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EMCOR Group 8-K Report, Financial Results (Feb 26, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 26, 2026
Period End
February 26, 2026
Security
EME
In the record · 2016–202610-K1110-Q338-K77

EME filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 77 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Aug ’16Aug ’16
  2. Leadership change8-K · Jun ’20Jun ’20
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Deal closed8-K · Feb ’25Feb ’25

01—Abstract

Summary

Summary of the 8-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.

EMCOR Group (NYSE: EME) reported record fourth-quarter and full-year 2025 results on February 26, 2026.

Q4 revenue rose 19.7% to $4.51 billiona (9.5% organic), and full-year revenue rose 16.6% to $16.99 billion (7.9% organic). GAAP diluted EPS was $9.68 for Q4 and $28.19 for the year, but these figures include a $144.9 million pre-tax gain on the sale of the company's United Kingdom operations. Excluding that gain and related transaction expenses, non-GAAP diluted EPS was $7.19 for Q4 and $25.87 for the year, compared with $6.32 and $21.52 in the prior-year periods on a GAAP basis.

Investors should focus on the non-GAAP figures when comparing underlying performance, since the GAAP EPS growth is inflated by the one-time divestiture gain. Underlying operating performance was strong. Full-year non-GAAP operating margin was 9.4%b versus 9.2% in 2024, and Q4 non-GAAP operating margin was 9.7%, down from 10.3% a year earlier, largely due to a higher mix of lower-margin activity and a sharp increase in corporate administration expense.

Remaining performance obligations (RPOs) reached a record $13.25 billionc, up 31.2% year-over-year, providing strong forward visibility. Growth was driven by the Electrical and Mechanical Construction segments, while Industrial Services margins declined. Acquisitions, including Miller Electric, contributed significantly to revenue growth, with acquisitions accounting for roughly 8.7 points of full-year growth.

Management guided 2026 revenue to $17.75 billion to $18.50 billiond, operating margin to 9.0% to 9.4%, and diluted EPS to $27.25 to $29.25. The guidance implies continued top-line growth, but the midpoint EPS is roughly in line with 2025 GAAP EPS and above 2025 non-GAAP EPS, and the margin range sits at or slightly below 2025 non-GAAP margin. Cash generation was solid, with operating cash flow of $1.30 billion, though it declined from $1.41 billion in 2024, and the company spent $1.02 billion on acquisitions and $586 million on share repurchases during the year.

02—Key points

Key Highlights

  1. Record Q4 revenue of $4.51 billion (+19.7%; +9.5% organic) and record full-year revenue of $16.99 billion (+16.6%; +7.9% organic).
  2. GAAP diluted EPS of $9.68 (Q4) and $28.19 (FY2025) include a $144.9 million pre-tax gain on the UK operations sale; non-GAAP diluted EPS was $7.19 (Q4) and $25.87 (FY2025).
  3. Record remaining performance obligations of $13.25 billion, up 31.2% year-over-year, led by Network and Communications, Institutional, and Water and Wastewater sectors.
  4. Full-year non-GAAP operating margin of 9.4% (vs. 9.2% in 2024), but Q4 non-GAAP operating margin fell to 9.7% from 10.3% as corporate administration expense rose sharply.
  5. 2026 guidance: revenue of $17.75–$18.50 billion, operating margin of 9.0%–9.4%, and diluted EPS of $27.25–$29.25.
  6. Operating cash flow declined to $1.30 billion from $1.41 billion, while the company deployed $1.02 billion on acquisitions and $586 million on share buybacks.
  7. Industrial Services segment operating margin fell to 2.0% for FY2025 from 3.5%, and High-Tech Manufacturing RPOs declined as semiconductor projects were completed.

03—Questions

Frequently Asked Questions

  1. Why are GAAP EPS figures higher than the underlying business performance suggests?

    Full-year 2025 GAAP diluted EPS of $28.19 includes a $144.9 million pre-tax gain ($119.7 million after tax) from selling the United Kingdom operations. Excluding this gain and related transaction expenses, non-GAAP diluted EPS was $25.87. Investors generally should use the non-GAAP figure to assess recurring earnings power.

  2. How much of the revenue growth came from acquisitions rather than organic demand?

    Full-year 2025 revenue grew 16.6%, of which 8.7 percentage points came from acquisitions, including Miller Electric. Organic growth was 7.9%. In Q4, organic growth of 9.5% was roughly half of the total 19.7% increase.

  3. Is the record backlog expected to translate into future revenue?

    Remaining performance obligations rose to a record $13.25 billion, up 31.2%, which supports near-term revenue visibility. The company's 2026 revenue guidance of $17.75–$18.50 billion implies continued growth from this base, though backlog conversion timing depends on project schedules and execution.

  4. Why did fourth-quarter operating margin decline and what does it mean for 2026?

    Q4 non-GAAP operating margin fell to 9.7% from 10.3% a year earlier, with corporate administration expense rising to $48.4 million from $35.9 million and Industrial Services margins weakening. The 2026 guidance of 9.0%–9.4% operating margin is at or slightly below the 2025 full-year non-GAAP margin of 9.4%, suggesting management expects margin pressure to persist.

  5. What is the company doing with its cash after the UK divestiture?

    The company received $256.6 million in net proceeds from the UK sale and used substantial cash for acquisitions ($1.02 billion) and share repurchases ($586 million) in 2025. Management indicated the sale provides further flexibility for strategic investment, though cash on hand declined to $1.11 billion from $1.34 billion.

04—Continue

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