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Dec 31, 2025
CECO Q4 2025 Earnings Report
CECO reported record fourth quarter 2025 revenue of 214693000 with net income attributable to CECO of 3057000.
Key Takeaways
CECO delivered strong Q4 2025 results with revenue of 214693000, gross margin of 35.1%, operating income of 16528000, and adjusted EBITDA of 29800000, supported by record bookings and backlog growth.
Revenue increased 35 percent year-over-year to 214693000.
Gross profit reached 75376000 with gross margin of 35.1 percent.
Operating income rose 46 percent to 16528000.
Adjusted EBITDA grew 57 percent to 29800000.
Forward Guidance
CECO raised its 2026 full year outlook, projecting revenue between 925000000 and 975000000 and Adjusted EBITDA between 115000000 and 135000000, excluding the proposed Thermon merger.
Positive Outlook
- Revenue outlook midpoint implies approximately 25 percent growth.
- Adjusted EBITDA outlook midpoint implies approximately 40 percent growth.
- Backlog and sales pipeline at record levels.
- Strong bookings momentum entering 2026.
- Free cash flow expected to be at least 50 percent of Adjusted EBITDA.
Challenges Ahead
- Guidance excludes potential impact from Thermon merger.
- Exposure to large project execution risks.
- Macroeconomic and supply chain uncertainties.
- Integration risks related to acquisitions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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