Core Insights - Clean Harbors reported record financial and safety performance for 2025, with significant growth in revenue and adjusted EBITDA, alongside a strong safety record [4][6][3] Financial Performance - Clean Harbors achieved over $6 billion in annual revenue for the first time, with adjusted EBITDA increasing by 5% year-over-year, driven primarily by Environmental Services [2][6] - The adjusted EBITDA margin improved by 40 basis points year-over-year, reaching a consolidated Q4 adjusted EBITDA margin of 18.6% [2][16] - Operating cash flow in Q4 grew by 17% to a record $355 million, while adjusted free cash flow also reached a record $261 million for the quarter [17] Safety Performance - The company achieved a total recordable incident rate (TRIR) of 0.49 in 2025, which is considered industry-leading and significantly lower than the previous year [3][6] Operational Milestones - Key operational milestones for 2025 included the ramp-up of the new Kimball Incinerator, the creation of the Phoenix Hub, and handling nearly 22,000 emergency response events [1][4] Capital Allocation and Guidance - Clean Harbors plans to acquire DCI environmental businesses for approximately $130 million and expand its vacuum truck fleet by $50 million [5][14] - For 2026, the company guided adjusted EBITDA between $1.20 billion and $1.26 billion, implying about 5% growth, and adjusted free cash flow between $480 million and $540 million [5][18] Segment Performance - Environmental Services revenue increased by 6% in Q4, attributed to demand for disposal and recycling services, project volumes, and emergency response work [6][10] - Safety-Kleen Environmental Services revenue rose by 7%, driven by pricing and higher volumes, particularly in vacuum services [10] PFAS Growth Opportunity - The company anticipates considerable momentum in PFAS services, with a projected revenue growth of 20% for 2026, supported by a recent incineration study with the EPA [8][9]