Emcor Group (EME) Q4 FY2025 earnings: revenue $4.5 billion, up 19.7% on the year

Emcor Group, Inc. (EME) reported revenue of $4.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 19.7% on the same quarter a year earlier. Net income was $435 million, up 48.8% on the year, and diluted earnings per share $9.68. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$4.5 billion

+19.7% on the year · +4.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

12.7%

10.3% a year earlier

Q1 FY2024Q4 FY2025

Net income

$435 million

+48.8% on the year · +47.1% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$9.68

+53.2% on the year · +47.3% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 new.

Quarterly revenue rose 19.7%: Fourth-quarter revenues were $4.51 billion against $3.77 billion a year earlier. Organic revenue growth was 9.5%, with acquisitions contributing the rest.
Diluted EPS reached $9.68: Diluted EPS was $9.68 against $6.32 a year earlier. Net income included a $144.9 million pre-tax gain on the United Kingdom sale and $10.7 million of transaction expenses.
Non-GAAP diluted EPS was $7.19: Excluding the United Kingdom gain and transaction expenses, non-GAAP diluted EPS was $7.19 for the quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	4,513	4,302	3,770	+4.9%	+19.7%
Cost of revenue	3,622	3,466	3,013	+4.5%	+20.2%
Gross profit	891	835	757	+6.7%	+17.7%
Gross margin	19.7%	19.4%	20.1%
Selling, general and administrative	462	430	368	+7.6%	+25.5%
Operating income	574	406	389	+41.4%	+47.7%
Operating margin	12.7%	9.4%	10.3%
Pre-tax income	578	408	398	+41.8%	+45.0%
Income tax	143	112	106	+27.6%	+34.7%
Effective tax rate	24.8%	27.5%	26.7%
Net income	435	295	292	+47.1%	+48.8%
Net margin	9.6%	6.9%	7.7%
Diluted EPS	$9.68	$6.57	$6.32	+47.3%	+53.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	524	476	469	+10.3%	+11.7%
Capital expenditure	31.9	26.7	17.7	+19.7%	+80.3%
Free cash flow	492	449	452	+9.7%	+9.0%
Free cash flow margin	10.9%	10.4%	12.0%
Cash from investing	104	-38.9	-55.6
Cash from financing	-169	-264	-100
Depreciation and amortisation	50.0	47.8	35.3	+4.7%	+41.6%
Buybacks	154	0.0	84.4		+82.6%
Dividends paid	11.2	11.2	11.5	-0.0%	-2.7%
Dividend per share	$0.25	$0.25	$0.25	0.0%	0.0%
Diluted shares, weighted	45m	45m	46m	-0.2%	-2.9%
Shares outstanding at period end	45m	45m	46m	-0.5%	-2.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	3,674	3,335	2,938	+10.2%	+25.1%
Non-controlling interest	1.0	1.1	1.0	-7.0%	0.0%
Debt	0.0	0.0	n/a
Operating lease liabilities	369	329	262	+12.2%	+41.1%
Finance lease liabilities	3.9	3.9	3.8	+1.3%	+2.6%
Other liabilities	5,243	4,971	4,512	+5.5%	+16.2%
Total liabilities and equity	9,291	8,640	7,716	+7.5%	+20.4%
Fixed assets	253	235	207	+7.6%	+22.1%
Goodwill	1,412	1,359	1,018	+3.9%	+38.7%
Intangible assets	1,109	1,057	648	+4.9%	+71.1%
Cash and equivalents	1,112	655	1,340	+69.7%	-17.0%
Receivables	4,241	4,105	3,578	+3.3%	+18.6%
Other assets	1,164	1,229	925	-5.3%	+25.8%
Total assets	9,291	8,640	7,716	+7.5%	+20.4%

Questions

What was Emcor Group's revenue in Q4 FY2025?

Emcor Group (EME) reported revenue of $4.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 19.7% on the same quarter a year earlier.

How much did Emcor Group earn in Q4 FY2025?

Net income for Q4 FY2025 was $435 million, up 48.8% on the year, and diluted earnings per share $9.68.

When did Emcor Group report Q4 FY2025 results?

Emcor Group filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,640	2,593	2,707	2,826	2,950	2,890	3,046	3,208	3,439	3,432	3,667	3,697	3,770	3,867	4,304	4,302	4,513	4,628	5,155	5,542
Cost of revenue	2,237	2,240	2,324	2,413	2,495	2,454	2,556	2,662	2,821	2,843	2,983	2,962	3,013	3,145	3,471	3,466	3,622	3,764	4,133	4,433
Gross profit	403	353	383	413	455	436	490	545	618	589	684	735	757	723	834	835	891	864	1,022	1,108
Gross margin	15%	14%	14%	15%	15%	15%	16%	17%	18%	17%	19%	20%	20%	19%	19%	19%	20%	19%	20%	20%
SG&A	260	253	245	263	278	281	293	308	329	329	351	371	368	404	419	430	462	460	475	528
Operating income	143	100.0	138	150	177	155	197	235	289	260	333	364	389	319	415	406	574	404	547	546
Operating margin	5%	4%	5%	5%	6%	5%	6%	7%	8%	8%	9%	10%	10%	8%	10%	9%	13%	9%	11%	10%
Pre-tax income	143	99.8	137	148	174	153	194	235	292	268	339	372	398	324	412	408	578	410	552	550
Tax rate	29%	26%	27%	28%	27%	27%	27%	28%	28%	26%	27%	27%	27%	26%	27%	28%	25%	26%	27%	27%
Net income	102	73.4	101	106	126	111	141	169	212	197	248	270	292	241	302	295	435	305	404	400
Net margin	4%	3%	4%	4%	4%	4%	5%	5%	6%	6%	7%	7%	8%	6%	7%	7%	10%	7%	8%	7%
Diluted EPS	$1.89	$1.39	$1.99	$2.16	$2.63	$2.32	$2.95	$3.57	$4.47	$4.17	$5.25	$5.80	$6.32	$5.26	$6.72	$6.57	$9.68	$6.84	$9.06	$9.04
Operating cash flow	205	-95.8	77.0	257	260	-84.6	300	261	424	132	280	526	469	108	194	476	524	0.6	289	797
Capital expenditure	10.2	11.5	16.2	11.0	10.6	23.2	13.4	19.7	22.1	20.3	19.3	17.7	17.7	26.1	28.0	26.7	31.9	28.7	31.1	37.2
Free cash flow	195	-107	60.7	246	249	-108	286	241	402	112	260	509	452	82.3	166	449	492	-28.2	258	760
Buybacks	12.3	182	273	202	4.0	16.0	89.3	0.0	22.4	39.0	110	256	84.4	225	207	0.0	154	87.1	181	188
Dividends paid	6.9	6.9	6.7	6.4	7.2	7.2	8.6	8.5	8.5	8.5	11.7	11.7	11.5	11.5	11.2	11.2	11.2	17.8	17.8	17.7
Shares outstanding	53m	52m	49m	48m	48m	48m	47m	47m	47m	47m	47m	46m	46m	45m	45m	45m	45m	44m	44m	44m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.