Jun 2026 (Q2 FY26) — Aug 10, 2026
CECO Environmental Q2 FY26 — Record Orders, Backlog, and Strong Thermon Integration
Read the full callCECO Environmental (CECO) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
CECO Environmental earnings: last reported Mon, 10 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 285 | +53.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -11.6 | −21.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -34.8 | −465.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 12 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cash Flow | positive | Mar 2026 | In the second quarter, we generated approximately $53 million of cash, a little over 132% of adjusted EBITDA. | Achieved |
| Adjusted EBITDA | $115 million to $135 million | Dec 2025 | We are also raising the low end of our adjusted EBITDA outlook by $5 million and now expect between $200 million and $225 million for the full year. | Revised Up |
| Adjusted EBITDA margin | mid-teens | Jun 2026 | We continue to expect mid-teens adjusted EBITDA margins and adjusted free cash flow conversion of at least 55% of adjusted EBITDA. | New |
4 of CECO ENVIRONMENTAL CORP's 24 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 21 more targets are in the full ledger.
Claimed
- Record orders of $799 million, up 191% year-over-year.
- Record quarter-ending backlog of over $1.8 billion, up 164% over last year.
- Adjusted EBITDA increased 73% to $40 million, with margins expanding 150 basis points to 14.1%.
- Full-year 2026 revenue outlook raised to $1.3 billion to $1.375 billion, and adjusted EBITDA outlook raised to $200 million to $225 million.
- Captured approximately $13 million of annualized net adjusted EBITDA savings from Thermon integration in the first 60 days, representing 1/3 of the $40 million target.
Qualified
- Industrial water projects in the Middle East continue to be delayed due to regional conflicts, impacting bookings.
- Gross debt increased by $523 million since year-end 2025 to finance the Thermon acquisition, resulting in a quarter-end leverage ratio of 2.7x.
Price
$57.49 +1.36% · +$0.77
Performance +17.6% 1Y
1Y: $48.88 on 17 Oct 2025 → $57.49. High $99.67 (22 Jun 2026), low $47.44 (17 Nov 2025).
- Previous close
- $56.72
- 52-week range
- $47.44 – $99.67
- One year
- +14.50%
Overview
- Symbol
- CECO
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 12 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Cash Flow | positive | Mar 2026 | In the second quarter, we generated approximately $53 million of cash, a little over 132% of adjusted EBITDA. | Achieved |
| Adjusted EBITDA | $115 million to $135 million | Dec 2025 | We are also raising the low end of our adjusted EBITDA outlook by $5 million and now expect between $200 million and $225 million for the full year. | Revised Up |
| Adjusted EBITDA margin | mid-teens | Jun 2026 | We continue to expect mid-teens adjusted EBITDA margins and adjusted free cash flow conversion of at least 55% of adjusted EBITDA. | New |
Claimed
- Record orders of $799 million, up 191% year-over-year.
- Record quarter-ending backlog of over $1.8 billion, up 164% over last year.
- Adjusted EBITDA increased 73% to $40 million, with margins expanding 150 basis points to 14.1%.
- Full-year 2026 revenue outlook raised to $1.3 billion to $1.375 billion, and adjusted EBITDA outlook raised to $200 million to $225 million.
- Captured approximately $13 million of annualized net adjusted EBITDA savings from Thermon integration in the first 60 days, representing 1/3 of the $40 million target.
Qualified
- Industrial water projects in the Middle East continue to be delayed due to regional conflicts, impacting bookings.
- Gross debt increased by $523 million since year-end 2025 to finance the Thermon acquisition, resulting in a quarter-end leverage ratio of 2.7x.
The full ledger
Open CECO ENVIRONMENTAL CORP’s full ledger
A free account opens 5 company ledgers a month. All 24 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
CECO Environmental Q1 FY26 — Record Orders and Backlog Drive Raised Full-Year Outlook
Read the full callDec 2025 (Q4 FY25) — Feb 24, 2026
CECO Environmental Q4 FY25 — Record Backlog and Transformational Thermon Merger
Read the full callEvery analysed call
CECO Environmental earnings calls (CECO)
Financials
What the filings say
Net profit, year on year: −466% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 136 | 159 | 177 | 185 | 198 | 215 | 206 | 285 |
| Operating profit | 7 | 11 | 62 | 18 | 9 | 17 | 2 | -33 |
| Operating margin | 5.3% | 7.1% | 35.0% | 9.7% | 4.8% | 7.7% | 0.9% | −11.6% |
| Interest | 3 | 4 | 6 | 5 | 5 | 5 | 4 | 9 |
| Profit before tax | 4 | 5 | 55 | 15 | 2 | 11 | -4 | -45 |
| Tax rate | 38.7% | 11.1% | 33.8% | 30.9% | 21.1% | 56.3% | 93.4% | 22.6% |
| Net profit | 2 | 5 | 36 | 10 | 1 | 3 | -0 | -35 |
| EPS ($ per share) | 0.06 | — | 1.03 | 0.27 | 0.04 | — | -0.01 | -0.80 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -59 | -46 | -38 | -37 | -19 | -6 | 7 | 57 |
| Total liabilities | 214 | 216 | 216 | 210 | 287 | 363 | 508 | 571 |
| Fixed assets | 22 | 15 | 16 | 16 | 21 | 26 | 34 | 48 |
| Total assets | 393 | 409 | 419 | 416 | 505 | 600 | 760 | 894 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 22 | 10 | 4 | 13 | 30 | 45 | 25 | 6 |
| Cash from investing | 38 | -5 | -9 | -2 | -48 | -56 | -105 | -1 |
| Cash from financing | -45 | -12 | 4 | -16 | 38 | 21 | 66 | -12 |
| Net cash flow | 14 | -7 | 1 | -6 | 15 | 9 | -17 | -5 |
| Capital expenditure | -3 | -6 | -4 | -3 | -3 | -8 | -17 | -11 |
| Free cash flow | 19 | 5 | 0 | 11 | 26 | 36 | 7 | -5 |
CECO revenue by segment
Industrial Process Solutions shrank from 33% to 22% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Engineered Systems | 67% | 76% | 71% | 72% | 72% | 68% | 73% | 61% | +30.5% |
| Industrial Process Solutions | 33% | 40% | 33% | 32% | 29% | 26% | 27% | 22% | +4.6% |
| Thermal Solutions | — | — | — | — | — | — | — | 17% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
CECO operating KPIs by quarter
| KPI | 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.
Revenue by region
Q2 FY2026 · share of revenue
- US 63%
- Other 10% ↓ 1 pt
- NL 9% ↑ 3 pt
- CA 7%
- CN 7% ↓ 2 pt
- GB 4% ↓ 7 pt
As CECO cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
46 filings between Jan 15, 2026 and Aug 15, 2026.
Open market
decisions to buy or sellPurchases
$2.64M
3 purchases by 1 insider
Sales
$10.32M
4 sales by 3 insiders
Compensation
not trading decisions- 23
- Award — granted as compensation
- 16
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| DEZWIREK JASON | — | $6.59M | Jun 25, 2026 |
| Johansson Peter K. | — | $2.89M | Jun 24, 2026 |
| WALLMAN RICHARD F | $2.64M | — | Jun 1, 2026 |
| Nanda Munish | — | $830.1K | May 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 15, 2026 | Johansson Peter K. SVP, Chief Financial Officer | Tax withheld | 2,914 | $231.9K |
| Jul 15, 2026 | Harris-Peterson Candace Chief Human Resources Officer | Tax withheld | 890 | $70.3K |
| Jul 5, 2026 | Kovachev Kiril Chief Accounting Officer | Tax withheld | 460 | $37.8K |
| Jun 25, 2026 | DEZWIREK JASON Director | Sale | 34,000 | $3.31M |
| Jun 24, 2026 | DEZWIREK JASON Director | Sale | 34,000 | $3.28M |
| Jun 24, 2026 | Johansson Peter K. SVP, Chief Financial Officer | Sale | 30,000 | $2.89M |
| Jun 8, 2026 | Harris-Peterson Candace Chief Human Resources Officer | Award | 3,105 | $0 |
| Jun 1, 2026 | Harris-Peterson Candace Chief Human Resources Officer | Award | 4,679 | — |
| Jun 1, 2026 | Harris-Peterson Candace Chief Human Resources Officer | Award | 2,735 | — |
| Jun 1, 2026 | Harris-Peterson Candace Chief Human Resources Officer | Award | 3,133 | — |
| Jun 1, 2026 | SACHS VALERIE GENTILE Director | Award | 3,190 | $0 |
| Jun 1, 2026 | Harris-Peterson Candace Chief Human Resources Officer | Award | 6,313 | — |
| Jun 1, 2026 | WALLMAN RICHARD F Director | Purchase | 20,000 | $1.54M |
| Jun 1, 2026 | Harris-Peterson Candace Chief Human Resources Officer | Award | 1,401 | — |
| Jun 1, 2026 | SIEGEL LAURIE Director | Award | 2,215 | $0 |
| Jun 1, 2026 | GEORGE MARCUS J Director | Award | 36,690 | — |
| Jun 1, 2026 | Mannarino Claudio A Director | Award | 1,108 | $0 |
| Jun 1, 2026 | Nanda Munish Director | Award | 2,215 | $0 |
| Jun 1, 2026 | RICHEY VICTOR L JR Director | Award | 6,378 | — |
| Jun 1, 2026 | GEORGE MARCUS J Director | Award | 2,215 | $0 |
| Jun 1, 2026 | DEZWIREK JASON Director | Award | 2,215 | $0 |
| Jun 1, 2026 | KNOWLING ROBERT E JR Director | Award | 2,215 | $0 |
| Jun 1, 2026 | Harris-Peterson Candace Chief Human Resources Officer | Award | 625 | — |
| Jun 1, 2026 | WALLMAN RICHARD F Director | Award | 3,443 | $0 |
| May 1, 2026 | Nanda Munish Director | Sale | 11,218 | $830.1K |
| Apr 29, 2026 | WALLMAN RICHARD F Director | Purchase | 10,000 | $732.5K |
| Apr 29, 2026 | WALLMAN RICHARD F Director | Purchase | 5,000 | $369.0K |
| Mar 31, 2026 | Johansson Peter K. SVP, Chief Financial Officer | Tax withheld | 653 | $38.9K |
| Mar 31, 2026 | Gleason Todd R Chief Executive Officer | Tax withheld | 2,110 | $125.7K |
| Mar 31, 2026 | Gregory Alyson Noel General Counsel | Tax withheld | 175 | $10.4K |
| Mar 17, 2026 | Kovachev Kiril Chief Accounting Officer | Tax withheld | 346 | $19.7K |
| Mar 17, 2026 | Gregory Alyson Noel General Counsel | Tax withheld | 139 | $7.9K |
| Mar 17, 2026 | Johansson Peter K. SVP, Chief Financial Officer | Tax withheld | 1,570 | $89.6K |
| Mar 16, 2026 | Gregory Alyson Noel General Counsel | Award | 3,155 | $0 |
| Mar 16, 2026 | Kovachev Kiril Chief Accounting Officer | Award | 1,753 | $0 |
| Mar 16, 2026 | Johansson Peter K. SVP, Chief Financial Officer | Award | 3,944 | $0 |
| Mar 15, 2026 | Gleason Todd R Chief Executive Officer | Award | 75,055 | $0 |
| Mar 15, 2026 | Gregory Alyson Noel General Counsel | Tax withheld | 150 | $8.2K |
| Mar 15, 2026 | Gleason Todd R Chief Executive Officer | Tax withheld | 29,535 | $1.62M |
| Mar 15, 2026 | Kovachev Kiril Chief Accounting Officer | Tax withheld | 380 | $20.7K |
| Mar 15, 2026 | Johansson Peter K. SVP, Chief Financial Officer | Tax withheld | 1,731 | $94.3K |
| Mar 15, 2026 | Johansson Peter K. SVP, Chief Financial Officer | Tax withheld | 4,967 | $272.4K |
| Mar 15, 2026 | Johansson Peter K. SVP, Chief Financial Officer | Award | 16,083 | $0 |
| Mar 7, 2026 | Gleason Todd R Chief Executive Officer | Tax withheld | 3,557 | $186.8K |
| Mar 7, 2026 | Gregory Alyson Noel General Counsel | Tax withheld | 287 | $15.1K |
| Jan 15, 2026 | Gregory Alyson Noel General Counsel | Award | 8,465 | $0 |
| Sep 22, 2025 | Gleason Todd R Chief Executive Officer | Option exercise | 98,101 | $1.25M |
| Sep 22, 2025 | Gleason Todd R Chief Executive Officer | Sale | 98,101 | $4.95M |
| Sep 19, 2025 | Gleason Todd R Chief Executive Officer | Sale | 85,000 | $4.17M |
| Sep 19, 2025 | Gleason Todd R Chief Executive Officer | Option exercise | 101,899 | $1.30M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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