Clean Harbors Is Banking on 600N Base Oil – Can This Bet Up The Ante?

Clean Harbors reported its third-quarter 2025 results, which showcased a mixture of strengths and challenges, leaving investors with a nuanced investment thesis. The company’s performance was marked by a year-over-year growth in revenue and adjusted EBITDA, driven primarily by increased waste volumes and pricing gains across the network, although macroeconomic factors presented headwinds. Positively, Clean Harbors achieved a consolidated adjusted EBITDA margin improvement of 100 basis points, reaching 20.7%, a sign of effective pricing and cost-saving strategies. In the Environmental Services (ES) segment, the adjusted EBITDA margin grew for the 14th consecutive quarter, with revenues rising by 3% and adjusted EBITDA up by 7%. This growth was underpinned by strong demand for Technical Services, with incineration utilization remaining high and landfill volumes increasing by 40%. The Safety-Kleen Sustainable Solutions (SKSS) segment also performed in line with expectations.