Clean Harbors Reports Q2 2025 Financial Results with $1.55 Billion in Revenues

Clean Harbors, Inc. reported its financial results for the second quarter of 2025, revealing total revenues of $1.55 billion, a slight decrease of 0.2% compared to $1.55 billion in the same period last year. For the first half of 2025, revenues increased by 1.8% to $2.98 billion from $2.93 billion in the prior year. The company's service revenues rose to $1.34 billion, up 3.3% year-over-year, while product revenues fell by 19.5% to $212.9 million, primarily due to lower sales of base and blended oil products. Net income for the quarter was $126.9 million, down 4.8% from $133.3 million in Q2 2024, while net income for the first half of 2025 was $185.6 million, an 8.6% decline from $203.1 million in the previous year.

The company experienced notable changes in its operational metrics, with a decrease in the number of large-scale emergency response events impacting its Field and Emergency Response Services. However, the Environmental Services segment saw growth driven by increased demand for Safety-Kleen core services and Technical Services, which contributed to a 3.2% revenue increase for the first half of 2025. The acquisition of HEPACO in March 2024 also contributed positively to the Environmental Services segment's performance. In contrast, the Safety-Kleen Sustainability Solutions segment faced challenges, with revenues declining by 18.7% in Q2 2025 compared to the previous year, attributed to lower sales volumes and pricing pressures.

Operationally, Clean Harbors served over 350,000 customers, including many Fortune 500 companies, and reported a total employee headcount of approximately 14,000. The company’s cash and cash equivalents stood at $600.2 million as of June 30, 2025, down from $687.2 million at the end of 2024. The company also maintained a $600 million revolving credit facility, with $452.1 million available for borrowing. Adjusted EBITDA for the second quarter was $336.2 million, reflecting a 2.6% increase from $327.8 million in Q2 2024, indicating improved operational efficiency despite revenue challenges.

Looking ahead, Clean Harbors anticipates continued growth in its Environmental Services segment, driven by ongoing demand for waste management and emergency response services. The company plans to focus on integrating its recent acquisitions and optimizing its operations to enhance profitability. However, it also acknowledges potential risks, including inflationary pressures on operating costs and fluctuations in market demand for its products and services. The company expects to maintain its financial strength and liquidity through effective cash flow management and strategic investments in growth opportunities.