Clean Harbors Reports Record 2025 Results, Sets 2026 Outlook With Deals and PFAS Tailwinds

Overview

• The company surpassed $6 billion in 2025 revenue, lifted adjusted EBITDA about 5% and generated a record $509 million in adjusted free cash flow after a fourth quarter that beat prior guidance.
• Management issued 2026 targets for adjusted EBITDA of $1.20–$1.26 billion, adjusted free cash flow of $480–$540 million and adjusted net income of $410–$461 million.
• Clean Harbors agreed to acquire environmental businesses from Depot Connect International for about $130 million and plans a $50 million expansion of its vacuum‑truck fleet through 2027.
• Net debt to EBITDA is near 1.8x, the lowest in roughly 15 years, after $250 million of 2025 share repurchases and with $600 million of buyback authorization remaining.
• PFAS services are set to expand with a three‑year, $110 million Pearl Harbor water‑filtration contract and management’s expectation for roughly 20% PFAS revenue growth in 2026, citing regulatory support and customer demand.