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Ameresco cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$108M in Q2 2026

Operating cash flow−$107M
Capital spending−$862K
Free cash flow−$108M
Cash / net income-5.4×
Cash conversion cycle-93 days

Analysis

In Q2 2026, Ameresco generated −$107M of operating cash flow and spent $862K on capital projects, leaving free cash flow of −$108M. That is $81.1M less than in Q2 2025 (−$27.0M).

Operating cash flow was −$107M against net income of $19.9M — -5.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: contract assets −$115M, depreciation & amortization +$30.1M, payables −$23.4M.

Its cash conversion cycle was -93 days (receivables 44 + inventory 3 − payables 140): suppliers fund its working capital.

Free cash flow

Ameresco: free cash flow by quarterAmeresco: free cash flow by quarter$52.2MQ2 2024$24.1MQ3 2024$17.1MQ4 2024−$28.7MQ1 2025−$27.0MQ2 2025$18.1MQ3 2025$34.9MQ1 2026−$108MQ2 2026
Operating cash flow less capital spending.
Ameresco: operating cash flow against capital spendingAmeresco: operating cash flow against capital spendingOperating cash flowCapital spending$53.3M$1.1MQ2 2024$25.1M$987KQ3 2024$18.4M$1.2MQ4 2024−$28.3M$422KQ1 2025−$26.9M$147KQ2 2025$17.7M−$352KQ3 2025$35.4M$542KQ1 2026−$107M$862KQ2 2026
Latest (Q2 2026): Operating cash flow −$107M, Capital spending $862K.

Capital allocation, year by year

Ameresco: where the cash came from (up) and went (down), by fiscal yearAmeresco: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2020: Operating cash flow −$103MFY2020: Net borrowing $45.4MFY2020: Shares issued $9.0MFY2020: Capital spending −$2.2MFY2020: Buybacks −$6K$54.4MFY2020FY2021: Operating cash flow −$172MFY2021: Net borrowing −$279KFY2021: Shares issued $126MFY2021: Capital spending −$4.9MFY2021: Acquisitions −$14.9M$126MFY2021FY2022: Operating cash flow −$338MFY2022: Net borrowing $695MFY2022: Shares issued $4.0MFY2022: Capital spending −$5.3M$699MFY2022FY2023: Operating cash flow −$70.0MFY2023: Net borrowing $1.3BFY2023: Shares issued $2.4MFY2023: Capital spending −$5.7MFY2023: Acquisitions −$9.2M$1.3BFY2023FY2024: Operating cash flow $118MFY2024: Net borrowing $612MFY2024: Shares issued $942KFY2024: Asset sales $54.2MFY2024: Capital spending −$4.3M$784MFY2024
Over these 5 years operating cash flow totalled −$566M; the largest uses were operating cash flow ($683M) and acquisitions ($24.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$109M
Debt$1.6B
Net debt$1.5B
Due within a year$149M
Cash runway3 months

Ameresco is burning cash: its operations consume cash, a free cash flow of −$432M a year at the current rate against $109M of cash and investments: a runway of about 3 months; $149M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

Ameresco: sources (+) and uses (−) of cash, Q2 2026Ameresco: sources (+) and uses (−) of cash, Q2 2026Partners$227MOther investing−$112MOperating cash flow−$107MOther financing−$63.0MNet borrowing (+) / repaid (−)$53.3MCash drawn (+) / kept (−)$1.9MShares issued$1.0MCapital spending−$862KExchange rates−$27K

From profit to cash

Ameresco: net income to operating cash flow, Q2 2026Ameresco: net income to operating cash flow, Q2 2026Net income$19.9MDepreciation & amortization$30.1MStock-based pay$3.4MReceivables−$4.0MInventory$285KPayables−$23.4MDeferred revenue−$6.8MContract assets−$115MPrepaid and other assets$4.0MOther liabilities−$334KOperating cash flow−$107M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 2026443140-93
Q1 2026573177-117
Q3 2025443106-60
Q2 2025463101-53
Q1 2025624144-79
Q4 202442292-47
Q3 202435397-59
Q2 2024313114-80

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$107M−$862K—$53.3M$1.0M$1.9M−$108M
Q1 2026$35.4M−$542K—$227M$455K−$65.9M$34.9M
Q3 2025$17.7M$352K−$623K$82.9M$159K−$23.6M$18.1M
Q2 2025−$26.9M−$147K—$108M$868K−$25.2M−$27.0M
Q1 2025−$28.3M−$422K−$4.0M$113M$430K$31.6M−$28.7M
Q4 2024$18.4M−$1.2M—$50.2M$864K$6.0M$17.1M
Q3 2024$25.1M−$987K—$377M$405K$28.7M$24.1M
Q2 2024$53.3M−$1.1M—$233M$1.3M−$85.1M$52.2M

Ameresco: income statement and cash flow

Ameresco, Q2 2026: revenue $515M (+9% year over year), operating margin 8.6%. The chart follows the revenue to costs, profit and cash.

Ameresco: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.