Operating margins have faced structural compression, declining from a peak of 8.4% in 2024Q4 to 2.6% in 2026Q1, reflecting the difficulty in scaling overhead against volatile project-based revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 1.98B | 1.93B | 1.77B | 1.37B | 1.82B | 1.22B | 1.03B | 866.93M | 787.14M | 717.15M | 651.23M | 630.83M | 593.24M | 574.17M | 631.17M | 728.2M | 618.23M | 428.52M | 395.85M |
| Revenue Growth % | 8.57% | 9.16% | 28.76% | -24.65% | 50.07% | 17.77% | 19.07% | 10.14% | 9.76% | 10.12% | 3.23% | 6.34% | 3.32% | -9.03% | -13.32% | 17.79% | 44.27% | 8.25% | - |
| Cost of Goods Sold | 1.67B | 1.63B | 1.51B | 1.13B | 1.53B | 985.34M | 844.73M | 698.82M | 613.53M | 572.99M | 516.88M | 513.77M | 476.31M | 470.85M | 503.02M | 593.15M | 507.52M | 348.82M | 318.57M |
| COGS % of Revenue | - | 84.27% | 85.53% | 82.07% | 84.06% | 81.05% | 81.83% | 80.61% | 77.94% | 79.9% | 79.37% | 81.44% | 80.29% | 82% | 79.7% | 81.45% | 82.09% | 81.4% | 80.48% |
| Gross Profit | 308.56M | 304.01M | 256.09M | 246.43M | 290.83M | 230.36M | 187.55M | 168.12M | 173.61M | 144.16M | 134.34M | 117.06M | 116.93M | 103.32M | 128.15M | 135.05M | 110.7M | 79.7M | 77.28M |
| Gross Margin % | 15.58% | 15.73% | 14.47% | 17.93% | 15.94% | 18.95% | 18.17% | 19.39% | 22.06% | 20.1% | 20.63% | 18.56% | 19.71% | 18% | 20.3% | 18.55% | 17.91% | 18.6% | 19.52% |
| Gross Profit Growth % | - | 18.71% | 3.92% | -15.27% | 26.25% | 22.82% | 11.56% | -3.16% | 20.43% | 7.31% | 14.76% | 0.11% | 13.17% | -19.37% | -5.11% | 21.99% | 38.9% | 3.13% | - |
| Operating Expenses | 184.82M | 178.54M | 147.35M | 164.21M | 157.84M | 134.92M | 116.05M | 116.5M | 114.51M | 107.57M | 110.57M | 110.01M | 103.78M | 96.69M | 98.47M | 84.36M | 64.71M | 54.41M | 52.61M |
| OpEx % of Revenue | - | 9.24% | 8.33% | 11.95% | 8.65% | 11.1% | 11.24% | 13.44% | 14.55% | 15% | 16.98% | 17.44% | 17.49% | 16.84% | 15.6% | 11.58% | 10.47% | 12.7% | 13.29% |
| Selling, General & Admin | 185.78M | 178.54M | 173.76M | 162.14M | 159.49M | 132.9M | 116.05M | 116.5M | 114.51M | 107.57M | 110.57M | 110.01M | 103.78M | 96.69M | 81.85M | 66.08M | 51.03M | 44.81M | 39.5M |
| SG&A % of Revenue | - | 9.24% | 9.82% | 11.79% | 8.74% | 10.93% | 11.24% | 13.44% | 14.55% | 15% | 16.98% | 17.44% | 17.49% | 16.84% | 12.97% | 9.07% | 8.25% | 10.46% | 9.98% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47K | 128K | 238K | 528K | 490K | 517K | 16.63M | 18.28M | 13.68M | 9.6M | 13.11M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.01% | 0.02% | 0.04% | 0.08% | 0.08% | 0.09% | 2.63% | 2.51% | 2.21% | 2.24% | 3.31% |
| Other Operating Expenses | -962K | 0 | -26.41M | 2.07M | -1.65M | 2.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 123.84M | 125.48M | 108.75M | 82.22M | 132.99M | 95.43M | 71.5M | 51.61M | 59.1M | 36.59M | 23.78M | 7.06M | 13.15M | 6.63M | 28.66M | 50.69M | 45.99M | 25.29M | 24.68M |
| Operating Margin % | 6.25% | 6.49% | 6.14% | 5.98% | 7.29% | 7.85% | 6.93% | 5.95% | 7.51% | 5.1% | 3.65% | 1.12% | 2.22% | 1.16% | 4.54% | 6.96% | 7.44% | 5.9% | 6.23% |
| Operating Income Growth % | - | 15.39% | 32.26% | -38.18% | 39.35% | 33.48% | 38.53% | -12.67% | 61.53% | 53.89% | 236.91% | -46.34% | 98.31% | -76.86% | -43.46% | 10.21% | 81.83% | 2.5% | - |
| EBITDA | 204.27M | 229.75M | 197.96M | 148.13M | 187.27M | 142.01M | 113.54M | 91.05M | 89.63M | 62.08M | 48.53M | 31.38M | 35.98M | 27.11M | 48M | 64.69M | 57.41M | 31.93M | 28.45M |
| EBITDA Margin % | 10.31% | 11.89% | 11.18% | 10.78% | 10.26% | 11.68% | 11% | 10.5% | 11.39% | 8.66% | 7.45% | 4.97% | 6.07% | 4.72% | 7.6% | 8.88% | 9.29% | 7.45% | 7.19% |
| EBITDA Growth % | -2.15% | 16.06% | 33.64% | -20.9% | 31.87% | 25.08% | 24.7% | 1.59% | 44.37% | 27.92% | 54.65% | -12.78% | 32.74% | -43.53% | -25.81% | 12.69% | 79.82% | 12.21% | - |
| D&A (Non-Cash Add-back) | 80.44M | 104.27M | 89.21M | 65.91M | 54.28M | 46.58M | 42.04M | 39.44M | 30.53M | 25.49M | 24.75M | 24.32M | 22.83M | 20.47M | 19.34M | 14.01M | 11.42M | 6.63M | 3.78M |
| EBIT | 117.55M | 125.48M | 105.59M | 84.48M | 136.35M | 95.35M | 74.54M | 52.62M | 57.42M | 37.35M | 23.78M | 7.06M | 13.15M | 8.09M | 28.7M | 50.69M | 45.99M | 30.05M | 21.61M |
| Net Interest Income | -72.42M | -87.94M | -71.65M | -46.21M | -30.63M | -17.21M | -18.11M | -16.07M | -15.03M | -9.16M | -7.68M | -4.76M | -7.15M | -3.87M | -3.95M | -5.19M | -4.95M | -2.99M | -2.12M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 138.36K | 76.27K | 0 | 0 | 0 |
| Interest Expense | 97.61M | 87.94M | 71.65M | 46.21M | 30.63M | 17.21M | 18.11M | 16.07M | 15.03M | 9.16M | 6.51M | 3.73M | 5.9M | 3.87M | 4.09M | 2.99M | 4.95M | 2.99M | 2.12M |
| Other Income/Expense | -92.01M | -80.5M | -74.81M | -43.95M | -27.27M | -17.29M | -15.07M | -15.06M | -16.71M | -7.87M | -7.41M | -6.76M | -6.86M | -3.87M | -5.07M | -6.51M | -6.29M | 1.56M | -5.19M |
| Pretax Income | 31.83M | 44.98M | 33.94M | 38.27M | 105.72M | 78.14M | 56.43M | 36.55M | 42.39M | 28.72M | 16.37M | 292K | 6.29M | 2.76M | 24.61M | 45.49M | 40.91M | 26.86M | 19.49M |
| Pretax Margin % | 1.61% | 2.33% | 1.92% | 2.78% | 5.79% | 6.43% | 5.47% | 4.22% | 5.39% | 4% | 2.51% | 0.05% | 1.06% | 0.48% | 3.9% | 6.25% | 6.62% | 6.27% | 4.92% |
| Income Tax | -16.07M | -11.7M | -20M | -25.64M | 7.17M | -2.05M | -494K | -3.75M | 4.81M | -4.79M | 4.37M | 2.84M | -4.09M | 344.68K | 6.25M | 10.77M | 12.19M | 6.95M | 1.22M |
| Effective Tax Rate % | -50.5% | -26.01% | -58.93% | -66.99% | 6.78% | -2.62% | -0.88% | -10.25% | 11.35% | -16.68% | 26.7% | 973.63% | -65.02% | 12.49% | 25.39% | 23.67% | 29.79% | 25.88% | 6.24% |
| Net Income | 31.48M | 44.28M | 56.76M | 62.47M | 94.93M | 70.46M | 54.05M | 44.44M | 37.98M | 37.49M | 12.03M | 2.98M | 10.38M | 2.41M | 18.36M | 34.73M | 28.73M | 19.91M | 18.27M |
| Net Margin % | 1.59% | 2.29% | 3.21% | 4.54% | 5.2% | 5.8% | 5.24% | 5.13% | 4.83% | 5.23% | 1.85% | 0.47% | 1.75% | 0.42% | 2.91% | 4.77% | 4.65% | 4.65% | 4.62% |
| Net Income Growth % | -41.92% | -21.98% | -9.15% | -34.19% | 34.73% | 30.35% | 21.64% | 16.99% | 1.31% | 211.59% | 304.17% | -71.33% | 330.08% | -86.85% | -47.13% | 20.89% | 44.3% | 8.94% | - |
| Net Income (Continuing) | 44M | 56.67M | 53.94M | 63.9M | 98.55M | 80.19M | 56.92M | 40.3M | 37.58M | 33.51M | 12M | -4.68M | 10.38M | 2.41M | 18.36M | 33.41M | 27.51M | 19.91M | 18.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.47M | 44.09M | 34.39M | 70.78M | 95.63M | 46.18M | 38.85M | 31.62M | 14.72M | 10.34M | 6.85M | 490K | -1K | 7.52K | -27.58K | 63.61K | 0 | 0 | 0 |
| EPS (Diluted) | 0.60 | 0.83 | 1.07 | 1.17 | 1.78 | 1.35 | 1.10 | 0.93 | 0.81 | 0.82 | 0.26 | 0.02 | 0.22 | 0.05 | 0.40 | 0.75 | 0.69 | 0.61 | 0.48 |
| EPS Growth % | -43.14% | -22.43% | -8.55% | -34.27% | 31.85% | 22.73% | 18.28% | 14.81% | -1.22% | 215.38% | 1200% | -90.91% | 340% | -87.5% | -46.67% | 8.7% | 13.11% | 27.08% | - |
| EPS (Basic) | - | 0.84 | 1.08 | 1.20 | 1.83 | 1.38 | 1.13 | 0.95 | 0.83 | 0.82 | 0.26 | 0.02 | 0.22 | 0.05 | 0.41 | 0.78 | 0.70 | 1.99 | 1.35 |
| Diluted Shares Outstanding | 52.89M | 53.29M | 53.14M | 53.23M | 53.28M | 52.27M | 49.01M | 47.77M | 46.83M | 45.75M | 46.49M | 47.66M | 47.03M | 46.42M | 46M | 44.71M | 41.51M | 32.71M | 62.09M |
| Basic Shares Outstanding | 52.89M | 52.68M | 52.38M | 52.14M | 51.84M | 50.85M | 47.7M | 46.59M | 45.73M | 45.51M | 46.41M | 46.49M | 46.16M | 45.56M | 44.65M | 42.59M | 41.32M | 9.99M | 13.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project execution and financing
As reported in recent financial statements, Ameresco's revenue growth has fluctuated significantly, ranging from a 5.0% increase in 2025Q3 to a 49.4% surge in 2024Q3, suggesting that project-based revenue recognition remains highly sensitive to the timing of large-scale infrastructure milestone completions across its primary operating segments.
The inconsistent year-over-year growth rates indicate that the company's reliance on percentage-of-completion accounting creates lumpy revenue streams that are difficult to forecast. Investors should monitor whether the current growth trajectory can stabilize as the company attempts to shift its revenue mix toward more predictable, recurring income from owned energy assets.
Based on the company's reported figures, gross margins have struggled to maintain consistency, dipping to 14.1% in 2026Q1 from a peak of 16.8% in 2023Q4, which highlights the inherent difficulty in managing pass-through costs within a high-variable-cost engineering and construction business model.
The narrow gross margin profile suggests limited pricing power, as the company acts primarily as an integrator rather than a manufacturer. This leaves the bottom line highly vulnerable to inflationary pressures in equipment procurement and labor, which appear to be eroding the profitability of its core project-based operations.
According to quarterly income statements, operating margins have remained thin, peaking at only 8.4% in 2024Q4 before contracting to 2.6% in 2026Q1, demonstrating that the company has yet to achieve the necessary scale to decouple operating expenses from its volatile project-based revenue growth.
The inability to consistently scale operating income faster than gross profit suggests that SG&A expenses are relatively fixed and burdensome during periods of project delays. This lack of operating leverage implies that the company's profitability is highly sensitive to even minor disruptions in its project pipeline.
Analysis of the income statement reveals that net income has frequently dipped into negative territory, including a $18.3 million loss in 2026Q1, which suggests that the company's reported earnings are often insufficient to cover its underlying interest and operational obligations during slower project cycles.
The volatility in net income, coupled with the reliance on non-cash adjustments, warrants further investigation into the sustainability of the company's earnings quality. Short-term investors should be wary of the potential for future impairment charges or liquidity constraints if the conversion of awarded projects into cash-generating assets continues to lag.
Quick answers to the most common questions about buying AMRC stock.
For fiscal year 2025, Ameresco, Inc. (AMRC) reported total revenue of $1.93B. This represents a 388.1% increase compared to $395.9M in 2008.
Ameresco, Inc. (AMRC) is profitable, generating $44.3M in net income for the fiscal year ending 2025 with a net profit margin of 2.3%.
Ameresco, Inc. (AMRC) reported an operating income of $125.5M, resulting in an operating profit margin of 6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Ameresco, Inc. (AMRC) generated $304.0M in gross profit for the year, representing a gross profit margin of 15.7%. This demonstrates the company's core pricing power and production efficiency.