A month has gone by since the last earnings report for Clean Harbors (CLH Quick QuoteCLH - Free Report) . Shares have added about 5.5% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Clean Harbors due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Clean Harbors, Inc. before we dive into how investors and analysts have reacted as of late.

Clean Harbors' Q3 Earnings Miss Estimates

Clean Harbors reported dismal third-quarter 2025 results, wherein earnings and revenues missed the Zacks Consensus Estimate.

CLH’s earnings of $2.21 per share missed the Zacks Consensus Estimate by 6.8% but increased 4.3% from the year-ago quarter. Total revenues of $1.5 billion missed the consensus estimate by 1.7% but moved up 1.3% on a year-over-year basis.

CLH's Segmental Revenues

Environmental Services (“ES”) revenues of $1.3 billion increased 2.4% from the year-ago quarter, meeting our estimate. This growth was achieved on the back of strong demand in the disposal network and collection businesses.

Revenues from Safety-Kleen Sustainability Solutions (“SKSS”) totaled $230.8 million, marking a 4.5% year-over-year decline and lagging our estimate of $243.6 million. Pricing headwinds in the base oil market drove this segment’s revenues.

Clean Harbor's Profitability Performance

Adjusted EBITDA of $320.2 million grew 6.1% from the year-ago quarter and missed our estimation of $328.9 million. The adjusted EBITDA margin was 20.7%, up 100 basis points from the year-ago quarter.

Segment-wise, adjusted EBITDA for ES amounted to $357.2 million, increasing 7.4% year over year. The figure missed our estimate of $378 million. Adjusted EBITDA for SKSS was $40.9 million, down marginally from the year-ago quarter and surpassing our estimate of $38.4 million.

Balance Sheet & Cash Flow of CLH

Clean Harbors exited the quarter with cash and cash equivalents of $759.2 million compared with $600.2 million at the end of the preceding quarter. Inventories and supplies were $377.3 million compared with $383.4 million in the second quarter of 2025.

Long-term debt (less current portion) was $2.8 billion, flat with the previous quarter. CLH generated $302 million in net cash from operating activities. The capital expenditure amounted to $94.4 million. The adjusted free cash flow utilized was $230.6 million.

CLH's 2025 Guidance

For 2025, CLH’s guidance for adjusted EBITDA is updated to $1.16-$1.18 billion compared with $1.16-$1.20 billion provided in the preceding quarter. The adjusted free cash flow is hiked to $445-$495 million compared with the preceding quarter’s view of $430-$490 million.

How Have Estimates Been Moving Since Then?

It turns out, estimates review have trended downward during the past month.

VGM Scores

At this time, Clean Harbors has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Clean Harbors has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

Performance of an Industry Player

Clean Harbors belongs to the Zacks Waste Removal Services industry. Another stock from the same industry, Waste Connections (WCN Quick QuoteWCN - Free Report) , has gained 3.5% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.

Waste Connections reported revenues of $2.46 billion in the last reported quarter, representing a year-over-year change of +5.1%. EPS of $1.44 for the same period compares with $1.35 a year ago.

For the current quarter, Waste Connections is expected to post earnings of $1.29 per share, indicating a change of +11.2% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

Waste Connections has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.