10-KPeriod: FY2025

EMCOR Group, Inc. Annual Report, Year Ended Dec 31, 2025

Filed February 26, 2026For Securities:EME

Summary

EMCOR Group, Inc. reported a strong fiscal year 2025, with revenues reaching a record $16.99 billion, 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 billion, 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 billion, 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.

Financial Highlights

49 data points
Beta

Revenue

$16.99B

19.3% Gross Margin

Net Income

$1.27B

7.5% Net Margin

EPS (Diluted)

$28.19

Total Assets

$9.29B

Cash & Equivalents

$1.11B

Free Cash Flow

$1.30B

Financial Statements
Beta
Revenue$16.99B
Cost of Revenue$13.70B
Gross Profit$3.28B
SG&A Expenses$1.71B
Operating Income$1.71B
Interest Expense$12.02M
Net Income$1.27B
EPS (Basic)$28.30
EPS (Diluted)$28.19
Shares Outstanding (Basic)44.98M
Shares Outstanding (Diluted)45.15M

Key Highlights

  • 1Record revenues of $16.99 billion in 2025, a 16.6% increase year-over-year.
  • 2Operating income reached $1.71 billion, with an improved operating margin of 10.1%.
  • 3Significant growth in the United States Electrical Construction and Facilities Services segment, boosted by the Miller Electric acquisition.
  • 4Remaining performance obligations (backlog) increased to $13.25 billion, signaling strong future revenue.
  • 5Successful sale of United Kingdom operations generated a $144.9 million gain.
  • 6Company announced an intention to increase its quarterly dividend to $0.40 per share starting in January 2026.
  • 7Continued strategic acquisition activity, including the large acquisition of Miller Electric Company.

Frequently Asked Questions

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.

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.

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.

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.