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# Clean Harbors Raises 2026 Profit Outlook As Quarterly Net Income Climbs 75% To $208.1 Million
- URL: https://www.bullished.co/clean-harbors-raises-2026-profit-outlook-as-quarterly-net-income-climbs-75-to-208-1-f9b2ae8a/
- Published: 2026-10-28T12:36:10.000Z
- Updated: 2026-10-28T14:32:28.000Z
- Description: Adjusted EBITDA margin hit a record 24.4%, and Co-CEO Mike Battles will retire at year-end, leaving Eric Gerstenberg as sole CEO.
- Author: Matteo Parrino
- Tags: Earnings, CLH, Industry: Industrials

Clean Harbors, the environmental and industrial services company, said third-quarter net income rose 75% to [$208.1 million](https://www.sec.gov/Archives/edgar/data/0000822818/000082281826000045/clh-q32026pressrelease.htm?ref=bullished.co), or $3.93 a diluted share, and lifted its full-year outlook in an [8-K filed Wednesday](https://www.sec.gov/Archives/edgar/data/0000822818/000082281826000045/clh-20261028.htm?ref=bullished.co). The same day it said Eric Gerstenberg will become sole CEO on January 1, 2027, as Co-CEO Mike Battles retires.

## A record margin on 21% more revenue

Net income compared with [$118.8 million](https://markets.ft.com/data/announce/detail?dockey=600-202610280730BIZWIRE%5FUSPRX%5F%5F%5F%5F20261028%5FBW315826-1&ref=bullished.co), or $2.21 a share, a year earlier. Revenue grew 21% to $1.87 billion, and income from operations rose 65% to $318.1 million.

Adjusted EBITDA, the company's own measure of earnings before interest, taxes, depreciation and amortization, climbed 42% to [$456.1 million](https://markets.ft.com/data/announce/detail?dockey=600-202610280730BIZWIRE%5FUSPRX%5F%5F%5F%5F20261028%5FBW315826-1&ref=bullished.co). The margin reached a record 24.4%, up 370 basis points (3.7 percentage points) from a year ago. Adjusted free cash flow was a record $323 million, the company said.

## Emergency work and pricey re-refined oil

Clean Harbors collects, treats and disposes of hazardous waste and re-refines used oil. In Environmental Services, Field Services was the biggest contributor, with revenue growth above 70%. Gerstenberg said that included one emergency response event that generated about $120 million of revenue at emergency response rates, given the scale and speed of the work. Technical Services revenue rose 3% with incinerator utilization at 87%, and PFAS-related work also grew.

Safety-Kleen Sustainability Solutions, the used-oil re-refining segment, grew revenue 46% and adjusted EBITDA 209%. Battles said global supply disruptions kept prices high for refined products such as base oil and lubricants. The company collected 62 million gallons of waste oil in the quarter.

## Higher guidance and a new CEO

Clean Harbors now expects 2026 adjusted EBITDA of $1.44 billion to $1.48 billion and adjusted free cash flow of $600 million to $660 million, raising the midpoint of each by $80 million. For the fourth quarter, it expects adjusted EBITDA to grow 23% to 26% from a year earlier.

Battles, Co-CEO since March 2023 and previously CFO, retires as co-CEO and director on December 31 and will serve as a strategic adviser in 2027\. Gerstenberg, who joined in 1989, becomes [sole CEO](https://www.sec.gov/Archives/edgar/data/0000822818/000082281826000045/executiveleadershipchange.htm?ref=bullished.co). Chairman Rob Willett said the company has more than tripled its stock price since the two were named co-CEOs.

The company also plans a $55 million investment in a Los Angeles site to bring its Hub concept to the West Coast. It has completed five acquisitions this year, including ES&H and EnviroServe.

Battles said the company sees "a clear path to achieve record results for 2026."

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — CLEAN HARBORS INC (CLH)](https://www.sec.gov/Archives/edgar/data/0000822818/000082281826000045/clh-20261028.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit clh-q32026pressrelease.htm — CLEAN HARBORS INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000822818/000082281826000045/clh-q32026pressrelease.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit executiveleadershipchange.htm — CLEAN HARBORS INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000822818/000082281826000045/executiveleadershipchange.htm?ref=bullished.co) — SEC EDGAR
- [Clean Harbors Announces Third-Quarter 2026 Financial Results – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610280730BIZWIRE%5FUSPRX%5F%5F%5F%5F20261028%5FBW315826-1&ref=bullished.co) — Financial Times