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Zeo Energy (ZEO) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Zeo Energy (ZEO) Q2 2026 earnings results →
Q2 2026 Revenue down 11% year over year to $16.2M · 17¢ of every $1 of revenue lost · operating margin -18.5%
Zeo Energy made $16.2M in Q2 2026 (-11% Y/Y): Solar System Installations Net $16.0M, Roofing Installations $133K. Operating margin -18.5%, net loss $2.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
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What changed this quarter
Revenue was $16.2M in Q2 2026, down 11% year over year and up 23% from the previous quarter. Solar System Installations Net was the largest line at 99% of revenue. Solar System Installations Net lost $1.7M year over year (down 9%), 86% of the total change.
Operating costs exceeded revenue by $3.0M, an operating margin of -18.5%. Total costs fell 9% while revenue fell 11%. The fastest-growing cost line was General & admin (+22%). The quarter ended with a net loss of $2.7M, narrower than the previous quarter's $4.7M loss. Minority interests bore $415K of it: to shareholders the quarter was a loss of $2.3M.
Operating cash flow was −$461K. Non-cash charges added back $34K of depreciation and amortization and $634K of share-based compensation. Working capital and other items added $1.6M. Capital expenditures of $201K exceeded it, leaving free cash flow of −$662K.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $16.2M | -11% | -18.5% | −$2.7M | −$461K |
| Q1 2026 | 10-Q | May 15, 2026 | $13.2M | +50% | -36.1% | −$4.7M | −$853K |
| Q4 2025 | 10-K | Apr 1, 2026 | $18.6M | -0.4% | -11.8% | −$1.8M | $2.4M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $23.9M | +22% | -8.3% | −$1.9M | −$6.6M |
| Q2 2025 | 10-Q | Aug 13, 2025 | $18.1M | +22% | -15.8% | −$2.7M | −$2.3M |
| Q1 2025 | 10-Q | Jun 16, 2025 | $8.8M | -56% | -153.8% | −$13.3M | −$2.3M |
| Q4 2024 | 10-K | May 28, 2025 | $18.6M | -19% | -6.0% | −$1.1M | $3.5M |
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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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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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About Zeo Energy
Our company and personnel are passionate about delivering cost savings and increased independence and reliability to energy consumers. Our mission is to expedite the U.S.’ transition to renewable energy by offering our customers an affordable and sustainable means of achieving energy independence. We are a vertically integrated company offering energy solutions and services that include sale, design, procurement, installation, and maintenance of residential solar energy systems. Many of our solar energy system customers also purchase other energy efficiency-related equipment or services or roofing services from us. The majority of our customers are located in Florida, Texas, Arkansas, Missouri, Ohio, and Illinois, and we have an expanding base of customers in California, Colorado, Minnesota, Missouri, Ohio, Utah, and Virginia.
In its own words, from its 10-K, filed Apr 1, 2026.
Zeo Energy against its Construction - Special Trade Contractors peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -11% against the peers' median +13%. Operating margin: -18.5% against the peers' median 6.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ZEO Zeo Energy | Q2 2026 | $16.2M | -11% | -18.5% |
| LGN Legence | Q2 2026 | $1.3B | +111% | -0.5% |
| RUN Sunrun | Q3 2026 | $1.1B | +52% | 14.0% |
| AMRC Ameresco | Q2 2026 | $515M | +9% | 8.6% |
| 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% |
Source: Zeo Energy 10-Q on SEC EDGAR · CIK 1865506 · Construction - Special Trade Contractors
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results