Clean Harbors reported third‑quarter 2025 revenue of $1.55 billion, a 1.3% year‑over‑year increase that matches the same figure reported for Q2 2025. Net income was $118.8 million, or $2.21 per diluted share, identical to the Q2 result. Adjusted EBITDA rose to $320.2 million, up 6% from Q3 2024 and 4% from Q2 2025, and the adjusted EBITDA margin expanded to 20.7%, a 100‑basis‑point improvement over the prior year. The company’s total recordable incident rate (TRIR) reached a record‑low 0.49 at quarter‑end.
Technical Services revenue grew 12%, driving a 3% top‑line increase, while Safety‑Kleen Environmental Services revenue rose 8% on pricing gains and steady volume growth. Field Services revenue declined due to the absence of large emergency response projects, and Industrial Services revenue fell 5% as chemical and refining customers reduced spending. PFAS remediation revenue is projected to reach $110 million in 2025, reflecting growing demand for these services.
Clean Harbors raised its 2025 adjusted EBITDA guidance to $1.155 billion–$1.175 billion, up from the prior guidance of $1.18 billion, and adjusted free cash flow to $455 million–$495 million. The company also announced a $210 million–$220 million investment in a solvent de‑asphalting plant that will convert a re‑refining byproduct into a high‑value 600N base oil, with commercial launch slated for 2028 and expected EBITDA of $30 million–$40 million.
Management emphasized the “charge‑for‑oil” strategy in Safety‑Kleen, which has helped stabilize margins amid volatile base‑oil pricing. The company plans to mitigate headwinds in Field Services and Industrial Services by focusing on high‑margin projects and expanding its PFAS remediation portfolio. It also highlighted ongoing investments in safety and operational efficiency, underscoring its commitment to maintaining a low TRIR.
Clean Harbors operates in a highly regulated sector where capital intensity and regulatory barriers provide a competitive advantage. The company’s focus on incineration and landfilling services, combined with its circular‑economy initiatives such as the SDA plant, positions it to capture value from waste streams while meeting growing environmental compliance demands. Macro‑economic factors, including tariff uncertainty and higher employee healthcare costs, have weighed on certain segments, but the diversified business model and essential service offerings provide resilience.
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