What is CECO Environmental's operating income?

CECO Environmental's total operating income in 2025 was $105.86 million, based on the following breakdown: Total Gross Profit: $269.23 million Total Operating Expenses: $163.37 million

CECO Environmental (CECO) Financials

$79.59 +2.77 (+3.61%)

Closing price 08/14/2026 04:00 PM Eastern

Extended Trading

$79.71 +0.12 (+0.15%)

As of 08/14/2026 07:58 PM Eastern

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Annual Income Statements for CECO Environmental

This table shows CECO Environmental's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-5.60	-38	-3.03	-7.12	18	8.21	1.43	17	13	13	50
Consolidated Net Income / (Loss)	-5.73	-38	-3.03	-7.12	18	8.17	1.98	18	15	14	53
Net Income / (Loss) Continuing Operations	-5.73	-38	-3.03	-7.12	16	8.17	1.98	18	15	14	53
Total Pre-Tax Income	-3.10	-33	1.41	2.50	13	12	4.67	24	22	18	83
Total Operating Income	4.95	-26	8.02	14	18	13	9.86	22	35	35	106
Total Gross Profit	109	135	113	112	114	105	101	128	171	196	269
Total Revenue	367	417	345	337	342	316	324	423	545	558	774
Operating Revenue	367	417	345	337	342	316	324	423	545	558	774
Total Cost of Revenue	258	282	232	226	228	211	223	294	374	362	505
Operating Cost of Revenue	258	282	232	226	228	211	223	294	374	362	505
Total Operating Expenses	104	160	105	97	96	92	91	106	136	161	163
Selling, General & Admin Expense	93	102	96	97	94	77	82	93	123	147	201
Amortization Expense	-	-	-	-	-	8.80	7.79	6.81	7.45	8.72	16
Other Operating Expenses / (Income)	-	-	-	0.00	0.00	1.52	0.03	1.16	3.55	1.11	0.62
Restructuring Charge	7.94	0.52	1.90	0.00	1.56	3.69	1.45	4.62	2.51	4.21	9.56
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	0.00	0.00	-64
Total Other Income / (Expense), net	-8.05	-7.40	-6.62	-12	-6.08	-1.50	-5.18	1.53	-13	-18	-23
Interest Expense	5.96	7.71	6.72	7.14	5.40	3.54	2.95	5.42	13	13	21
Other Income / (Expense), net	-2.08	0.31	0.11	-4.76	-0.68	2.03	-2.23	6.95	0.37	-4.69	-2.10
Income Tax Expense	2.64	5.29	4.44	9.62	-4.36	3.67	2.69	5.43	7.02	3.27	30
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.13	-0.04	-	0.00	0.00	-0.04	0.56	0.85	1.59	1.46	3.06
Basic Earnings per Share	($0.19)	($1.12)	($0.09)	($0.21)	($0.51)	$0.23	$0.04	$0.50	$0.37	$0.37	$1.42
Weighted Average Basic Shares Outstanding	28.79M	33.98M	34.45M	34.71M	34.99M	35.29M	35.35M	34.67M	34.67M	34.93M	35.33M
Diluted Earnings per Share	($0.19)	($1.12)	($0.09)	($0.21)	($0.50)	$0.23	$0.04	$0.50	$0.37	$0.36	$1.37
Weighted Average Diluted Shares Outstanding	28.79M	33.98M	34.45M	34.71M	35.48M	35.52M	35.59M	35.01M	35.33M	36.38M	36.60M
Weighted Average Basic & Diluted Shares Outstanding	29.50M	34.10M	33.70M	33.90M	34.99M	35.35M	35.05M	34.42M	34.85M	34.99M	35.67M

This table shows CECO Environmental's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	3.33	3.88	1.51	4.49	2.09	4.88	36	9.51	1.50	3.06	-35
Consolidated Net Income / (Loss)	3.71	4.33	2.09	4.93	2.54	4.86	36	10	1.81	4.75	-34
Net Income / (Loss) Continuing Operations	3.71	4.32	2.09	4.93	2.54	4.86	36	10	1.81	4.75	-34
Total Pre-Tax Income	4.30	9.78	2.76	5.32	4.14	5.47	55	15	2.29	11	-45
Total Operating Income	7.85	13	7.69	9.26	7.19	11	62	18	9.40	17	-33
Total Gross Profit	43	53	45	49	45	57	62	67	65	75	86
Total Revenue	149	154	126	138	136	159	177	185	198	215	285
Operating Revenue	149	154	126	138	136	159	177	185	198	215	285
Total Cost of Revenue	106	101	81	88	90	102	115	118	133	139	198
Operating Cost of Revenue	106	101	81	88	90	102	115	118	133	139	198
Total Operating Expenses	35	41	37	40	38	45	0.29	49	55	59	120
Selling, General & Admin Expense	30	37	35	36	34	41	54	49	47	51	64
Amortization Expense	1.97	2.19	2.16	2.21	2.16	2.03	3.10	2.94	6.14	3.99	7.79
Other Operating Expenses / (Income)	1.26	-	-	0.64	0.44	-	0.01	-2.74	0.95	-	2.51
Restructuring Charge	1.60	1.43	0.19	0.48	1.21	2.34	8.14	0.03	0.25	1.13	45
Other Special Charges / (Income)	0.00	-	0.00	0.00	0.00	-	-65	0.00	0.80	-	0.00
Total Other Income / (Expense), net	-3.56	-2.88	-4.93	-3.93	-3.05	-5.81	-6.81	-3.44	-7.11	-5.65	-11
Interest Expense	3.34	3.92	3.41	3.25	2.65	3.71	6.22	4.90	5.05	4.74	9.10
Other Income / (Expense), net	-0.22	1.04	-1.51	-0.68	-0.40	-2.10	-0.59	1.45	-2.06	-0.91	-2.30
Income Tax Expense	0.59	5.46	0.67	0.39	1.60	0.61	19	4.51	0.48	6.13	-10
Net Income / (Loss) Attributable to Noncontrolling Interest	0.38	0.45	0.59	0.45	0.45	-0.02	0.46	0.60	0.31	1.69	0.28
Basic Earnings per Share	$0.10	$0.10	$0.04	$0.13	$0.06	$0.14	$1.03	$0.27	$0.04	$0.08	($0.80)
Weighted Average Basic Shares Outstanding	34.77M	34.67M	34.85M	34.92M	34.97M	34.93M	35.03M	35.29M	35.36M	35.33M	43.31M
Diluted Earnings per Share	$0.09	$0.11	$0.04	$0.12	$0.06	$0.14	$0.98	$0.26	$0.04	$0.09	($0.80)
Weighted Average Diluted Shares Outstanding	35.30M	35.33M	36.18M	36.30M	36.49M	36.38M	36.69M	36.56M	36.40M	36.60M	43.31M
Weighted Average Basic & Diluted Shares Outstanding	34.81M	34.85M	34.94M	34.96M	34.98M	34.99M	35.87M	35.33M	35.64M	35.67M	58.57M

This table details how cash moves in and out of CECO Environmental's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	16	10	-18	15	-7.48	0.85	-5.82	15	8.86	-17	-4.97
Net Cash From Operating Activities	13	70	6.57	22	10	4.42	13	30	45	25	5.86
Net Cash From Continuing Operating Activities	13	70	6.57	22	10	4.42	13	30	45	25	5.86
Net Income / (Loss) Continuing Operations	-5.73	-38	-3.03	-7.12	18	8.17	1.98	18	15	14	53
Consolidated Net Income / (Loss)	-5.73	-38	-3.03	-7.12	18	8.17	1.98	18	15	14	53
Depreciation Expense	17	19	16	13	11	9.92	9.85	11	13	15	25
Amortization Expense	1.06	1.05	1.03	1.14	1.06	0.42	0.40	0.37	0.43	0.50	0.83
Non-Cash Adjustments To Reconcile Net Income	9.51	73	-5.29	2.75	12	-23	6.91	-9.35	33	32	-59
Changes in Operating Assets and Liabilities, net	-8.72	15	-2.24	12	-31	8.67	-5.85	9.75	-16	-37	-14
Net Cash From Investing Activities	-35	-1.41	-0.66	38	-5.15	-9.24	-2.08	-48	-56	-105	-1.08
Net Cash From Continuing Investing Activities	-35	-1.41	-0.66	38	-5.15	-9.24	-2.08	-48	-56	-105	-1.08
Purchase of Property, Plant & Equipment	-0.76	-1.08	-1.03	-3.09	-5.66	-3.95	-2.62	-3.38	-8.38	-17	-11
Acquisitions	-37	-	-	-	-	-	0.00	-45	-48	-88	-98
Sale of Property, Plant & Equipment	3.21	0.66	0.37	6.30	0.51	0.61	0.53	0.02	0.00	0.00	0.07
Other Investing Activities, net	-	-0.99	-	-	-	-	-	-	0.00	0.00	108
Net Cash From Financing Activities	39	-58	-24	-45	-12	3.72	-16	38	21	66	-12
Net Cash From Continuing Financing Activities	39	-58	-24	-45	-12	3.72	-16	38	21	66	-12
Repayment of Debt	-121	-55	-12	-56	-12	4.19	-9.24	36	-49	81	-7.80
Repurchase of Common Equity	-	-0.19	-	-	0.00	0.00	-5.01	-7.02	0.00	-5.00	0.00
Payment of Dividends	-7.98	-9.00	-7.79	-	0.00	0.00	-0.11	-1.43	-1.67	-2.11	-1.61
Issuance of Debt	170	-	2.27	-	-	0.00	0.00	11	75	0.00	0.00
Other Financing Activities, net	-2.44	4.69	-8.11	11	-0.48	-0.47	-1.43	0.07	-2.84	-7.98	-2.15
Effect of Exchange Rate Changes	-0.49	-	-	-	-0.45	1.94	-1.48	-4.98	-0.44	-2.67	1.80
Cash Interest Paid	4.74	6.92	5.69	5.56	3.55	3.17	2.15	5.01	12	13	20
Cash Income Taxes Paid	5.08	6.42	3.05	10	5.91	2.16	-2.57	5.38	9.92	9.55	25

This table details how cash moves in and out of CECO Environmental's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2026	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	6.35	-0.22	7.11	-8.42	-10	2.01	-0.73	12	-110	-4.04	0.35
Net Cash From Operating Activities	11	30	15	1.22	6.67	15	1.83	-13	-7.67	15	9.96
Net Cash From Continuing Operating Activities	11	30	15	1.22	6.67	15	1.83	-13	-7.67	15	9.96
Net Income / (Loss) Continuing Operations	3.99	3.71	4.33	2.09	4.93	2.54	4.86	-0.25	10	1.81	4.75
Consolidated Net Income / (Loss)	3.99	3.71	4.33	2.09	4.93	2.54	4.86	-0.25	10	1.81	4.75
Depreciation Expense	2.77	3.12	3.74	3.51	3.46	3.56	3.99	6.10	5.04	8.57	6.16
Amortization Expense	0.09	0.09	0.16	0.12	0.12	0.12	0.14	0.20	0.21	0.22	0.20
Non-Cash Adjustments To Reconcile Net Income	28	-8.29	3.89	11	8.12	-6.05	19	73	-12	-1.75	22
Changes in Operating Assets and Liabilities, net	-23	31	3.04	-16	-9.97	15	-26	-92	-11	6.42	-23
Net Cash From Investing Activities	-1.41	-26	-2.87	-2.69	-4.12	-19	-79	-9.21	-1.02	-2.29	-2.60
Net Cash From Continuing Investing Activities	-1.41	-26	-2.87	-2.69	-4.12	-19	-79	-9.21	-1.02	-2.29	-2.60
Purchase of Property, Plant & Equipment	-1.41	-1.59	-2.87	-3.12	-4.12	-4.00	-6.13	-2.59	-1.05	-4.24	-2.67
Net Cash From Financing Activities	-4.86	-4.33	-4.03	-6.53	-10	2.05	80	35	-102	-17	-8.72
Net Cash From Continuing Financing Activities	-4.86	-4.33	-4.03	-6.53	-10	2.05	80	35	-102	-17	-8.72
Repayment of Debt	-3.73	-1.73	-78	-1.75	-4.95	2.46	85	41	-101	-18	-8.67
Payment of Dividends	-0.60	-0.77	-0.30	-0.80	-0.30	-0.60	-0.40	-0.80	-	-0.80	-0.40
Other Financing Activities, net	-1.08	-2.12	0.58	-0.97	-2.95	-0.23	-3.56	-5.17	-0.38	1.80	0.35
Effect of Exchange Rate Changes	1.21	-0.44	-1.15	-0.42	-2.63	4.24	-3.86	-0.06	0.48	0.03	1.71
Cash Interest Paid	3.04	3.15	3.57	3.27	3.31	3.14	3.62	4.04	6.95	4.92	4.55
Cash Income Taxes Paid	6.32	1.03	1.28	0.98	2.83	2.98	2.77	0.49	16	3.78	2.31

This table presents CECO Environmental's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	599	499	439	393	409	419	416	505	600	760	894
Total Current Assets	228	213	174	161	179	183	189	241	281	331	410
Cash & Equivalents	34	46	30	44	36	36	30	46	55	38	33
Restricted Cash	5.32	1.50	0.59	0.76	1.36	1.82	2.09	1.06	0.67	0.37	0.08
Accounts Receivable	141	121	68	53	68	63	75	83	113	160	173
Inventories, net	33	21	21	21	21	17	17	27	34	43	54
Prepaid Expenses	9.06	14	11	12	9.90	12	11	12	12	17	29
Current Deferred & Refundable Income Taxes	4.72	1.59	1.93	-	8.23	7.79	2.78	1.27	0.82	3.83	4.99
Other Current Assets	-	-	34	30	35	45	51	71	67	70	116
Plant, Property, & Equipment, net	45	27	23	22	15	16	16	21	26	34	48
Total Noncurrent Assets	325	258	241	210	214	220	211	243	293	395	436
Goodwill	220	170	167	152	152	162	161	183	211	270	288
Intangible Assets	101	83	70	54	46	43	35	45	60	84	107
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	0.00	0.51	0.83	0.30	0.97	0.45
Other Noncurrent Operating Assets	3.93	5.46	4.61	3.14	16	15	14	14	21	41	40
Total Liabilities & Shareholders' Equity	599	499	439	393	409	419	416	505	600	760	894
Total Liabilities	354	309	252	214	216	216	210	287	363	508	571
Total Current Liabilities	148	146	108	104	115	109	117	147	203	245	306
Short-Term Debt	19	14	17	1.70	2.50	3.13	2.20	3.58	10	1.65	1.88
Accounts Payable	99	96	71	80	78	85	84	73	88	110	118
Accrued Expenses	-	-	-	-	-	-	-	34	44	48	58
Current Deferred Revenue	28	35	20	20	34	21	29	33	57	82	124
Current Deferred & Payable Income Tax Liabilities	1.58	1.54	-	1.81	0.00	0.54	1.49	3.21	1.23	2.61	4.74
Other Current Liabilities	-	-	-	-	-	-	-	-	2.50	1.70	0.00
Total Noncurrent Liabilities	206	162	144	110	100	106	94	140	160	263	265
Long-Term Debt	158	114	104	74	63	69	62	108	127	217	211
Noncurrent Deferred & Payable Income Tax Liabilities	18	13	10	8.76	5.94	6.97	8.39	8.67	8.84	11	28
Other Noncurrent Operating Liabilities	30	35	30	27	31	30	24	24	24	35	26
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	245	190	187	179	193	204	206	218	237	252	323
Total Preferred & Common Equity	239	190	187	179	193	203	205	213	233	248	318
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	239	190	187	179	193	203	205	213	233	248	318
Common Stock	244	245	249	252	254	256	253	251	255	256	270
Retained Earnings	5.47	-42	-53	-59	-46	-38	-37	-19	-6.39	6.57	57
Accumulated Other Comprehensive Income / (Loss)	-9.58	-13	-8.92	-13	-15	-14	-12	-18	-16	-14	-8.90
Noncontrolling Interest	5.87	-	-	-	0.00	0.95	1.40	4.92	4.85	4.20	5.65

This table presents CECO Environmental's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q2 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2026	6/30/2025	9/30/2025	6/30/2026
Total Assets	486	568	583	600	589	598	622	1,027	877	892	3,734
Total Current Assets	223	275	291	285	272	281	276	539	383	395	980
Cash & Equivalents	35	41	48	48	47	37	39	45	37	33	61
Restricted Cash	1.03	0.97	0.94	0.75	0.47	0.39	0.23	0.10	0.09	0.09	2.78
Accounts Receivable	90	110	127	112	117	127	100	279	161	160	459
Inventories, net	25	30	32	38	38	38	38	60	60	58	211
Prepaid Expenses	14	12	16	15	11	20	27	41	30	29	77
Current Deferred & Refundable Income Taxes	0.87	1.25	6.46	6.58	0.74	3.22	3.83	11	3.86	6.34	29
Other Current Assets	57	80	62	65	59	55	69	104	91	110	139
Plant, Property, & Equipment, net	20	24	24	25	28	30	32	48	47	48	176
Total Noncurrent Assets	243	268	267	290	290	286	313	440	447	448	2,578
Goodwill	182	208	200	210	211	211	220	291	288	292	1,501
Intangible Assets	45	45	52	62	58	56	61	109	117	111	1,009
Noncurrent Deferred & Refundable Income Taxes	0.51	0.82	0.82	0.80	0.29	0.26	0.29	0.00	0.29	1.16	0.00
Other Noncurrent Operating Assets	15	15	14	17	20	19	31	40	42	44	68
Total Liabilities & Shareholders' Equity	486	568	583	600	589	598	622	1,027	877	892	3,734
Total Liabilities	281	345	355	370	353	358	376	710	573	578	1,652
Total Current Liabilities	140	172	188	203	196	207	213	406	285	298	652
Short-Term Debt	3.30	3.85	4.31	4.73	11	11	11	5.34	1.86	1.93	17
Accounts Payable	100	112	116	94	79	91	92	138	126	128	196
Accrued Expenses	-	-	-	44	46	45	44	71	54	61	114
Current Deferred Revenue	34	52	61	54	58	60	65	184	93	107	324
Current Deferred & Payable Income Tax Liabilities	1.80	3.19	3.79	3.47	0.82	1.21	0.00	7.42	8.51	0.79	1.58
Other Current Liabilities	0.50	1.00	2.50	2.50	1.50	0.00	1.70	0.00	1.70	0.00	0.00
Total Noncurrent Liabilities	141	174	167	167	157	151	162	304	288	280	1,000
Long-Term Debt	107	141	137	135	125	120	123	248	237	219	711
Noncurrent Deferred & Payable Income Tax Liabilities	9.81	8.71	7.99	7.59	9.52	9.95	9.62	26	29	35	236
Other Noncurrent Operating Liabilities	24	24	22	24	22	21	30	30	23	26	53
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	205	222	227	230	236	240	246	317	303	314	2,081
Total Preferred & Common Equity	201	217	222	225	232	235	241	312	298	309	2,076
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	201	217	222	225	232	235	241	312	298	309	2,076
Common Stock	250	251	253	254	252	252	254	265	259	266	2,070
Retained Earnings	-28	-17	-14	-10	-4.88	-0.39	1.69	56	52	54	21
Accumulated Other Comprehensive Income / (Loss)	-21	-17	-17	-18	-16	-16	-14	-8.98	-13	-10	-16
Noncontrolling Interest	4.88	5.42	5.08	4.70	4.63	4.77	4.62	5.00	4.86	4.36	5.28

This table displays calculated financial ratios and metrics derived from CECO Environmental's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,641,031.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	35,641,031.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	3.46	-18	-17	-41	24	9.21	4.18	17	23	29	68
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.19%	6.21%	6.13%	12.67%
Earnings before Interest and Taxes (EBIT)	2.87	-25	8.13	9.64	17	15	7.63	29	35	31	104
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	20	-5.30	25	24	29	26	18	40	48	46	129
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-108	100	-22	18	12	-7.77	4.39	-28	-13	-84	-1.96
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	381	263	268	209	221	238	238	283	319	433	502
Increase / (Decrease) in Invested Capital	112	-118	4.94	-59	12	17	-0.21	45	37	113	70
Book Value per Share	$7.02	$5.56	$5.38	$5.11	$5.48	$5.71	$5.71	$6.22	$6.68	$7.08	$8.91
Tangible Book Value per Share	($2.42)	($1.84)	($1.44)	($0.80)	($0.13)	($0.05)	$0.22	($0.43)	($1.11)	($3.02)	($2.17)
Total Capital	422	319	307	255	259	276	270	329	375	471	536
Total Debt	177	128	120	76	66	73	64	111	137	219	212
Total Long-Term Debt	158	114	104	74	63	69	62	108	127	217	211
Net Debt	138	81	90	32	29	35	32	65	82	181	179
Capital Expenditures (CapEx)	-2.44	0.42	0.66	-3.21	5.15	3.34	2.08	3.36	8.38	17	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	60	33	52	14	30	39	43	51	33	50	73
Debt-free Net Working Capital (DFNWC)	100	81	83	59	67	77	75	98	89	88	106
Net Working Capital (NWC)	80	67	66	57	64	74	72	94	78	86	104
Net Nonoperating Expense (NNE)	9.20	20	-14	-34	6.26	1.04	2.20	-1.18	8.79	14	15
Net Nonoperating Obligations (NNO)	136	73	82	31	28	34	32	65	82	181	179
Total Depreciation and Amortization (D&A)	18	20	17	14	12	10	10	11	13	15	26
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.19)	($1.12)	($0.09)	($0.21)	$0.51	$0.23	$0.04	$0.50	$0.37	$0.37	$1.42
Adjusted Weighted Average Basic Shares Outstanding	28.79M	33.98M	34.45M	34.71M	34.99M	35.29M	35.35M	34.67M	34.67M	34.93M	35.33M
Adjusted Diluted Earnings per Share	($0.19)	($1.12)	($0.09)	($0.21)	$0.50	$0.23	$0.04	$0.50	$0.37	$0.36	$1.37
Adjusted Weighted Average Diluted Shares Outstanding	28.79M	33.98M	34.45M	34.71M	35.48M	35.52M	35.59M	35.01M	35.33M	36.38M	36.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	33.07M	34.39M	34.74M	34.98M	35.28M	35.35M	35.05M	34.42M	34.85M	34.99M	35.67M
Normalized Net Operating Profit after Tax (NOPAT)	11	23	12	10	14	12	7.91	21	26	33	33
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from CECO Environmental's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	35,641,031.00	35,873,031.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	35,641,031.00	35,873,031.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.09	-0.97
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	37.80%	32.05%	12.23%	6.46%	-9.29%	3.16%	39.87%	34.81%	45.82%	-	53.71%
EBITDA Growth	53.13%	11.81%	24.70%	5.00%	-3.47%	-24.38%	579.21%	103.66%	54.09%	-	-211.81%
EBIT Growth	88.61%	8.39%	26.31%	-1.67%	-11.10%	-33.02%	892.65%	127.50%	8.18%	-	-281.79%
NOPAT Growth	180.11%	-17.19%	6.73%	24.21%	-35.04%	79.22%	602.58%	45.67%	68.32%	-	-285.99%
Net Income Growth	71.38%	-49.43%	-15.23%	23.56%	-31.60%	12.22%	1,641.14%	104.99%	-28.83%	-	-441.27%
EPS Growth	50.00%	-52.17%	-33.33%	9.09%	-33.33%	27.27%	2,350.00%	116.67%	-33.33%	-	-407.69%
Operating Cash Flow Growth	-21.58%	52.28%	110.18%	-41.57%	-49.81%	-87.94%	-1,055.56%	-215.00%	1.02%	-	0.00%
Free Cash Flow Firm Growth	17.74%	19.09%	112.08%	88.35%	60.14%	-233.33%	-1,962.41%	-3,127.62%	-987.81%	-	-1,324.88%
Invested Capital Growth	15.12%	12.93%	-0.15%	4.21%	5.76%	35.46%	48.75%	51.34%	47.38%	-	443.52%
Revenue Q/Q Growth	15.64%	2.89%	-17.81%	8.86%	-1.46%	17.01%	11.43%	4.92%	6.59%	-	0.00%
EBITDA Q/Q Growth	-6.35%	62.17%	-44.25%	24.01%	-13.90%	27.03%	400.77%	-62.82%	-34.85%	-	0.00%
EBIT Q/Q Growth	-12.46%	79.30%	-54.92%	38.96%	-20.86%	35.09%	568.15%	-68.15%	-62.37%	-	0.00%
NOPAT Q/Q Growth	-1.70%	-17.58%	4.24%	47.07%	-48.59%	127.41%	308.64%	-69.51%	-40.60%	-	0.00%
Net Income Q/Q Growth	-6.97%	16.65%	-51.66%	135.55%	-48.50%	91.37%	649.99%	-72.27%	-82.12%	-	0.00%
EPS Q/Q Growth	-18.18%	22.22%	-63.64%	200.00%	-50.00%	133.33%	600.00%	-73.47%	-84.62%	-	0.00%
Operating Cash Flow Q/Q Growth	163.82%	-49.65%	-91.92%	444.69%	126.62%	-87.90%	-739.82%	34.45%	299.07%	-	0.00%
Free Cash Flow Firm Q/Q Growth	16.03%	12.71%	120.35%	-178.09%	-187.36%	-629.95%	-13.69%	-35.34%	3.15%	-	0.00%
Invested Capital Q/Q Growth	0.49%	-0.77%	1.71%	2.76%	1.99%	27.10%	11.68%	4.55%	-0.68%	-	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.86%	34.60%	35.72%	35.66%	33.40%	35.76%	35.18%	36.20%	32.68%	-	30.34%
EBITDA Margin	7.26%	11.44%	7.76%	8.84%	7.73%	8.39%	37.69%	13.36%	8.16%	-	-9.72%
Operating Margin	5.26%	8.23%	6.08%	6.73%	5.30%	7.11%	35.01%	9.74%	4.76%	-	-11.64%
EBIT Margin	5.11%	8.91%	4.89%	6.24%	5.01%	5.78%	34.68%	10.53%	3.72%	-	-12.45%
Profit (Net Income) Margin	2.48%	2.82%	1.66%	3.58%	1.87%	3.06%	20.62%	5.45%	0.91%	-	-12.10%
Tax Burden Percent	86.39%	44.30%	75.83%	92.60%	61.31%	88.90%	66.19%	69.14%	78.91%	-	77.37%
Interest Burden Percent	56.27%	71.39%	44.71%	62.07%	61.00%	59.60%	89.85%	74.90%	31.18%	-	125.66%
Effective Tax Rate	13.61%	55.81%	24.17%	7.40%	38.69%	11.11%	33.81%	30.86%	21.09%	-	0.00%
Return on Invested Capital (ROIC)	7.67%	6.58%	7.93%	10.81%	5.43%	9.38%	34.90%	10.54%	6.40%	-	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	3.96%	4.86%	4.03%	6.91%	3.43%	5.45%	31.70%	8.93%	2.43%	-	0.00%
Return on Net Nonoperating Assets (RNNOA)	1.51%	1.56%	1.69%	2.77%	1.34%	2.92%	16.97%	4.86%	1.23%	-	0.00%
Return on Equity (ROE)	9.17%	8.15%	9.62%	13.58%	6.77%	12.30%	51.87%	15.40%	7.63%	-	0.00%
Cash Return on Invested Capital (CROIC)	-5.63%	-4.41%	7.47%	3.66%	1.41%	-22.45%	-23.74%	-24.89%	-21.88%	-	0.00%
Operating Return on Assets (OROA)	4.78%	8.78%	4.72%	5.99%	4.54%	4.75%	27.29%	9.37%	3.53%	-	0.00%
Return on Assets (ROA)	2.32%	2.78%	1.60%	3.44%	1.70%	2.51%	16.23%	4.85%	0.87%	-	0.00%
Return on Common Equity (ROCE)	8.97%	7.97%	9.41%	13.29%	6.64%	12.07%	50.99%	15.13%	7.51%	-	0.00%
Return on Equity Simple (ROE_SIMPLE)	8.31%	0.00%	6.10%	6.41%	5.76%	0.00%	17.06%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	6.78	5.59	5.83	8.57	4.41	10	41	12	7.42	7.22	-23
NOPAT Margin	4.54%	3.64%	4.61%	6.23%	3.25%	6.32%	23.18%	6.74%	3.75%	-	-8.15%
Net Nonoperating Expense Percent (NNEP)	3.71%	1.72%	3.90%	3.90%	2.01%	3.93%	3.20%	1.61%	3.97%	-	2.60%
Return On Investment Capital (ROIC_SIMPLE)	-	1.49%	-	-	-	2.13%	6.50%	2.30%	1.39%	1.35%	-0.83%
Cost of Revenue to Revenue	71.14%	65.40%	64.28%	64.34%	66.60%	64.24%	64.82%	63.80%	67.32%	-	69.66%
SG&A Expenses to Revenue	20.38%	23.98%	27.63%	26.52%	25.28%	25.90%	30.31%	26.33%	23.80%	-	22.42%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Operating Expenses to Revenue	23.61%	26.37%	29.64%	28.93%	28.10%	28.65%	0.17%	26.46%	27.92%	-	41.99%
Earnings before Interest and Taxes (EBIT)	7.64	14	6.17	8.58	6.79	9.17	61	20	7.34	16	-35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11	18	9.81	12	10	13	67	25	16	22	-28
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.46	3.03	3.47	4.29	4.09	4.27	2.79	3.35	5.85	-	1.57
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Price to Revenue (P/Rev)	1.09	1.30	1.44	1.78	1.78	1.90	1.31	1.52	2.52	-	0.00
Price to Earnings (P/E)	32.04	54.68	64.49	76.34	82.45	81.61	16.82	19.03	34.87	-	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	3.12%	1.83%	1.55%	1.31%	1.21%	1.23%	5.95%	5.25%	2.87%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.02	2.48	2.76	3.32	3.19	2.87	2.06	2.39	3.99	-	1.43
Enterprise Value to Revenue (EV/Rev)	1.28	1.45	1.60	1.95	1.96	2.23	1.64	1.84	2.79	-	0.00
Enterprise Value to EBITDA (EV/EBITDA)	14.16	16.56	17.98	21.96	21.69	27.16	9.71	10.47	16.57	-	0.00
Enterprise Value to EBIT (EV/EBIT)	19.23	22.69	24.72	30.67	30.79	40.45	11.60	12.46	20.57	-	0.00
Enterprise Value to NOPAT (EV/NOPAT)	25.71	34.04	37.60	43.49	46.75	43.05	15.94	18.00	28.94	-	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	16.52	17.75	15.47	20.82	28.44	50.04	83.56	0.00	0.00	-	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	36.87	92.58	232.76	0.00	0.00	0.00	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.58	0.57	0.55	0.54	0.87	1.17	0.79	0.70	-	0.35
Long-Term Debt to Equity	0.59	0.53	0.53	0.50	0.50	0.86	1.17	0.78	0.70	-	0.34
Financial Leverage	0.38	0.32	0.42	0.40	0.39	0.54	0.54	0.54	0.51	-	0.36
Leverage Ratio	2.49	2.43	2.52	2.53	2.57	2.78	2.94	2.72	2.71	-	1.93
Compound Leverage Factor	1.40	1.73	1.13	1.57	1.57	1.66	2.64	2.03	0.84	-	2.43
Debt to Total Capital	37.82%	36.63%	36.48%	35.30%	35.17%	46.49%	53.94%	44.05%	41.33%	-	25.91%
Short-Term Debt to Total Capital	1.28%	2.80%	2.85%	2.85%	2.79%	0.35%	0.27%	0.34%	0.36%	-	0.59%
Long-Term Debt to Total Capital	36.55%	33.83%	33.64%	32.44%	32.38%	46.14%	53.68%	43.71%	40.97%	-	25.32%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	1.27%	1.29%	1.25%	1.29%	1.22%	0.89%	0.68%	0.90%	0.82%	-	0.19%
Common Equity to Total Capital	60.91%	62.08%	62.27%	63.41%	63.61%	52.61%	45.38%	55.05%	57.85%	-	73.90%
Debt to EBITDA	3.04	2.87	2.72	2.60	2.67	4.79	3.31	2.07	1.83	-	0.00
Net Debt to EBITDA	1.99	1.71	1.78	1.86	1.89	3.95	1.88	1.75	1.56	-	0.00
Long-Term Debt to EBITDA	2.94	2.65	2.51	2.39	2.46	4.75	3.30	2.06	1.81	-	0.00
Debt to NOPAT	5.52	5.89	5.70	5.14	5.75	7.58	5.44	3.57	3.20	-	0.00
Net Debt to NOPAT	3.62	3.51	3.72	3.69	4.07	6.26	3.09	3.01	2.72	-	0.00
Long-Term Debt to NOPAT	5.34	5.44	5.25	4.73	5.29	7.53	5.42	3.54	3.17	-	0.00
Altman Z-Score	1.93	2.29	2.49	2.83	2.63	2.17	1.87	2.08	2.92	-	0.00
Noncontrolling Interest Sharing Ratio	2.20%	2.14%	2.19%	2.11%	1.96%	1.85%	1.69%	1.77%	1.61%	-	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	1.39	1.38	1.36	1.30	1.35	1.71	1.34	1.33	-	1.50
Quick Ratio	0.79	0.82	0.83	0.79	0.65	0.81	1.07	0.70	0.65	-	0.80
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-35	-31	6.30	-4.92	-14	-103	-117	-159	-154	-63	-2,263
Operating Cash Flow to CapEx	1,890.83%	527.53%	39.28%	161.94%	377.35%	29.82%	-345.52%	-732.28%	359.89%	-	0.00%
Free Cash Flow to Firm to Interest Expense	-10.62	-7.90	1.85	-1.51	-5.34	-27.86	-18.88	-32.43	-30.44	-	-248.65
Operating Cash Flow to Interest Expense	9.01	3.87	0.36	2.05	5.71	0.49	-1.88	-1.57	3.02	-	0.00
Operating Cash Flow Less CapEx to Interest Expense	8.54	3.14	-0.55	0.78	4.19	-1.16	-2.43	-1.78	2.18	-	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.93	0.99	0.97	0.96	0.91	0.82	0.79	0.89	0.95	-	0.00
Accounts Receivable Turnover	5.02	5.56	4.93	4.47	5.20	4.10	4.52	4.55	5.53	-	0.00
Inventory Turnover	11.24	12.33	11.05	10.71	9.53	9.43	8.69	8.65	9.80	-	0.00
Fixed Asset Turnover	22.42	23.15	21.64	20.81	19.30	18.58	16.48	17.06	17.88	-	0.00
Accounts Payable Turnover	3.62	4.64	3.96	3.63	3.86	3.67	4.19	3.92	4.25	-	0.00
Days Sales Outstanding (DSO)	72.78	65.59	74.01	81.64	70.13	89.07	80.72	80.23	65.99	-	0.00
Days Inventory Outstanding (DIO)	32.48	29.59	33.05	34.08	38.31	38.70	42.01	42.20	37.25	-	0.00
Days Payable Outstanding (DPO)	100.89	78.65	92.20	100.44	94.45	99.56	87.10	93.16	85.80	-	0.00
Cash Conversion Cycle (CCC)	4.37	16.54	14.85	15.28	13.99	28.21	35.63	29.28	17.44	-	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	322	319	325	334	340	433	483	505	502	502	2,745
Invested Capital Turnover	1.69	1.81	1.72	1.73	1.67	1.48	1.51	1.56	1.71	-	0.00
Increase / (Decrease) in Invested Capital	42	37	-0.47	13	19	113	158	171	161	70	2,240
Enterprise Value (EV)	652	793	896	1,107	1,085	1,242	995	1,205	2,001	-	3,924
Market Capitalization	555	706	802	1,008	986	1,057	798	998	1,809	-	3,255
Book Value per Share	$6.48	$6.68	$6.64	$6.73	$6.90	$7.08	$8.17	$8.46	$8.75	$8.91	$57.87
Tangible Book Value per Share	($1.33)	($1.11)	($1.09)	($0.91)	($1.14)	($3.02)	($3.08)	($3.01)	($2.65)	($2.17)	($12.11)
Total Capital	370	375	372	371	379	471	630	542	534	536	2,809
Total Debt	140	137	136	131	133	219	340	239	221	212	728
Total Long-Term Debt	135	127	125	120	123	217	338	237	219	211	711
Net Debt	92	82	89	94	94	181	193	202	188	179	664
Capital Expenditures (CapEx)	1.59	2.87	3.12	4.12	4.00	6.13	3.39	1.05	4.24	2.67	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	38	33	39	48	35	50	52	63	66	73	280
Debt-free Net Working Capital (DFNWC)	87	89	86	85	74	88	199	100	99	106	344
Net Working Capital (NWC)	82	78	75	74	63	86	197	98	97	104	327
Net Nonoperating Expense (NNE)	3.07	1.26	3.74	3.64	1.87	5.16	4.51	2.38	5.61	2.47	11
Net Nonoperating Obligations (NNO)	92	82	89	94	94	181	193	202	188	179	664
Total Depreciation and Amortization (D&A)	3.21	3.89	3.63	3.58	3.68	4.13	5.32	5.25	8.79	6.36	7.79
Debt-free, Cash-free Net Working Capital to Revenue	7.58%	6.12%	6.95%	8.42%	6.29%	8.92%	8.61%	9.59%	9.22%	-	0.00%
Debt-free Net Working Capital to Revenue	17.10%	16.30%	15.37%	14.93%	13.32%	15.77%	32.72%	15.21%	13.80%	-	0.00%
Net Working Capital to Revenue	16.17%	14.38%	13.48%	13.06%	11.41%	15.47%	32.44%	14.93%	13.53%	-	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.10	$0.10	$0.04	$0.13	$0.06	$0.14	$1.03	$0.27	$0.04	$0.08	($0.80)
Adjusted Weighted Average Basic Shares Outstanding	34.77M	34.67M	34.85M	34.92M	34.97M	34.93M	35.03M	35.29M	35.36M	35.33M	43.31M
Adjusted Diluted Earnings per Share	$0.09	$0.11	$0.04	$0.12	$0.06	$0.14	$0.98	$0.26	$0.04	$0.09	($0.80)
Adjusted Weighted Average Diluted Shares Outstanding	35.30M	35.33M	36.18M	36.30M	36.49M	36.38M	36.69M	36.56M	36.40M	36.60M	43.31M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	34.81M	34.85M	34.94M	34.96M	34.98M	34.99M	35.27M	35.33M	35.64M	35.67M	58.57M
Normalized Net Operating Profit after Tax (NOPAT)	8.17	9.86	6.08	9.60	5.14	12	3.65	13	8.25	12	8.60
Normalized NOPAT Margin	5.47%	6.41%	4.81%	6.98%	3.79%	7.63%	2.06%	6.75%	4.17%	-	3.02%
Pre Tax Income Margin	2.88%	6.36%	2.18%	3.87%	3.06%	3.45%	31.16%	7.88%	1.16%	-	-15.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.29	3.49	1.81	2.64	2.56	2.48	9.86	3.98	1.45	-	-3.90
NOPAT to Interest Expense	2.03	1.43	1.71	2.63	1.66	2.70	6.59	2.55	1.47	-	-2.55
EBIT Less CapEx to Interest Expense	1.81	2.76	0.90	1.37	1.05	0.82	9.31	3.77	0.61	-	0.00
NOPAT Less CapEx to Interest Expense	1.55	0.69	0.79	1.37	0.15	1.05	6.04	2.34	0.63	-	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	8.48%	11.49%	17.49%	14.42%	14.46%	14.62%	3.50%	2.61%	3.02%	-	0.00%
Augmented Payout Ratio	10.94%	11.49%	38.73%	47.61%	50.45%	49.30%	7.60%	2.61%	3.02%	-	0.00%

Financials Breakdown Chart

Key Financial Trends

CECO Environmental’s recent results show a business that is still growing, but with profitability and cash flow becoming more volatile quarter to quarter. Revenue has generally trended higher over the last several years, and the company has made meaningful progress on operating income in some quarters. However, heavier interest expense, restructuring costs, and working-capital swings have kept net income and operating cash flow uneven.

Revenue has grown materially over time. Q4 2025 revenue was $214.7 million, up from $158.6 million in Q4 2024 and $116.4 million in Q4 2022, showing a strong multi-year top-line expansion.
Gross profit has also scaled higher. Gross profit rose to $75.4 million in Q4 2025 from $56.7 million in Q4 2024 and $37.7 million in Q4 2022, suggesting the company is carrying more volume through the business.
Operating income improved sharply in the latest quarter. CECO posted $16.5 million of operating income in Q4 2025 versus $11.3 million a year earlier, helped by stronger revenue and manageable operating expenses.
The company generated positive operating cash flow in Q4 2025. Net cash from operating activities was $10.0 million, a solid reversal from some weaker prior quarters.
Debt has come down at times, indicating management is using cash to deleverage. In several quarters, debt repayment was a major cash outflow, which can be constructive if sustained.
Share count has been relatively stable. Basic weighted-average shares were 35.3 million in Q4 2025, not far from prior quarters, so dilution has not appeared extreme recently.
Balance sheet size has expanded alongside the business. Total assets were $891.9 million in Q3 2025, up from $621.5 million in Q3 2024 and $486.2 million in Q3 2023, reflecting a much larger company footprint.
Goodwill and intangibles remain a large part of assets. These items totaled more than $400 million in Q3 2025, so the balance sheet still carries meaningful acquisition-related value and related impairment risk.
Interest expense remains a significant burden. CECO’s Q4 2025 interest expense was $4.7 million, and in prior quarters it was often the key reason pre-tax income fell sharply versus operating income.
Working-capital swings have pressured cash flow in several periods. For example, Q4 2025 saw a negative $23.5 million change in operating assets and liabilities, which offset otherwise healthy operating performance.

Bottom line: CECO Environmental appears to be a growing industrial environmental solutions company with improving scale and periods of solid operating profitability. The main issues for investors are inconsistency in net earnings, heavy interest costs, and cash flow that can be distorted by working capital and acquisition-related items. If the company can keep revenue rising while stabilizing margins and reducing leverage, the financial profile could improve meaningfully.

08/15/26 05:07 AM ETAI Generated. May Contain Errors.

CECO Environmental Financials - Frequently Asked Questions

According to the most recent income statement we have on file, CECO Environmental's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

CECO Environmental's net income appears to be on an upward trend, with a most recent value of $53.11 million in 2025, falling from -$5.73 million in 2015. The previous period was $14.42 million in 2024. Find out what analysts predict for CECO Environmental in the coming months.

CECO Environmental's total operating income in 2025 was $105.86 million, based on the following breakdown:

Total Gross Profit: $269.23 million
Total Operating Expenses: $163.37 million

Over the last 10 years, CECO Environmental's total revenue changed from $367.42 million in 2015 to $774.38 million in 2025, a change of 110.8%.

CECO Environmental's total liabilities were at $570.59 million at the end of 2025, a 12.4% increase from 2024, and a 61.3% increase since 2015.

In the past 10 years, CECO Environmental's cash and equivalents has ranged from $29.90 million in 2017 to $54.78 million in 2023, and is currently $33.14 million as of their latest financial filing in 2025.

Over the last 10 years, CECO Environmental's book value per share changed from 7.02 in 2015 to 8.91 in 2025, a change of 26.8%.

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Financial statements for NASDAQ:CECO last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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CECO Environmental (CECO) Financials

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CECO Environmental (CECO) Financials

Annual Income Statements for CECO Environmental

Quarterly Income Statements for CECO Environmental

Annual Cash Flow Statements for CECO Environmental

Quarterly Cash Flow Statements for CECO Environmental

Annual Balance Sheets for CECO Environmental

Quarterly Balance Sheets for CECO Environmental

Annual Metrics And Ratios for CECO Environmental

Quarterly Metrics And Ratios for CECO Environmental

Financials Breakdown Chart

Key Financial Trends

CECO Environmental Financials - Frequently Asked Questions

When does CECO Environmental's financial year end?

How has CECO Environmental's net income changed over the last 10 years?

What is CECO Environmental's operating income?

How has CECO Environmental's revenue changed over the last 10 years?

How much debt does CECO Environmental have?

How much cash does CECO Environmental have?

How has CECO Environmental's book value per share changed over the last 10 years?

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