A month has gone by since the last earnings report for Clean Harbors (CLH Quick QuoteCLH - Free Report) . Shares have added about 1.6% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Clean Harbors due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

Clean Harbors' Q1 Earnings Beat Estimates

Clean Harbors, Inc. reported mixed first-quarter 2026 results. Earnings per share (EPS) beat the Zacks Consensus Estimate, while revenues missed the same.

CLH posted first-quarter of 2026 earnings of $1.19 per share, beating the Zacks Consensus Estimate of $1.15 by 3.5%. Revenues came in at $1.46 billion, missing the consensus mark of $1.47 billion by 0.4%.

Earnings grew 9.2% year over year, while revenues increased 1.9%. Management highlighted stronger profitability in both operating segments, supported by disciplined pricing and a late-quarter lift in base oil pricing, alongside a record-low Total Recordable Incident Rate (TRIR) of 0.39.

CLH Starts 2026 Strong With Profitability Improvement

Clean Harbors described the quarter as better than expected, with higher profitability across both operating segments despite weather-related disruptions that weighed on parts of the collection and services business in February.

Management also pointed to continued momentum exiting the quarter, framing the operating backdrop as supportive for its disposal and recycling network, with added tailwinds from project services and PFAS-related opportunities.

Clean Harbors’ ES Business Benefits From Project Activity

Environmental Services generated first-quarter revenues of $1.24 billion, up 2.9% from the year-ago quarter. The company attributed growth to project services, including PFAS-related work and emergency response activity, while citing healthy demand for disposal and recycling services.

Operationally, the company reported Technical Services revenue growth of 5% and Safety-Kleen Environmental Services revenue growth of 7%, aided by pricing and higher volumes. Incineration utilization, including the Kimball incinerator, was 80% versus 81% a year ago, reflecting planned maintenance days and weather impacts. Landfill volumes increased 34% and Field Services revenues rose 7%, including a large-scale emergency event that generated approximately $10 million in revenues.

CLH’s SKSS Results Improve as Pricing Trends Turn

Safety-Kleen Sustainability Solutions posted revenues of $217.1 million, down 3.4% year over year, as lower market pricing for base and blended products outweighed other benefits. Management said that the revenue decline was expected, and noted that base oil prices strengthened late in the quarter.

Even with the softer revenue base, the segment delivered a sharp improvement in profitability. Management credited progress in its charge-for-oil strategy for waste oil collection services and cost actions taken over the past year. The company also said that it collected 53 million gallons of waste oil to keep its re-refinery running efficiently, while growing premium mix through higher direct lubricant gallons and Group III gallons sold compared with the prior-year quarter.

Clean Harbors Expands Margins on Pricing & Efficiency

On the consolidated income statement, income from operations increased 7% year over year to $118.9 million. Selling, general and administrative expenses rose to $207.1 million, with management attributing the higher SG&A rate to incentive compensation and insurance costs.

Adjusted EBITDA increased 5.5% to $247.9 million, with the adjusted EBITDA margin expanding 60 basis points to 17%. Management linked the margin expansion to disciplined pricing, leveraging volume growth, labor cost controls, cost internalization, and network and transportation efficiencies. Net income rose 7.7% to $63.2 million.

CLH Raises 2026 Targets on Stronger Segment Outlook

For the second quarter of 2026, Clean Harbors expects year-over-year adjusted EBITDA growth of 5-9%. Based on the first-quarter performance and market conditions, the company raised the midpoint of its full-year adjusted EBITDA guidance by $40 million and lifted the midpoint of adjusted free cash flow guidance by $10 million.

For 2026, CLH expects adjusted EBITDA of $1.24 billion to $1.30 billion (midpoint: $1.27 billion), alongside an adjusted free cash flow of $490 million to $550 million (midpoint: $520 million). The company’s outlook also includes anticipated GAAP net income of $421 million to $472 million, and net cash from operating activities of $840 million to $960 million.

Clean Harbors Maintains Flexibility for Buybacks & Deals

CLH ended the first quarter of 2026 with cash and cash equivalents of $548 million, and short-term marketable securities of $121 million. Management cited a net debt-to-EBITDA ratio of approximately 2X and a blended debt interest rate of 5.2%, positioning the company to fund internal investments and pursue acquisitions.

Cash provided by operations was $6.3 million in the quarter, while the adjusted free cash flow was negative $75.8 million, consistent with the company’s typical first-quarter seasonality. CLH also repurchased about 87,000 shares for $25 million at an average price of roughly $287 per share, ending March 2026 with approximately $575 million remaining under its repurchase authorization. Management noted it closed the DCI acquisition at the end of the quarter and continues to evaluate additional tuck-in opportunities largely tied to Environmental Services.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a flat trend in estimates revision.

VGM Scores

At this time, Clean Harbors has a nice Growth Score of B, a score with the same score on the momentum front. Following the exact same course, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors.

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

Outlook

Clean Harbors has a Zacks Rank #3 (Hold). We expect an in-line 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 0.3% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Waste Connections reported revenues of $2.37 billion in the last reported quarter, representing a year-over-year change of +6.4%. EPS of $1.23 for the same period compares with $1.13 a year ago.

For the current quarter, Waste Connections is expected to post earnings of $1.36 per share, indicating a change of +5.4% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.2% 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.