Description

Clean Harbors Raises 2026 Guidance; Is Wall Street Missing The PFAS Story?

Clean Harbors, Inc. reported first quarter 2026 results that exceeded prior expectations across both its Environmental Services (ES) and Safety-Kleen Sustainable Solutions (SKSS) segments, with adjusted EBITDA growth and margin expansion despite certain operational challenges. Total revenue grew 2% year-over-year to $1.46 billion, driven primarily by increased project services revenue, including PFAS-related and emergency response work. ES segment showed its 16th consecutive quarter of year-over-year adjusted EBITDA margin improvement and the 18th consecutive quarter of EBITDA growth. Despite weather disruptions in February that impacted collections, ES ended the quarter with strong momentum including a 10% revenue increase in March compared to a year ago. The segment benefited from increased landfill volumes (+34%), 7% growth in Field Service revenues, and growth in Technical Services and Safety-Kleen Environmental Services revenue streams.