Filing Flows › Ameresco (AMRC) › Q2 2025
Ameresco (AMRC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Ameresco (AMRC) reported revenue of $472M for the second quarter 2025 (Q2 2025), +8% from a year earlier and +34% from the quarter before. Operating margin was 5.9%, net earnings $12.9M (2.7% of revenue).
Ameresco, Q2 2025: revenue $472M (+8% year over year), operating margin 5.9%, net earnings $12.9M, operating cash flow −$26.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $472M | +34% | +8% |
| Gross profit | $73.4M | +41% | +13% |
| Operating profit | $27.8M | +103% | +33% |
| Net earnings | $12.9M | — | +157% |
| Operating cash flow | −$26.9M | — | — |
What changed
Revenue was $472.3M in Q2 2025, up 8% year over year and up 34% from the previous quarter. North America Regions was the largest line at 45% of revenue. Europe added $68.8M year over year (up 94%), 201% of the total change. U.S. Federal declined 31%.
Gross margin was 15.5%, up 0.7 points from a year earlier. Operating profit was $27.8M, a 5.9% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 20% reached operating profit, above the 5% margin then. Operating expenses grew 3% against revenue growth of 8%. Net earnings were $12.9M, up 157% year over year. The effective tax rate was -23.0%.
Operating cash flow was −$26.9M. Non-cash charges added back $25.2M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items used $71.3M. Capital expenditures of $147K exceeded it, leaving free cash flow of −$27.0M.
Questions
What was Ameresco's revenue in the second quarter 2025?
Ameresco (AMRC) reported revenue of $472M for the second quarter 2025 (Q2 2025), +8% from a year earlier and +34% from the quarter before.
Was Ameresco profitable in the second quarter 2025?
Operating profit was $27.8M (5.9% of revenue) and net earnings $12.9M.
Source: Ameresco 10-Q on SEC EDGAR.