Clean Harbors Exceeds 2025 Goals, Hits Record Cash Flow

Clean Harbors announced it met or surpassed its 2025 financial guidance, as detailed by co-CEO Eric Gerstenberg. The company achieved a record $509.3 million in adjusted free cash flow for the year, bolstered by enhanced profitability in its operating segments. The environmental services division saw a 6% revenue increase quarter-over-quarter, with field services up 13% largely due to $30 million in emergency response activities.

The Safety-Kleen Sustainability Solutions segment demonstrated continued turnaround progress. While revenues were down for the quarter and full year, adjusted earnings before income, taxes, depreciation, and amortization improved in Q4 year-over-year. This was attributed to an effective charge-for-oil pricing strategy and a nearly 50% increase in charge rate in re-refining operations.

Further strategic growth was marked by the $130 million acquisition of a portion of Depot Connect International, adding five locations across Ohio, Louisiana, and Texas. The company also secured a three-year, $110 million contract with Joint Base Pearl-Harbor Hickam in Hawai'i for PFAS-related services, expected to add $15 to $30 million annually. Clean Harbors anticipates further growth in 2026, projecting adjusted EBITDA between $1.20 billion and $1.26 billion.