Q4 2025 Clean Harbors Inc Earnings Call Transcript
Key Points
- Clean Harbors Inc (CLH) achieved a record year of safety in 2025 with a total recordable incident rate of 0.49, which is industry-leading.
- The company reported record levels of revenue, adjusted EBITDA, and adjusted free cash flow, with adjusted EBITDA margin increasing by 40 basis points.
- Environmental Services segment delivered its 15th straight quarter of year-over-year growth in adjusted EBITDA margin, reflecting successful execution of growth strategy.
- Clean Harbors Inc (CLH) topped $6 billion in revenues for the first time in its history, with a 5% increase in adjusted EBITDA.
- The company announced a three-year $110 million contract related to PFAS water filtration work, demonstrating the effectiveness of its carbon filtration system.
- The base oil pricing environment continued to weaken in Q4, leading to a slight decline in segment revenue for SKSS.
- Despite strong performance, the company faces stubborn near-term market headwinds in its Environmental Services segment.
- The company anticipates only modest economic assumptions for 2026, with additional upside potential being uncertain.
- Weather impacts are expected to be a headwind in Q1 2026, similar to previous years.
- Corporate expenses are expected to increase by 2% to 4% in 2026, driven by costs to support business growth and higher wages.
Greetings, and welcome to the Clean Harbors fourth quarter 2025 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Michael McDonald, General Counsel for Clean Harbors. Mr. McDonald, you may begin.
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, and we invite you to follow along.
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, February 18, 2026. Information on potential factors and
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