Filing Flows › Zeo Energy (ZEO) › Q4 2025
Zeo Energy (ZEO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 1, 2026
Zeo Energy (ZEO) reported revenue of $18.6M for the fourth quarter 2025 (Q4 2025), -0.4% from a year earlier and -22% from the quarter before. Operating margin was -11.8%, net loss $1.8M (9.5% of revenue).
Zeo Energy, Q4 2025: revenue $18.6M (-0.4% year over year), operating margin -11.8%, net loss $1.8M, operating cash flow $2.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $18.6M | -22% | -0.4% |
| Operating profit | −$2.2M | — | — |
| Net earnings | −$1.8M | — | — |
| Operating cash flow | $2.4M | — | -30% |
| Free cash flow | $2.3M | — | -33% |
What changed
Revenue was $18.6M in Q4 2025, roughly flat year over year and down 22% from the previous quarter. Solar System Installations Net was the largest line at 99% of revenue.
Operating costs exceeded revenue by $2.2M, an operating margin of -11.8%. Total costs grew 5% against flat revenue. The fastest-growing cost line was Sales & marketing (+57%). The quarter ended with a net loss of $1.8M, narrower than the previous quarter's $1.9M loss.
Operating cash flow was $2.4M (down 30% year over year). Non-cash charges added back $251K of depreciation and amortization and $392K of share-based compensation. Working capital and other items added $3.6M. Capital expenditures of $176K left free cash flow of $2.3M.
Questions
What was Zeo Energy's revenue in the fourth quarter 2025?
Zeo Energy (ZEO) reported revenue of $18.6M for the fourth quarter 2025 (Q4 2025), -0.4% from a year earlier and -22% from the quarter before.
Was Zeo Energy profitable in the fourth quarter 2025?
Operating loss was $2.2M (-11.8% of revenue) and net loss $1.8M.
Source: Zeo Energy 10-K on SEC EDGAR.