Clean Harbors, Inc. reported its financial results for the third quarter and the first nine months of 2025, revealing a modest increase in total revenues and net income compared to the same periods in 2024. For the three months ended September 30, 2025, the company generated total revenues of $1,549.3 million, a 1.3% increase from $1,529.4 million in the prior year. Net income for the same period rose to $118.8 million, up 3.1% from $115.2 million. For the nine months ended September 30, 2025, total revenues reached $4,531.1 million, compared to $4,458.8 million in 2024, while net income decreased to $304.4 million from $318.3 million.
The company's Environmental Services segment saw a revenue increase of 2.6% for the third quarter, driven by strong demand for waste disposal services, particularly in Technical Services. However, the Safety-Kleen Sustainability Solutions segment experienced a decline in revenues, with a 6.1% decrease in the third quarter and a 6.0% decrease for the nine-month period, primarily due to lower pricing for base and blended oil products. The overall revenue growth was partially offset by foreign currency translation impacts from Canadian operations, which negatively affected revenues by $1.6 million and $11.7 million for the respective periods.
Operationally, Clean Harbors has made significant strides, including the integration of HEPACO, acquired in March 2024, which contributed to the Environmental Services segment's growth. The company reported serving over 350,000 customers, including many Fortune 500 companies, and noted improvements in utilization rates at its incinerators, which reached 92% in the third quarter of 2025, compared to 89% in the same period of 2024. The company also reported a decrease in its employee headcount, reflecting ongoing efforts to optimize operations and manage costs.
In terms of financial health, Clean Harbors reported an increase in cash and cash equivalents to $759.2 million as of September 30, 2025, up from $687.2 million at the end of 2024. The company generated $511.6 million in net cash from operating activities for the nine months ended September 30, 2025, an increase from $473.8 million in the prior year. Adjusted free cash flow also improved significantly, reaching $248.1 million compared to $110.4 million in 2024, indicating a stronger ability to generate cash.
Looking ahead, Clean Harbors anticipates continued growth driven by demand for its environmental services and strategic investments in new projects, including a solvent de-asphalting unit and a hub facility in Phoenix, Arizona. The company expects capital expenditures for 2025 to be in the range of $385 million to $415 million, with plans to fund these investments through operational cash flows. The company remains committed to managing costs effectively while navigating the challenges posed by market conditions and regulatory changes.
About CLEAN HARBORS INC
Clean Harbors, Inc. is a leading North American provider of environmental and industrial services, specializing in hazardous and non-hazardous waste collection, treatment, disposal, and recycling. Its two main segments include Environmental Services—offering waste management, emergency response, and industrial maintenance—and Safety-Kleen Sustainability Solutions, focusing on used oil collection and re-refining into sustainable lubricants. The company serves diverse industries with a broad asset network, emphasizing safety, regulatory compliance, and sustainable solutions.
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