01—Abstract
Summary
Summary of the 10-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.
EMCOR Group, Inc. reported a strong fiscal year 2025, with revenues reaching a record $16.99 billiona, a 16.6% increase over 2024.
This growth was driven by broad-based demand across most market sectors served, with significant contributions from acquisitions, particularly Miller Electric Company. The company's operating income also saw a substantial increase to $1.71 billionb, marking an improvement in operating margin to 10.1%. A notable event during the year was the sale of its United Kingdom operations, which contributed a gain of $144.9 million.
EMCOR's backlog, or remaining performance obligations, also grew significantly to $13.25 billionc, indicating strong future revenue potential, especially in the network and communications (data centers) and institutional sectors. The company's continued investment in strategic acquisitions and strong project execution, coupled with a robust balance sheet and a planned increase in its quarterly dividend, position it well for continued growth. Investors should note the company's ongoing focus on operational efficiency, skilled labor retention, and its ability to navigate market and economic uncertainties.
02—Key points
Key Highlights
- Record revenues of $16.99 billion in 2025, a 16.6% increase year-over-year.
- Operating income reached $1.71 billion, with an improved operating margin of 10.1%.
- Significant growth in the United States Electrical Construction and Facilities Services segment, boosted by the Miller Electric acquisition.
- Remaining performance obligations (backlog) increased to $13.25 billion, signaling strong future revenue.
- Successful sale of United Kingdom operations generated a $144.9 million gain.
- Company announced an intention to increase its quarterly dividend to $0.40 per share starting in January 2026.
- Continued strategic acquisition activity, including the large acquisition of Miller Electric Company.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, EMCOR Group kept $0.07.
- Revenue$16.99B100.0%
- Cost of revenue−$13.70B80.7%
- Gross profit$3.28B19.3%
- Operating costs−$1.57B9.2%
- Operating income$1.71B10.1%
- Interest, other & tax−$440.6M2.6%
- Net income$1.27B7.5%
Where FY2025 revenue went
$16.99B- Cost of revenue: $13.70B, 81% of revenue
- Net income: $1.27B, 7.5% of revenue
- SG&A: $1.71B, 10% of revenue
- Interest, other & tax: $440.6M, 2.6% of revenue
Kept 7.5% as net incomeNet income $1.27B · 7.5%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 26, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $16.99B$14.57B | +16.6% |
| Cost of Revenue | $13.70B$11.80B | +16.1% |
| Gross Profit | $3.28B$2.77B | +18.7% |
| SG&A Expenses | $1.71B$1.42B | +20.7% |
| Operating Income | $1.71B$1.34B | +27.4% |
| Interest Expense | $12.02M$3.78M | +218.1% |
| Net Income | $1.27B$1.01B | +26.4% |
| EPS (Basic) | $28.30$21.61 | +31.0% |
| EPS (Diluted) | $28.19$21.52 | +31.0% |
| Shares Outstanding (Basic) | 44.98M46.62M | −3.5% |
| Shares Outstanding (Diluted) | 45.15M46.81M | −3.6% |
05—Questions
Frequently Asked Questions
What were the key drivers of EMCOR's revenue growth in 2025?
EMCOR's revenue growth in 2025 was primarily driven by strong demand across its key market sectors, particularly in network and communications (data centers), alongside contributions from strategic acquisitions, notably the significant acquisition of Miller Electric Company.
How is EMCOR managing its backlog, and what does it indicate for the future?
EMCOR's remaining performance obligations, or backlog, increased to $13.25 billion in 2025. This growth, particularly in sectors like network and communications and institutional, indicates a strong pipeline of future work and suggests continued revenue generation and operational activity for the company in the coming periods.
What is EMCOR's financial health and capital allocation strategy?
EMCOR reported a healthy financial position with increased operating income and a strong cash balance. The company continues to invest in growth through acquisitions, maintain operational efficiency, and return value to shareholders through dividends and share repurchases, demonstrating a balanced capital allocation strategy.
What impact did the sale of the UK operations have on EMCOR's 2025 results?
The sale of EMCOR's United Kingdom operations on December 1, 2025, resulted in a pre-tax gain of $144.9 million, which positively impacted the company's operating income and overall financial results for the year. The segment's contribution was consolidated up to the date of sale.
06—Continue