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Emcor Group (EME) FY2025 results: revenue $17.0 billion, up 16.6% on the year

Emcor Group, Inc. (EME) reported revenue of $17.0 billion for fiscal 2025, the year ended 31 December 2025, up 16.6% on the year before. Net income was $1.3 billion, up 26.4%, and diluted earnings per share $28.19. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue
$17.0 billion
+16.6% on the year
FY2018FY2025
Operating margin
10.1%
9.2% a year earlier
FY2018FY2025
Net income
$1.3 billion
+26.4% on the year
FY2018FY2025
Diluted EPS
$28.19
+31.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Electrical and mechanical full-year growth: The two segments reported combined full-year revenue growth of 24.4% and operating income growth of 21.7%, with a combined operating margin of 12.5%.
  • Backlog reached a record $13.25 billion: Remaining performance obligations were $13.25 billion at December 31, 2025, up $3.15 billion from $10.10 billion a year earlier.
Read the Q4 FY2025 earnings call summary

From this 10-K

EMCOR is a specialty contractor. Its subsidiaries provide construction services relating to electrical and mechanical systems in all types of facilities, and various services relating to the operation, maintenance and management of those facilities. The work is done through approximately 100 operating subsidiaries and sold to commercial, technology, manufacturing, industrial, healthcare, utility and institutional customers, sometimes directly to owners and tenants and sometimes as a subcontractor to general contractors, construction managers, developers and other subcontractors. Approximately 97% of 2025 revenues were generated in the United States. Four reportable segments cover United States electrical construction and facilities services, United States mechanical construction and facilities services, United States building services and United States industrial services. On 1 December 2025 the company sold its United Kingdom operations. Executive offices are in Norwalk, Connecticut.

Emcor Group, Inc., the 10-K for 2025

EMCOR is a specialty contractor. Its subsidiaries provide construction services relating to electrical and mechanical systems in all types of facilities, and various services relating to the operation, maintenance and management of those facilities. The work is done through approximately 100 operating subsidiaries and sold to commercial, technology, manufacturing, industrial, healthcare, utility and institutional customers, sometimes directly to owners and tenants and sometimes as a subcontractor to general contractors, construction managers, developers and other subcontractors. Approximately 97% of 2025 revenues were generated in the United States. Four reportable segments cover United States electrical construction and facilities services, United States mechanical construction and facilities services, United States building services and United States industrial services. On 1 December 2025 the company sold its United Kingdom operations. Executive offices are in Norwalk, Connecticut.

Construction

Construction accounted for approximately 72% of 2025 revenues, split approximately 42% electrical and 58% mechanical. The systems installed include power supply, lighting, low-voltage and fibre-optic communications cabling, fire protection and suppression, plumbing, process and high-purity piping, controls and filtration, water and wastewater treatment, central plant heating and cooling with sheet metal air handling, millwright work and steel fabrication, erection and welding. Work falls into large installation projects, large and medium capital and maintenance projects, and short-duration fit-out, renovation and retrofit jobs. The largest projects typically range in size from $10 million up to and occasionally exceeding $200 million, and they were approximately 58% of what electrical and mechanical construction services brought in during 2025, with projects of less than $10 million making up the other 42%. Market sectors include network and communications, meaning data centres, data and fibre projects and cabling; high-tech manufacturing including semiconductor, biotech and pharmaceutical facilities; manufacturing and industrial; commercial; healthcare; institutional; water and wastewater; transportation; and hospitality and entertainment.

Building services

Building services was approximately 21% of 2025 revenues. The work covers maintenance of mechanical, electrical, plumbing, fire safety and building automation systems, heating and cooling installation, modification and retrofit, energy system programmes including work aimed at cutting consumption, energy efficiency retrofits in heating and cooling, lighting, water, weatherproofing and air flow, technical consulting and diagnostics, indoor air quality work, site-based operations and maintenance for commercial and government clients, facility management, floor care and janitorial, landscaping, lot sweeping and snow removal, vendor management and call centres. Of United States building services revenues in 2025, approximately 77% came from the mechanical services division, approximately 18% from commercial site-based services and approximately 5% from government site-based services.

Industrial services

Industrial services was approximately 7% of 2025 revenues, sold mainly to refineries and petrochemical plants and dependent on the strength of the oil and gas market. The work is turnaround and maintenance on critical units: engineering and planning ahead of a turnaround, overhaul of hydrofluoric alkylation, fluid catalytic cracking and coking units, heaters and heat exchangers during a shutdown, replacement and new construction capital projects, instrumentation, controls and electrical work for energy infrastructure, and specialty services including pipe welding and fabrication, boiler and reformer repairs, tower and column repairs, refractory installation and acid-proofing. The business also designs and manufactures shell and tube heat exchangers and repairs and cleans them in the field and in its own shops.

Order book and people

Remaining performance obligations, the work contracted but not yet performed, stood at $13.25 billion at 31 December 2025 against $10.10 billion a year earlier. Acquisitions including Miller Electric accounted for approximately $1.61 billion of that increase, the sale of the United Kingdom operations reduced it by $185.5 million, and the rest came from new awards, with growth in network and communications on data centre contracts, institutional work for colleges and universities, water and wastewater, hospitality and entertainment, manufacturing and industrial, and commercial warehousing, offset by a decline in high-tech manufacturing as semiconductor projects completed. The company employed approximately 44,000 people at 31 December 2025, all in the United States, and approximately 62% of them are represented by unions under approximately 450 collective bargaining agreements plus two national or regional agreements.

From EMCOR Group's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue16,98614,56612,583+16.6%
Cost of revenue13,70311,80110,494+16.1%
Gross profit3,2832,7652,089+18.7%
Gross margin19.3%19.0%16.6%
Selling, general and administrative1,7141,4201,211+20.7%
Operating income1,7131,345876+27.4%
Operating margin10.1%9.2%7.0%
Interest expense12.03.817.2+218.1%
Pre-tax income1,7221,377873+25.0%
Income tax449370240+21.2%
Effective tax rate26.1%26.9%27.4%
Net income1,2731,007633+26.4%
Net margin7.5%6.9%5.0%
Diluted EPS$28.19$21.52$13.31+31.0%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,3021,408900-7.5%
Capital expenditure11375.078.4+50.4%
Free cash flow1,1891,333821-10.8%
Free cash flow margin7.0%9.2%6.5%
Cash from investing-874-299-161
Cash from financing-664-555-412
Depreciation and amortisation18613451.8+39.5%
Buybacks586490128+19.7%
Dividends paid45.043.432.7+3.8%
Dividend per share$1.00$0.93$0.69+7.5%
Diluted shares, weighted45m47m48m-3.6%
Shares outstanding at period end45m46m47m-2.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,6742,9382,470+25.1%
Non-controlling interest1.01.01.00.0%
Debt0.0n/a2.8
Operating lease liabilities369262259+41.1%
Finance lease liabilities3.93.82.8+2.6%
Other liabilities5,2434,5123,874+16.2%
Total liabilities and equity9,2917,7166,610+20.4%
Fixed assets253207179+22.1%
Goodwill1,4121,018957+38.7%
Intangible assets1,109648586+71.1%
Cash and equivalents1,1121,340790-17.0%
Receivables4,2413,5783,203+18.6%
Other assets1,164925895+25.8%
Total assets9,2917,7166,610+20.4%

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