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Ameresco (AMRC) investor relations material
Ameresco Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue reached $526.0 million, up 5% year-over-year, with net income attributable to common shareholders of $18.5 million and GAAP/Non-GAAP EPS of $0.35.
Adjusted EBITDA grew 13% to $70.4 million, with 68% of year-to-date EBITDA from recurring business lines.
Total project backlog reached $5.1 billion, with $2.5 billion contracted, supporting long-term revenue visibility.
Expanded business development and customer base, including new mandates in data centers, steel production, and European joint ventures.
Maintained operations with minimal disruption during the federal government shutdown, with contingency plans in place.
Financial highlights
Gross margin improved to 16.0% in Q3 2025, up both sequentially and year-over-year.
Adjusted EBITDA margin for Q3 2025 was 13.4%, up from 12.4% in Q3 2024.
Net income attributable to common shareholders was $18.5 million; non-GAAP net income was $18.8 million.
Cash and cash equivalents at September 30, 2025 were $94.6 million.
Cash flow from operations for Q3 was $64.3 million; 8-quarter rolling average at $51.9 million.
Outlook and guidance
Reaffirmed 2025 guidance: revenue of $1.85–$1.95 billion, gross margin of 15.5–16.0%, and adjusted EBITDA of $205–$245 million.
Long-term targets remain at 10% annual revenue growth and 20% adjusted EBITDA growth.
Project backlog at $5.14 billion, with 12-month backlog at $1.25 billion as of September 30, 2025.
Prolonged government shutdown could shift some revenue timing but is not expected to materially impact Q4 results.
Guidance excludes potential impact from changes in accounting for sale-leaseback arrangements.
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Operating profit rose 28.9% in 2025, with strong core business and digital segment growth. - GM
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Q1 FY2026 revenue up 5.5% to $85.9B; adjusted EPS rose 9.4% to $4.08. - STC
Scalable, high-margin IT communications provider for SMBs with strong recurring revenue and growth momentum. - APAM
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Q4 2025 earnings hit $2.9B, with record refining yields and strong portfolio transformation. - ARCC
FY 2025 delivered $2.01 Core EPS, $1.86 net income/share, and a $0.48 Q1 2026 dividend. - HMN
Record core earnings, 12.4% ROE, and 10% EPS growth guidance for 2026. - AFG
Record underwriting profit, strong ROE, and over $700M returned to shareholders in 2025.
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