Full-Year Revenue and Adjusted EBITDA
Enviri reported full-year 2025 revenues of $2.2 billion and adjusted EBITDA of $275 million, with quarterly (Q4) revenues of $556 million and Q4 adjusted EBITDA of $70 million (Q4 revenue and adjusted EBITDA unchanged year-over-year).
Clean Earth Strong Performance and Transaction Progress
Clean Earth delivered record earnings and margins in 2025, achieved ~4% revenue growth for the year driven by price and volume, and Q4 hazardous waste revenues grew approximately 3%. The sale of Clean Earth is targeted to close midyear, with HSR waiting period currently set to expire March 9 and Form 10/proxy planned to be filed in March.
Harsco Environmental Improvement
Harsco Environmental (HE) Q4 revenue was $257 million, up 7% year-over-year, with adjusted EBITDA of $48 million and a margin near 19%—the segment's highest quarterly adjusted EBITDA in 2025. Drivers included higher service levels, site performance improvements, FX and Brazil tax recoveries.
Operational and Leadership Actions for New Enviri
Management has assembled leadership for New Enviri, announced further corporate rightsizing and cost-reduction plans, initiated IT and central function streamlining, and launched third-party reviews to identify additional efficiency and margin levers for Harsco Environmental and Rail.
Rail Operational Progress Despite Weak Demand
Rail realized improved cash flow and completed several smaller ETO projects in 2025, increased machine shipments vs prior expectations in Q4, and implemented multiple restructurings and supply chain/manufacturing efficiency improvements to reduce cost and inventory.
Pro Forma and 2026 Outlook for New Enviri
Pro forma EBITDA for New Enviri is projected at approximately $140 million for 2026 (up $5 million vs November assumptions). Harsco Environmental 2026 adjusted EBITDA guidance: $170–$180 million. Rail 2026 EBITDA is expected to be a loss between $26 million and $19 million. Management expects modest pro forma free cash flow for 2026 (breakeven to slightly negative).