EMCOR Group (NYSE: EME) posts record Q1 2026 results and raises 2026 guidance
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
EMCOR Group reported strong first quarter 2026 results with record revenue and raised full-year guidance. Revenue reached $4.63 billion, up 19.7% from $3.87 billion a year earlier, or 16.8% organic growth after acquisition and divestiture adjustments.
Net income was $305.5 million, with diluted EPS of $6.84, compared with $240.7 million and $5.26 in 2025; non-GAAP 2025 diluted EPS was $5.41 excluding Miller Electric transaction costs. Operating income rose to $403.8 million, an 8.7% margin, versus 8.2% last year.
Remaining performance obligations hit a record $15.62 billion as of March 31, 2026, up from $11.75 billion a year earlier. EMCOR increased its 2026 revenue guidance to $18.50–$19.25 billion and diluted EPS guidance to $28.25–$29.75, reflecting confidence in its project pipeline and market demand.
Positive
- Record growth and guidance raise: Q1 2026 revenue rose 19.7% with EPS up 30.0% year-over-year, record remaining performance obligations reached $15.62 billion, and 2026 revenue and EPS guidance ranges were both increased.
Negative
- None.
Insights
Strong quarter with double-digit growth and higher 2026 guidance.
EMCOR Group delivered a record Q1 2026, with revenue of $4.63 billion, up 19.7%, and diluted EPS of $6.84, up 30.0% year-over-year. Organic revenue growth of 16.8% highlights broad-based strength beyond acquisitions.
Operating margin improved to 8.7% from 8.2%, while selling, general and administrative costs declined as a share of revenue. Record remaining performance obligations of $15.62 billion as of March 31, 2026 indicate substantial contracted work ahead.
Management raised full-year 2026 revenue guidance to $18.50–$19.25 billion and diluted EPS to $28.25–$29.75, both above prior ranges. Future quarterly results and backlog trends in sectors like Network and Communications, Water and Wastewater, Institutional, and Healthcare will show how effectively this strong position converts into sustained earnings.
8-K Event Classification
Item 2.02 — Results of Operations and Financial Condition
1 item
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Key Figures
Q1 2026 Revenue: $4.63 billion
Q1 2026 Diluted EPS: $6.84
Organic revenue growth: 16.8%
+5 more
8 metrics
Q1 2026 Revenue
$4.63 billion
Quarter ended March 31, 2026; up 19.7% year-over-year
Q1 2026 Diluted EPS
$6.84
Quarter ended March 31, 2026; up 30.0% year-over-year
Organic revenue growth
16.8%
Q1 2026 organic growth after acquisition and U.K. sale adjustments
Remaining performance obligations
$15.62 billion
Record RPO as of March 31, 2026
Operating margin
8.7%
Q1 2026 operating income as a percentage of revenue
2026 revenue guidance
$18.50–$19.25 billion
Updated full-year 2026 revenue outlook as of April 29, 2026
2026 diluted EPS guidance
$28.25–$29.75
Updated full-year 2026 EPS outlook as of April 29, 2026
Q1 2026 net income
$305.5 million
Quarter ended March 31, 2026
Key Terms
Remaining performance obligations, Operating margin, Non-GAAP net income, Diluted earnings per share, +1 more
5 terms
Remaining performance obligations financial
"Remaining performance obligations (“RPOs”) as of March 31, 2026 were a record $15.62 billion"
Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.
Operating margin financial
"Operating income for the first quarter of 2026 was $403.8 million, or 8.7% of revenues"
Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.
Non-GAAP net income financial
"non-GAAP net income for the first quarter of 2025 was $247.6 million"
Non-GAAP net income is a company's profit figure that excludes certain costs or income that are included in standard accounting methods. Companies often use it to show what their earnings might look like without one-time expenses or other unusual items, helping investors see the company's core performance more clearly.
Organic revenue growth financial
"Organic revenue growth, a non-GAAP measure"
Organic revenue growth is the increase in a company's sales that comes from its existing products and services, without including any gains from acquisitions or selling off parts of the business. It reflects the company’s ability to attract more customers or encourage existing customers to buy more over time. For investors, it indicates the company's underlying strength and efficiency in expanding its core operations.
Earnings Snapshot
Revenue: $4.63 billion · Guidance included
Q1 2026
Revenue
$4.63 billion
19.7% YoY
Diluted EPS
$6.84
30.0% YoY
Net income
$305.5 million
up from $240.7 million in Q1 2025
Remaining performance obligations
$15.62 billion
up from $11.75 billion at March 31, 2025
Guidance
For full-year 2026, EMCOR guides revenue to $18.50–$19.25 billion and diluted EPS to $28.25–$29.75, both increased from prior ranges while maintaining a 9.0%–9.4% operating margin outlook.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
| FORM | |||||
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 29, 2026
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||
| (Registrant’s Telephone Number, Including Area Code) | |||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 29, 2026, EMCOR Group, Inc. issued a press release disclosing results of operations for its fiscal 2026 first quarter ended March 31, 2026. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Current Report on Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item. 9.01 Financial Statements and Exhibits.
| (d) Exhibits | ||||||||
| Exhibit Number | Description | |||||||
| 99.1 | Press Release issued by EMCOR Group, Inc. on April 29, 2026 disclosing results of operations for its fiscal 2026 first quarter ended March 31, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EMCOR Group, Inc. | |||||||||||
| Dated: April 29, 2026 | By: | /s/ ANTHONY J. GUZZI | |||||||||
| Anthony J. Guzzi | |||||||||||
| Chairman, President, and | |||||||||||
| Chief Executive Officer | |||||||||||
| EXHIBIT 99.1 | ||||||||
| FOR: | EMCOR GROUP, INC. | |||||||
| News Release | ||||||||
| CONTACT: | Lucas Sullivan Director Financial Planning & Analysis (203) 849-7938 | |||||||
| FTI Consulting, Inc. Investors: Blake Mueller (718) 578-3706 | ||||||||
EMCOR GROUP, INC. REPORTS FIRST QUARTER 2026 RESULTS | ||
| Record Quarterly Revenues of $4.63 billion, 19.7% Increase Year-over-Year | ||
| First Quarter Diluted EPS of $6.84, 30.0% Increase Year-over-Year | ||
| Record Remaining Performance Obligations of $15.62 billion, 32.9% Increase Year-over-Year | ||
| Increases 2026 Revenue Guidance Range to $18.50 billion - $19.25 billion from $17.75 billion - $18.50 billion | ||
| Increases 2026 Diluted EPS Guidance Range to $28.25 - $29.75 from $27.25 - $29.25 | ||
NORWALK, CONNECTICUT, April 29, 2026 - EMCOR Group, Inc. (NYSE: EME) today reported results for the first quarter ended March 31, 2026.
First Quarter 2026 Results of Operations
For the first quarter of 2026, revenues totaled a quarterly record of $4.63 billion, an increase of 19.7%, compared to $3.87 billion for the first quarter of 2025. On an organic basis, when adjusting for incremental acquisition contribution and the impact of the sale of the Company's United Kingdom operations, first quarter revenues increased by 16.8%.
Net income for the first quarter of 2026 was $305.5 million, or $6.84 per diluted share, compared to net income of $240.7 million, or $5.26 per diluted share, for the first quarter of 2025. Net income for the first quarter of 2025 included $9.4 million, or $6.9 million after taxes, of transaction related costs associated with the acquisition of Miller Electric Company. Excluding these transaction costs, non-GAAP net income for the first quarter of 2025 was $247.6 million, or $5.41 per diluted share.
Operating income for the first quarter of 2026 was $403.8 million, or 8.7% of revenues, compared to operating income of $318.8 million, or 8.2% of revenues, for the first quarter of 2025. Excluding the previously referenced transaction costs, non-GAAP operating income for the first quarter of 2025 was $328.1 million, or 8.5% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $52.6 million and $41.9 million for the first quarter of 2026 and 2025, respectively.
Refer to the attached tables for a reconciliation of non-GAAP revenue growth, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share to the comparable GAAP measures.
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| EMCOR Reports First Quarter 2026 Results | Page 2 | ||||
Selling, general and administrative expenses for the first quarter of 2026 totaled $460.1 million, or 9.9% of revenues, compared to $404.0 million, or 10.4% of revenues, for the first quarter of 2025.
The Company's income tax rate for the first quarter of 2026 was 25.5%, compared to 25.8% for the first quarter of 2025.
Remaining performance obligations (“RPOs”) as of March 31, 2026 were a record $15.62 billion, compared to $13.25 billion as of December 31, 2025 and $11.75 billion as of March 31, 2025. When compared to December 31, 2025, the Company experienced increased RPOs across the majority of the sectors in which it operates, with the most significant growth coming from Network and Communications, Water and Wastewater, Institutional, and Healthcare.
Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, “We started the year well, with record quarterly revenues and strong operating performance as we experienced sustained momentum across several key market sectors and geographies. These results reflect our strategic positioning and operational excellence across our construction and services platforms while demonstrating our customers' confidence in EMCOR as a partner of choice for complex and mission-critical projects. Our Remaining Performance Obligations are again at record levels and we are pleased with the quality and diversity of our bookings during the quarter. The fundamentals of our business remain strong and we are well-positioned for the remainder of 2026."
Full-Year 2026 Guidance
Based on anticipated project mix and visibility into the remainder of the year, EMCOR now expects the following for full year 2026:
Current Guidance (4/29/26) | Previous Guidance (2/26/26) | |||||||
Revenues | $18.50 billion – $19.25 billion | $17.75 billion – $18.50 billion | ||||||
Operating Margin | 9.0% – 9.4% | 9.0% – 9.4% | ||||||
Diluted EPS | $28.25 – $29.75 | $27.25 – $29.25 | ||||||
First Quarter 2026 Earnings Conference Call Information
EMCOR Group's first quarter conference call will be broadcast live via the internet today, Wednesday, April 29, at 10:30 AM Eastern Daylight Time and can be accessed through the Company's website at www.emcorgroup.com.
About EMCOR
A Fortune 500 company and a member of the S&P 500, EMCOR Group, Inc. is a leader in mechanical and electrical construction services, industrial and energy infrastructure, and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors on the landing page of the Company's website and in the “Investor Relations” section of the website at www.emcorgroup.com/investor-relations. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.
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| EMCOR Reports First Quarter 2026 Results | Page 3 | ||||
Forward Looking Statements:
This release and related presentation contain forward-looking statements. Such statements speak only as of April 29, 2026, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements include statements regarding anticipated future operating and financial performance; financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations; the timing of future projects; our ability to support organic growth and balanced capital allocation, including the anticipated impact of our strategic investments; the financial and operational impact of acquisitions and/or dispositions, our competitiveness, market opportunities, and growth prospects; customer trends; and project mix. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; domestic and international political developments and/or conflicts; changes in the specific markets for EMCOR’s services; weakness of the sectors from which we generate revenues; adverse business conditions; scarcity of skilled labor; productivity challenges; the nature and extent of supply chain disruptions impacting availability and pricing of materials; inflationary trends, including fluctuations in energy costs; the impact of legislation and/or government regulations; changes in foreign trade policy including the effect of tariffs; changes in interest rates; the lack of availability of adequate levels of surety bonding; increased competition; the impact of legal proceedings, claims, lawsuits, or governmental investigations; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2025 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating our business, including any forward-looking statements.
Non-GAAP Measures:
This release and related presentation also include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies.
EMCOR GROUP, INC.
FINANCIAL HIGHLIGHTS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share information)
(Unaudited)
| For the quarters ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Revenues | $ | 4,628,233 | $ | 3,867,372 | ||||||||||
| Cost of sales | 3,764,283 | 3,144,654 | ||||||||||||
| Gross profit | 863,950 | 722,718 | ||||||||||||
| Selling, general and administrative expenses | 460,105 | 403,962 | ||||||||||||
| Operating income | 403,845 | 318,756 | ||||||||||||
| Net periodic pension income | — | 54 | ||||||||||||
Interest income, net | 6,227 | 5,387 | ||||||||||||
| Income before income taxes | 410,072 | 324,197 | ||||||||||||
| Income tax provision | 104,588 | 83,520 | ||||||||||||
| Net income | $ | 305,484 | $ | 240,677 | ||||||||||
| Basic earnings per common share | $ | 6.85 | $ | 5.27 | ||||||||||
| Diluted earnings per common share | $ | 6.84 | $ | 5.26 | ||||||||||
| Weighted average shares of common stock outstanding: | ||||||||||||||
| Basic | 44,564,932 | 45,634,877 | ||||||||||||
| Diluted | 44,687,157 | 45,784,235 | ||||||||||||
| Dividends declared per common share | $ | 0.40 | $ | 0.25 | ||||||||||
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
| (Unaudited) March 31, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 916,420 | $ | 1,111,968 | ||||||||||
| Accounts receivable, net | 4,549,956 | 4,241,177 | ||||||||||||
| Contract assets | 377,332 | 337,717 | ||||||||||||
| Inventories | 130,208 | 126,252 | ||||||||||||
| Prepaid expenses and other | 100,577 | 120,231 | ||||||||||||
| Total current assets | 6,074,493 | 5,937,345 | ||||||||||||
| Property, plant, and equipment, net | 264,696 | 253,277 | ||||||||||||
| Operating lease right-of-use assets | 478,646 | 439,029 | ||||||||||||
| Goodwill | 1,433,937 | 1,412,414 | ||||||||||||
| Identifiable intangible assets, net | 1,089,866 | 1,108,828 | ||||||||||||
| Other assets | 166,469 | 140,506 | ||||||||||||
| Total assets | $ | 9,508,107 | $ | 9,291,399 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 1,149,028 | $ | 1,227,428 | ||||||||||
| Contract liabilities | 2,417,021 | 2,327,360 | ||||||||||||
| Accrued payroll and benefits | 710,038 | 870,154 | ||||||||||||
| Other accrued expenses and liabilities | 443,116 | 340,785 | ||||||||||||
| Operating lease liabilities, current | 102,296 | 99,213 | ||||||||||||
| Total current liabilities | 4,821,499 | 4,864,940 | ||||||||||||
| Operating lease liabilities, long-term | 408,122 | 368,996 | ||||||||||||
| Other long-term obligations | 410,910 | 382,482 | ||||||||||||
| Total liabilities | 5,640,531 | 5,616,418 | ||||||||||||
| Equity: | ||||||||||||||
| Total EMCOR Group, Inc. stockholders’ equity | 3,866,539 | 3,673,944 | ||||||||||||
| Noncontrolling interests | 1,037 | 1,037 | ||||||||||||
| Total equity | 3,867,576 | 3,674,981 | ||||||||||||
| Total liabilities and equity | $ | 9,508,107 | $ | 9,291,399 | ||||||||||
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2026 and 2025
(In thousands) (Unaudited)
| 2026 | 2025 | |||||||||||||
| Cash flows - operating activities: | ||||||||||||||
| Net income | $ | 305,484 | $ | 240,677 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 18,362 | 15,582 | ||||||||||||
| Amortization of identifiable intangible assets | 34,212 | 26,363 | ||||||||||||
| Provision for credit losses | 395 | 4,718 | ||||||||||||
| Deferred income taxes | (6,954) | 2,777 | ||||||||||||
| Excess tax benefits from share-based compensation | (6,042) | (3,496) | ||||||||||||
| Non-cash share-based compensation expense | 10,590 | 9,270 | ||||||||||||
| Other reconciling items | (650) | (798) | ||||||||||||
| Changes in operating assets and liabilities, excluding the effect of businesses acquired | (354,839) | (186,622) | ||||||||||||
| Net cash provided by operating activities | 558 | 108,471 | ||||||||||||
| Cash flows - investing activities: | ||||||||||||||
| Payments for acquisitions of businesses, net of cash acquired | (43,674) | (850,644) | ||||||||||||
| Proceeds from sale or disposal of property, plant, and equipment | 636 | 1,334 | ||||||||||||
| Purchases of property, plant, and equipment | (28,712) | (26,131) | ||||||||||||
| Net cash used in investing activities | (71,750) | (875,441) | ||||||||||||
| Cash flows - financing activities: | ||||||||||||||
| Proceeds from revolving credit facility | — | 250,000 | ||||||||||||
| Repayments of finance lease liabilities | (646) | (775) | ||||||||||||
| Dividends paid to stockholders | (17,810) | (11,451) | ||||||||||||
| Repurchases of common stock | (87,107) | (224,832) | ||||||||||||
| Taxes paid related to net share settlements of equity awards | (17,984) | (13,351) | ||||||||||||
| Payments for contingent consideration arrangements | (809) | (420) | ||||||||||||
| Net cash used in financing activities | (124,356) | (829) | ||||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | — | 4,869 | ||||||||||||
| Decrease in cash, cash equivalents, and restricted cash | (195,548) | (762,930) | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year (1) | 1,111,968 | 1,340,395 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of period (2) | $ | 916,420 | $ | 577,465 | ||||||||||
_________
(1)Includes $0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of December 31, 2024.
(2)Includes $0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of March 31, 2025.
EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands, except for percentages) (Unaudited)
| For the quarters ended March 31, | ||||||||||||||||||||||||||
| 2026 | % of Total | 2025 | % of Total | |||||||||||||||||||||||
| Revenues from unrelated entities: | ||||||||||||||||||||||||||
| United States electrical construction and facilities services | $ | 1,447,414 | 31 | % | $ | 1,087,844 | 28 | % | ||||||||||||||||||
| United States mechanical construction and facilities services | 2,026,341 | 44 | % | 1,572,602 | 41 | % | ||||||||||||||||||||
| United States building services | 772,649 | 17 | % | 742,623 | 19 | % | ||||||||||||||||||||
| United States industrial services | 381,829 | 8 | % | 359,002 | 9 | % | ||||||||||||||||||||
| Total United States operations | 4,628,233 | 100 | % | 3,762,071 | 97 | % | ||||||||||||||||||||
| United Kingdom building services | — | — | % | 105,301 | 3 | % | ||||||||||||||||||||
| Consolidated revenues | $ | 4,628,233 | 100 | % | $ | 3,867,372 | 100 | % | ||||||||||||||||||
| For the quarters ended March 31, | ||||||||||||||||||||||||||
| 2026 | % of Segment Revenues | 2025 | % of Segment Revenues | |||||||||||||||||||||||
| Operating income (loss): | ||||||||||||||||||||||||||
| United States electrical construction and facilities services | $ | 174,481 | 12.1 | % | $ | 136,057 | 12.5 | % | ||||||||||||||||||
| United States mechanical construction and facilities services | 221,643 | 10.9 | % | 186,747 | 11.9 | % | ||||||||||||||||||||
| United States building services | 40,449 | 5.2 | % | 36,423 | 4.9 | % | ||||||||||||||||||||
| United States industrial services | 12,780 | 3.3 | % | 6,760 | 1.9 | % | ||||||||||||||||||||
| Total United States operations | 449,353 | 9.7 | % | 365,987 | 9.7 | % | ||||||||||||||||||||
| United Kingdom building services | — | — | 4,987 | 4.7 | % | |||||||||||||||||||||
| Corporate administration | (45,508) | — | (52,218) | — | ||||||||||||||||||||||
| Consolidated operating income | 403,845 | 8.7 | % | 318,756 | 8.2 | % | ||||||||||||||||||||
| Other items: | ||||||||||||||||||||||||||
| Net periodic pension income | — | 54 | ||||||||||||||||||||||||
Interest income, net | 6,227 | 5,387 | ||||||||||||||||||||||||
| Income before income taxes | $ | 410,072 | $ | 324,197 | ||||||||||||||||||||||
EMCOR GROUP, INC.
RECONCILIATION OF ORGANIC REVENUE GROWTH
(In thousands, except for percentages) (Unaudited)
The following table provides a reconciliation between organic revenue growth, a non-GAAP measure, and total revenue growth for the quarter ended March 31, 2026.
| For the quarter ended March 31, 2026 | ||||||||||||||
| $ | % | |||||||||||||
| GAAP revenue growth | $ | 760,861 | 19.7 | % | ||||||||||
| Incremental revenues from acquisitions | (234,120) | (6.1) | % | |||||||||||
| Impact of lost revenues resulting from sale of United Kingdom operations | 105,301 | 3.2 | % | |||||||||||
| Organic revenue growth, a non-GAAP measure | $ | 632,042 | 16.8 | % | ||||||||||
EMCOR GROUP, INC.
RECONCILIATION OF OTHER NON-GAAP MEASURES
(In thousands, except for percentages and per share data) (Unaudited)
In our press release, we provide non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per common share for the quarter ended March 31, 2025. The following tables provide a reconciliation between these amounts determined on a non-GAAP basis and the most directly comparable GAAP measures.
| For the quarter ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| GAAP operating income | $ | 403,845 | $ | 318,756 | ||||||||||
| Transaction expenses related to the acquisition of Miller Electric | — | 9,353 | ||||||||||||
| Non-GAAP operating income | $ | 403,845 | $ | 328,109 | ||||||||||
| For the quarter ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| GAAP operating margin | 8.7 | % | 8.2 | % | ||||||||||
| Transaction expenses related to the acquisition of Miller Electric | — | % | 0.2 | % | ||||||||||
Non-GAAP operating margin (1) | 8.7 | % | 8.5 | % | ||||||||||
| For the quarter ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| GAAP net income | $ | 305,484 | $ | 240,677 | ||||||||||
| Transaction expenses related to the acquisition of Miller Electric | — | 9,353 | ||||||||||||
| Tax effect of transaction expenses related to the acquisition of Miller Electric | — | (2,410) | ||||||||||||
| Non-GAAP net income | $ | 305,484 | $ | 247,620 | ||||||||||
| For the quarter ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| GAAP diluted earnings per common share | $ | 6.84 | $ | 5.26 | ||||||||||
| Transaction expenses related to the acquisition of Miller Electric | — | 0.20 | ||||||||||||
| Tax effect of transaction expenses related to the acquisition of Miller Electric | — | (0.05) | ||||||||||||
| Non-GAAP diluted earnings per common share | $ | 6.84 | $ | 5.41 | ||||||||||
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(1) Amounts presented in this table do not foot due to rounding.
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FAQ
How did EMCOR Group (EME) perform in Q1 2026?
EMCOR Group reported a strong Q1 2026, with revenue of $4.63 billion, up 19.7% from 2025. Net income reached $305.5 million and diluted EPS was $6.84, reflecting improved margins and solid demand across core U.S. segments.
How much did EMCOR Group’s revenue grow year-over-year in Q1 2026?
Q1 2026 revenue grew 19.7% year-over-year to $4.63 billion, compared with $3.87 billion in Q1 2025. Organic revenue growth, excluding acquisition effects and the U.K. divestiture, was 16.8%, indicating strong performance from existing operations.
What are EMCOR Group’s remaining performance obligations as of March 31, 2026?
Remaining performance obligations were a record $15.62 billion as of March 31, 2026, up from $13.25 billion at December 31, 2025 and $11.75 billion a year earlier. This large contracted backlog supports visibility into future revenues across multiple sectors.
Did EMCOR Group change its 2026 revenue and EPS guidance?
Yes. EMCOR Group raised 2026 revenue guidance to $18.50–$19.25 billion from $17.75–$18.50 billion. It also increased diluted EPS guidance to $28.25–$29.75 from $27.25–$29.25, reflecting confidence in ongoing project activity and profitability.
How did EMCOR Group’s operating margin trend in Q1 2026?
Operating margin improved to 8.7% in Q1 2026, up from 8.2% in Q1 2025. Non-GAAP operating margin for Q1 2025 was 8.5% excluding Miller Electric transaction expenses, indicating continued solid profitability and cost discipline in the latest quarter.