10-Q · May 5, 2026
Ameresco, Inc. reported Q1 2026 earnings with a revenue of $401.46 million, which exceeded expectations of $363.15 million, marking a 13.8% increase year-over-year. However, the company reported an EPS of -$0.33,…
Earnings analysis · 10-Q
AMRC earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Ameresco delivered a strong Q2 revenue outcome, with revenue up 9.1% year over year to $515.464 million and gross and operating margins expanding to 17.7% and 8.6%, respectively. Growth was led by U.S. Federal, Europe,…
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Ameresco delivered a strong Q2 revenue outcome, with revenue up 9.1% year over year to $515.464 million and gross and operating margins expanding to 17.7% and 8.6%, respectively. Growth was led by U.S. Federal, Europe, and Renewable Fuels, while total project backlog rose to $6.726 billion. However, GAAP EPS declined to $0.18 from $0.24, North America Regions contracted, and six-month operating cash flow was negative $71.813 million amid $229.1 million of energy-asset investment and rising interest costs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.18
What stood out
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Revenue growth accelerated and beat consensus
Q2 revenue rose 9.1% year over year to $515.464 million from $472.284 million and increased sequentially from $401 million in Q1 2026. Revenue exceeded the $462.206 million consensus estimate by $53.258 million.
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Substantial gross and operating leverage
Gross margin expanded 220 basis points year over year to 17.7% from 15.5%, while operating margin rose 270 basis points to 8.6% from 5.9%. Sequentially, gross margin improved from 14.1% and operating margin from 2.5% in Q1 2026.
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Federal, Europe and fuels drove growth
U.S. Federal revenue grew 55.3% to $92.634 million and Europe grew 9.7% to $155.690 million; Renewable Fuels increased 26.6% to $54.213 million. Growth reflected project timing, additions of long-term O&M contracts, and a larger operating asset portfolio.
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Backlog expanded to $6.726 billion
Total project backlog increased to $6.726 billion from $5.104 billion, including awarded-but-not-contracted backlog of $4.424 billion versus $2.689 billion. O&M fully contracted backlog also increased to $1.519 billion from $1.346 billion.
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Neogenyx transaction bolsters funding
The Neogenyx Fuels transaction brought a $400.0 million HASI cash commitment; $233.8 million was paid to Ameresco at closing, including $57.942 million used to repay existing project-level debt.
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EPS recovered sequentially despite YoY decline
GAAP diluted EPS was $0.18, down $0.06 from $0.24 a year ago, but improved materially from a $0.35 loss in Q1 2026. The year-over-year decline was driven by $10.189 million attributable to non-controlling interests.
What to watch
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North America segment weakened
North America Regions revenue declined 6.7% to $197.107 million and segment income before taxes fell 37.1% to $13.289 million, reflecting lower project revenue timing and lower-margin project mix. The filing did not identify this as a newly added Item 1A risk factor versus the 2025 10-K.
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Cash burn and capital intensity remain high
Six-month operating cash flow was negative $71.813 million versus negative $55.177 million a year earlier, while capital investment in new energy assets was $213.2 million and major maintenance was $15.9 million. This requires continued reliance on asset-level and corporate financing.
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SCE dispute carries up to $89 million exposure
The SCE battery-storage contract dispute remains unresolved; Ameresco states potential liquidated damages could reach an aggregate maximum of $89 million. The approximately $892.0 million contract also has unresolved final-payment and force-majeure cost-recovery issues.
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Higher debt load is pressuring earnings
Net interest expense rose 24.0% year over year to $26.396 million in Q2 as energy-asset financings and corporate debt increased. At June 30, 2026, the revolver balance was $153.0 million, term loans were $136.9 million, and revolver availability was $42.8 million.
Management's outlook
The 10-Q does not provide numeric full-year revenue or EPS guidance. It does state planned remaining-2026 capital expenditures of approximately $120 million to $170 million, including approximately $50 million to $75 million at the Neogenyx Fuels joint venture, and approximately $100 million of additional project financings during the remainder of 2026.
Earlier filings 4
10-K · March 3, 2026
Ameresco positions itself as a full‑service energy infrastructure solutions provider focused on energy efficiency, distributed renewables and related O&M and financing solutions, leveraging ESPCs and PPAs to lower…
10-Q · August 5, 2025
Ameresco reported Q2 revenue of $472,284,000 (up $34,302,000, +7.8% vs Q2 2024) with gross margin improving to ~15.5% and operating margin rising to ~5.9%. Diluted EPS was $0.24 (vs $0.09 prior-year) while operating…
10-Q · May 6, 2025
Ameresco reported Q1 revenues of $352,829 (in thousands) — up versus the prior-year quarter — with gross profit of $51,919 and operating income of $13,692. Revenue growth was driven by strong Europe and North America…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.