Clean Harbors is the leading provider of environmental and industrial services throughout North America, and the question for the next twelve months is whether the company can convert the $1.74 billion record Q2 2026 revenue, the 12% revenue growth, the 34% net income growth, the 22% Adjusted EBITDA growth, the 23.6% Adjusted EBITDA margin, the 10-year $600 million disposal contract win, and the $305 million planned ESH Field Services acquisition into the kind of environmental-services and SKSS operating leverage the company has been telegraphing. The Q2 2026 print was the cleanest test of that thesis, and the cleanest signal is that co-CEO Mike Battles said "our record second-quarter results demonstrate the substantial momentum we achieved in both of our operating segments. Our Environmental Services (ES) segment benefited from a combination of healthy volumes into our disposal and recycling network, remediation projects, PFAS-related work and our strategic pricing initiatives to offset inflation and fuel costs. Within our Safety-Kleen Sustainability Solutions (SKSS) segment, a sharp uptick in market pricing for our re-refined products drove significant profitability during the quarter." The strategic tension is the underlying ES volume momentum against the SKSS commodity-driven Q2 2026 re-refined product price uptick, and the forward question is whether the disposal contract, the ESH Field Services acquisition, and the SKSS market pricing can compound into the raised 2026 guidance the company has been telegraphing.
The $1.74 billion record Q2 2026 revenue and the 22% Adjusted EBITDA growth are the cleanest read on the operating momentum, and the $600 million disposal contract is the proof. The Q2 2026 revenue of $1.74 billion grew 12% year over year, the Q2 2026 income from operations of $268.9 million grew 28% year over year, the Q2 2026 net income of $170.5 million grew 34% year over year, the Q2 2026 EPS of $3.22 grew 36% year over year, the Q2 2026 Adjusted EBITDA of $409.0 million grew 22% year over year, and the Q2 2026 Adjusted EBITDA margin expanded 190 basis points year over year to 23.6%.
The 10-year disposal contract with an estimated $600 million value, the $305 million planned ESH Field Services acquisition, the raised 2026 guidance for Adjusted EBITDA and Adjusted Free Cash Flow, the 17th consecutive quarter of year-over-year ES Adjusted EBITDA margin expansion with a margin of 27.9%, the 91% incineration utilization including the new Kimball incinerator, the 7% landfill volume growth, the SKSS 41% revenue growth and 143% Adjusted EBITDA growth, the SKSS segment margin up more than 70% from the year-ago period, the 61 million gallons of waste oil gathered, and the year-to-date Total Recordable Incident Rate of 0.46 anchor the print. The forward question is whether the disposal contract, the ESH Field Services acquisition, and the SKSS market pricing can compound into the raised 2026 guidance.