Filing Flows › Ameresco (AMRC) › Q3 2025
Ameresco (AMRC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Ameresco (AMRC) reported revenue of $526M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +11% from the quarter before. Operating margin was 8.1%, net earnings $18.5M (3.5% of revenue).
Ameresco, Q3 2025: revenue $526M (+5% year over year), operating margin 8.1%, net earnings $18.5M, operating cash flow $17.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $526M | +11% | +5% |
| Gross profit | $84.3M | +15% | +9% |
| Operating profit | $42.4M | +52% | +20% |
| Net earnings | $18.5M | +44% | +5% |
| Operating cash flow | $17.7M | — | -29% |
What changed
Revenue was $526.0M in Q3 2025, up 5% year over year and up 11% from the previous quarter. North America Regions was the largest line at 45% of revenue. Europe added $91.6M year over year (up 174%), 365% of the total change. All Other declined 29%.
Gross margin was 16.0%, up 0.6 points from a year earlier. Operating profit was $42.4M, a 8.1% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 29% reached operating profit, above the 7% margin then. Operating expenses fell 0% while revenue rose 5%. Net earnings were $18.5M, up 5% year over year. The effective tax rate was -20.3%.
Operating cash flow was $17.7M (down 29% year over year), 81% of net income including minority interests. Non-cash charges added back $27.2M of depreciation and amortization and $3.7M of share-based compensation. Working capital and other items used $35.1M. Capital expenditures of −$352K left free cash flow of $18.1M.
Questions
What was Ameresco's revenue in the third quarter 2025?
Ameresco (AMRC) reported revenue of $526M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +11% from the quarter before.
Was Ameresco profitable in the third quarter 2025?
Operating profit was $42.4M (8.1% of revenue) and net earnings $18.5M.
Source: Ameresco 10-Q on SEC EDGAR.