Ameresco, Inc. (AMRC) Income Statement

18Y historyFree accessUpdated daily

Revenue grew 9.1% YoY to $515.5M in 2026Q2, with gross margin expanding to 17.7% and operating margin reaching 8.5%, though net margin remains thin at 1.9% due to lumpy project timing.

Annual statement

AMRC Income Statement

Ameresco, Inc. (AMRC) annual income statement — 18-year revenue, gross profit & net income history

Annual Quarterly

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	2.02B	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 %	8.89%	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	1.7B	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	326.51M	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 %	16.13%	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	185.1M	175.46M	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	-	9.08%	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	188.18M	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	-1000K	-3.08M	-26.41M	2.07M	-1.65M	2.02M	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	141.41M	128.56M	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 %	6.99%	6.65%	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 %	-	18.22%	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	255.93M	232.83M	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 %	12.65%	12.05%	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 %	16.34%	17.61%	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)	114.52M	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	134.9M	132.91M	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	-98.33M	-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	98.33M	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	-102.16M	-83.58M	-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	39.25M	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 %	1.94%	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	-13.04M	-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 %	-33.21%	-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	28.34M	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 %	1.4%	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 %	-54.34%	-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)	52.29M	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	114.35M	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)	0.53	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 %	-55.56%	-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	53.84M	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	52.99M	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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityModerate

Balance SheetStrained

Cash FlowMixed

Top Statement Risk

High leverage and thin margins

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Momentum Building Steadily

Revenue grew 9.1% year-over-year in 2026Q2 to $515.5M, accelerating from 7.8% in the prior quarter, according to the latest income statement data, suggesting sustained demand for energy infrastructure services.

The sequential acceleration from 7.8% to 9.1% growth, coupled with a 13.8% increase in 2026Q1, indicates that project execution is gaining traction. However, growth remains below the 20%+ rates seen in 2024, implying a normalization from peak levels. The durability of this trend depends on the conversion of the substantial backlog into recognized revenue, which warrants monitoring.

Gross Margin Expansion Signals Mix Shift

Gross margin improved to 17.7% in 2026Q2, up from 15.5% a year earlier, as reported in the quarterly financials, suggesting a favorable shift toward higher-margin recurring revenue and better project execution.

The 220 basis point year-over-year expansion in gross margin is notable for a company historically constrained by a pass-through business model. This improvement may reflect a growing contribution from owned energy assets and renewable natural gas projects, which carry structurally higher margins. Investors should assess whether this is a sustainable mix shift or a one-time benefit from project timing.

Operating Leverage Emerging from Cost Discipline

Operating income surged to $43.8M in 2026Q2, a 58.7% increase year-over-year, while SG&A grew only 3.9%, according to the income statement, indicating that overhead costs are scaling slower than revenue.

The operating margin expanded to 8.5% from 5.8% in the prior year quarter, demonstrating that the company is beginning to realize operating leverage. SG&A as a percentage of revenue declined to 9.2% from 9.7%, suggesting improved cost control. If this trend persists, it could drive further margin expansion as revenue grows.

Earnings Volatility Masks Underlying Progress

Net income swung from a loss of $18.3M in 2026Q1 to a profit of $9.7M in 2026Q2, with EPS of $0.18, according to the quarterly data, highlighting the lumpy nature of project-based revenue recognition.

The quarterly earnings swings are typical for a company using percentage-of-completion accounting, where project milestones and cost overruns can cause significant variability. Stock-based compensation of $7.6M in 2026Q2 represents a meaningful drag on reported earnings, though it is non-cash. The tax rate appears to have been a factor in the 2024Q4 net income spike, which warrants scrutiny.

COGS Dominates Cost Structure

Cost of goods sold accounted for 82.3% of revenue in 2026Q2, totaling $424.2M, as per the income statement, reflecting the pass-through nature of the construction business and the high variable cost base.

The cost structure is heavily weighted toward project-related expenses, including subcontractor labor and equipment procurement, which limits gross margin potential. SG&A of $47.5M is relatively stable, indicating disciplined overhead management. The lack of R&D spending suggests a focus on project execution rather than technology development, which may be appropriate for an integrator.

2026Q2 Marks a Potential Turning Point

The 2026Q2 quarter delivered a significant EPS beat ($0.18 actual vs. $-0.29 estimate) and a guidance raise, according to recent earnings reports, suggesting a possible inflection in operational performance.

This quarter stands out as the strongest in recent history, with gross margin reaching 17.7% and operating margin at 8.5%, both above the trailing averages. The improvement appears driven by better project execution and a favorable revenue mix. If this performance is sustained, it could signal a durable shift in profitability, but the company's history of lumpy results warrants caution.

Leverage and Thin Margins Remain Key Risks

Despite the recent beat, net margin of 1.9% and a debt-to-equity ratio of 1.73, as reported in the financial statements, leave little room for error if project costs escalate or interest rates rise.

Short-sellers would likely highlight the elevated leverage and the modest absolute profitability, which could be vulnerable to project delays or cost overruns. The 9.1% revenue growth is modest relative to the company's ambitions, and the low gross margin suggests limited pricing power. The reliance on project-level financing and the potential for non-recourse debt not fully captured in the debt/equity ratio could pose hidden risks.

AMRC — Frequently Asked Questions

Quick answers to the most common questions about buying AMRC stock.

What was Ameresco, Inc.'s (AMRC) revenue in 2025?

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.

Is Ameresco, Inc. (AMRC) profitable?

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%.

What is Ameresco, Inc.'s operating profit margin?

Ameresco, Inc. (AMRC) reported an operating income of $128.6M, resulting in an operating profit margin of 6.7%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Ameresco, Inc.'s gross profit and gross margin?

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.