Clean Harbors Tops $6B Revenue, Q4 EBITDA Up 8% and Targets 5% Growth
Clean Harbors posted five record metrics in 2025: revenue topped $6 billion, adjusted EBITDA up 5%, adjusted free cash flow hit $509 million, with Q4 adjusted EBITDA rising 8% to $279 million and revenue increasing 6% on strong disposal, PFAS services, and incinerator utilization at 87%. The company outlined 2026 guidance for mid-point adjusted EBITDA growth of about 5% to $1.23 billion, finalized a $130 million acquisition expected to add $11 million in EBITDA, expanded its vacuum truck fleet by $50 million, and increased share buyback capacity by $350 million.
1. Q4 Financial Performance
Clean Harbors delivered Q4 revenue of $1.5 billion, up 6%, with adjusted EBITDA of $279 million, rising 8% and margin expanding by 50 basis points driven by pricing discipline, volume growth, and mix improvements. Incineration utilization reached 87%, and landfill volumes climbed over 50% due to project volumes.
2. Full-Year 2025 Highlights
The company recorded over $6 billion in annual revenue, marking its highest level, with adjusted EBITDA up 5% to $1.17 billion and adjusted free cash flow of $509 million, both records. The Environmental Services segment posted its 15th consecutive quarter of year-over-year margin growth.
3. 2026 Guidance and Capital Allocation
Management guided 2026 adjusted EBITDA of $1.20–$1.26 billion, implying about 5% growth at the midpoint, and forecast adjusted free cash flow near $480 million. The company agreed to acquire Depot Connect International assets for $130 million—expected to generate $40 million in revenue and $11 million in annual EBITDA—expanded its vacuum truck fleet by $50 million, and boosted buyback capacity by $350 million.
4. PFAS and Strategic Initiatives
Executives highlighted PFAS services momentum, citing a $110 million water filtration contract and an EPA partnership study driving inbound discussions. Anticipated Pentagon reporting requirements and forthcoming EPA regulations are expected to further support PFAS disposal and remediation growth.