Clean Harbors, Inc. · CLH · FY2026 Q3 · Calendar Q4 2026
Clean Harbors raises 2026 EBITDA outlook after record Q3
The Q3 analysis supports a constructive but qualified view of Clean Harbors' growth trajectory: reshoring, PFAS work, customer consolidation, data-center services, and tight base-oil supply supported stronger results and higher guidance. The main counterweights are the non-recurring emergency-response contribution, possible SKSS normalization, seasonal Industrial Services demand, and execution risk as capital spending and acquisitions increase.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the prior quarter, Clean Harbors reported faster Q3 growth, raised 2026 adjusted EBITDA guidance to $1.44-$1.48 billion, and highlighted a new approximately $120 million emergency-response contribution. Capital spending for data-center services accelerated, the Los Angeles hub plan added projected lease savings, and management identified PFAS-related revenue of $150-$200 million as a growth opportunity.
Guidance delta
Management raised 2026 adjusted EBITDA guidance to $1.44-$1.48 billion, implying approximately 25% year-over-year growth. It plans to provide 2027 full-year guidance after the February results release.
Key takeaways
- Q3 revenue grew 21% to $1.87 billion and adjusted EBITDA rose 42% to $456 million, setting new margin records.
- The guidance increase followed strong Field Services results, including an approximately $120 million emergency-response event, plus robust SKSS performance.
- SKSS revenue rose 46% and adjusted EBITDA more than tripled as tight base-oil supply supported higher-value Group III products.
- Management expects PFAS-related revenue of $150-$200 million and cited reshoring, customer consolidation, and data-center services as growth drivers.
Management priorities
- Consolidate six legacy sites into the Los Angeles hub, with projected annual lease savings of $5-$7 million.
- Accelerate data-center capital spending to $15 million in 2026 and $70 million over the next two years.
- Bring the SDA unit online by the end of 2028 and continue a disciplined acquisition pipeline.
- Expand PFAS remediation and water-treatment work while serving reshoring and customer-consolidation demand.
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Try FN2 freeCompany context
Snapshot as of publicationClean Harbors, Inc. delivers a comprehensive range of environmental and industrial services across North America. The company is structured into two primary divisions: Environmental Services and Safety-Kleen Sustainability Solutions. The Environmental Services segment manages the entire lifecycle of waste, from collection and transportation to treatment and final disposal of both hazardous and non-hazardous materials. This involves employing various techniques including resource reclamation, physical processing, fuel blending, incineration, secure landfilling, wastewater purification, and the proper handling of laboratory chemicals and explosive materials. Its specialized CleanPack services meticulously manage the collection, identification, categorization, bespoke packaging, transportation, and ultimate disposal of sensitive laboratory chemicals and household hazardous waste.…
Industrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FER Ferrovial N.V. | FY2026 Q3 · Calendar Q4 2026 | — | +7.3% | Ferrovial: Core infrastructure growth and new U.S. awards stand out |
| GNRC Generac Holdings Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +3.1% | Generac leans into data-center demand as backlog reaches $4.5 billion |
| OTIS Otis Worldwide Corporation | FY2026 Q3 · Calendar Q4 2026 | — | -1.8% | Otis: Service momentum offsets continued China new-equipment weakness |
| ODFL Old Dominion Freight Line, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -6.2% | ODFL: Strong Q3 growth, with Q4 cost pressure in view |
| AER AerCap Holdings N.V. | FY2026 Q3 · Calendar Q4 2026 | — | +5.4% | AerCap raises full-year EPS guidance after record Q3 |
| GEV GE Vernova Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -1.4% | GE Vernova raises 2026 outlook as orders and margins accelerate |
Latest beats and misses
Who reports nextBeat on EPS
- RNR-PGFY2026 Q3 · October 27, 2026+20.4% EPS— move
- ESSFY2026 Q3 · October 27, 2026+3.4% EPS-4.0% move
- ACGLFY2026 Q3 · October 27, 2026+15.6% EPS+1.8% move
- OKEFY2026 Q3 · October 27, 2026+42.0% EPS-1.6% move
- ACGLOFY2026 Q3 · October 27, 2026+15.6% EPS-0.2% move
- BXPFY2026 Q3 · October 27, 2026+40.9% EPS+1.7% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-28T20:04:34.090587+00:00
- FN2 earnings calendar · 2026-10-28T01:23:13.546025+00:00
- Polygon adjusted daily market bars · 2026-10-28T20:30:42.795100+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-28T20:30:42.792278+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-28. For educational purposes only; not investment advice.