Zeo Energy Corp.
ZEO Nasdaq Construction - Special Trade Contractors Financials FY2022–FY2025
Revenue
Total sales reported in the income statement.
$69.3M
5.3%
vs prior year
Operating margin
Operating income as a share of revenue.
−29.6%
14.9 pts
Net income
Profit after all expenses, interest and tax.
−$14.0M
Free cash flow
Cash from operations minus capital spending.
−$9.9M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−175.4%
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Zeo Energy Corp. does
No business description yet.
- Legal name
- Zeo Energy Corp.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Apr 1, 2026
- Accession · CIK
- 0001213900-26-037791
0001865506
Revenue and margins
Zeo Energy Corp. had $69.3M of revenue in fiscal 2025, down 5.3% on the year before.
FY22
Revenue —
FY23
Revenue $110M
FY24
Revenue $73.2M
FY25
Revenue $69.3M
Q3 '23
Revenue $37.9M
Q4 '23
Revenue $23.0M
Q1 '24
Revenue $20.1M
Q2 '24
Revenue $14.8M
Q3 '24
Revenue $19.7M
Q4 '24
Revenue $18.6M
Q1 '25
Revenue $8.8M
Q2 '25
Revenue $18.1M
Q3 '25
Revenue $23.9M
Q4 '25
Revenue $18.6M
Q1 '26
Revenue $13.2M
Q2 '26
Revenue $16.2M
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross 99.9%
Operating 4.7%
Net −2.7%
FCF 10.0%
FY24
Gross 48.0%
Operating −14.8%
Net −3.6%
FCF −12.4%
FY25
Gross 55.2%
Operating −29.6%
Net −20.2%
FCF −14.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 46.0%
Operating 10.6%
Net 10.6%
FCF 11.7%
Q4 '23
Gross 313.7%
Operating −5.9%
Net −41.1%
FCF 23.7%
Q1 '24
Gross —
Operating −20.1%
Net −7.6%
FCF −51.5%
Q2 '24
Gross 52.3%
Operating −18.0%
Net −1.9%
FCF −15.6%
Q3 '24
Gross 50.2%
Operating −15.2%
Net −2.2%
FCF 1.1%
Q4 '24
Gross 73.6%
Operating −6.0%
Net −2.3%
FCF 18.2%
Q1 '25
Gross 45.5%
Operating −153.8%
Net −72.4%
FCF −30.0%
Q2 '25
Gross 59.8%
Operating −15.8%
Net −13.3%
FCF −15.0%
Q3 '25
Gross 57.9%
Operating −8.3%
Net −13.5%
FCF −28.6%
Q4 '25
Gross 51.9%
Operating −11.8%
Net −10.8%
FCF 12.2%
Q1 '26
Gross 42.5%
Operating −36.1%
Net −26.6%
FCF −8.0%
Q2 '26
Gross 47.1%
Operating −18.5%
Net −14.4%
FCF −4.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY22
Net income $14.3M
FY23
Net income −$3.0M
FY24
Net income −$2.7M
FY25
Net income −$14.0M
Q3 '23
Net income $4.0M
Q4 '23
Net income −$9.4M
Q1 '24
Net income −$1.5M
Q2 '24
Net income −$0.3M
Q3 '24
Net income −$0.4M
Q4 '24
Net income −$0.4M
Q1 '25
Net income −$6.4M
Q2 '25
Net income −$2.4M
Q3 '25
Net income −$3.2M
Q4 '25
Net income −$2.0M
Q1 '26
Net income −$3.5M
Q2 '26
Net income −$2.3M
FY22
Diluted EPS —
FY23
Diluted EPS $4.85
FY24
Diluted EPS −$0.48
FY25
Diluted EPS —
Q3 '23
Diluted EPS —
Q4 '23
Diluted EPS —
Q1 '24
Diluted EPS −$1.54
Q2 '24
Diluted EPS $0.03
Q3 '24
Diluted EPS −$0.08
Q4 '24
Diluted EPS $1.11
Q1 '25
Diluted EPS −$0.48
Q2 '25
Diluted EPS —
Q3 '25
Diluted EPS —
Q4 '25
Diluted EPS —
Q1 '26
Diluted EPS —
Q2 '26
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity 45.8%
Return on assets 5.0%
FY23
Return on capital —
Return on equity −9.7%
Return on assets −1.8%
FY24
Return on capital —
Return on equity —
Return on assets −4.9%
FY25
Return on capital −175.4%
Return on equity —
Return on assets −23.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$9.9M in fiscal 2025, −14.3% of revenue. Cash from operations minus capital spending.
FY22
Free cash flow —
FY23
Free cash flow $10.9M
FY24
Free cash flow −$9.1M
FY25
Free cash flow −$9.9M
Q3 '23
Free cash flow $4.4M
Q4 '23
Free cash flow $5.4M
Q1 '24
Free cash flow −$10.4M
Q2 '24
Free cash flow −$2.3M
Q3 '24
Free cash flow $0.2M
Q4 '24
Free cash flow $3.4M
Q1 '25
Free cash flow −$2.6M
Q2 '25
Free cash flow −$2.7M
Q3 '25
Free cash flow −$6.8M
Q4 '25
Free cash flow $2.3M
Q1 '26
Free cash flow −$1.1M
Q2 '26
Free cash flow −$0.7M
FY22
Cash from operations $3.3M
Capital spending —
FY23
Cash from operations $12.0M
Capital spending $1.0M
FY24
Cash from operations −$8.7M
Capital spending $0.4M
FY25
Cash from operations −$8.7M
Capital spending $1.2M
Cash from operations
Capital spending
Q3 '23
Cash from operations $3.8M
Capital spending −$0.6M
Q4 '23
Cash from operations $6.3M
Capital spending $0.9M
Q1 '24
Cash from operations −$10.2M
Capital spending $0.2M
Q2 '24
Cash from operations −$2.2M
Capital spending $0.1M
Q3 '24
Cash from operations $0.2M
Capital spending −$0.0M
Q4 '24
Cash from operations $3.5M
Capital spending $0.1M
Q1 '25
Cash from operations −$2.3M
Capital spending $0.4M
Q2 '25
Cash from operations −$2.3M
Capital spending $0.4M
Q3 '25
Cash from operations −$6.6M
Capital spending $0.2M
Q4 '25
Cash from operations $2.4M
Capital spending $0.2M
Q1 '26
Cash from operations −$0.9M
Capital spending $0.2M
Q2 '26
Cash from operations −$0.5M
Capital spending $0.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Zeo Energy Corp. returned $0.6M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks $273M
FY24
Dividends $0.1M
Buybacks —
FY25
Dividends $0.6M
Buybacks —
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $0.0M
Q4 '23
Dividends —
Buybacks $16.7M
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends $0.0M
Buybacks —
Q1 '26
Dividends $0.2M
Buybacks —
Q2 '26
Dividends $0.0M
Buybacks —
Dividends
Buybacks
FY22
Diluted shares —
FY23
Diluted shares 0.00B
FY24
Diluted shares 0.01B
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Zeo Energy Corp. can carry it.
FY22
Cash $0.6M
Debt —
FY23
Cash $8.0M
Debt —
FY24
Cash $5.6M
Debt $4.7M
FY25
Cash $6.1M
Debt $10.4M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $0.6M | $8.0M | $5.6M | $6.1M |
| Debt incl. finance leases | — | — | $4.7M | $10.4M |
| Debt / equity | — | — | — | 1.9x |
| Interest coverage | — | 46.3x | −32.4x | −132.0x |
| Current ratio | 0.3x | 1.0x | 1.3x | 2.7x |
| Quick ratio | 0.3x | 1.0x | 1.2x | 2.6x |
| Total assets | $286M | $48.1M | $61.0M | $56.9M |
| Total liabilities | $12.6M | $17.5M | $18.1M | $9.5M |
| Shareholders' equity | $31.3M | $30.6M | −$88.9M | $5.3M |
| Net debt (− = net cash) | — | — | −$0.9M | $4.3M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✕ | ✕ |
| Return on assets rose | — | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | — | — | ✕ |
| Current ratio rose | — | ✓ | ✓ | ✓ |
| Share count didn't rise | — | — | ✕ | — |
| Gross margin rose | — | — | ✕ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✓ |
| F-score | — / 3 | — / 5 | 2 / 8 | 4 / 8 |
| Accruals ratio | 3.9% | −9.0% | 11.1% | −9.0% |
| Altman Z'' | 2.36 | 2.62 | −11.47 | −3.52 |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | — | $110M | $73.2M | $69.3M |
| Gross profit | — | $110M | $35.2M | $38.3M |
| Operating income | −$2.8M | $5.1M | −$10.8M | −$20.5M |
| Interest expense | — | $0.1M | $0.3M | $0.2M |
| Pretax income | — | $4.8M | −$10.8M | −$19.4M |
| Income tax | — | — | −$1.0M | $0.3M |
| Net income | $14.3M | −$3.0M | −$2.7M | −$14.0M |
| Net income to common | — | $4.8M | −$2.7M | — |
| Diluted EPS | — | $4.85 | −$0.48 | — |
| Diluted shares | — | 0.00B | 0.01B | — |
| Cash flow | ||||
| Cash from operations | $3.3M | $12.0M | −$8.7M | −$8.7M |
| Capital expenditure | — | $1.0M | $0.4M | $1.2M |
| Free cash flow | — | $10.9M | −$9.1M | −$9.9M |
| Depreciation and amortization | — | $1.8M | $0.1M | $0.1M |
| Stock-based compensation | — | — | $7.7M | $6.4M |
| Acquisitions | — | $10.4M | $4.0M | — |
| Share buybacks | — | $273M | — | — |
| Dividends paid | — | — | $0.1M | $0.6M |
| Dividends and buybacks | — | $273M | $0.1M | $0.6M |
| Balance sheet | ||||
| Cash and short-term investments | $0.6M | $8.0M | $5.6M | $6.1M |
| Total debt | — | — | $4.2M | $10.1M |
| Finance lease liabilities | — | — | $0.5M | $0.4M |
| Current assets | $0.6M | $16.2M | $18.9M | $22.6M |
| Current liabilities | $2.2M | $15.5M | $15.0M | $8.4M |
| Inventory | — | $0.4M | $0.9M | $0.9M |
| Property and equipment, net | — | $2.3M | $2.5M | $2.8M |
| Goodwill | — | $27.0M | $27.0M | $27.1M |
| Intangible assets | — | $0.8M | $7.6M | — |
| Total assets | $286M | $48.1M | $61.0M | $56.9M |
| Total liabilities | $12.6M | $17.5M | $18.1M | $9.5M |
| Preferred stock | $0.0M | — | — | — |
| Shareholders' equity | $31.3M | $30.6M | −$88.9M | $5.3M |
| Margins | ||||
| Gross margin | — | 99.9% | 48.0% | 55.2% |
| Operating margin | — | 4.7% | −14.8% | −29.6% |
| EBITDA margin | — | 6.4% | −14.6% | −29.4% |
| Net margin | — | −2.7% | −3.6% | −20.2% |
| FCF margin | — | 10.0% | −12.4% | −14.3% |
| Returns | ||||
| Return on capital | — | — | — | −175.4% |
| Return on capital employed | −1.0% | 15.8% | −23.5% | −42.3% |
| Return on equity | 45.8% | −9.7% | — | — |
| Return on assets | 5.0% | −1.8% | −4.9% | −23.8% |
| Return on tangible equity | 45.8% | 170.6% | — | — |
| Growth | ||||
| Revenue growth | — | — | −33.2% | −5.3% |
| Net income growth | — | −120.9% | — | — |
| EPS growth | — | — | −109.9% | — |
| FCF growth | — | — | −183.0% | — |
| Share count change | — | — | 454.7% | — |
| Financial health | ||||
| Debt / equity | — | — | — | 1.9x |
| Interest coverage | — | 46.3x | −32.4x | −132.0x |
| Current ratio | 0.3x | 1.0x | 1.3x | 2.7x |
| Quick ratio | 0.3x | 1.0x | 1.2x | 2.6x |
| Capital allocation | ||||
| Capex / revenue | — | 0.9% | 0.5% | 1.8% |
| Stock comp / revenue | — | — | 10.5% | 9.2% |
| Payouts / FCF | — | 2,490.8% | — | — |
| Quality scores | ||||
| Piotroski F-score | — | — | 2.0 | 4.0 |
| Altman Z'' | 2.4 | 2.6 | −11.5 | −3.5 |
| Accruals ratio | 3.9% | −9.0% | 11.1% | −9.0% |
Source: SEC EDGAR XBRL filings (CIK 0001865506). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.