Earnings summaries and quarterly performance for CECO ENVIRONMENTAL.
Executive leadership at CECO ENVIRONMENTAL.
Board of directors at CECO ENVIRONMENTAL.
Research analysts who have asked questions during CECO ENVIRONMENTAL earnings calls.
Aaron Spychalla
Craig-Hallum Capital Group
6 questions for CECO
Also covers: BW, BWMN, DAKT +8 more
BB
Bobby Brooks
Northland Capital Markets
3 questions for CECO
Also covers: ATMU, CXT, EE +11 more
Gerry Sweeney
Roth Capital Partners, LLC
3 questions for CECO
Also covers: ALCO, AZZ, BOOM +8 more
JR
James Ricchiuti
Needham & Company, LLC
3 questions for CECO
Also covers: AEIS, BELFA, BHE +20 more
Rob Brown
Lake Street Capital Markets
3 questions for CECO
Also covers: AGX, APLD, BLDP +13 more
RB
Robert Brooks
Northland Capital Markets
3 questions for CECO
Also covers: ATMU, BELFA, CXT +10 more
Chris
TD Cowen
2 questions for CECO
Also covers: SITE, UAA, ZTS
GS
Gerard Sweeney
ROTH Capital
2 questions for CECO
Also covers: ALNT, ARQ, AVO +15 more
JR
Jim Ricchiuti
Needham & Company
2 questions for CECO
Also covers: BHE, CLH, FARO +5 more
Sameer Joshi
H.C. Wainwright & Co.
2 questions for CECO
Also covers: ALTO, AMTX, BEEM +24 more
CG
Chris Grenga
Needham & Company
1 question for CECO
Also covers: AEIS, CLH, FARO +6 more
Recent press releases and 8-K filings for CECO.
CECO Environmental Corp. Enters New Credit Agreement
CECO
Debt Issuance
- On January 30, 2026, CECO Environmental Corp. entered into a Fourth Amended and Restated Credit Agreement.
- This agreement establishes a senior secured revolving credit facility with an initial aggregate principal amount of up to $700.0 million, and an option to increase it by an additional $150.0 million.
- The credit facility is set to mature on January 30, 2031.
- The agreement includes financial covenants, requiring the Consolidated Fixed Charge Coverage Ratio to be no less than 1.25 to 1.00, the Consolidated Net Leverage Ratio no greater than 4.00 to 1.00, and the Consolidated Secured Net Leverage Ratio no greater than 3.50 to 1.00, all commencing with the fiscal quarter ending December 31, 2025.
3 days ago
CECO Environmental Reports Strong Q3 2025 Results and Introduces Positive 2026 Outlook
CECO
Earnings
Guidance Update
Revenue Acceleration/Inflection
- CECO Environmental reported strong Q3 2025 performance, with backlog up 64%, orders up 44%, and revenue up 46% year-over-year, driving a 62% increase in Adjusted EBITDA and a 120bps margin improvement.
- The company reaffirmed its Full Year 2025 outlook, anticipating revenue growth of approximately 35% and Adjusted EBITDA to increase by about 50% year-over-year.
- For Full Year 2026, CECO introduced an outlook projecting revenue between $850 million and $950 million (up 15% to 25% YoY) and Adjusted EBITDA between $110 million and $130 million (up 20% to 40% YoY).
- CECO is well-positioned in strong markets like Power, Natural Gas, and Global Industrial Water, supported by a record opportunity pipeline of approximately $5.8 billion.
Jan 14, 2026, 6:30 PM
CECO Environmental Discusses Transformation, Growth Drivers, and 2026 Outlook
CECO
M&A
New Projects/Investments
Guidance Update
- CECO Environmental has undergone a significant transformation over the last five years, focusing on organic expansion and executing approximately 14 programmatic acquisitions in the last three and a half years to strengthen its positions in industrial air, energy, and industrial water.
- The company has experienced enormous growth in bookings, driven by AI-related power generation demand, including an $80 million order in Q3 and a $135 million order in Q4. Its pipeline has grown to $6 billion, with approximately 20% from discrete power jobs.
- CECO aims to build a $200-$300 million industrial water platform over the next few years, expecting this to become a $100-$200 million revenue business with attractive margins and recurring revenue, with over 50% of its total revenue generated outside North America.
- For 2026, CECO provided guidance of $850-$950 million in revenue and $110-$130 million in EBITDA. Management noted being a year behind its goal of 15% EBITDA margins due to strategic investments for growth, expecting volume to absorb SG&A.
Jan 14, 2026, 6:30 PM
CECO Environmental Discusses Transformation, Growth, and Outlook at NEDM Growth Conference
CECO
New Projects/Investments
M&A
Guidance Update
- CECO Environmental has undergone a significant transformation since mid-2020, focusing on organic expansion into new markets and geographies, and programmatic M&A, resulting in substantial growth.
- The company's pipeline has expanded to $6 billion, up from $1-$1.5 billion, with approximately 20% comprising discrete power jobs in the next 18 months. Recent large orders include an $80 million order in Q3 and a $135 million order in Q4.
- CECO is strategically building a $200-$300 million industrial water platform over the next few years, with 75% of its water pipeline originating outside the U.S.. The company is also capitalizing on the energy supercycle, including AI/data center related power generation, and anticipates 15 points higher margins from nuclear projects.
- For the upcoming year, CECO provided revenue guidance of $850-$950 million and EBITDA guidance of $110-$130 million. The company aims for mid- to high-teens EBITDA margins, noting it is a year behind this goal but ahead in growth.
- Approximately 50% of CECO's revenue is generated outside North America, supported by a growing international pipeline in industrial water and air.
Jan 14, 2026, 6:30 PM
CECO Environmental Discusses Transformation, Growth, and 2026 Outlook
CECO
Revenue Acceleration/Inflection
M&A
Guidance Update
- CECO Environmental has undergone a significant transformation since mid-2020, expanding organically into new adjacent and geographic markets, with sales in emerging markets growing from $30 million to potentially $150 million.
- The company has executed approximately 14 acquisitions in the last three and a half years, building a new $200 million to $300 million industrial water platform expected to be operational by 2026 and generate over 50% of its revenue internationally.
- CECO's pipeline has grown to $6 billion, with strong visibility, particularly in power generation driven by AI and data centers, and recently secured large orders including $80 million in Q3 and $135 million in Q4.
- For 2026, the company provided guidance of $850 million to $950 million in revenue and $110 million to $130 million in EBITDA, acknowledging a delay in achieving EBITDA margin goals but being ahead on growth.
Jan 14, 2026, 6:30 PM
CECO Environmental Announces Record Order and Strong 2025 Bookings Outlook
CECO
New Projects/Investments
Guidance Update
Revenue Acceleration/Inflection
- CECO Environmental Corp. has booked its largest ever order exceeding $135 million for an emissions management solution for a large-scale Texas natural gas power generation facility.
- The company anticipates full-year 2025 bookings to surpass $1 billion, which is expected to drive record backlog levels approaching or exceeding $800 million.
- CECO's sales pipeline, tracking opportunities for the next 18-24 months, is projected to eclipse $6 billion by the end of 2025.
Dec 15, 2025, 2:24 PM
CECO Environmental Provides Strong 2025 and 2026 Guidance and Highlights Growth Drivers
CECO
Guidance Update
M&A
Revenue Acceleration/Inflection
- CECO Environmental, led by CEO Todd Gleason since 2020, is a global leader in industrial air, water, and energy transition systems, focusing 100% on industrial applications with a strategy for organic growth and strategic, accretive M&A.
- The company provided strong financial guidance, anticipating 2025 revenue between $725 million and $775 million and adjusted EBITDA between $90 million and $100 million. For 2026, revenue is projected to be $850 million to $950 million, with adjusted EBITDA around $120 million.
- CECO's sales pipeline has grown to approximately $6 billion, driven by acquisitions, expansion into new verticals and geographies, and market growth. The book-to-bill ratio for 2025 is expected to be 1.2 to 1.3, indicating significant future revenue growth.
- Key growth markets include power, with bookings potentially reaching $300 million next year, and industrial water, projected to generate $100 million in sales next year. The company's largest acquisition to date was Profile for $125 million, at approximately nine times EBITDA pre-synergy.
Nov 20, 2025, 4:35 PM
CECO Environmental Reports Strong Q3 2025 Results and Provides Upbeat 2026 Outlook
CECO
Earnings
Guidance Update
Revenue Acceleration/Inflection
- CECO Environmental reported strong Q3 2025 performance, with revenue up 46% to $198M and Adjusted EBITDA up 62% to $23.2M year-over-year. The company's backlog also increased by 64% to $720M.
- The company reaffirmed its Full Year 2025 outlook, projecting revenue between $725M and $775M and Adjusted EBITDA between $90M and $100M.
- CECO Environmental introduced a 2026 outlook, forecasting revenue between $850M and $950M (up 15% to 25% year-over-year) and Adjusted EBITDA between $110M and $130M (up 20% to 40% year-over-year).
- The company's sales pipeline reached approximately $5.8B, growing by $300M in the past quarter, positioning it for continued double-digit organic growth in environmental solutions across industrial air, water, and energy transition markets.
Nov 20, 2025, 4:35 PM
CECO Environmental Provides Strong Growth Outlook and Strategic Update
CECO
Guidance Update
M&A
Revenue Acceleration/Inflection
- CECO Environmental is a global leader in industrial air, water, and energy transition systems, with 100% industrial products solving environmental challenges. The company has grown organically and through over a dozen accretive acquisitions since 2020.
- The sales pipeline has expanded significantly to approaching $6 billion today, providing high visibility into 2026. Key growth areas include natural gas power, nuclear applications (up threefold), and industrial water, which is projected to reach $100 million in sales in 2026.
- For 2025, the company forecasts revenue of $725 million - $775 million and adjusted EBITDA of $90 million - $100 million. 2026 revenue is projected at $850 million - $950 million, with a book-to-bill ratio anticipated to be 1.2 to 1.3 for 2025, indicating strong future revenue growth. Free cash flow is guided at 50-60% of adjusted EBITDA.
Nov 20, 2025, 4:35 PM
CECO Environmental Projects Significant Revenue Growth Through 2026
CECO
Guidance Update
M&A
Revenue Acceleration/Inflection
- CECO Environmental, a global leader in process systems for air, water, and energy transition, has significantly expanded its sales pipeline from $1.1 billion to approaching $6 billion today, driven by strategic acquisitions and business development.
- The company provided a strong financial outlook, anticipating 2025 revenue between $725 million and $775 million and adjusted EBITDA between $90 million and $100 million.
- For 2026, CECO projects revenue to be between $850 million and $950 million, supported by a book-to-bill ratio expected to be 1.2 to 1.3 for 2025, indicating robust order growth.
- CECO's capital allocation strategy prioritizes maintaining a healthy balance sheet, making accretive acquisitions (such as the $125 million Profire deal), and organic investments, with free cash flow typically 50%-60% of adjusted EBITDA.
- The company sees strong market conditions in power, natural gas, and global industrial sectors, with industrial water sales expected to reach $100 million next year.
Nov 20, 2025, 4:35 PM
Quarterly earnings call transcripts for CECO ENVIRONMENTAL.
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