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CECO Environmental
CECO Environmental (CECO) investor relations material
CECO Environmental Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Delivered record Q4 and full-year 2025 results, with revenue, adjusted EBITDA, orders, and backlog all reaching new highs; 2026 outlook raised.
Announced a transformational $2.2 billion cash and stock merger with Thermon Group, expected to close mid-2026, creating a global leader in industrial, environmental, and thermal solutions.
The combined company will be led by Todd Gleason as CEO and is expected to deliver significant scale, growth, and financial enhancement.
Financial highlights
Q4 2025 revenue reached $215 million, up 35% year-over-year; full-year revenue was $774 million, up 39% year-over-year, both company records.
Q4 adjusted EBITDA was $29.8 million (up 57% year-over-year), with a margin of 13.9%; full-year adjusted EBITDA was $90.3 million, up 44%.
Year-end backlog reached $793 million, up 47% year-over-year; 2025 orders totaled $1.064 billion, up 59% year-over-year, with a book-to-bill ratio of 1.37x.
Free cash flow for 2025 was $9.6 million, up 30% year-over-year; leverage ratio improved to 2.2x, with liquidity at $124 million.
Q4 gross margin was 35.1%, and full-year gross margin was 34.8%.
Outlook and guidance
2026 standalone revenue guidance raised to $925–$975 million and adjusted EBITDA to $115–$135 million; orders expected to exceed $1.2 billion.
2026 outlook reflects 23% revenue growth and 38% adjusted EBITDA growth at the midpoint; guidance excludes Thermon merger impact.
Over 65% of year-end 2025 backlog expected to convert in 2026, with a record pipeline of $6.5 billion.
Gas-fired project revenue recognition timeline
What drives 2026 gross margin expansion?
Strategic rationale for the Thermon merger
How will '80/20' drive combined entity synergies?
Quantify cash conversion acceleration from mix shift.
Identify key cross-selling opportunities post-merger.
How do Thermon's project cycle and timing complement CECO?
Detail the international industrial water pipeline?
How does Thermon diversify combined growth profile?
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Next CECO Environmental earnings date
Q1 202628 Apr, 2026
CECO Environmental
Next CECO Environmental earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
CECO Environmental Corp. is a provider of environmental solutions specializing in air quality and fluid handling systems. The company designs and manufactures equipment and services for industries requiring pollution control, industrial ventilation, and wastewater treatment. CECO Environmental serves sectors such as energy, manufacturing, and construction, helping organizations meet environmental compliance and sustainability goals. The company is headquartered in Dallas, Texas, and its shares are listed on the NASDAQ.
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