Clean Harbors, Inc. (CLH) SEC Filings & Earnings Calls

Increased leverage from debt financing for acquisitions; integration risk.

“Indenture for notes; creation of direct financial obligation.”

Increased leverage from new debt issuance may pressure credit metrics.

“Issuance of 6.250% senior notes due 2034 adds to long-term debt.”

Integration risk from acquisition

“Acquisition of EnviroServe may involve integration challenges”

Integration risk from $305M ES&H acquisition

“Acquisition expected to close in H2 2026, subject to regulatory approval; cost synergies of ~$5M after first full year”

Industrial Services Demand Weakness

“Partially offsetting the broad revenues growth across Environmental Services was a $22.3 million decrease in Industrial Services revenues, driven by lower demand for industrial maintenance and turnaround services as compared to 2025, with the impact concentrated largely in the first quarter of 2026.” · word for word

Fuel Cost Exposure

“Due to higher market-based fuel pricing, transportation and fuel related costs increased $30.9 million during the three months ended June 30, 2026 compared to the same period in 2025.” · word for word

Founder departure introduces leadership transition risk, though planned and orderly with co-CEOs continuing.

“Founder and Executive Chairman retiring; independent Chair to be appointed.”

Industrial Services business continues to operate in a challenged market, though strategic initiatives are underway.

“Although our Industrial Services business continues to operate in a challenged market, strategic initiatives being undertaken now will ensure growth as conditions improve.” · word for word

Weather conditions impacted collection and services businesses in Q1.

“navigating challenging weather conditions that impacted our collection and services businesses” · word for word

SKSS revenue decline from lower oil product pricing

“SKSS segment direct revenues decreased $15.7 million or 7.1%, from the comparable period in 2025, driven predominantly by lower pricing of base and blended oil products” · word for word

Industrial Services demand weakness

“a $19.8 million reduction in revenues from our Industrial Services operations due to lower demand for industrial maintenance and turnaround services as compared to 2025” · word for word

Cost inflation pressures

“We experience cost pressures across several categories, most notably internal and external labor and benefits, insurance, transportation, maintenance, fuel and other energy related costs” · word for word

Base oil pricing environment weakening; SKSS segment impacted.

“in response to further weakening in the base oil pricing environment we advanced our charge-for-oil (CFO) pricing strategy” · word for word

Commodity Price Exposure in SKSS

“Overall product pricing as well as revenues generated and/or costs incurred in connection with the collection of used oil and other raw materials associated with the segment’s oil-related products can also be volatile and can be impacted by global events and their relative impact on commodity products and pricing.” · word for word

Inflationary Cost Pressure

“We continue to experience inflationary pressures across several cost categories, but most notably related to internal and external labor, healthcare, transportation, maintenance and energy-related costs.” · word for word

Base oil pricing volatility

“SKSS segment direct revenues decreased $14.1 million or 6.1% from the comparable periods in 2024, driven predominantly by lower pricing of base and blended oil products.” · word for word

Tariff and trade restriction cost increases

“We are also subject to uncertainties and cost increases due to the changing regulatory landscape, including trade restrictions and tariffs.” · word for word

Inflationary cost pressures

“We continue to experience inflationary pressures across several cost categories, but most notably related to internal and external labor, healthcare, transportation, maintenance and energy related costs.” · word for word

Macroeconomic headwinds in chemical and refining verticals impacting Field Services and Industrial Services.

“Chemical and refining customers continued to limit their turnaround spending; Field Services revenue declined due to absence of large emergency response projects.” · word for word

Tariff-driven uncertainty affecting customer spending in key verticals.

“Slowdowns with customers in some key verticals such as the chemical space due to tariff driven uncertainty.” · word for word

Healthcare cost increases impacting ES segment results.

“Increased healthcare costs resulted in lower-than-anticipated results for the Environmental Services segment.” · word for word