CECO CECO Environmental (CECO) Q4 FY25 earnings call
CECO Environmental reported a record-setting Q4 FY25, driven by strong order bookings, a backlog approaching $800 million, and significant revenue and adjusted EBITDA growth. The company also announced a transformational stock and cash merger with Thermon, valued at $2.2 billion, aiming to create a global industrial leader with enhanced financial agility and expanded strategic capabilities. Management raised its standalone FY26 guidance, citing tremendous visibility from its record backlog and growing sales pipeline.
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CECO operating KPIs by quarter
| KPI | This call Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Backlog | $793MWe finished the fourth quarter with a record backlog of $793 million, up 47% versus prior year and 10% sequentially.Source: earnings call transcript | $1.035BWe finished the first quarter with a record backlog of $1.035 billion, up 72% versus prior year and 31%, equivalent to $242 million sequentially.Source: earnings call transcript | $1.82BWe concluded the quarter with a record backlog of $1.82 billion, up 164% versus prior year and up 76% sequentially from our previous high said at the end of the first quarter, of $1.035 billion.Source: earnings call transcript | +75.8% |
| Orders | $329MFourth quarter orders were $329 million, a company record increase of 50% over the prior year period with a book-to-bill of approximately 1.5x.Source: earnings call transcript | $449MIn the quarter, we continued our bookings momentum with orders of $449 million, an increase of 97%.Source: earnings call transcript | $799MWe delivered record orders of $799 million.Source: earnings call transcript | +78% |
| Book-to-bill ratio | ~1.5 ratioFourth quarter orders were $329 million, a company record increase of 50% over the prior year period with a book-to-bill of approximately 1.5x.Source: earnings call transcript | ~2.2 ratioFirst quarter orders were $449 million, a company record, representing a 97% increase over the prior year period or a book-to-bill of approximately 2.2.Source: earnings call transcript | ~2.8 ratioOur book-to-bill in the quarter was approximately 2.8, an outstanding result.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.