Mayville Engineering Company (MEC) Q2 2025 Earnings
How Did MEC Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +2.54%.
Did MEC Beat Earnings? Q2 2025 Results
Yes. Mayville Engineering Company reported Q2 2025 earnings of $0.10 a share on Aug 5, 2025, beating the $0.06 consensus estimate by 67.5%. Revenue was $132.3M against a $138.0M estimate.
Mayville Engineering Company delivered a mixed second quarter for 2025, posting adjusted earnings per share of $0.10 against a consensus estimate of $0.06, a beat of 67.50%, even as revenue came in at $132.33 million, falling 4.09% short of the $137.98 million Wall Street expected and declining 19.1% from a year ago. The shortfall traced largely to broad-based volume weakness across key end markets, with Agriculture tumbling 36.9%, Powersports dropping 35.2%, and Construction and Access sliding 25.9%, pressures only partially cushioned by a 26.8% surge in Military sales. Adjusted EBITDA compressed to $13.68 million, representing a 10.3% margin compared to 12.0% a year prior. Looking ahead, management updated full-year 2025 guidance to reflect both the July 1 completion of its Accu-Fab acquisition and continued legacy market softness, now targeting net sales of $528 million to $562 million and Adjusted EBITDA of $49 million to $55 million, revisions that came alongside the withdrawal of the company's 2026 Investor Day targets amid macroeconomic uncertainty.
- Lower customer demand across majority of end markets including Commercial Vehicle, Construction & Access, Powersports, and Agriculture
- Channel inventory de-stocking by customers across multiple end markets
- Regulatory uncertainty impacting Commercial Vehicle order volumes
- Cost reduction and lean operations initiatives under MBX framework partially offsetting volume declines
- Increased after-market demand in Military end market
- New customer projects in industrial equipment & fixtures, power generation, and automotive aluminum extrusions driving Other segment growth
- Lower interest expense due to reduced borrowings and lower interest rates
“Our second quarter results underscore the resilience and strong execution of our team, as we delivered improved Adjusted EBITDA margins compared to the first quarter, despite a challenging customer demand environment. Our MBX framework continues to guide our disciplined focus on lean operations and cost management, enabling us to enhance operating leverage and generate strong free cash flow.”
Mayville Engineering Company CEO, on the earnings call
What Was Mayville Engineering Company's Outlook in Q2 2025?
MEC updated its full-year 2025 guidance to reflect the Accu-Fab acquisition (completed July 1, 2025) and continued soft legacy end market demand. Updated guidance: Net sales of $528M to $562M (midpoint $545M), Adjusted EBITDA of $49M to $55M (midpoint $52M), and Free Cash Flow of $25M to $31M (midpoint $28M). Prior guidance had been net sales of $560M to $590M, Adjusted EBITDA of $60M to $66M, and Free Cash Flow of $43M to $50M. Capital expenditures are expected between $13M and $17M, with non-recurring costs of $5M to $6M related to the CFO transition and Accu-Fab acquisition. The company withdrew its 2026 financial targets from the 2023 Investor Day due to macroeconomic uncertainty. Customer visibility into H2 2025 remains limited, with order activity expected to remain muted through year-end, particularly in Commercial Vehicle, Powersports, and Agriculture end markets.
MEC YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $132.3M | $163.6M | −19.1% |
| Gross Profit | $13.6M | $22.3M | −38.8% |
| Operating Income | $76,000 | $8.2M | −99.1% |
MEC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.