CECO Environmental (CECO) financial statements
CECO Environmental reported revenue of $774M in fiscal 2025, up 7.1% a year over 9 years.
Net income was $50M and the operating margin 13.7%, against -6.1% in 2016.
Free cash flow was -$5M.
The diluted share count rose 8% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CECO Environmental's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $417M | $345M | $337M | $342M | $316M | $324M | $423M | $545M | $558M | $774M |
| Cost of revenue | $282M | $232M | $226M | $228M | $211M | $223M | $294M | $374M | $362M | $505M |
| Gross profit | $135M | $113M | $112M | $114M | $105M | $101M | $128M | $171M | $196M | $269M |
| Selling, general and admin | $82M | $89M | $87M | $86M | $77M | $82M | $93M | $123M | $147M | $201M |
| Operating income | -$26M | $8M | $10M | $18M | $13M | $10M | $22M | $35M | $35M | $106M |
| Interest expense | $8M | $7M | $7M | $5M | $4M | $3M | $5M | $13M | $13M | $21M |
| Pre-tax income | -$33M | $1M | $2M | $13M | $12M | $5M | $24M | $22M | $18M | $83M |
| Income tax | $5M | $4M | $10M | -$4M | $4M | $3M | $5M | $7M | $3M | $30M |
| Net income | -$38M | -$3M | -$7M | $18M | $8M | $1M | $17M | $13M | $13M | $50M |
| EPS (diluted) | -$1.12 | -$0.09 | -$0.21 | -$0.50 | $0.23 | $0.04 | $0.50 | $0.37 | $0.36 | $1.37 |
| Diluted shares | 34M | 34M | 35M | 35M | 36M | 36M | 35M | 35M | 36M | 37M |
| Gross margin | 32.3% | 32.8% | 33.1% | 33.4% | 33.3% | 31.1% | 30.3% | 31.4% | 35.2% | 34.8% |
| Operating margin | -6.1% | 2.3% | 3.0% | 5.3% | 4.2% | 3.0% | 5.2% | 6.3% | 6.3% | 13.7% |
| Net margin | -9.2% | -0.9% | -2.1% | 5.2% | 2.6% | 0.4% | 4.1% | 2.4% | 2.3% | 6.5% |
Balance sheet
Fiscal years, from CECO Environmental's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $46M | $30M | $44M | $36M | $36M | $30M | $46M | $55M | $38M | $33M |
| Receivables | $83M | $68M | $53M | $68M | $63M | $75M | $83M | $113M | $160M | $173M |
| Inventory | $21M | $21M | $21M | $21M | $17M | $17M | $27M | $34M | $43M | $54M |
| Total current assets | $213M | $174M | $161M | $179M | $183M | $189M | $241M | $281M | $331M | $410M |
| Property, plant and equipment | $27M | $23M | $22M | $15M | $16M | $16M | $21M | $26M | $34M | $48M |
| Goodwill | $170M | $167M | $152M | $152M | $162M | $161M | $183M | $211M | $270M | $288M |
| Total assets | $499M | $439M | $393M | $409M | $419M | $416M | $505M | $600M | $760M | $894M |
| Total current liabilities | $146M | $108M | $104M | $115M | $109M | $117M | $147M | $203M | $245M | $306M |
| Long-term debt | $114M | $104M | $74M | $63M | $69M | $62M | $108M | $127M | $217M | $211M |
| Total liabilities | $309M | $252M | $214M | $216M | $216M | $210M | $287M | $363M | $508M | $571M |
| Shareholders' equity | $190M | $187M | $179M | $193M | $203M | $205M | $213M | $233M | $248M | $318M |
| Net debt | $77M | $85M | $31M | $30M | $37M | $34M | $66M | $83M | $181M | $179M |
Cash flow
Fiscal years, from CECO Environmental's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $70M | $7M | $22M | $10M | $4M | $13M | $30M | $45M | $25M | $6M |
| Capital spending | $1M | $1M | $3M | $6M | $4M | $3M | $3M | $8M | $17M | $11M |
| Free cash flow | $69M | $6M | $19M | $5M | $476,000 | $11M | $26M | $36M | $7M | -$5M |
| Stock-based compensation | $2M | $2M | $3M | $3M | $2M | $3M | $4M | $5M | $8M | $13M |
| Dividends paid | $9M | $8M | — | — | — | — | — | — | — | — |
| Share buybacks (net) | -$188,000 | — | — | — | $0 | -$5M | -$7M | $0 | -$5M | $0 |
| Net borrowing | -$42M | -$11M | -$41M | -$3M | -$5M | -$3M | $8M | $70M | -$114M | -$2M |
| Free cash flow margin | 16.4% | 1.6% | 5.6% | 1.3% | 0.2% | 3.3% | 6.2% | 6.7% | 1.3% | -0.7% |
| Dividends per share | $0.26 | $0.23 | — | — | — | — | — | — | — | — |
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Open CECO in InvestinglyQuestions
What was CECO Environmental's revenue in 2025?
$774M in fiscal 2025, from its 10-K filing.
How much free cash flow does CECO Environmental generate?
-$5M in fiscal 2025 (operating cash flow minus capital spending).
From CECO Environmental's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.