US Market News
1月前
EMCOR Group, Inc. Reports First Quarter 2026 ResultsApril 29, 2026 7:30 AM
Business Wire
Record Quarterly Revenues of $4.63 billion, 19.7% Increase Year-over-Year
First Quarter Diluted EPS of $6.84, 30.0% Increase Year-over-Year
Record Remaining Performance Obligations of $15.62 billion, 32.9% Increase Year-over-Year
Increases 2026 Revenue Guidance Range to $18.50 billion - $19.25 billion from $17.75 billion - $18.50 billion
Increases 2026 Diluted EPS Guidance Range to $28.25 - $29.75 from $27.25 - $29.25
EMCOR Group, Inc. (NYSE: EME) today reported results for the first quarter ended March 31, 2026.
First Quarter 2026 Results of Operations
For the first quarter of 2026, revenues totaled a quarterly record of $4.63 billion, an increase of 19.7%, compared to $3.87 billion for the first quarter of 2025. On an organic basis, when adjusting for incremental acquisition contribution and the impact of the sale of the Company's United Kingdom operations, first quarter revenues increased by 16.8%.
Net income for the first quarter of 2026 was $305.5 million, or $6.84 per diluted share, compared to net income of $240.7 million, or $5.26 per diluted share, for the first quarter of 2025. Net income for the first quarter of 2025 included $9.4 million, or $6.9 million after taxes, of transaction related costs associated with the acquisition of Miller Electric Company. Excluding these transaction costs, non-GAAP net income for the first quarter of 2025 was $247.6 million, or $5.41 per diluted share.
Operating income for the first quarter of 2026 was $403.8 million, or 8.7% of revenues, compared to operating income of $318.8 million, or 8.2% of revenues, for the first quarter of 2025. Excluding the previously referenced transaction costs, non-GAAP operating income for the first quarter of 2025 was $328.1 million, or 8.5% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $52.6 million and $41.9 million for the first quarter of 2026 and 2025, respectively.
Refer to the attached tables for a reconciliation of non-GAAP revenue growth, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share to the comparable GAAP measures.
Selling, general and administrative expenses for the first quarter of 2026 totaled $460.1 million, or 9.9% of revenues, compared to $404.0 million, or 10.4% of revenues, for the first quarter of 2025.
The Company's income tax rate for the first quarter of 2026 was 25.5%, compared to 25.8% for the first quarter of 2025.
Remaining performance obligations (“RPOs”) as of March 31, 2026 were a record $15.62 billion, compared to $13.25 billion as of December 31, 2025 and $11.75 billion as of March 31, 2025. When compared to December 31, 2025, the Company experienced increased RPOs across the majority of the sectors in which it operates, with the most significant growth coming from Network and Communications, Water and Wastewater, Institutional, and Healthcare.
Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, “We started the year well, with record quarterly revenues and strong operating performance as we experienced sustained momentum across several key market sectors and geographies. These results reflect our strategic positioning and operational excellence across our construction and services platforms while demonstrating our customers' confidence in EMCOR as a partner of choice for complex and mission-critical projects. Our Remaining Performance Obligations are again at record levels and we are pleased with the quality and diversity of our bookings during the quarter. The fundamentals of our business remain strong and we are well-positioned for the remainder of 2026."
Full-Year 2026 Guidance
Based on anticipated project mix and visibility into the remainder of the year, EMCOR now expects the following for full year 2026:
Current Guidance (4/29/26)
Previous Guidance (2/26/26)
Revenues
$18.50 billion – $19.25 billion
$17.75 billion – $18.50 billion
Operating Margin
9.0% – 9.4%
9.0% – 9.4%
Diluted EPS
$28.25 – $29.75
$27.25 – $29.25
First Quarter 2026 Earnings Conference Call Information
EMCOR Group's first quarter conference call will be broadcast live via the internet today, Wednesday, April 29, at 10:30 AM Eastern Daylight Time and can be accessed through the Company's website at www.emcorgroup.com.
About EMCOR
A Fortune 500 company and a member of the S&P 500, EMCOR Group, Inc. is a leader in mechanical and electrical construction services, industrial and energy infrastructure, and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors on the landing page of the Company's website and in the “Investor Relations” section of the website at www.emcorgroup.com/investor-relations. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.
Forward Looking Statements:
This release and related presentation contain forward-looking statements. Such statements speak only as of April 29, 2026, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements include statements regarding anticipated future operating and financial performance; financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations; the timing of future projects; our ability to support organic growth and balanced capital allocation, including the anticipated impact of our strategic investments; the financial and operational impact of acquisitions and/or dispositions, our competitiveness, market opportunities, and growth prospects; customer trends; and project mix. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; domestic and international political developments and/or conflicts; changes in the specific markets for EMCOR’s services; weakness of the sectors from which we generate revenues; adverse business conditions; scarcity of skilled labor; productivity challenges; the nature and extent of supply chain disruptions impacting availability and pricing of materials; inflationary trends, including fluctuations in energy costs; the impact of legislation and/or government regulations; changes in foreign trade policy including the effect of tariffs; changes in interest rates; the lack of availability of adequate levels of surety bonding; increased competition; the impact of legal proceedings, claims, lawsuits, or governmental investigations; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2025 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating our business, including any forward-looking statements.
Non-GAAP Measures:
This release and related presentation also include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies.
EMCOR GROUP, INC.
FINANCIAL HIGHLIGHTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share information)
(Unaudited)
For the quarters ended
March 31,
2026
2025
Revenues
$
4,628,233
$
3,867,372
Cost of sales
3,764,283
3,144,654
Gross profit
863,950
722,718
Selling, general and administrative expenses
460,105
403,962
Operating income
403,845
318,756
Net periodic pension income
—
54
Interest income, net
6,227
5,387
Income before income taxes
410,072
324,197
Income tax provision
104,588
83,520
Net income
$
305,484
$
240,677
Basic earnings per common share
$
6.85
$
5.27
Diluted earnings per common share
$
6.84
$
5.26
Weighted average shares of common stock outstanding:
Basic
44,564,932
45,634,877
Diluted
44,687,157
45,784,235
Dividends declared per common share
$
0.40
$
0.25
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31,
2026
December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents
$
916,420
$
1,111,968
Accounts receivable, net
4,549,956
4,241,177
Contract assets
377,332
337,717
Inventories
130,208
126,252
Prepaid expenses and other
100,577
120,231
Total current assets
6,074,493
5,937,345
Property, plant, and equipment, net
264,696
253,277
Operating lease right-of-use assets
478,646
439,029
Goodwill
1,433,937
1,412,414
Identifiable intangible assets, net
1,089,866
1,108,828
Other assets
166,469
140,506
Total assets
$
9,508,107
$
9,291,399
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
1,149,028
$
1,227,428
Contract liabilities
2,417,021
2,327,360
Accrued payroll and benefits
710,038
870,154
Other accrued expenses and liabilities
443,116
340,785
Operating lease liabilities, current
102,296
99,213
Total current liabilities
4,821,499
4,864,940
Operating lease liabilities, long-term
408,122
368,996
Other long-term obligations
410,910
382,482
Total liabilities
5,640,531
5,616,418
Equity:
Total EMCOR Group, Inc. stockholders’ equity
3,866,539
3,673,944
Noncontrolling interests
1,037
1,037
Total equity
3,867,576
3,674,981
Total liabilities and equity
$
9,508,107
$
9,291,399
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2026 and 2025
(In thousands) (Unaudited)
2026
2025
Cash flows - operating activities:
Net income
$
305,484
$
240,677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
18,362
15,582
Amortization of identifiable intangible assets
34,212
26,363
Provision for credit losses
395
4,718
Deferred income taxes
(6,954
)
2,777
Excess tax benefits from share-based compensation
(6,042
)
(3,496
)
Non-cash share-based compensation expense
10,590
9,270
Other reconciling items
(650
)
(798
)
Changes in operating assets and liabilities, excluding the effect of businesses acquired
(354,839
)
(186,622
)
Net cash provided by operating activities
558
108,471
Cash flows - investing activities:
Payments for acquisitions of businesses, net of cash acquired
(43,674
)
(850,644
)
Proceeds from sale or disposal of property, plant, and equipment
636
1,334
Purchases of property, plant, and equipment
(28,712
)
(26,131
)
Net cash used in investing activities
(71,750
)
(875,441
)
Cash flows - financing activities:
Proceeds from revolving credit facility
—
250,000
Repayments of finance lease liabilities
(646
)
(775
)
Dividends paid to stockholders
(17,810
)
(11,451
)
Repurchases of common stock
(87,107
)
(224,832
)
Taxes paid related to net share settlements of equity awards
(17,984
)
(13,351
)
Payments for contingent consideration arrangements
(809
)
(420
)
Net cash used in financing activities
(124,356
)
(829
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
—
4,869
Decrease in cash, cash equivalents, and restricted cash
(195,548
)
(762,930
)
Cash, cash equivalents, and restricted cash at beginning of year (1)
1,111,968
1,340,395
Cash, cash equivalents, and restricted cash at end of period (2)
$
916,420
$
577,465
_______________
(1)
Includes $0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of December 31, 2024.
(2)
Includes $0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of March 31, 2025.
EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands, except for percentages) (Unaudited)
For the quarters ended March 31,
2026
% of
Total
2025
% of
Total
Revenues from unrelated entities:
United States electrical construction and facilities services
$
1,447,414
31
%
$
1,087,844
28
%
United States mechanical construction and facilities services
2,026,341
44
%
1,572,602
41
%
United States building services
772,649
17
%
742,623
19
%
United States industrial services
381,829
8
%
359,002
9
%
Total United States operations
4,628,233
100
%
3,762,071
97
%
United Kingdom building services
—
—
%
105,301
3
%
Consolidated revenues
$
4,628,233
100
%
$
3,867,372
100
%
For the quarters ended March 31,
2026
% of Segment Revenues
2025
% of Segment Revenues
Operating income (loss):
United States electrical construction and facilities services
$
174,481
12.1
%
$
136,057
12.5
%
United States mechanical construction and facilities services
221,643
10.9
%
186,747
11.9
%
United States building services
40,449
5.2
%
36,423
4.9
%
United States industrial services
12,780
3.3
%
6,760
1.9
%
Total United States operations
449,353
9.7
%
365,987
9.7
%
United Kingdom building services
—
—
4,987
4.7
%
Corporate administration
(45,508
)
—
(52,218
)
—
Consolidated operating income
403,845
8.7
%
318,756
8.2
%
Other items:
Net periodic pension income
—
54
Interest income, net
6,227
5,387
Income before income taxes
$
410,072
$
324,197
EMCOR GROUP, INC.
RECONCILIATION OF ORGANIC REVENUE GROWTH
(In thousands, except for percentages) (Unaudited)
The following table provides a reconciliation between organic revenue growth, a non-GAAP measure, and total revenue growth for the quarter ended March 31, 2026.
For the quarter ended
March 31, 2026
$
%
GAAP revenue growth
$
760,861
19.7
%
Incremental revenues from acquisitions
(234,120
)
(6.1
)%
Impact of lost revenues resulting from sale of United Kingdom operations
105,301
3.2
%
Organic revenue growth, a non-GAAP measure
$
632,042
16.8
%
EMCOR GROUP, INC.
RECONCILIATION OF OTHER NON-GAAP MEASURES
(In thousands, except for percentages and per share data) (Unaudited)
In our press release, we provide non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per common share for the quarter ended March 31, 2025. The following tables provide a reconciliation between these amounts determined on a non-GAAP basis and the most directly comparable GAAP measures.
For the quarter ended
March 31,
2026
2025
GAAP operating income
$
403,845
$
318,756
Transaction expenses related to the acquisition of Miller Electric
—
9,353
Non-GAAP operating income
$
403,845
$
328,109
For the quarter ended
March 31,
2026
2025
GAAP operating margin
8.7
%
8.2
%
Transaction expenses related to the acquisition of Miller Electric
—
%
0.2
%
Non-GAAP operating margin (1)
8.7
%
8.5
%
For the quarter ended
March 31,
2026
2025
GAAP net income
$
305,484
$
240,677
Transaction expenses related to the acquisition of Miller Electric
—
9,353
Tax effect of transaction expenses related to the acquisition of Miller Electric
—
(2,410
)
Non-GAAP net income
$
305,484
$
247,620
For the quarter ended
March 31,
2026
2025
GAAP diluted earnings per common share
$
6.84
$
5.26
Transaction expenses related to the acquisition of Miller Electric
—
0.20
Tax effect of transaction expenses related to the acquisition of Miller Electric
—
(0.05
)
Non-GAAP diluted earnings per common share
$
6.84
$
5.41
_______________
(1)
Amounts presented in this table do not foot due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429893569/en/
Lucas Sullivan
Director
Financial Planning & Analysis
(203) 849-7938
FTI Consulting, Inc.
Investors: Blake Mueller
(718) 578-3706
Original: EMCOR Group, Inc. Reports First Quarter 2026 Results
US Market News
3月前
EMCOR Group, Inc. Reports Fourth Quarter and Full Year 2025 ResultsFebruary 26, 2026 7:30 AM
Business Wire
Record Quarterly and Full-Year Revenues of $4.51 billion and $16.99 billion, respectively
Record Quarterly and Full-Year Diluted EPS of $9.68 and $28.19, respectively
Non-GAAP Quarterly and Full-Year Diluted EPS of $7.19 and $25.87, respectively
Record Remaining Performance Obligations of $13.25 billion, 31.2% Increase Year-over-Year
2026 Revenues and Diluted EPS Guidance of $17.75 billion – $18.50 billion and $27.25 – $29.25
EMCOR Group, Inc. (NYSE: EME) today reported results for the fourth quarter and year ended December 31, 2025.
Fourth Quarter 2025 Results of Operations
For the fourth quarter of 2025, revenues totaled $4.51 billion, an increase of 19.7%, compared to $3.77 billion for the fourth quarter of 2024. On an organic basis, fourth quarter revenues increased 9.5%.
Net income for the fourth quarter of 2025 was $434.6 million, or $9.68 per diluted share, compared to net income of $292.2 million, or $6.32 per diluted share, for the fourth quarter of 2024. Net income for the fourth quarter of 2025 included $10.7 million, or $7.9 million after taxes, of transaction expenses related to the sale of EMCOR’s United Kingdom operations, as well as a gain on such sale of $144.9 million, or $119.7 million after taxes. Excluding these items, non-GAAP net income for the fourth quarter of 2025 was $322.8 million, or $7.19 per diluted share.
Operating income for the fourth quarter of 2025 was $573.8 million, or 12.7% of revenues, compared to operating income of $388.6 million, or 10.3% of revenues, for the fourth quarter of 2024. Excluding the previously referenced transaction expenses and gain on sale of EMCOR’s United Kingdom operations, non-GAAP operating income for the fourth quarter of 2025 was $439.6 million, or 9.7% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $50.0 million and $35.3 million for the fourth quarter of 2025 and 2024, respectively.
Refer to the attached tables for a reconciliation of non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share to the comparable GAAP measures.
Selling, general and administrative expenses for the fourth quarter of 2025 totaled $462.3 million, or 10.2% of revenues, compared to $368.5 million, or 9.8% of revenues, for the fourth quarter of 2024.
The Company's income tax rate for the fourth quarter of 2025 was 24.8%, compared to 26.7% for the fourth quarter of 2024.
Remaining performance obligations (“RPOs”) as of December 31, 2025, were a record $13.25 billion, compared to $10.10 billion as of December 31 2024, an increase of $3.15 billion year-over-year. The Company experienced increases in the majority of the sectors in which it operates, with the most significant growth coming from Network and Communications, Institutional, Water and Wastewater, Hospitality and Entertainment, and Manufacturing and Industrial. These increases were partially offset by a reduction in RPOs within the High-Tech Manufacturing sector, as the Company completed certain semiconductor manufacturing construction projects.
Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, “We had an excellent close to the year with our fourth quarter results, including strong revenue growth and exceptional operating performance. Our success was driven by solid execution as we continued to perform well on some of the most technically sophisticated, fast-paced, and demanding projects in our history. Our Remaining Performance Obligations are again at an all-time high as we continue to win and earn new business across multiple sectors, geographies, and trades. Our pipeline remains strong, reflecting the broad-based demand for our services and supporting our positive outlook for 2026."
Full-Year 2025 Results of Operations
Revenues for full year 2025 totaled $16.99 billion, an increase of 16.6%, compared to $14.57 billion for full year 2024. On an organic basis, full year revenues increased 7.9%.
Net income for full year 2025 was $1.27 billion, or $28.19 per diluted share, compared to $1.01 billion, or $21.52 per diluted share, for full year 2024. Net income for full year 2025 included $20.0 million, or $14.8 million after taxes, of transaction expenses related to the acquisition of Miller Electric Company in the first quarter and the sale of EMCOR’s United Kingdom operations in the fourth quarter. Net income for full year 2025 additionally included a gain of $144.9 million, or $119.7 million after taxes, from the sale of EMCOR’s United Kingdom operations. Excluding these items, non-GAAP net income for full year 2025 was $1.17 billion, or $25.87 per diluted share.
Operating income for full year 2025 was $1.71 billion, or 10.1% of revenues, compared to $1.34 billion, or 9.2% of revenues, for full year 2024. Excluding the previously referenced transaction expenses and gain on sale of EMCOR’s United Kingdom operations, non-GAAP operating income for full year 2025 was $1.59 billion, or 9.4% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $186.4 million and $133.7 million for full year 2025 and 2024, respectively.
Refer to the attached tables for a reconciliation of non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share to the comparable GAAP measures.
Selling, general and administrative expenses totaled $1.71 billion, or 10.1% of revenues, for full year 2025, compared to $1.42 billion, or 9.7% of revenues, for full year 2024.
The Company's income tax rate for full year 2025 was 26.1%, compared to 26.9% for full year 2024.
Mr. Guzzi continued, “We are executing well across numerous sectors where demand for our services persists, bolstered by long-term underlying secular trends. Our execution, coupled with such demand, enabled us to achieve new milestones in 2025, including record revenues, operating margin, and diluted earnings per share. Our Electrical and Mechanical Construction segments continue to drive these results with combined full year revenue and operating income growth of 24.4% and 21.7%, respectively, and a combined operating margin of 12.5%. Our performance is further supported by our organic investments in construction technologies and prefabrication capabilities, which have increased our productivity and efficiency. Looking ahead to 2026, we have a solid foundation across diverse geographies and sectors and we begin the year with a strong mix of work within our record Remaining Performance Obligations. Recent acquisitions reflect our focus on expanding and complementing our existing capabilities to better serve our customers and the sale of our United Kingdom operations provides further flexibility for strategic investment. As always, we remain focused on executing for our customers, which allows us to deliver for our shareholders."
Full-Year 2026 Guidance
Based on anticipated project mix and current visibility into the coming year, EMCOR expects the following for full year 2026:
Full Year Guidance
Revenues
$17.75 billion – $18.50 billion
Operating Margin
9.0% – 9.4%
Diluted EPS
$27.25 – $29.25
Fourth Quarter and Full-Year 2025 Earnings Conference Call Information
EMCOR Group's fourth quarter conference call will be broadcast live via the internet today, Thursday, February 26, at 10:30 AM Eastern Standard Time and can be accessed through the Company's website at www.emcorgroup.com.
About EMCOR
A Fortune 500 company and a member of the S&P 500, EMCOR Group, Inc. is a leader in mechanical and electrical construction services, industrial and energy infrastructure, and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors on the landing page of the Company's website and in the “Investor Relations” section of the website at www.emcorgroup.com/investor-relations. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.
Forward Looking Statements:
This release and related presentation contain forward-looking statements. Such statements speak only as of February 26, 2026, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements include statements regarding anticipated future operating and financial performance; financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations; the timing of future projects; our ability to support organic growth and balanced capital allocation, including the anticipated impact of our strategic investments; the financial and operational impact of acquisitions and/or dispositions, our competitiveness, market opportunities, and growth prospects; customer trends; and project mix. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; domestic and international political developments and/or conflicts; changes in the specific markets for EMCOR’s services; weakness of the sectors from which we generate revenues; adverse business conditions; scarcity of skilled labor; productivity challenges; the nature and extent of supply chain disruptions impacting availability and pricing of materials; inflationary trends, including fluctuations in energy costs; the impact of legislation and/or government regulations; changes in foreign trade policy including the effect of tariffs; changes in interest rates; the lack of availability of adequate levels of surety bonding; increased competition; the impact of legal proceedings, claims, lawsuits, or governmental investigations; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2025 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating our business, including any forward-looking statements.
Non-GAAP Measures:
This release and related presentation also include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies.
EMCOR GROUP, INC.
FINANCIAL HIGHLIGHTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share information)
(Unaudited)
For the quarters ended
December 31,
For the years ended
December 31,
2025
2024
2025
2024
Revenues
$
4,513,121
$
3,770,019
$
16,986,422
$
14,566,116
Cost of sales
3,621,935
3,013,004
13,703,434
11,801,065
Gross profit
891,186
757,015
3,282,988
2,765,051
Selling, general and administrative expenses
462,308
368,451
1,714,446
1,420,188
Gain on sale of United Kingdom operations
144,876
—
144,876
—
Operating income
573,754
388,564
1,713,418
1,344,863
Net periodic pension income
46
224
211
894
Interest income, net
4,010
9,666
7,995
31,625
Income before income taxes
577,810
398,454
1,721,624
1,377,382
Income tax provision
143,203
106,293
448,807
370,237
Net income
$
434,607
$
292,161
$
1,272,817
$
1,007,145
Basic earnings per common share:
$
9.72
$
6.35
$
28.30
$
21.61
Diluted earnings per common share:
$
9.68
$
6.32
$
28.19
$
21.52
Weighted average shares of common stock outstanding:
Basic
44,701,263
45,989,277
44,982,102
46,616,079
Diluted
44,876,295
46,198,291
45,145,767
46,808,293
Dividends declared per common share
$
0.25
$
0.25
$
1.00
$
0.93
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$
1,111,968
$
1,339,550
Accounts receivable, net
4,241,177
3,577,537
Contract assets
337,717
284,791
Inventories
126,252
95,667
Prepaid expenses and other
120,231
91,644
Total current assets
5,937,345
5,389,189
Property, plant, and equipment, net
253,277
207,489
Operating lease right-of-use assets
439,029
316,128
Goodwill
1,412,414
1,018,415
Identifiable intangible assets, net
1,108,828
648,180
Other assets
140,506
137,072
Total assets
$
9,291,399
$
7,716,473
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
1,227,428
$
937,087
Contract liabilities
2,327,360
2,047,540
Accrued payroll and benefits
870,154
751,434
Other accrued expenses and liabilities
340,785
336,555
Operating lease liabilities, current
99,213
81,247
Total current liabilities
4,864,940
4,153,863
Operating lease liabilities, long-term
368,996
261,575
Other long-term obligations
382,482
362,341
Total liabilities
5,616,418
4,777,779
Equity:
Total EMCOR Group, Inc. stockholders’ equity
3,673,944
2,937,657
Noncontrolling interests
1,037
1,037
Total equity
3,674,981
2,938,694
Total liabilities and equity
$
9,291,399
$
7,716,473
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2025 and 2024
(In thousands)
2025
2024
Cash flows - operating activities:
Net income
$
1,272,817
$
1,007,145
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
67,368
56,678
Amortization of identifiable intangible assets
119,052
77,002
Provision for credit losses
7,671
17,303
Deferred income taxes
(16,055
)
(29,115
)
Gain on sale of United Kingdom operations
(144,876
)
—
Gain on sale or disposal of property, plant, and equipment
(2,229
)
(1,012
)
Non-cash (income) expense from contingent consideration arrangements
(534
)
8,892
Non-cash share-based compensation expense
20,595
19,978
Other reconciling items
(3,995
)
(1,700
)
Changes in operating assets and liabilities, excluding the effect of businesses acquired
(17,751
)
252,723
Net cash provided by operating activities
1,302,063
1,407,894
Cash flows - investing activities:
Payments for acquisitions of businesses, net of cash acquired
(1,022,105
)
(228,173
)
Net proceeds from sale of United Kingdom operations
256,622
—
Proceeds from sale or disposal of property, plant, and equipment
4,647
3,839
Purchases of property, plant, and equipment
(112,750
)
(74,950
)
Net cash used in investing activities
(873,586
)
(299,284
)
Cash flows - financing activities:
Proceeds from revolving credit facility
525,000
—
Repayments of revolving credit facility
(525,000
)
—
Repayments of finance lease liabilities
(2,692
)
(2,855
)
Dividends paid to stockholders
(45,023
)
(43,384
)
Repurchases of common stock
(586,258
)
(489,820
)
Taxes paid related to net share settlements of equity awards
(16,816
)
(15,397
)
Issuances of common stock under employee stock purchase plan
—
943
Payments for contingent consideration arrangements
(12,038
)
(4,852
)
Distributions to noncontrolling interests
(934
)
—
Net cash used in financing activities
(663,761
)
(555,365
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
6,857
(2,600
)
(Decrease) increase in cash, cash equivalents, and restricted cash
(228,427
)
550,645
Cash, cash equivalents, and restricted cash at beginning of year (1)
1,340,395
789,750
Cash, cash equivalents, and restricted cash at end of period (1)
$
1,111,968
$
1,340,395
Includes $0.8 million of restricted cash classified as “Prepaid expenses and other” in the Condensed Consolidated Balance Sheet as of December 31, 2024.
EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands, except for percentages)
(Unaudited)
For the quarters ended December 31,
2025
% of Total
2024
% of Total
Revenues from unrelated entities:
United States electrical construction and facilities services
$
1,360,892
30
%
$
933,192
25
%
United States mechanical construction and facilities services
1,943,342
43
%
1,660,600
44
%
United States building services
772,481
17
%
755,626
20
%
United States industrial services
341,111
8
%
312,680
8
%
Total United States operations
4,417,826
98
%
3,662,098
97
%
United Kingdom building services
95,295
2
%
107,921
3
%
Consolidated revenues
$
4,513,121
100
%
$
3,770,019
100
%
For the years ended December 31,
2025
% of Total
2024
% of Total
Revenues from unrelated entities:
United States electrical construction and facilities services
$
5,074,252
30
%
$
3,342,927
23
%
United States mechanical construction and facilities services
7,050,481
42
%
6,405,657
44
%
United States building services
3,122,242
18
%
3,114,817
21
%
United States industrial services
1,268,099
7
%
1,277,190
9
%
Total United States operations
16,515,074
97
%
14,140,591
97
%
United Kingdom building services
471,348
3
%
425,525
3
%
Consolidated revenues
$
16,986,422
100
%
$
14,566,116
100
%
EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands, except for percentages)
(Unaudited)
For the quarters ended December 31,
2025
% of Segment Revenues
2024
% of Segment Revenues
Operating income (loss):
United States electrical construction and facilities services
$
173,051
12.7
%
$
147,902
15.8
%
United States mechanical construction and facilities services
250,545
12.9
%
220,622
13.3
%
United States building services
41,334
5.4
%
40,860
5.4
%
United States industrial services
12,365
3.6
%
10,209
3.3
%
Total United States operations
477,295
10.8
%
419,593
11.5
%
United Kingdom building services
(6
)
N/M
4,834
4.5
%
Corporate administration
(48,411
)
(35,863
)
Gain on sale of United Kingdom operations
144,876
—
Consolidated operating income
573,754
12.7
%
388,564
10.3
%
Other items:
Net periodic pension income
46
224
Interest income, net
4,010
9,666
Income before income taxes
$
577,810
$
398,454
For the years ended December 31,
2025
% of Segment Revenues
2024
% of Segment Revnues
Operating income (loss):
United States electrical construction and facilities services
$
611,952
12.1
%
$
447,186
13.4
%
United States mechanical construction and facilities services
905,325
12.8
%
799,613
12.5
%
United States building services
187,192
6.0
%
176,720
5.7
%
United States industrial services
24,998
2.0
%
44,213
3.5
%
Total United States operations
1,729,467
10.5
%
1,467,732
10.4
%
United Kingdom building services
20,969
4.4
%
21,485
5.0
%
Corporate administration
(181,894
)
(144,354
)
Gain on sale of United Kingdom operations
144,876
—
Consolidated operating income
1,713,418
10.1
%
1,344,863
9.2
%
Other items:
Net periodic pension income
211
894
Interest income, net
7,995
31,625
Income before income taxes
$
1,721,624
$
1,377,382
EMCOR GROUP, INC.
RECONCILIATION OF ORGANIC REVENUE GROWTH
(In thousands, except for percentages) (Unaudited)
The following table provides a reconciliation between organic revenue growth, a non-GAAP measure, and total revenue growth for the quarter and year ended December 31, 2025.
For the quarter ended December 31, 2025
For the year ended December 31, 2025
$
%
$
%
GAAP revenue growth
$
743,102
19.7
%
$
2,420,306
16.6
%
Incremental revenues from acquisitions
(385,990
)
(10.2
)%
(1,273,815
)
(8.7
)%
Organic revenue growth, a non-GAAP measure
$
357,112
9.5
%
$
1,146,491
7.9
%
EMCOR GROUP, INC.
RECONCILIATION OF OTHER NON-GAAP MEASURES
(In thousands, except for percentages and per share data) (Unaudited)
In our press release, we provide non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per common share for the quarter and year ended December 31, 2025. The following tables provide a reconciliation between these amounts determined on a non-GAAP basis and the most directly comparable GAAP measures.
For the quarters ended December 31,
For the years ended December 31,
2025
2024
2025
2024
GAAP operating income
$
573,754
$
388,564
$
1,713,418
$
1,344,863
Transaction expenses related to the acquisition of Miller Electric
—
—
9,353
—
Transaction expenses related to the sale of United Kingdom operations
10,675
—
10,675
—
Gain on sale of United Kingdom operations
(144,876
)
—
(144,876
)
—
Non-GAAP operating income
$
439,553
$
388,564
$
1,588,570
$
1,344,863
For the quarters ended December 31,
For the years ended December 31,
2025
2024
2025
2024
GAAP operating margin
12.7
%
10.3
%
10.1
%
9.2
%
Transaction expenses related to the acquisition of Miller Electric
—
%
—
%
0.1
%
—
%
Transaction expenses related to the sale of United Kingdom operations
0.2
%
—
%
0.1
%
—
%
Gain on sale of United Kingdom operations
(3.2
)%
—
%
(0.9
)%
—
%
Non-GAAP operating margin
9.7
%
10.3
%
9.4
%
9.2
%
For the quarters ended December 31,
For the years ended December 31,
2025
2024
2025
2024
GAAP net income
$
434,607
$
292,161
$
1,272,817
$
1,007,145
Transaction expenses related to the acquisition of Miller Electric
—
—
9,353
—
Tax effect of transaction expenses related to the acquisition of
Miller Electric
—
—
(2,410
)
—
Transaction expenses related to the sale of United Kingdom operations
10,675
—
10,675
—
Tax effect of transaction expenses related to the sale of United Kingdom operations
(2,798
)
—
(2,798
)
—
Gain on sale of United Kingdom operations
(144,876
)
—
(144,876
)
—
Tax effect of gain on sale of United Kingdom operations
25,142
—
25,142
—
Non-GAAP net income
$
322,750
$
292,161
$
1,167,903
$
1,007,145
For the quarters ended December 31,
For the years ended December 31,
2025
2024
2025
2024
GAAP diluted earnings per common share
$
9.68
$
6.32
$
28.19
$
21.52
Transaction expenses related to the acquisition of Miller Electric
—
—
0.21
—
Tax effect of transaction expenses related to the acquisition of
Miller Electric
—
—
(0.05
)
—
Transaction expenses related to the sale of United Kingdom operations
0.24
—
0.24
—
Tax effect of transaction expenses related to the sale of United Kingdom operations
(0.06
)
—
(0.06
)
—
Gain on sale of United Kingdom operations
(3.23
)
—
(3.21
)
—
Tax effect of gain on sale of United Kingdom operations
0.56
—
0.56
—
Non-GAAP diluted earnings per common share
$
7.19
$
6.32
$
25.87
$
21.52
_________________
Amounts presented in this table may not foot due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260226702092/en/
Lucas Sullivan
Director
Financial Planning & Analysis
(203) 849-7938
FTI Consulting, Inc.
Investors: Blake Mueller
(718) 578-3706
Original: EMCOR Group, Inc. Reports Fourth Quarter and Full Year 2025 Results
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