Earnings Releases·Nov 9, 2026, 7:54 AM ET

CECO Environmental — Third Quarter 2026 Earnings Summary

Third quarter 2026 revenue reached $404.4 million, a 105% year-over-year increase, while non-GAAP net income surged 269% to $34.3 million and adjusted EBITDA rose 202% to $70.1 million.
The company raised full-year 2026 orders guidance to exceed $2.5 billion and free cash flow conversion guidance to approximately 100% of Adjusted EBITDA, while maintaining revenue and EBITDA targets within previously stated ranges.
Management introduced 2027 outlooks projecting revenue between $2.1 billion and $2.3 billion and Adjusted EBITDA between $475 million and $525 million, representing over 60% and 130% growth at the midpoint versus 2026, respectively.
Following the June 1, 2026 acquisition of Thermon, the company reported $777.6 million in orders (up 234% year-over-year) and a backlog of $2.2 billion, with integration initiatives substantially completed ahead of schedule.
Leverage ratio decreased to 2.0X, and the company transferred its primary listing to the Texas Stock Exchange under the ticker "CECO," citing a $9 billion sales pipeline as a key driver for future confidence.