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Dec 31, 2025
Ameresco Q4 2025 Earnings Report
Ameresco Q4 2025 Earnings Report
Key Takeaways
Ameresco delivered record quarterly revenue of $581 million, driven by strong project execution and growth in recurring energy asset and O&M revenue. Despite a decrease in net income compared to the prior year (which included a significant gain from a business sale), the company achieved strong operational results and exceeded its annual guidance for energy assets placed in service.
Achieved record quarterly revenue of $581.0 million, a 9% increase year-over-year.
Total project backlog reached over $5 billion, with total revenue visibility exceeding $10 billion.
Placed 87 MWe of energy assets into operation during Q4, contributing to a year-end total of 838 MWe.
Adjusted cash from operations for the quarter was $36.4 million, supported by $61.6 million in proceeds from investment tax credit (ITC) sales.
Revenue by Segment
Forward Guidance
Ameresco expects continued growth in 2026 with revenue projected between $2.0 billion and $2.2 billion and Adjusted EBITDA between $270 million and $295 million.
Positive Outlook
- Anticipated revenue growth of 9% at the midpoint.
- Expected Adjusted EBITDA growth of 19% at the midpoint.
- Plans to place 100-120 MWe of energy assets in service.
- Strong long-term revenue visibility exceeding $10 billion.
- Diversified project mix addressing high energy costs and resiliency needs.
Challenges Ahead
- First quarter revenue and EBITDA expected to be seasonally low.
- Q1 2026 EPS expected to be negative by approximately $0.30.
- Depreciation and interest expenses expected to increase as more assets come into service.
- Q1 performance impacted by severe weather conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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