CECO Environmental Q3 Revenue Rises 104.7% to $404.4 Million

CECO Environmental Corp. posted $404.4 million in third-quarter 2026 revenue, a 104.7% year-over-year increase, and beat estimates for both non-GAAP earnings per share and revenue.

Non-GAAP earnings per share reached $0.60, topping estimates by $0.01. Revenue exceeded estimates by $4.76 million. Adjusted EBITDA was $70.1 million, up 202% year over year, with a 17.3% margin. Free cash flow totaled $148.4 million.

CECO's second-quarter revenue was $285 million. That was its first quarter as a combined business after the June 1 Thermon acquisition. The second-quarter report also showed orders of $798.5 million and a backlog of $1.8191 billion.

In August, CECO raised its 2026 outlook to revenue of $1.3 billion to $1.375 billion and adjusted EBITDA of $200 million to $225 million. The August forecast called for free cash flow conversion of at least 55% relative to adjusted EBITDA.

Its business spans industrial air, industrial water and energy-transition markets. It had set Monday, Nov. 9, as the reporting date in an earlier Q3 reporting announcement.