CECO Environmental Corp. Common Stock Q2 2026 Earnings Recap

CECO shares rose 4.3% as the company delivered robust order growth and margin expansion, driven by early Thermon acquisition synergies that surpassed initial expectations.

Key Takeaways

• Q2 orders surged 191% year-over-year to a record $799 million, pushing backlog to over $1.8 billion, up 164% from last year.
• Reported revenue rose 54% year-over-year to $285 million, supported by strong organic growth alongside Thermon’s contribution for one month.
• Adjusted EBITDA increased 73%, with margins expanding approximately 150 basis points to 14.1%, the company’s first quarter with mid-teen EBITDA margins.
• Thermon integration is ahead of schedule, capturing $13 million of annualized net adjusted EBITDA savings within 60 days, about one-third of the $40 million target.
• The full year guidance was raised, reflecting confidence in sustained double-digit growth, improved profitability, and a sales pipeline exceeding $8.5 billion.