Montrose Reports Q4 Revenue of $193.3M, Beating Expectations

Reports Q4 revenue $193.3M, consensus $186.2M. Montrose Chief Executive Officer and Director, Vijay Manthripragada, commented, "Over a year ago, we announced a pause in acquisitions to highlight the quality and durability of our business. We also shared our expectation that US regulatory volatility would create more tailwinds than headwinds given our unique business model and global client focus. As we reflect on our focused execution in 2025, our business outperformed and exceeded every major objective. We delivered 13% organic revenue growth, expanded EBITDA margins, and generated record cash flow with 75% Free cash flow1 conversion. Our cash flow generation outperformance resulted in 2025 year-end leverage approximately 0.5x lower than our forecast at the start of 2025. We also accelerated cross-selling across our platform, expanded our IP portfolio, and attracted incredible talent, all of which position us very well for 2026 and beyond. As we look to 2026, we're in a strong position to strategically restart smaller, bolt-on and highly accretive acquisitions. Our balance sheet and cash flow give us flexibility, the acquisition pipeline is aligned to our core capabilities, and we will remain disciplined with capital allocation. We see acquisitions as a multiplier to already robust organic growth and continued margin expansion in 2026."