CLH · Clean Harbors, Inc.

Clean Harbors delivered a strong start to 2026, achieving record first-quarter revenue of $1.46 billion driven by solid performance across both operating segments. The Environmental Services (ES) segment extended its track record of consistent execution, marking its 16th consecutive quarter of year-over-year Adjusted EBITDA margin improvement with a 50-basis-point expansion. This performance was supported by a 5% revenue increase in Technical Services due to higher demand for disposal and recycling, and a 7% increase in Safety-Kleen Environmental Services driven by pricing and core growth. Landfill volumes surged 34% on sizeable project activity, while Field Services grew 7% aided by a large-scale emergency response project generating approximately $10 million in revenue. The Safety-Kleen Sustainability Solutions (SKSS) segment significantly outperformed, growing Adjusted EBITDA by 17% and expanding margins by 320 basis points, benefiting from the company's charge-for-oil pricing strategy and a late-quarter rise in base oil pricing. Management highlighted an improving U.S. economic backdrop and favorable demand trends across key lines of business, including reshoring and PFAS-related project services. Consequently, the company raised its full-year 2026 financial targets, increasing the midpoint of Adjusted EBITDA guidance by $40 million to $1.27 billion and the midpoint of Adjusted Free Cash Flow guidance by $10 million to $520 million, signaling confidence in sustained profitable growth.