Ameresco Q3 2026: Record $7.15B Backlog Signals Real Growth
As seen on the 24/7 Wall St. homepage on November 9, 2026.
The headline beat is partly an accounting change: consolidating 100% of joint venture results lifted non-GAAP EPS to $0.88, versus $0.60 under the old method. Backlog is the real signal, up 39% to a record $7.15 billion including $200 million of new data center energy infrastructure work, at a company worth only $787 million.
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Ameresco's Q3 2026 non-GAAP EPS of $0.88 beat expectations against the $0.57 consensus, but the number comes with an asterisk investors need to understand. Midway through the quarter, Ameresco changed its accounting to consolidate 100% of joint venture operating results, including the Ameresco Sunel Energy JV and newly formed Neogenyx Fuels. Under the prior method, non-GAAP EPS would have been $0.60, still a solid beat but a materially different headline.
Revenue of $580.3 million rose 10% year over year, beating expectations. Every major business line contributed, with Projects, Energy Assets and O&M revenue all growing, while adjusted EBITDA and gross margin expanded.
The backlog carries the most weight here. Total project backlog reached a record $7.15 billion, up 39%, on new awards during the quarter. That includes work tied to data center energy infrastructure, an expanded scope of work at an existing project, alongside strength in Federal infrastructure and Europe. Against the company's market value, a backlog of that size represents an extraordinary multiple of near-term revenue visibility.
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During the quarter, $737 million converted from awarded into contracted backlog, which is the stage where projects carry firmer commitments and timelines. CEO George Sakellaris described that conversion pace as building visibility heading into 2027, and management guided Q4 2026 revenue of $625 million to $650 million, with full-year 2026 revenue of $2.13 billion to $2.15 billion. Full-year non-GAAP EPS guidance of $1.85 to $1.95 is recast for the new accounting methods, though management said the operational outlook is unchanged.
Not everything in the report was without concern. Operating cash flow was negative $8.8 million for the quarter, and the company flagged risks including higher interest expense, rising non-controlling interests, delays and liquidated damages under a Southern California Edison agreement, and ongoing exposure to government budget cycles. Investors will want to track how quickly that backlog actually converts into cash flow, particularly as the joint venture consolidation makes the earnings line harder to compare against prior periods.
Mentioned: AMRC