Clean Harbors Stock Barely Moves Despite Q4 Earnings and Revenue Beat

Clean Harbors, Inc. CLH reported better-than-expected fourth-quarter 2025 results, with both earnings and revenues beating the Zacks Consensus Estimate. However, the positive results did not affect investor sentiment as the stock has barely moved since the earnings release on Feb. 18.

The company reported fourth-quarter 2025 earnings of $1.62 per share, which beat the Zacks Consensus Estimate by 3 cents and increased 4.5% year over year. Revenues of $1.49 billion beat the consensus mark by 1.4% and rose 4.8% from the year-ago quarter.

The company’s stock has gained 15% in the past six months against the 7.4% decline of the industry.

CLH’s Segmental Revenues

Environmental Services (“ES”) revenues of $1.29 billion increased 6.3% from the year-ago quarter, lagging our estimate of $1.32 billion. The growth was driven by strong demand in the disposal network and collection businesses.

Revenues from Safety-Kleen Sustainability Solutions (“SKSS”) totaled $209 million, marking a 3.6% year-over-year decline but beating our estimate of $208.3 million. Pricing headwinds in the base oil market drove this segment’s revenues.

Clean Harbors’ Profitability Performance

Adjusted EBITDA of $278.69 million grew 8.4% from the year-ago quarter and surpassed our estimate of $271.7 million. The adjusted EBITDA margin was 18.6%, up 60 basis points from the year-ago quarter.

On a segment basis, adjusted EBITDA for ES amounted to $335.77 million, increasing 8.1% year over year. This missed our estimate of $339 million. Adjusted EBITDA for SKSS of $29.95 million rose 21.7% from the year-ago quarter and surpassed our estimate of $23.6 million.

Key Balance Sheet & Cash Flow Figures

Clean Harbors exited the quarter with cash and cash equivalents of $826.32 million compared with $759.2 million at the end of the preceding quarter. Inventories and supplies were $372.1 million compared with $377.31 million in the third quarter of 2025. Long-term debt (less current portion) was $2.76 billion, flat with the previous quarter.

CLH generated $355.1 million in net cash from operating activities during the quarter. The capital expenditure was $121.75 million. The adjusted free cash flow utilized was $261.26 million.

Clean Harbor’s Q1 and 2026 Guidance

Clean Harbour expects adjusted EBITDA growth to be between 4% and 7% year over year in its ES segment and 1% to 3% on a consolidated basis. 

For 2026, CLH expects GAAP net income to be in the range of $410-$461 million. Adjusted EBITDA is expected to be between $1.20 billion and $1.26 billion. The company expects net cash from operating activities to be between $820 million and $940 million. Adjusted free cash flow is estimated to be $480-$540 million with a midpoint of $510 million.

Clean Harbor currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Earnings Snapshot

Waste Connections, Inc. WCN reported impressive fourth-quarter 2025 results.

Waste Connections’ adjusted earnings (excluding 28 cents from non-recurring items) of $1.29 per share marginally surpassed the Zacks Consensus Estimate and increased 11.2% year over year. WCN’s revenues of $2.4 billion met the consensus estimate and grew 5% from the year-ago quarter.

Equifax Inc. EFX posted impressive fourth-quarter 2025 results.

EFX’s adjusted earnings were $2.09 per share, outpacing the Zacks Consensus Estimate by 2.5% but declining 1.4% from the year-ago quarter. Equifax’s total revenues of $1.6 billion surpassed the consensus estimate by 1.3% and grew 9.2% on a year-over-year basis.