Revenue: As of FY2025, the actual value is USD 830.54 M, beating the estimate of USD 823.54 M.

EPS: As of FY2025, the actual value is USD -0.14, missing the estimate of USD -0.07.

EBIT: As of FY2025, the actual value is USD 30.79 M.

Full-Year 2025 Financial Highlights

Montrose Environmental Group, Inc. reported a revenue of $830.5 million, marking a 19.3% increase and a $134.1 million rise compared to full-year 2024 . The company’s net loss significantly improved to - $0.8 million, or - $0.14 per diluted share, from - $62.3 million, or - $2.22 per diluted share, in the prior year . Adjusted Net Income was $60.7 million, an increase from $55.8 million in the previous year . Consolidated Adjusted EBITDA grew by 21.3% to $116.2 million, a $20.4 million increase, representing 14.0% of revenue . The company generated $107.5 million in operating cash flow and $87.0 million in Free cash flow . The leverage ratio stood at 2.5x as of December 31, 2025, following the full redemption of $122.2 million of Series A-2 Preferred Stock .

Fourth Quarter 2025 Financial Highlights

Revenue for the fourth quarter of 2025 was $193.3 million, an increase of $4.2 million or 2.2% from $189.1 million in the prior-year quarter, primarily driven by $9.1 million in organic revenue growth . Environmental emergency response revenue was $3.1 million, down from $7.5 million in the prior-year quarter . Net loss improved to - $8.2 million, or - $0.23 per diluted share, compared to a net loss of - $28.2 million, or - $0.90 per diluted share, in the prior-year quarter . Adjusted Net Income was $13.5 million, a decrease from $14.7 million in the prior-year quarter . Consolidated Adjusted EBITDA for the quarter was $23.9 million, or 12.4% of revenue, down from $27.2 million, or 14.4% of revenue, in the prior-year quarter .

Segment Revenue (Full-Year 2025 vs. 2024)

• Assessment, Permitting and Response: Revenue increased to $307.4 million in 2025 from $214.9 million in 2024 .
• Measurement and Analysis: Revenue increased to $245.9 million in 2025 from $224.4 million in 2024 .
• Remediation and Reuse: Revenue increased to $277.3 million in 2025 from $257.2 million in 2024 .
• Total Reportable Segments: Total segment revenue was $830.5 million in 2025, up from $696.4 million in 2024 .

Operational Metrics (Full-Year 2025 vs. 2024)

• Income from operations: Increased by $48.4 million in 2025 .
• Net loss: - $0.8 million in 2025, compared to - $62.3 million in 2024 .
• Adjusted Net Income: $60.7 million in 2025, compared to $55.8 million in 2024 .
• Consolidated Adjusted EBITDA: $116.2 million in 2025, compared to $95.8 million in 2024 .

Cash Flow and Liquidity (Full-Year 2025 vs. 2024)

Net cash provided by operating activities for 2025 was $107.5 million, a significant improvement from $22.2 million in the prior year . Free cash flow generation was $87.0 million in 2025 . As of December 31, 2025, Montrose Environmental Group, Inc. had $225.4 million of available liquidity, including $11.2 million in cash and $214.2 million of availability on its revolving line of credit .

2026 Outlook and Guidance

Montrose Environmental Group, Inc. anticipates 2026 Consolidated Adjusted EBITDA to be between $125.0 million and $130.0 million, representing approximately 10% growth at the midpoint, with Consolidated Adjusted EBITDA as a percentage of revenue projected at approximately 15% . The company expects 2026 revenue to range from $840.0 million to $900.0 million, including $50.0 million to $70.0 million in emergency response revenue and approximately 8% organic growth at the midpoint . Montrose Environmental Group, Inc. also plans to restart smaller, highly accretive acquisitions and aims to convert at least 60% of its annual Consolidated Adjusted EBITDA to operating cash flow in 2026 .