% to $1.74 billion, exceeding the consensus mark of $1.63 billion by 6.8%.
Profitability strengthened with the top line. Adjusted EBITDA climbed 21.6% to $409 million and the adjusted EBITDA margin expanded 190 basis points to 23.6%. Net income increased 34.3% to $170.5 million, while income from operations advanced 27.9% to $268.9 million.
Clean Harbors’ Disposal Network Is Running HotEnvironmental Services revenues rose 7.7% to $1.46 billion. Technical Services revenues increased 18% as disposal and recycling demand, project activity and acquisitions supported growth. Incinerator utilization reached 91% versus 86% a year earlier, while landfill volumes increased 7%.
The demand picture includes remediation and PFAS-related work, plus a 10-year disposal contract valued at an estimated $600 million. The contract begins in the fourth quarter of 2026 and is expected to reach full capacity in 2030, adding a longer-duration element to the disposal-network story.
CLH Raises Guidance After a Strong First HalfManagement raised the midpoint of 2026 adjusted EBITDA guidance by $110 million to $1.38 billion. The new range is $1.35-$1.41 billion. It also lifted the midpoint of adjusted free cash flow guidance by $30 million to $550 million, within a $520-$580 million range.
The third-quarter outlook points to continued momentum. Clean Harbors expects adjusted EBITDA to grow 24%-28% year over year, supported by emergency-response work, PFAS opportunities, reshoring activity and favorable demand for re-refined products.
Clean Harbors Still Trades at a PremiumCLH trades at 15.8X EV/EBITDA versus 12.5X for its Zacks sub-industry and above its five-year median of 11.7X. The premium increases the importance of sustained earnings growth and delivery against the raised outlook if the recent share-price advance is to continue.
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GFL Environmental Inc. (GFL - Free Report) is a large North American environmental-services company focused on solid waste management. Waste Connections, Inc. (WCN - Free Report) provides non-hazardous waste collection, transfer and disposal services, making both useful reference points for investors assessing the broader waste-services landscape.
CLH’s Rating Mix Supports a Balanced ViewThe 13.3% three-month gain is backed by better earnings, higher margins and stronger guidance, but valuation limits the case for extrapolating the advance without qualification. The operating setup remains favorable, while the premium multiple raises the bar for continued execution.
CLH currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Clean Harbors also has a VGM Score of B, Growth Score of B, Momentum Score of B and Value Score of C. The B scores indicate favorable growth and momentum characteristics, while the C Value Score is more neutral. Combined with a Hold rank, the mix supports a measured stance rather than treating recent momentum as an automatic buying signal.
Clean Harbors ve 2. čtvrtletí překonal odhady: zisk na akcii vzrostl o 36,4 % na 3,22 USD a tržby o 12 % na 1,74 miliardy USD. Akcie od zveřejnění výsledků 29. července klesly o 4,7 %.
Key Takeaways Clean Harbors beat Q2 estimates as earnings rose 36.4% and revenues increased 12%. Higher disposal volumes, project work and re-refined product prices lifted profitability. Clean Harbors raised 2026 EBITDA guidance and won a 10-year, $600 million disposal contract. Clean Harbors, Inc. (CLH - Free Report) reported better-than-expected second-quarter 2026 results, with both earnings and revenues surpassing the Zacks Consensus Estimate.
The earnings beat failed to impress the market, as the stock has dipped 4.7% since the release of the results on July 29.
CLH posted earnings of $3.22 per share, beating the consensus estimate of $2.74 by 17.5%. Revenues came in at $1.74 billion, exceeding the consensus mark of $1.63 billion by 6.8%.
Earnings increased 36.4% year over year, while revenues rose 12%. The strong results reflected healthy disposal and recycling volumes, remediation and PFAS-related projects, strategic pricing initiatives and favorable market prices for re-refined products.
CLH’s Profitability Improves on Broad-Based GrowthClean Harbors generated net income of $170.5 million, up 34.3% from $126.9 million in the year-ago quarter.
Income from operations increased 27.9% year over year to $268.9 million. Gross profit rose 17.9% to $608.8 million, while the gross margin expanded to 35.1% from 33.3% a year earlier.
Adjusted EBITDA climbed 21.6% to $409 million. The adjusted EBITDA margin expanded 190 basis points to 23.6%, supported by stronger results across both operating segments. The company also maintained solid safety performance, with a year-to-date Total Recordable Incident Rate of 0.46.
Selling, general and administrative expenses increased to $214.6 million from $186.2 million. Higher incentive compensation, insurance expenses, acquisition-related costs and strategic investments contributed to the increase.
Clean Harbors’ ES Segment Gains From Disposal DemandEnvironmental Services generated revenues of $1.46 billion, up 7.7% from the year-ago quarter. Segment adjusted EBITDA increased 8% to $406.1 million, while the adjusted EBITDA margin improved 10 basis points to 27.9%.
Technical Services revenues rose 18%, driven by healthy demand for disposal and recycling services, project activity and acquisitions. A large-scale event contributed approximately $30 million to Technical Services revenues during the quarter.
Incinerator utilization, including the new Kimball facility, increased to 91% from 86% a year earlier. The improvement reflected strength in the base business and project volumes. Landfill volumes jumped 7% on continued project wins.
Safety-Kleen Environmental Services revenues advanced 11%, aided by pricing and higher volumes in containerized waste collection and vacuum services. Field Services revenues rose 3% despite a difficult year-over-year comparison that included major emergency-response projects.
The segment has now delivered year-over-year adjusted EBITDA margin expansion for 17 consecutive quarters.
CLH’s SKSS Business Benefits From Higher PricingSafety-Kleen Sustainability Solutions revenues surged 40.8% year over year to $278.4 million. The increase primarily resulted from a sharp rise in market prices for base and blended products amid global supply disruptions, along with higher charge-for-oil revenues.
Segment adjusted EBITDA jumped 142.8% to $93 million, while its margin expanded to 33.4% from 19.4% in the prior-year period. The supply-constrained environment widened the company’s re-refining spread and significantly strengthened profitability.
Clean Harbors collected 61 million gallons of waste oil compared with 64 million gallons a year earlier. Although collection volume declined, the company maintained a charge-for-oil rate that was considerably higher year over year.
Blended products represented 21% of total volumes sold, up from 19% a year ago and 16% in the first quarter. Direct blended sales increased to 11% of total volumes from 9% in the year-ago quarter, reflecting new customer wins and closed-loop arrangements.
The result significantly exceeded management’s expectations from the first-quarter earnings call, when it anticipated SKSS’ second-quarter growth to exceed 10% because of improving base oil prices.
Clean Harbors’ Cash Flow Remains HealthyCash provided by operating activities was $239.2 million, up from $208 million in the prior-year quarter. Adjusted free cash flow increased to $135.7 million from $133.2 million.
Capital expenditures, net of asset-sale proceeds, were $124 million compared with $87.3 million a year ago. Clean Harbors also repurchased $27.1 million of shares during the quarter, up from $12 million in the year-ago period.
The company ended June with $408.4 million in cash and cash equivalents and $108.4 million in short-term marketable securities. Its current and long-term debt totaled approximately $2.77 billion.
CLH Raises 2026 GuidanceFor the third quarter of 2026, Clean Harbors expects adjusted EBITDA to increase 24-28% year over year. Management anticipates continued strength across both operating segments, supported by emergency-response work, PFAS opportunities, reshoring activity and favorable demand for re-refined products.
Following the strong first-half performance, the company raised the midpoint of its full-year adjusted EBITDA guidance by $110 million. Clean Harbors now expects adjusted EBITDA of $1.35-$1.41 billion, with a midpoint of $1.38 billion.
The company also increased the midpoint of its adjusted free cash flow outlook by $30 million. Adjusted free cash flow is now projected between $520 million and $580 million, with a midpoint of $550 million.
The outlook includes anticipated GAAP net income of $481-$531 million and net cash from operating activities of $890 million to $1.01 billion.
Clean Harbors carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings SnapshotWaste Connections, Inc. (WCN - Free Report) reported second-quarter 2026 adjusted earnings of $1.50 per share, beating the Zacks Consensus Estimate of $1.35 by 11.1%. Earnings increased 16.3% from $1.29 in the year-ago quarter.
Revenues of $2.56 billion surpassed the consensus estimate of $2.53 billion by 1.1% and rose 6.4% year over year.
Equifax Inc. (EFX - Free Report) reported second-quarter 2026 adjusted earnings of $2.25 per share, up 12.5% year over year. The figure beat the Zacks Consensus Estimate of $2.21 by 1.8%.
Revenues increased 10.6% year over year to $1.7 billion and surpassed the consensus mark by a slight margin.
Clean Harbors, Inc. (CLH) Q2 2026 Earnings Call July 29, 2026 9:00 AM EDT
Company Participants
Tim Rodenberger
Eric Gerstenberg - Co-CEO, Co-President & Director
Michael Battles - Co-CEO, Co-President & Director
Eric Dugas - Executive VP & CFO
Conference Call Participants
Patrick Brown - Raymond James & Associates, Inc., Research Division
Noah Kaye - Oppenheimer & Co. Inc., Research Division
James Schumm - TD Cowen, Research Division
Adam Bubes - Goldman Sachs Group, Inc., Research Division
Jerry Revich - Wells Fargo Securities, LLC, Research Division
James Ricchiuti - Needham & Company, LLC, Research Division
Shlomo Rosenbaum - Stifel, Nicolaus & Company, Incorporated, Research Division
Lawrence Solow - CJS Securities, Inc.
Tobey Sommer - Truist Securities, Inc., Research Division
David Manthey - Robert W. Baird & Co. Incorporated, Research Division
Nandita Nayar - BofA Securities, Research Division
Presentation
Operator
Greetings, and welcome to the Clean Harbors Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Tim Rodenberger, General Counsel for Clean Harbors. Mr. Rodenberger, you may begin.
Tim Rodenberger
Thank you, Christine, and good morning, everyone. With me on today's call are our Co-Chief Executive Officers, Eric Gerstenberg and Mike Battles; our EVP and Chief Financial Officer, Eric Dugas; and our SVP of Investor Relations, Jim Buckley. Slides for today's call are posted on our Investor Relations website.
Matters we are discussing today that are not historical facts are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Participants are cautioned not to place undue reliance on these statements, which reflect management's opinions only as of today, July 29, 2026. Information on potential factors and risks that could affect our results is included in our SEC filings. The company undertakes no obligation to revise or publicly release the results of any revision of
For the quarter ended June 2026, Clean Harbors (CLH - Free Report) reported revenue of $1.74 billion, up 12% over the same period last year. EPS came in at $3.22, compared to $2.36 in the year-ago quarter.
The reported revenue represents a surprise of +6.79% over the Zacks Consensus Estimate of $1.62 billion. With the consensus EPS estimate being $2.74, the EPS surprise was +17.52%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Clean Harbors performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenue- Direct Revenues- Environmental Services: $1.46 billion compared to the $1.4 billion average estimate based on three analysts. The reported number represents a change of +7.7% year over year.Revenue- Direct Revenues- Safety-Kleen Sustainability Solutions: $278.44 million versus $218.34 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +40.8% change.Adjusted EBITDA- Safety-Kleen Sustainability Solutions: $92.99 million compared to the $44.19 million average estimate based on three analysts.Adjusted EBITDA- Corporate Items: $-90.07 million compared to the $-80.92 million average estimate based on three analysts.Adjusted EBITDA- Environmental Services: $406.1 million compared to the $395.94 million average estimate based on three analysts.View all Key Company Metrics for Clean Harbors here>>>
Shares of Clean Harbors have returned +1.7% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Wall Street expects a year-over-year increase in earnings on higher revenues when Clean Harbors (CLH - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 29. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis environmental services company is expected to post quarterly earnings of $2.73 per share in its upcoming report, which represents a year-over-year change of +15.7%.
Revenues are expected to be $1.62 billion, up 4.8% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.73% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Clean Harbors?For Clean Harbors, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +3.82%.
On the other hand, the stock currently carries a Zacks Rank of #2.
So, this combination indicates that Clean Harbors will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Clean Harbors would post earnings of $1.15 per share when it actually produced earnings of $1.19, delivering a surprise of +3.48%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Clean Harbors appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAnother stock from the Zacks Waste Removal Services industry, Clean Harbors (CLH - Free Report) , is soon expected to post earnings of $2.73 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +15.7%. Revenues for the quarter are expected to be $1.62 billion, up 4.8% from the year-ago quarter.
The consensus EPS estimate for Clean Harbors has been revised 1.7% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +3.82%.
When combined with a Zacks Rank of #2 (Buy), this Earnings ESP indicates that Clean Harbors will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
