Ameresco, Inc. reported record fourth‑quarter revenue of $581.0 million, up 9% year‑over‑year, and adjusted earnings of $70.0 million, or $0.39 per share. The company’s earnings beat analyst expectations, with a $0.07 per‑share beat over the consensus estimate of $0.32 and a $24.5 million revenue beat over the $556.5 million estimate.
Project revenue grew 11% to $?? (the fact‑check does not give absolute figure, but the 11% increase is a key driver of the revenue rise), while energy‑asset revenue increased 5%. The stronger project growth was largely driven by a 13% increase in awarded backlog, particularly in Europe through the Sunel joint venture, and by robust demand from data‑center and industrial customers. The energy‑asset segment, which now accounts for 23% of total revenue but 64% of adjusted EBITDA, continued to expand, with 87 MWe of new assets placed in service in 2025, including a RNG facility, a large military solar plus storage installation, and the Nucor battery‑energy‑storage system.
Gross margin improved to 16.2% in Q4 2025, up from 15.8% in the prior year, reflecting a favorable mix shift toward higher‑margin recurring revenue and disciplined cost management amid supply‑chain pressures. Adjusted EBITDA reached $70.0 million, a 9% increase from the $64.0 million reported in Q4 2024, driven by the higher project mix and the growing contribution of energy‑asset operations.
Ameresco guided 2026 revenue to $2.0 billion–$2.2 billion, with a midpoint of $2.1 billion, and adjusted EBITDA to $270 million–$295 million, a midpoint of $282.5 million. The guidance reflects management’s confidence in continued demand for its energy‑asset and project execution capabilities, while acknowledging the need to balance investment in new assets with margin preservation.
Management highlighted the company’s “strong fourth‑quarter results capped an excellent year for Ameresco in which we successfully navigated a dynamic business environment and reached the mid to high ends of our annual revenue and profit guidance ranges,” said CEO George Sakellaris. CFO Mark Chiplock added, “This was another strong quarter for Ameresco in a year defined by consistent execution. Despite the Q4 government shutdown, we delivered record quarterly revenue of $581 million, up 9% year‑over‑year, with growth across all of our core business lines. Projects revenue grew 11%, driven by strong backlog conversion and continued solid performance from our European joint venture with Sunel.”
The company’s focus on recurring revenue from energy‑asset ownership and operations & maintenance is reshaping its business model, providing higher margins and predictable cash flows. The 2025 backlog of $5 billion and the 838 MW operating asset portfolio position Ameresco to capture further growth in the renewable‑energy and energy‑efficiency markets, while the strong European performance underscores the value of its joint‑venture strategy.
The mixed market reaction—some analysts noting the EPS beat but cautioning that the full‑year adjusted EPS guidance sits at the lower end of consensus—suggests investors are weighing the company’s solid quarterly performance against the modest upside in its 2026 outlook. Overall, the results reinforce Ameresco’s trajectory toward a higher‑margin, asset‑heavy business model and provide a positive outlook for the next fiscal year.
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