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By the numbers
Full year revenue: $2.24B
Down 4.4% year over year
Clean Earth Q4 revenue: $244M
Up 1.2% year over year
- Recap: Enviri reported a better than expected end to the year as it works to complete the sale of its Clean Earth business to Veolia. Chairman and CEO Nick Grasberger praised executives for continued cost management in the company’s Harsco Environmental and Harsco Rail segmentas and growth initiatives within Clean Earth during the company’s earnings call Tuesday. “While the sale of Clean Earth is a major step towards capturing the sum of the parts value of the Enviri portfolio, it's certainly not the final step. There's more value to be created,” Grasberger said.
- Deal update: The Hart-Scott-Rodino waiting period during which regulators can request more information about the sale is scheduled to close on March 9, after which point the deal is expected to close by mid-year, Grasberger said on the call. He said executives couldn't yet narrow the cash payout range expected from the deal. The company reported $15 million in costs incurred directly as a result of the sale process in the fourth quarter, as well as $7 million related to certain stock compensation that was also deal related. Enviri will continue to provide "certain transition services" to Veolia for Clean Earth through the remainder of 2026, but the company's outlook will not reflect that segment.
- CFO transition: Tom Vadaketh, who has served as CFO of Enviri since October 2023, announced his retirement in January, which will become effective following the Clean Earth sale. Pete Minan, who was previously CFO of Harsco and then Enviri, will return as CFO after the sale, according to a release. Minan held the role for nearly a decade prior to Vadaketh. Minan is serving as a consultant to the company prior to the sale.
- Clean Earth: The business segment saw 3% growth in hazardous waste services revenue through a mixture of both pricing and volume increases, Vadaketh said on the call. That was partially offset by a lack of project-based volume compared to the prior year and some “mixed changes” in soil-dredging materials.
- Harsco Environmental: The company's segment offering environmental services for the global metals industry recorded its best quarter of the year to close out 2025. Revenues rose 7% year over year to $257 million due to higher services demand at new sites and favorable foreign currency translation.
- Harsco Rail: The company continues to burn cash on major European contracts related to its rail business, though it completed a few smaller contracts last year. Revenue fell 28% to $56 million, and the segment's operating income fell by $4 million for a loss of $36 million. Executives have previously said the segment will not return to positive cash flow until 2027.
