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  4. [8-K] EMCOR Group, Inc. Reports Material Event

EMCOR Group lifts 2026 revenue outlook to $20.6B–$21B

EMCOR raised its full-year 2026 revenue and non-GAAP earnings outlook and added $500 million to its share repurchase authorization.

Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

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Form Type
8-K

Rhea-AI Filing Summary

EMCOR Group, Inc. (EME) reported record third-quarter 2026 revenue of $5.54 billion, up 28.8% year over year. Net income was $399.9 million, or $9.04 per diluted share; diluted EPS increased 37.6%, while non-GAAP diluted EPS was $9.60, up 46.1%. Operating income was $545.8 million, with a 9.8% margin; non-GAAP operating income was $579.8 million, with a 10.5% margin. Results included a $34.0 million non-cash impairment loss on identifiable intangible assets.

Remaining performance obligations were $18.57 billion as of September 30, 2026, up 47.2% year over year. EMCOR raised full-year 2026 revenue guidance to $20.6 billion–$21.0 billion from $20.0 billion–$20.5 billion, non-GAAP diluted EPS guidance to $34.50–$35.50 from $32.00–$33.25, and non-GAAP operating margin guidance to approximately 10% from 9.5%–9.8%. Its board authorized an additional $500 million for repurchases under the existing program. Repurchases may occur in open-market or privately negotiated transactions at EMCOR’s discretion, subject to market conditions; the program has no expiration date and does not obligate EMCOR to purchase any particular amount of common stock.

6 points · 2 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 0 points

Hollow bars mark forward-looking points. How the balance works

Positive

  • Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 revenue guidance rose to $20.6 billion–$21.0 billion.
  • Major point. Forward-looking: it has not happened yet and may not happen.Full-year non-GAAP diluted EPS guidance rose to $34.50–$35.50.
  • Moderate pointQuarterly revenue reached $5.54 billion, up 28.8% year over year.
  • Moderate pointThird-quarter net income was $399.9 million, versus $295.4 million.
  • Moderate pointThird-quarter diluted EPS rose 37.6% to $9.04 year over year.
  • Moderate pointRPOs reached $18.57 billion, up 47.2% year over year.

Negative

  • None.

Filing Explained

EMCOR reports $456,501 thousand in common-stock repurchases in the first nine months of 2026; the additional $500 million authorization is separate capacity, not a commitment to buy that amount.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Third-quarter revenue $5.54 billion Q3 2026; up 28.8% year over year
Third-quarter net income $399.9 million Q3 2026; compared with $295.4 million in Q3 2025
Diluted EPS $9.04 per diluted share Q3 2026; up 37.6% year over year
Non-GAAP diluted EPS $9.60 per diluted share Q3 2026; up 46.1% year over year
Remaining performance obligations $18.57 billion As of September 30, 2026; up 47.2% year over year
Full-year 2026 revenue guidance $20.6 billion–$21.0 billion Raised from $20.0 billion–$20.5 billion
Full-year 2026 non-GAAP diluted EPS guidance $34.50–$35.50 Raised from $32.00–$33.25
Additional share repurchase authorization $500 million Authorized under the existing program
Remaining performance obligations financial
"Remaining performance obligations (“RPOs”) as of September 30, 2026"
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.
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.
non-GAAP operating margin financial
"non-GAAP operating margin guidance to approximately 10%"
Non-GAAP operating margin is a way companies show how much profit they make from their main business activities, excluding certain expenses or income they consider unusual or non-recurring. It helps investors see how well the company is performing in its normal operations, without the effects of one-time costs or gains that might distort the picture.
Contract assets financial
"Contract assets | 465,548"
Contract assets are amounts a company has earned by doing work or delivering goods under a customer agreement but has not yet billed or collected because certain contract conditions remain. Think of it as completed work sitting in a company’s toolbox waiting for an invoice trigger. For investors, growing contract assets signal future cash and revenue potential but also raise questions about timing, cash collection risk and the real strength of reported sales.
Revenue $5.54 billion Up 28.8% year over year
Net income $399.9 million Compared with $295.4 million in Q3 2025
Diluted EPS $9.04 per diluted share Up 37.6% year over year
Non-GAAP diluted EPS $9.60 per diluted share Up 46.1% year over year
Guidance

Full-year 2026 revenue: $20.6 billion–$21.0 billion, raised from $20.0 billion–$20.5 billion; non-GAAP operating margin: approximately 10%, raised from 9.5%–9.8%; non-GAAP diluted EPS: $34.50–$35.50, raised from $32.00–$33.25. The non-GAAP margin and EPS guidance excludes impairment loss on identifiable intangible assets.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were EME’s third-quarter 2026 revenue and diluted EPS?
EMCOR reported $5.54 billion in revenue, up 28.8% year over year, and diluted EPS of $9.04, up 37.6%.

What are EME’s updated 2026 revenue and earnings guidance ranges?
EMCOR raised full-year 2026 revenue guidance to $20.6 billion–$21.0 billion from $20.0 billion–$20.5 billion, and non-GAAP diluted EPS guidance to $34.50–$35.50 from $32.00–$33.25.

What terms apply to EME’s additional share repurchase authorization?
The board authorized an additional $500 million under the existing program. It has no expiration date and does not obligate EMCOR to purchase any particular amount of common stock; the program may be suspended, recommenced, or discontinued at any time or from time to time without prior notice.

What drove EME’s remaining performance obligation growth?
EMCOR attributed RPO growth to new contract awards across the majority of its sectors. The most significant growth was in Network and Communications, where mission critical facilities require substantial electrical infrastructure and increasingly sophisticated cooling systems.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR Accepted by SEC EDGAR
0000105634false00001056342026-10-292026-10-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 29, 2026

EMCOR Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)

Delaware1-826711-2125338
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
301 Merritt Seven
Norwalk,Connecticut06851-1092
(Address of Principal Executive Offices)(Zip Code)
(203)
849-7800
(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 classTrading SymbolName of each exchange on which registered
Common StockEMENew York Stock Exchange

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 October 29, 2026, EMCOR Group, Inc. issued a press release disclosing results of operations for its fiscal 2026 third quarter ended September 30, 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 NumberDescription
99.1
Press Release issued by EMCOR Group, Inc. on October 29, 2026 disclosing results of operations for its fiscal 2026 third quarter ended September 30, 2026.
104Cover 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: October 29, 2026By:/s/ ANTHONY J. GUZZI
Anthony J. Guzzi
Chairman, President, and
Chief Executive Officer

newemcorlogo.jpg

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 RECORD THIRD QUARTER 2026 RESULTS
Revenues of $5.54 billion, 28.8% Increase Year-over-Year
Operating Income of $545.8 million and Operating Margin of 9.8%
Non-GAAP Operating Income of $579.8 million and Non-GAAP Operating Margin of 10.5%
Diluted EPS of $9.04, 37.6% Increase Year-over-Year
Non-GAAP Diluted EPS of $9.60, 46.1% Increase Year-over-Year
Remaining Performance Obligations of $18.57 billion, 47.2% Increase Year-over-Year
Increases 2026 Revenue Guidance Range to $20.6 billion - $21.0 billion from $20.0 billion - $20.5 billion
Increases 2026 Non-GAAP Diluted EPS Guidance Range to $34.50 - $35.50 from $32.00 - $33.25
Increases Share Repurchase Program $500 million

NORWALK, CONNECTICUT, October 29, 2026 - EMCOR Group, Inc. (NYSE: EME) today reported results for the quarter ended September 30, 2026.

Third Quarter 2026 Results of Operations

For the third quarter of 2026, revenues totaled a quarterly record of $5.54 billion, an increase of 28.8%, compared to revenues of $4.30 billion for the third 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 in 2025, third quarter revenues increased by 25.5%.

Net income for the third quarter of 2026 was $399.9 million, or $9.04 per diluted share, compared to net income of $295.4 million, or $6.57 per diluted share, for the third quarter of 2025. Net income for the third quarter of 2026 included a non-cash impairment loss on identifiable intangible assets of $34.0 million, or $24.7 million after taxes. Excluding such impairment, non-GAAP net income for the third quarter of 2026 was $424.7 million, or $9.60 per diluted share.

Operating income for the third quarter of 2026 was $545.8 million, or 9.8% of revenues, compared to operating income of $405.7 million, or 9.4% of revenues, for the third quarter of 2025. Excluding the previously referenced impairment loss, non-GAAP operating income for the third quarter of 2026 was $579.8 million, or 10.5% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $57.3 million and $47.8 million for the third quarter of 2026 and 2025, respectively.
 – MORE –

 EMCOR Reports Third Quarter 2026 ResultsPage 2

Refer to the attached tables for a reconciliation of organic 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.

Selling, general and administrative expenses for the third quarter of 2026 totaled $528.4 million, or 9.5% of revenues, compared to $429.6 million, or 10.0% of revenues, for the third quarter of 2025.

The Company's income tax rate for the third quarter of 2026 was 27.2%, compared to 27.5% for the third quarter of 2025.

Remaining performance obligations (“RPOs”) as of September 30, 2026 were a record $18.57 billion, compared to $12.61 billion as of September 30, 2025, an increase of $5.96 billion year-over-year, due to new contract awards across the majority of the sectors in which the Company operates. The most significant RPO growth occurred within the Network and Communications market sector as mission critical facilities continue to require substantial electrical infrastructure and increasingly sophisticated cooling systems. The Company also benefited from a broad range of customer investments across other large end markets, including the Healthcare, Water and Wastewater, Institutional, and Manufacturing and Industrial sectors.

Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, “EMCOR delivered another quarter of exceptional growth, margin performance, operating cash flow, and capital allocation. Our strong revenue growth, coupled with excellent field execution and improved SG&A leverage, resulted in meaningful expansion of our operating margin. We continued to outgrow the broader non-residential construction market, reinforcing the depth of demand for our services."

First Nine Months 2026 Results of Operations

Revenues for the first nine months of 2026 totaled $15.32 billion, an increase of 22.9%, compared to revenues of $12.47 billion for the first nine months 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 in 2025, revenues for the first nine months of 2026 increased by 20.8%.

Net income for the first nine months of 2026 was $1.11 billion, or $24.93 per diluted share, compared to net income of $838.2 million, or $18.53 per diluted share, for the first nine months of 2025. Net income for the first nine months of 2026 included a non-cash impairment loss on identifiable intangible assets of $34.0 million, or $24.7 million after taxes. Net income for the first nine months 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 items, non-GAAP net income for the first nine months of 2026 was $1.13 billion, or $25.48 per diluted share, and non-GAAP net income for the first nine months of 2025 was $845.2 million, or $18.68 per diluted share.

Operating income for the first nine months of 2026 was $1.50 billion, or 9.8% of revenues, compared to operating income of $1.14 billion, or 9.1% of revenues, for the first nine months of 2025. Excluding the previously referenced impairment loss in 2026 and transaction costs in 2025, non-GAAP operating income for the first nine months of 2026 was $1.53 billion, or 10.0% of revenues, and non-GAAP operating income for the first nine months of 2025 was $1.15 billion, or 9.2% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $164.1 million and $136.4 million for the first nine months of 2026 and 2025, respectively.
 – MORE –

 EMCOR Reports Third Quarter 2026 ResultsPage 3

Refer to the attached tables for a reconciliation of organic 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.

Selling, general and administrative expenses totaled $1.46 billion, or 9.6% of revenues, for the first nine months of 2026, compared to $1.25 billion, or 10.0% of revenues, for the first nine months of 2025.

The Company's income tax rate was 26.6% for the first nine months of 2026, compared to 26.7% for the first nine months of 2025.

Mr. Guzzi continued, “We performed extremely well during the first nine months of 2026, demonstrating the value of our differentiated technical capabilities and strength of our operating model. Our field leaders continued to exhibit discipline and precision while executing some of the industry's largest and most technically complex projects. The expertise of our foremen, superintendents, project managers, and operating leaders drives safe, reliable execution and supports repeat business with our customers. As we close 2026, we remain well-positioned to capitalize on the long-term demand trends supporting our business, while creating further value for our shareholders."

Full-Year 2026 Guidance

Based on the momentum the Company has experienced year-to-date, along with near-term visibility, EMCOR now expects the following for full year 2026:

Current Guidance (10/29/26)
Previous Guidance (7/30/26)
Revenues
$20.6 billion – $21.0 billion
$20.0 billion – $20.5 billion
Non-GAAP Operating Margin*
~10%
9.5% – 9.8%
Non-GAAP Diluted EPS*
$34.50 – $35.50
$32.00 – $33.25
* Excludes impairment loss on identifiable intangible assets.

Increases Share Repurchase Program

The Company also announced that its Board of Directors has authorized an additional $500 million for the purchase of shares of its outstanding common stock under its existing share repurchase program.

Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, remarked, “The increase in our share repurchase authorization reflects our strong financial position, confidence in the long-term prospects of our business, and commitment to balanced and disciplined capital allocation. Our capital allocation strategy supports long-term value creation and has provided the foundation for our compounding record of success."

Repurchases under the program will be funded by the Company’s operations. Shares will be repurchased from time to time on the open market or through privately negotiated transactions at the Company’s discretion, subject to market conditions, and in accordance with applicable regulatory requirements. The share repurchase program has no expiration date and does not obligate the Company to acquire any particular amount of common stock and may be suspended, recommenced, or discontinued at any time or from time to time without prior notice.
 – MORE –

 EMCOR Reports Third Quarter 2026 ResultsPage 4

Third Quarter 2026 Earnings Conference Call Information

EMCOR Group's third quarter conference call will be broadcast live via the internet today, Thursday, October 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.

Forward Looking Statements:

This release and related presentation contain forward-looking statements. Such statements speak only as of October 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, government regulations, permitting requirements, moratoriums, or other governmental actions; 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.

In addition, forecast non-GAAP diluted earnings per share and non-GAAP operating margin for full-year 2026 are forward-looking non-GAAP financial measures. The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP on a forward-looking basis because such reconciliations are not accessible with reasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of adjustments such as impairments that impact comparability and the periods in which such items may be recognized.


EMCOR GROUP, INC.
FINANCIAL HIGHLIGHTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share information)
(Unaudited)

For the quarters ended
September 30,		For the nine months ended
September 30,
2026202520262025
Revenues$5,541,520 $4,301,529 $15,324,645 $12,473,301 
Cost of sales4,433,302 3,466,216 12,330,098 10,081,499 
Gross profit1,108,218 835,313 2,994,547 2,391,802 
Selling, general and administrative expenses528,426 429,617 1,463,570 1,252,138 
Impairment loss on identifiable intangible assets34,000 — 34,000 — 
Operating income545,792 405,696 1,496,977 1,139,664 
Net periodic pension income— 56 — 165 
Interest income, net3,766 1,838 14,315 3,985 
Income before income taxes549,558 407,590 1,511,292 1,143,814 
Income tax provision149,628 112,217 402,184 305,604 
Net income$399,930 $295,373 $1,109,108 $838,210 
Basic earnings per common share$9.06 $6.59 $25.00 $18.59 
Diluted earnings per common share$9.04 $6.57 $24.93 $18.53 
Weighted average shares of common stock outstanding:
   Basic44,118,989 44,794,790 44,364,696 45,078,735 
   Diluted44,245,706 44,968,308 44,491,534 45,238,610 
Dividends declared per common share$0.40 $0.25 $1.20 $0.75 




















EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30,
 2026		December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents$774,752 $1,111,968 
Accounts receivable, net5,529,343 4,241,177 
Contract assets465,548 337,717 
Inventories194,549 126,252 
Prepaid expenses and other106,274 120,231 
Total current assets7,070,466 5,937,345 
Property, plant, and equipment, net303,334 253,277 
Operating lease right-of-use assets526,027 439,029 
Goodwill1,711,905 1,412,414 
Identifiable intangible assets, net1,441,074 1,108,828 
Other assets183,354 140,506 
Total assets$11,236,160 $9,291,399 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$1,411,866 $1,227,428 
Contract liabilities2,968,666 2,327,360 
Accrued payroll and benefits1,103,452 870,154 
Other accrued expenses and liabilities450,865 340,785 
Operating lease liabilities, current110,543 99,213 
Total current liabilities6,045,392 4,864,940 
Operating lease liabilities, long-term449,971 368,996 
Other long-term obligations463,870 382,482 
Total liabilities6,959,233 5,616,418 
Equity:
Total EMCOR Group, Inc. stockholders’ equity4,275,890 3,673,944 
Noncontrolling interests1,037 1,037 
Total equity4,276,927 3,674,981 
Total liabilities and equity$11,236,160 $9,291,399 













EMCOR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2026 and 2025
(In thousands) (Unaudited)
20262025
Cash flows - operating activities:
Net income$1,109,108 $838,210 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization57,962 49,426 
Amortization of identifiable intangible assets106,164 86,967 
Provision for credit losses6,183 5,402 
Deferred income taxes(19,236)8,930 
Excess tax benefits from share-based compensation(8,011)(4,250)
Non-cash expense for impairment of identifiable intangible assets34,000 — 
Non-cash share-based compensation expense19,695 16,742 
Other reconciling items1,392 (2,038)
Changes in operating assets and liabilities, excluding the effect of businesses acquired(220,626)(221,730)
Net cash provided by operating activities1,086,631 777,659 
Cash flows - investing activities:
Payments for acquisitions of businesses, net of cash acquired(797,375)(900,496)
Proceeds from sale or disposal of property, plant, and equipment2,469 3,608 
Purchases of property, plant, and equipment(97,014)(80,831)
Net cash used in investing activities(891,920)(977,719)
Cash flows - financing activities:
Proceeds from revolving credit facility150,000 525,000 
Repayments of revolving credit facility(150,000)(525,000)
Repayments of finance lease liabilities(2,016)(2,082)
Dividends paid to stockholders(53,251)(33,832)
Repurchases of common stock(456,501)(432,165)
Taxes paid related to net share settlements of equity awards(18,401)(14,054)
Payments for contingent consideration arrangements(1,758)(12,038)
Distributions to noncontrolling interests— (856)
Net cash used in financing activities(531,927)(495,027)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash— 11,009 
Decrease in cash, cash equivalents, and restricted cash(337,216)(684,078)
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)
$774,752 $656,317 
_________
(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 $1.2 million of restricted cash classified as “Assets held for sale” in the Consolidated Balance Sheet as of September 30, 2025.








EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands, except for percentages) (Unaudited)



For the quarters ended September 30,
2026% of
Total		2025% of
Total
Revenues from unrelated entities:
United States electrical construction and facilities services$1,854,963 34 %$1,285,269 30 %
United States mechanical construction and facilities services2,546,679 46 %1,779,279 41 %
United States building services852,369 15 %813,879 19 %
United States industrial services287,509 5 %286,914 7 %
Total United States operations5,541,520 100 %4,165,341 97 %
United Kingdom building services— — %136,188 3 %
Consolidated revenues$5,541,520 100 %$4,301,529 100 %

For the nine months ended September 30,
2026% of
Total		2025% of
Total
Revenues from unrelated entities:
United States electrical construction and facilities services$4,964,878 32 %$3,713,360 30 %
United States mechanical construction and facilities services6,873,893 45 %5,107,139 41 %
United States building services2,462,724 16 %2,349,761 19 %
United States industrial services1,023,150 7 %926,988 7 %
Total United States operations15,324,645 100 %12,097,248 97 %
United Kingdom building services— — %376,053 3 %
Consolidated revenues$15,324,645 100 %$12,473,301 100 %























EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands, except for percentages) (Unaudited)



For the quarters ended September 30,
2026% of Segment Revenues2025% of Segment Revenues
Operating income (loss):
United States electrical construction and facilities services$247,003 13.3 %$145,200 11.3 %
United States mechanical construction and facilities services308,238 12.1 %229,296 12.9 %
United States building services66,193 7.8 %59,390 7.3 %
United States industrial services5,120 1.8 %6,292 2.2 %
Total United States operations626,554 11.3 %440,178 10.6 %
United Kingdom building services— — 7,563 5.6 %
Corporate administration(46,762)— (42,045)— 
Impairment loss on identifiable intangible assets(34,000)— — — 
Consolidated operating income545,792 9.8 %405,696 9.4 %
Other items:
Net periodic pension income— 56 
Interest income, net3,766 1,838 
Income before income taxes$549,558 $407,590 

For the nine months ended September 30,
2026% of Segment Revenues2025% of Segment Revenues
Operating income (loss):
United States electrical construction and facilities services$652,901 13.2 %$438,901 11.8 %
United States mechanical construction and facilities services816,520 11.9 %654,780 12.8 %
United States building services170,017 6.9 %145,858 6.2 %
United States industrial services27,499 2.7 %12,633 1.4 %
Total United States operations1,666,937 10.9 %1,252,172 10.4 %
United Kingdom building services— — 20,975 5.6 %
Corporate administration(135,960)— (133,483)— 
Impairment loss on identifiable intangible assets(34,000)— — — 
Consolidated operating income1,496,977 9.8 %1,139,664 9.1 %
Other items:
Net periodic pension income— 165 
Interest income, net14,315 3,985 
Income before income taxes$1,511,292 $1,143,814 





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 and nine months ended September 30, 2026.


For the quarter ended
September 30, 2026		For the nine months ended
September 30, 2026
$%$%
GAAP revenue growth$1,239,991 28.8 %$2,851,344 22.9 %
Incremental revenues from acquisitions(313,275)(7.3)%(716,608)(5.7)%
Impact of lost revenues resulting from sale of
United Kingdom operations		136,188 4.0 %376,053 3.6 %
Organic revenue growth, a non-GAAP measure$1,062,904 25.5 %$2,510,789 20.8 %

















































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 and nine months ended September 30, 2026 and 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
September 30,		For the nine months ended
September 30,
2026202520262025
GAAP operating income$545,792 $405,696 $1,496,977 $1,139,664 
Impairment loss on identifiable intangible assets34,000 — 34,000 — 
Transaction expenses related to the acquisition of Miller Electric— — — 9,353 
Non-GAAP operating income$579,792 $405,696 $1,530,977 $1,149,017 
For the quarter ended
September 30,		For the nine months ended
September 30,
2026202520262025
GAAP operating margin9.8 %9.4 %9.8 %9.1 %
Impairment loss on identifiable intangible assets0.6 %— %0.2 %— %
Transaction expenses related to the acquisition of Miller Electric— %— %— %0.1 %
Non-GAAP operating margin10.5 %9.4 %10.0 %9.2 %
________________________
Amounts presented in this table may not foot due to rounding.
For the quarter ended
September 30,		For the nine months ended
September 30,
2026202520262025
GAAP net income$399,930 $295,373 $1,109,108 $838,210 
Impairment loss on identifiable intangible assets34,000 — 34,000 — 
Tax effect of impairment loss on identifiable intangible assets(9,257)— (9,257)— 
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$424,673 $295,373 $1,133,851 $845,153 
For the quarter ended
September 30,		For the nine months ended
September 30,
2026202520262025
GAAP diluted earnings per common share$9.04 $6.57 $24.93 $18.53 
Impairment loss on identifiable intangible assets0.77 — 0.76 — 
Tax effect of impairment loss on identifiable intangible assets(0.21)— (0.21)— 
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$9.60 $6.57 $25.48 $18.68 

# # #

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