The strong beat and raised guidance, combined with a major long-term contract and accretive acquisition, confirm accelerating momentum. Watch for potential further upside to guidance as the year progresses, particularly in SKSS segment margins. The stock may re-rate higher given the improved visibility and capital deployment.
Price Chart
Executive Summary
Clean Harbors reported a record Q2 2026 with revenue up 12% YoY to $1.74B and EPS of $3.22, beating consensus by 14.6%. The company raised its full-year Adjusted EBITDA guidance midpoint by $110M to $1.38B and announced a $600M ten-year disposal contract and a $305M acquisition of ESH, signaling strong demand and margin expansion across both segments.
Key Financial Metrics
Key Facts
- Q2 revenue $1.74B (+12% YoY) vs consensus $1.64B
- Q2 GAAP diluted EPS $3.22 (+36% YoY) vs consensus $2.81
- Q2 Adjusted EBITDA $409M (+22% YoY), margin 23.6% (+190 bps)
- Full-year 2026 Adjusted EBITDA guidance raised to $1.35B-$1.41B (midpoint $1.38B)
- Full-year 2026 adjusted free cash flow guidance raised to $520M-$580M
- Awarded ten-year disposal contract valued at ~$600M
- Agreed to acquire ESH for $305M in cash to expand Field Services
- ES segment delivered 17th consecutive quarter of YoY Adjusted EBITDA margin expansion
- SKSS segment Adjusted EBITDA up 143% YoY on favorable re-refined product pricing
Financial Impact
Revenue beat consensus by ~$95M; EPS beat by $0.41 (14.6%); guidance midpoint raised by $110M for Adjusted EBITDA and $30M for adjusted free cash flow
Risk Factors
- Integration and execution risk from the $305M ESH acquisition
- Commodity price volatility in re-refined products could impact SKSS margins
- Potential dilution from share repurchases (only $52M YTD) not offsetting acquisition financing
- Macroeconomic slowdown could reduce industrial waste volumes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000822818-26-000031 |
| Document: clh-20260729.htm | 0000822818-26-000031 |
| Document: 0000822818-26-000031-index-headers.html | 0000822818-26-000031 |
| Document: 0000822818-26-000031-index.html | 0000822818-26-000031 |
| Document: 0000822818-26-000031.txt | 0000822818-26-000031 |
| 8-K Data (Synthetic) | 0000822818-26-000031 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 7w ago | Insider Cluster | $321.98 $322.99 | ▲ +0.31% | ▲ +2.31% | $318.51 (−1.08%) |
Aug 12, 2026 7w ago | 8-K | $316.65 $320.94 | ▲ +1.35% | ▲ +3.25% | $318.51 (+0.59%) |
Jul 29, 2026 9w ago | 8-K | $326.34 $313.67 | ▼ −3.88% | ▼ −8.90% | $318.51 (−2.40%) |
May 14, 2026 20w ago | 8-K | $308.40 $287.78 | ▼ −6.69% | ▼ −5.83% | $318.51 (+3.28%) |
May 6, 2026 21w ago | 8-K | $287.98 $286.63 | ▼ −0.47% | ▼ −3.25% | $318.51 (+10.60%) |
Apr 10, 2026 25w ago | DEFA14A | $302.23 $282.37 | ▼ −6.57% | ▼ −15.10% | $318.51 (+5.39%) |
Mar 17, 2026 28w ago | Insider Cluster | $290.55 $296.00 | ▲ +1.88% | ▼ −2.42% | $318.51 (+9.62%) |
US Market Status
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