Ameresco (AMRC) Cash Flow: Operating & Free Cash Flow

Ameresco Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Ameresco, Inc. (AMRC) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	56.68	56.76	63.90	98.55	80.19	56.92	40.30	37.58	33.51
Depreciation & Amortization	104.27	89.21	65.91	54.28	46.58	42.04	39.44	30.53	25.49
Deferred Income Tax	-30.62	-24.32	-27.60	3.92	-4.76	3.40	-3.35	5.52	-4.53
Stock Based Compensation	14.42	14.13	10.32	15.05	8.72	1.93	1.62	1.26	1.29
Change in Working Capital	-218.97	6.62	-185.22	-514.62	-308.01	-211.85	-273.10	-132.88	-192.24
Change in Accounts Receivable	-268.71	-215.19	-216.61	-523.94	-278.56	-244.90	-11.87	13.55	3.15
Change in Inventory	-1.05	2.08	0.58	-5.41	-0.23	0.66	-1.47	0.37	3.97
Change in Accounts Payable	132.49	143.78	53.24	36.16	83.47	29.05	43.53	2.94	19.65
Change in Other Working Capital	-0.45	1.47	-22.43	-21.43	-112.68	3.34	-303.29	-149.74	-219.01
Other Operating Activities	-0.45	1.47	2.70	4.54	0.23	4.97	-1.21	4.80	-0.08
Net Cash from Operating Activities	-80.36	117.60	-69.99	-338.29	-172.30	-102.58	-196.29	-53.20	-136.56
Investing Activities
Capital Expenditures	-356.00	-438.35	-551.77	-327.90	-183.78	-182.76	-140.63	-129.62	-89.12
Acquisitions	-32.41	-11.76	-14.61	0.00	-14.93	-0.13	-1.60	-3.59	0.37
Purchases of Investments	-27.82	-11.76	0.00	0.00	-9.00	0.00	-0.30	0.00	0.00
Sales/Maturities of Investments	0.00	13.09	0.00	0.00	1.67	0.00	135.55	0.00	0.00
Other Investing Activities	132.37	-5.21	-0.57	-0.46	0.77	1.87	-135.25	-125.67	-86.26
Net Cash from Investing Activities	-256.04	-386.64	-566.94	-328.36	-205.26	-181.02	-142.22	-133.21	-88.75
Financing Activities
Debt Repayment	-435.53	-613.36	497.44	444.52	-98.20	45.43	88.81	55.97	58.07
Common Stock Issued	2.91	2.76	0.00	0.00	127.01	0.00	0.00	0.00	0.00
Common Stock Repurchased	0.00	0.00	0.00	0.00	0.00	-0.01	-0.14	-1.84	-3.41
Other Financing Activities	88.16	185.91	143.36	285.71	-0.49	259.74	228.76	170.39	175.58
Net Cash from Financing Activities	323.10	313.94	640.80	730.23	365.46	305.17	317.42	224.51	228.79
Summary
Effect of Forex Changes on Cash	1.44	-0.20	-0.08	-0.75	0.31	0.00	0.45	-0.30	0.17
Net Change in Cash	-11.86	44.70	3.79	62.83	-11.78	21.57	-20.65	37.81	3.66
Cash at Beginning of Period	198.38	153.68	149.89	87.05	98.84	77.26	97.91	60.11	20.61
Cash at End of Period	186.52	198.38	153.68	149.89	87.05	98.84	77.26	97.91	24.26
Free Cash Flow	-436.36	-320.75	-621.76	-666.19	-356.07	-285.34	-336.92	-182.82	-225.67
Supplemental Disclosures
Interest Paid	-	80.25	32.95	18.78	18.78	20.14	-	-	-
Income Taxes Paid	-	3.83	7.28	2.67	2.67	1.47	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Ameresco Cash Flow

What is Ameresco's free cash flow?

Ameresco had negative free cash flow of $436.36M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$80.36M minus $356.00M of capital expenditures.

How much does Ameresco spend on capital expenditures?

Ameresco spent $356.00M on capital expenditures in fiscal 2025, compared with $438.35M a year earlier.

Does Ameresco pay dividends or buy back shares?

Ameresco's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition