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Ameresco (AMRC) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 4, 2026 · Ameresco (AMRC) Q2 2026 earnings results →
Q2 2026 Revenue up 9% year over year to $515M · 2¢ of every $1 of revenue kept as net profit · operating margin 8.6%
Ameresco made $515M in Q2 2026 (+9% Y/Y): North America Regions $197M, Europe $156M, U.S. Federal $92.6M. Operating margin 8.6%, net earnings $9.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $515.5M in Q2 2026, up 9% year over year and up 28% from the previous quarter. North America Regions was the largest line at 38% of revenue. U.S. Federal added $33.0M year over year (up 55%), 76% of the total change. North America Regions declined 7%.
Gross margin was 17.7%, up 2.2 points from Q2 2025. Operating profit was $44.1M, a 8.6% margin (up 2.7 points year over year). Of the extra revenue versus Q2 2025, 38% reached operating profit, above the 6% margin then. Operating expenses grew 3% against revenue growth of 9%. Net earnings were $9.7M, down 24% year over year. The effective tax rate was 0.7%.
Operating cash flow was −$107.2M. Non-cash charges added back $30.1M of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items used $160.6M. Capital expenditures of $862K exceeded it, leaving free cash flow of −$108.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 4, 2026 | $515M | +9% | 8.6% | $9.7M | −$107M |
| Q1 2026 | 10-Q | May 5, 2026 | $401M | +14% | 2.6% | −$14.4M | $35.4M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $526M | +5% | 8.1% | $18.5M | $17.7M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $472M | +8% | 5.9% | $12.9M | −$26.9M |
| Q1 2025 | 10-Q | May 6, 2025 | $353M | +18% | 3.9% | −$5.6M | −$28.3M |
| Q4 2024 | 10-K | Feb 28, 2025 | $533M | +21% | 8.4% | $37.1M | $18.4M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- U.S. government — 22% of its revenue · Stated in 10-K (sentence) · source
About Ameresco
Ameresco is a leading energy infrastructure solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. Our solutions range from upgrades to facility’s energy infrastructure to the development, construction and operation of renewable energy plants combined with tailored financial solutions. We work with customers on both sides of the meter to reduce operating expenses, upgrade and maintain facilities, stabilize energy costs, improve occupancy comfort levels, increase energy reliability and enhance the environment.
In its own words, from its 10-K, filed Mar 3, 2026.
Ameresco against its Construction - Special Trade Contractors peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +13%. Operating margin: 8.6% against the peers' median 6.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AMRC Ameresco | Q2 2026 | $515M | +9% | 8.6% |
| LGN Legence | Q2 2026 | $1.3B | +111% | -0.5% |
| RUN Sunrun | Q3 2026 | $1.1B | +52% | 14.0% |
| AGX Argan | Q2 FY27 | $384M | +62% | 14.8% |
| LMB Limbach Holdings | Q3 2026 | $230M | +25% | 6.5% |
| MTRX Matrix Service | Q1 FY27 | $219M | +4% | 2.0% |
| BBCP Concrete Pumping Holdings | Q3 FY26 | $117M | +13% | 12.9% |
| SPWR SunPower | Q2 2026 | $54.9M | -17% | -42.8% |
| CETX Cemtrex | Q3 FY26 | $18.4M | +9% | -6.5% |
Source: Ameresco 10-Q on SEC EDGAR · CIK 1488139 · Construction - Special Trade Contractors
13F: who owns AMRC and who is buying
More on AMRC
History
Every quarter: Q2 2026 results · Q1 2026 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results