Clean Harbors reported Q4 revenue of $1.50 billion, up from $1.43 billion a year earlier. Operating income increased 16% to $158.4 million, while net income reached $86.6 million, or $1.62 per diluted share. Adjusted EBITDA rose 8% to $278.7 million, driven by a 50-basis-point margin expansion in Environmental Services and a 310-basis-point margin gain in Sustainability Solutions.

For the full year, revenue grew 2% to $6.03 billion, and adjusted EBITDA increased 5% to $1.17 billion. The company generated record adjusted free cash flow of $509.3 million. Annual net income was $391.0 million, or $7.28 per diluted share, and key operational milestones included ramp-up of the Kimball incinerator, handling nearly 22,000 emergency response events, and a record low TRIR of 0.49.

As of December 31, 2025, approximately $250 million remained under the existing repurchase authorization. The Board approved a $350 million expansion, bringing total buyback capacity to $600 million. In 2025, the company repurchased a record $250 million of stock at an average price of about $222 per share, reflecting strong cash flow generation and balance sheet strength.

Clean Harbors signed an agreement to acquire certain Depot Connect International businesses for approximately $130 million. The deal covers five locations in Ohio, Louisiana and Texas and is expected to contribute about $40 million in revenue and $11 million in adjusted EBITDA annually. The acquisition will be funded with available cash and is slated to close in the first half of 2026 subject to customary conditions.