Clean Harbors sees FY25 adjusted EBITDA $1.16B-$1.2B

For full-year 2025, Clean Harbors (CLH) is reiterating the midpoints of its prior guidance and expects: Adjusted EBITDA in the range of $1.16 billion to $1.20 billion, or a midpoint of $1.18 billion, which represents 6% growth year over year. This Adjusted EBITDA range is based on anticipated GAAP net income in the range of $383 million to $419 million. Adjusted free cash flow in the range of $430 million to $490 million, or a midpoint of $460 million, which represents a nearly 30% increase from prior year. This range is based on anticipated net cash from operating activities in the range of $775 million to $865 million. “We enter the back half of 2025 with considerable momentum across our core markets, backed by a promising North American economic outlook as reshoring continues,” Gerstenberg said. “While tariff uncertainty has impacted some customers in the short-term, we expect the tangible benefits of the recent tax bill and incentives to invest in American manufacturing to drive customer activity over the longer-term. We continue to see healthy overall demand from customers within our ES segment, resulting in a substantial project pipeline. Multiple customers are expected to proceed with remediation projects in the coming quarters, which will further support our disposal and recycling network. We are excited about the continued progress at our new Kimball incinerator, which achieved its Q2 volume target. We look forward to further ramping up the facility with a broader mix of waste streams in the second half of this year. For SKSS, our focus will remain on actively managing our collection rates and cost structure, while advancing value-added initiatives like our Castrol partnership and Group III production.” Battles concluded, “We anticipate a strong second half of the year for the Company based on numerous tailwinds that should drive both top- and bottom-line improvement from a year ago. With an encouraging market outlook, we are also continuing to execute on our pricing strategies, cost mitigation and operational efficiencies to drive further margin improvement.”