The raised guidance and record backlog ($1.8B) imply strong near-term revenue visibility. Watch Q3 for organic growth ex-Thermon and margin progression as integration costs fade. The stock may re-rate higher if the backlog conversion and synergy capture continue ahead of plan.
Price Chart
Executive Summary
CECO Environmental reported Q2 2026 revenue of $285.0M (+54% YoY) and non-GAAP diluted EPS of $0.47, with orders up 191% to $798.5M and backlog exceeding $1.8B. The company raised full-year 2026 guidance, reflecting strong momentum from the Thermon acquisition and robust organic demand across end markets.
Key Financial Metrics
Key Facts
- Revenue $285.0M, up 54% YoY (Q2 2025: $185.4M)
- Non-GAAP diluted EPS $0.47, up from $0.24 in prior-year quarter
- Orders $798.5M, up 191% YoY; backlog $1.819B, up 164%
- Adjusted EBITDA $40.2M, up 73% YoY; margin 14.1%
- GAAP net loss $(34.8)M due to $45.5M acquisition & integration costs
- Raised FY2026 revenue guidance to $1.300-1.375B (from $1.275-1.375B) and adjusted EBITDA to $200-225M (from $195-225M)
- First quarter with Thermon acquisition (closed June 1, 2026); integration ahead of plan
Financial Impact
Revenue growth of $99.6M (+54%) vs Q2 2025; non-GAAP net income +$12.8M (+147%); adjusted EBITDA +$16.9M (+73%)
Risk Factors
- Integration risks from Thermon acquisition could delay synergy realization
- Exposure to Middle East projects and inflationary pressures may impact margins
- GAAP profitability remains negative due to amortization and transaction costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3341670 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $70.38 $79.13 | ▲ +12.43% | ▲ +13.35% | $73.66 (+4.66%) |
Aug 10, 2026 7w ago | Press Release | $70.38 $79.13 | ▲ +12.43% | ▲ +13.35% | $73.66 (+4.66%) |
Aug 9, 2026 7w ago | Institutional Cluster | $70.38 $79.13 | ▲ +12.43% | ▲ +13.35% | $73.66 (+4.66%) |
Jun 26, 2026 13w ago | Insider Cluster | $90.07 $75.63 | ▼ −16.03% | ▼ −15.75% | $73.66 (−18.22%) |
Jun 14, 2026 15w ago | Institutional Cluster | $95.01 $81.90 | ▼ −13.80% | ▼ −13.05% | $73.66 (−22.47%) |
Jun 11, 2026 16w ago | Institutional Cluster | $96.41 $84.32 | ▼ −12.54% | ▼ −14.43% | $73.66 (−23.60%) |
Jun 9, 2026 16w ago | 8-K | $95.45 $78.84 | ▼ −17.40% | ▼ −18.84% | $73.66 (−22.82%) |
Jun 1, 2026 17w ago | 8-K | $79.03 $90.74 | ▲ +14.82% | ▲ +16.12% | $73.66 (−6.79%) |
Jun 1, 2026 17w ago | Press Release | $79.03 $90.74 | ▲ +14.82% | ▲ +16.12% | $73.66 (−6.79%) |
May 28, 2026 18w ago | 8-K | $83.31 $91.87 | ▲ +10.27% | ▲ +13.42% | $73.66 (−11.58%) |
US Market Status
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