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Montrose Environmental Group (MEG) investor relations material
Montrose Environmental Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved record revenue and net income for Q3 and year-to-date 2025, driven by strong organic growth, robust demand, and contributions from acquisitions.
Raised 2025 guidance for revenue and Adjusted EBITDA for the third consecutive quarter, reflecting broad-based client demand and strong financial performance.
Strategic focus on organic growth, operational leverage, and selective capital allocation, including a pause and planned restart of acquisitions.
Exited the renewables service line due to policy uncertainty, with the impact reflected in 2025 results and outlook.
All outstanding Series A-2 preferred stock was redeemed in 2025, simplifying the capital structure and eliminating future dividends.
Financial highlights
Q3 2025 revenue grew 25.9% year-over-year to $224.9 million; year-to-date revenue up 25.6% to $637.3 million.
Q3 2025 net income was $8.4 million (vs. $10.6 million loss prior year); year-to-date net income $7.4 million (vs. $34.1 million loss prior year).
Q3 2025 Adjusted EBITDA was $33.7 million (15% margin), up 18.9% YoY; year-to-date Adjusted EBITDA $92.3 million (14.5% margin, +100 bps YoY).
Free cash flow for the nine months was $38.8 million, or 42% of Adjusted EBITDA; operating cash flow improved by $65.3 million to $55.5 million.
Leverage ratio at quarter end was 2.7x, with available liquidity of $198.5 million.
Outlook and guidance
2025 revenue guidance raised to $810–$830 million; Adjusted EBITDA guidance to $112–$118 million, representing 18% and 20% increases at the midpoint over 2024.
2026 EBITDA expected to reach at least $125 million, with further margin improvement anticipated.
Long-term organic growth targeted at 7–9% annually, with EBITDA growth outpacing revenue.
Environmental emergency response revenue for FY25 expected at $80M–$100M.
Remediation and Reuse renewables business expected to be fully wound down by year-end 2025.
How does Series A-2 redemption impact future capital allocation?
Address Q3 margin decline despite segment strength.
What are the key drivers for sustained organic growth?
How will 2026 M&A strategy evolve?
Water treatment: drivers of increased optimism?
Remediation & Reuse segment margin outlook?
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Next Montrose Environmental Group earnings date
Q4 202525 Feb, 2026
Next Montrose Environmental Group earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Montrose Environmental Group, Inc. is an environmental services company that provides a wide range of solutions focused on air quality, environmental laboratory services, regulatory compliance, and sustainability. The company serves various industries, including energy, manufacturing, and government, helping clients address complex environmental challenges through consulting, testing, and technology-driven services. Montrose Environmental Group's offerings include emissions measurement, water treatment solutions, and environmental remediation. The company is headquartered in Little Rock, United States, and its shares are listed on the NYSE.
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