Clean Harbors

Strategic Intent

Clean Harbors provides hazardous waste management, emergency spill response, and industrial cleaning services across North America, operating a vast network of incineration and landfill facilities.

Key Market Signals

• 2026-02: Announced acquisition of Depot Connect International environmental businesses for $130M.
• 2025-09: Achieved 2030 recycling goal early, recycling 1.9 million metric tons in 2024.
• 2025-07: Settled with EPA/DOJ regarding benzene emissions across 10 facilities.
• 2025-07: Faced $602,938 OSHA penalty for a workplace death in Ohio.
• 2024-03: Completed $400M acquisition of HEPACO to expand field services.

Financial Health

• Reported record full-year 2025 revenues of $6.03 billion, a 2% increase over 2024 (Source: https://www.cleanharbors.com/news/clean-harbors-announces-fourth-quarter-and-full-year-2025-financial-results)
• Achieved 2025 Adjusted EBITDA of $1.17 billion, up 5% from the prior year (Source: https://www.cleanharbors.com/news/clean-harbors-announces-fourth-quarter-and-full-year-2025-financial-results)
• Generated record adjusted free cash flow of $509.3 million in 2025 (Source: https://www.cleanharbors.com/news/clean-harbors-announces-fourth-quarter-and-full-year-2025-financial-results)

Impact & Compliance

Legal & Risks

Clean Harbors faces ongoing regulatory oversight and periodic fines related to hazardous waste management and air emissions, including a major Clean Air Act settlement in 2025 and a significant OSHA penalty for a workplace fatality in 2025.

Forensic Audit — 2 findings

• OSHA cited Clean Harbors for three 'willful' workplace safety violations following a worker death in Ohio, July 2025
• EPA settlement in July 2025 regarding benzene emissions reporting at ten facilities in eight states

Classifications

Proprietary Analysis