Clean Harbors posts gains in revenue, operating income in Q3

Clean Harbors Inc. has reported increased revenue, operating income and net income for the third quarter of 2025.

The firm reports revenue of $1.55 billion, an increase compared with $1.53 billion in the third quarter of 2024. Income from operations also increased slightly to $193 million, up from $192.3 million in 2024. Net income increased to $118.8 million compared with $115.2 million for the same period of 2024.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 6 percent in the third quarter to $320.2 million.

For the nine months ended Sept. 30, Clean Harbors also reports increased revenue of $4.53 million compared with $4.45 billion in 2024. However, both operating income and net income declined to $514.9 million and $304.3 million, respectively, compared with $533.2 million and $318.3 million in 2024.

“Our third-quarter performance reflected continued growth in our technical services and Safety-Kleen environmental services revenues,” co-CEO Eric Gerstenberg says. “We increased our consolidated adjusted EBITDA margin by 100 basis points from a year ago by continuing to manage costs, driving operating efficiencies and increasing waste volumes handled through our disposal and recycling network.”

The company adds that its Safety-Kleen segment dramatically lowered waste oil collection costs and improved its mix of products sold amid weaker base oil pricing. Clean Harbors says it increased its direct lubricant gallons sold to 9 percent of total volume.

Clean Harbors also disclosed plans to build a state-of-the-art processing plant, employing its solvent de-asphalting (SDA) technology to convert a rerefining byproduct, vacuum tower asphalt extender (VTAE), into high-value base oil. The firm says it will invest about $210 million and plans to launch commercially in 2028.

Co-CEO Mike Battles says the firm is projecting a payback on investment within six or seven years once completed.

“By using an industry-proven SDA process, combined with our existing hydrotreating capabilities, we expect to unlock incremental value from an everyday byproduct generated today at our re-refineries,” Battles says. “For several years, we have been evaluating ways to upgrade VTAE, which we currently sell to roofing and paving markets, into a more valuable and profitable product.”