Enviri (NVRI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues were $550 million, nearly flat year-over-year, with operating income and adjusted EBITDA both declining due to higher costs and one-time expenses related to the Clean Earth sale.

• Adjusted diluted EPS from continuing operations was $0.10, a significant improvement from $(0.11) in Q1 2025, while GAAP diluted EPS was $(0.12).

• Net loss attributable to common stockholders was $10.7 million, compared to a net loss of $9.0 million in Q1 2025.

• The Clean Earth segment is set to be sold to Veolia for over $3.0 billion, with closing expected June 1, 2026; the New Enviri spin-off is also on track.

• Leadership transitions announced, with new CEO and CFO appointments and a focus on enhancing profitability and shareholder value.

Financial highlights

• Q1 2026 revenues: $550 million, nearly unchanged from $548 million in Q1 2025.

• Adjusted EBITDA was $65 million (11.8% margin), down from $71 million (12.9%) in Q1 2025.

• Adjusted diluted EPS was $0.10; GAAP diluted EPS from continuing operations was $(0.12).

• Adjusted free cash flow was $(6) million, improved from $(13) million in Q1 2025; net cash provided by operating activities was $22 million, up from $7 million.

• Segment results: Harsco Environmental revenues up 6% to $257 million (adjusted EBITDA $38 million, 15.0% margin); Clean Earth revenues down 4% to $226 million (adjusted EBITDA $33 million, 14.6% margin); Harsco Rail revenues down 4% to $67 million (adjusted EBITDA loss of $1 million, –1.6% margin).

Outlook and guidance

• 2026 guidance reaffirmed: Harsco Environmental adjusted EBITDA $170–$180 million; Harsco Rail adjusted EBITDA $(26)–$(19) million.

• Pro forma EBITDA for New Enviri projected at ~$140 million at the mid-point.

• Q2 2026: Harsco Environmental adjusted EBITDA expected between $37 million and $42 million; Rail adjusted EBITDA projected between $(8.5) million and $(6.0) million.

• Modest free cash flow expected for the year; Rail's ETO contract cash burden continues to impact overall cash flow.

• Economic uncertainty persists, including geopolitical risks, energy price volatility, and regulatory changes.