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EMCOR Group (NYSE: EME) lifts 2026 guidance after record Q2 results

Filing Impact
(Very High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

EMCOR Group, Inc. reported record second-quarter 2026 results. Revenue was $5.15 billion, up 19.8% from the prior year, with organic growth of 19.6%. Net income was $403.7 million and diluted EPS was $9.06, a 34.8% year-over-year increase. Operating income reached $547.3 million, producing a 10.6% operating margin versus 9.6% a year earlier. Selling, general and administrative expenses decreased to 9.2% of revenue from 9.7%.

Remaining performance obligations were a record $17.14 billion as of June 30, 2026, up 43.9% from June 30, 2025, with growth across most sectors. For the first six months of 2026, revenue totaled $9.78 billion, up 19.7%, and diluted EPS was $15.89. Operating income was $951.2 million, a 9.7% margin, compared with 9.0% in the first half of 2025, which included Miller Electric acquisition transaction expenses.

Supported by a liquid balance sheet with $924.4 million of cash at June 30, 2026, EMCOR raised its full-year 2026 outlook. The company now guides to revenue of $20.00–$20.50 billion, operating margin of 9.5%–9.8%, and diluted EPS of $32.00–$33.25, all higher than its April 2026 guidance ranges.

Positive

  • Record Q2 revenue of $5.15 billion, up 19.8% year over year, with organic growth of 19.6% and operating margin expanding to 10.6%.
  • Record remaining performance obligations of $17.14 billion, a 43.9% year-over-year increase, indicating a larger contracted workload across multiple sectors.
  • Raised 2026 guidance to $20.00–$20.50 billion in revenue and $32.00–$33.25 diluted EPS, above the previous April ranges.

Negative

  • None.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Q2 2026 Revenue $5.15 billion Quarter ended June 30, 2026; 19.8% higher than Q2 2025
Q2 2026 Diluted EPS $9.06 Quarter ended June 30, 2026; 34.8% increase year-over-year
Remaining Performance Obligations $17.14 billion As of June 30, 2026; 43.9% higher than June 30, 2025
Q2 2026 Operating Margin 10.6% Operating income as a percentage of revenue in Q2 2026
First-Half 2026 Revenue $9,783,125 thousand Six months ended June 30, 2026; 19.7% year-over-year growth
Cash and Cash Equivalents $924,411 thousand Balance as of June 30, 2026
2026 Revenue Guidance Range $20.00 billion – $20.50 billion Updated full-year 2026 outlook as of July 30, 2026
2026 Diluted EPS Guidance Range $32.00 – $33.25 Updated full-year 2026 outlook as of July 30, 2026
Remaining performance obligations financial
"Remaining performance obligations (“RPOs”) as of June 30, 2026 were a record $17.14 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.
organic basis financial
"On an organic basis, when adjusting for incremental acquisition contribution"
"Organic basis" refers to the growth in a company's revenue or sales that comes from its existing operations, without including the effects of acquisitions, divestments, or other external changes. It shows how well a company's core business is performing on its own, much like tracking the natural growth of a plant without considering external factors. For investors, understanding organic growth helps assess the true strength and sustainability of a company's fundamental business.
operating margin financial
"Record Second Quarter Operating Income of $547.3 million and Operating Margin of 10.6%"
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 operating income financial
"we provide non-GAAP operating income, non-GAAP operating margin, non-GAAP net income"
Non-GAAP operating income is a measure of a company's profit from its core business activities, calculated by excluding certain expenses or income that are not part of regular operations. It provides a clearer picture of how well the business is performing by focusing on ongoing operations, helping investors compare companies more consistently and make better-informed decisions.
diluted earnings per common share financial
"Non-GAAP diluted earnings per common share to the comparable GAAP measures"
Diluted earnings per common share measures a company’s profit allocated to each share assuming all potential shares that could be created — like employee stock options, warrants, or convertible debt — are exercised or converted. Think of a pie split among current and possible future diners: it shows a more conservative slice size each shareholder would get if all claims became shares, helping investors compare profitability on a worst‑case dilution basis.
Revenue $5.15 billion up 19.8% year over year
Diluted EPS $9.06 up 34.8% year over year
Operating Margin 10.6% up from 9.6% in Q2 2025
Remaining Performance Obligations $17.14 billion up 43.9% from June 30, 2025
Guidance

For full-year 2026, EMCOR expects revenue of $20.00–$20.50 billion, operating margin of 9.5%–9.8%, and diluted EPS of $32.00–$33.25, increased from prior April 2026 guidance of $18.50–$19.25 billion revenue and $28.25–$29.75 diluted EPS.

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FAQ

What were EMCOR Group (EME)'s Q2 2026 revenues and earnings per share?
EMCOR Group reported Q2 2026 revenue of $5.15 billion and diluted EPS of $9.06. Net income was $403.7 million, and operating income reached $547.3 million, reflecting a 10.6% operating margin for the quarter.

How did EMCOR Group (EME)'s Q2 2026 results compare year over year?
In Q2 2026, EMCOR’s revenue grew 19.8% from $4.30 billion to $5.15 billion, with organic growth of 19.6%. Diluted EPS increased 34.8%, from $6.72 to $9.06, and operating margin improved from 9.6% to 10.6%.

What is EMCOR Group (EME)'s updated full-year 2026 guidance?
For full-year 2026, EMCOR now expects revenue of $20.00–$20.50 billion, operating margin of 9.5%–9.8%, and diluted EPS of $32.00–$33.25. These ranges are higher than the April 2026 guidance of $18.50–$19.25 billion and $28.25–$29.75 EPS.

How large were EMCOR Group (EME)'s remaining performance obligations at June 30, 2026?
Remaining performance obligations were a record $17.14 billion as of June 30, 2026, up from $11.91 billion a year earlier, a 43.9% increase. Growth was driven by multiple sectors, including Network and Communications, Water and Wastewater, Institutional, and Healthcare.

How did EMCOR Group (EME) perform in the first six months of 2026?
For the first half of 2026, EMCOR generated $9.78 billion in revenue, up 19.7% from $8.17 billion, and diluted EPS of $15.89. Operating income was $951.2 million, a 9.7% margin, compared with 9.0% in the prior-year period.

What does EMCOR Group (EME)'s cash flow and balance sheet show at mid-2026?
Net cash provided by operating activities was $289.9 million in the first six months of 2026. EMCOR ended June 30, 2026 with $924.4 million of cash and cash equivalents, after funding acquisitions, capital expenditures, share repurchases, and increased dividends.
0000105634false00001056342026-07-302026-07-30

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): July 30, 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 July 30, 2026, EMCOR Group, Inc. issued a press release disclosing results of operations for its fiscal 2026 second quarter ended June 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 July 30, 2026 disclosing results of operations for its fiscal 2026 second quarter ended June 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: July 30, 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 SECOND QUARTER 2026 RESULTS
 
Record Quarterly Revenues of $5.15 billion, 19.8% Increase Year-over-Year
Record Second Quarter Operating Income of $547.3 million and Operating Margin of 10.6%
Record Second Quarter Diluted EPS of $9.06, 34.8% Increase Year-over-Year
Record Remaining Performance Obligations of $17.14 billion, 43.9% Increase Year-over-Year
Increases 2026 Revenue Guidance Range to $20.00 billion - $20.50 billion from $18.50 billion - $19.25 billion
Increases 2026 Diluted EPS Guidance Range to $32.00 - $33.25 from $28.25 - $29.75


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

Second Quarter 2026 Results of Operations

For the second quarter of 2026, revenues totaled a quarterly record of $5.15 billion, an increase of 19.8%, compared to revenues of $4.30 billion for the second 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, second quarter revenues increased by 19.6%.

Net income for the second quarter of 2026 was $403.7 million, or $9.06 per diluted share, compared to net income of $302.2 million, or $6.72 per diluted share, for the second quarter of 2025.

Operating income for the second quarter of 2026 was $547.3 million, or 10.6% of revenues, compared to operating income of $415.2 million, or 9.6% of revenues, for the second quarter of 2025. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $54.3 million and $46.6 million for the second quarter of 2026 and 2025, respectively.

Selling, general and administrative expenses for the second quarter of 2026 totaled $475.0 million, or 9.2% of revenues, compared to $418.6 million, or 9.7% of revenues, for the second quarter of 2025.

The Company's income tax rate for the second quarter of 2026 was 26.8%, compared to 26.7% for the second quarter of 2025.
 – MORE –

 EMCOR Reports Second Quarter 2026 ResultsPage 2

Remaining performance obligations (“RPOs”) as of June 30, 2026 were a record $17.14 billion, compared to $11.91 billion as of June 30, 2025, an increase of $5.23 billion year-over-year. The Company experienced increases in RPOs within 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 had an exceptional second quarter, growing revenues nearly 20% and earning an impressive 10.6% operating margin. Our results were driven by strong performance across each of our reportable segments, which demonstrates the consistent execution, discipline, and customer focus that have defined EMCOR's success over many years. Our Remaining Performance Obligations are once again at a record level reflecting sustained demand across several key market sectors and our success in winning new business across multiple customers, geographies, and skilled trades."

First Six Months 2026 Results of Operations

Revenues for the first six months of 2026 totaled $9.78 billion, an increase of 19.7%, compared to revenues of $8.17 billion for the first six 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, revenues for the first six months of 2026 increased by 18.3%.

Net income for the first six months of 2026 was $709.2 million, or $15.89 per diluted share, compared to net income of $542.8 million, or $11.96 per diluted share, for the first six months of 2025. Net income for the first six 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 transaction related costs, non-GAAP net income for the first six months of 2025 was $549.8 million, or $12.11 per diluted share.

Operating income for the first six months of 2026 was $951.2 million, or 9.7% of revenues, compared to operating income of $734.0 million, or 9.0% of revenues, for the first six months of 2025. Excluding the previously referenced transaction related costs, non-GAAP operating income for the first six months of 2025 was $743.3 million, or 9.1% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $106.8 million and $88.6 million for the first six months of 2026 and 2025, respectively.

Refer to the attached tables for a reconciliation of 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 $935.1 million, or 9.6% of revenues, for the first six months of 2026, compared to $822.5 million, or 10.1% of revenues, for the first six months of 2025.

The Company's income tax rate was 26.3% for both the first six months of 2026 and 2025.




 – MORE –

 EMCOR Reports Second Quarter 2026 ResultsPage 3

Mr. Guzzi continued, “We have performed extremely well during the first half of 2026, executing across numerous sectors where demand for our services persists. These outstanding results reflect our ability to complete complex projects across multiple geographies and trades, expand scope with existing customers, and consistently deliver on mission-critical projects. We remain focused on maintaining pricing discipline, carefully selecting project opportunities, and executing at a high level across our operations. As we look ahead, the fundamentals of our business remain strong and our recent and pending acquisitions reflect our focus on complementing our existing operations, expanding our capabilities, and entering new geographies to better serve our customers. Supported by a liquid balance sheet, exceptional field leadership, and a diverse pipeline with significant visibility, we believe EMCOR is well-positioned to benefit from ongoing market opportunities while continuing to create value for our shareholders."

Full-Year 2026 Guidance

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

Current Guidance (7/30/26)
Previous Guidance (4/29/26)
Revenues
$20.00 billion – $20.50 billion
$18.50 billion – $19.25 billion
Operating Margin
9.5% – 9.8%
9.0% – 9.4%
Diluted EPS
$32.00 – $33.25
$28.25 – $29.75

Second Quarter 2026 Earnings Conference Call Information

EMCOR Group's second quarter conference call will be broadcast live via the internet today, Thursday, July 30, 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.












 – MORE –

 EMCOR Reports Second Quarter 2026 ResultsPage 4

Forward Looking Statements:

This release and related presentation contain forward-looking statements. Such statements speak only as of July 30, 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
June 30,		For the six months ended
June 30,
 2026202520262025
Revenues$5,154,892 $4,304,400 $9,783,125 $8,171,772 
Cost of sales4,132,513 3,470,629 7,896,796 6,615,283 
Gross profit1,022,379 833,771 1,886,329 1,556,489 
Selling, general and administrative expenses475,039 418,559 935,144 822,521 
Operating income547,340 415,212 951,185 733,968 
Net periodic pension income— 55 — 109 
Interest income (expense), net4,322 (3,240)10,549 2,147 
Income before income taxes551,662 412,027 961,734 736,224 
Income tax provision147,968 109,867 252,556 193,387 
Net income$403,694 $302,160 $709,178 $542,837 
Basic earnings per common share$9.09 $6.74 $15.94 $12.00 
Diluted earnings per common share$9.06 $6.72 $15.89 $11.96 
Weighted average shares of common stock outstanding: 
   Basic44,421,322 44,833,638 44,492,543 45,227,690 
   Diluted44,552,894 44,990,388 44,619,442 45,380,744 
Dividends declared per common share$0.40 $0.25 $0.80 $0.50 





















EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 (Unaudited)
June 30,
 2026		December 31,
2025
ASSETS  
Current assets:  
Cash and cash equivalents$924,411 $1,111,968 
Accounts receivable, net5,098,309 4,241,177 
Contract assets400,539 337,717 
Inventories153,679 126,252 
Prepaid expenses and other94,781 120,231 
Total current assets6,671,719 5,937,345 
Property, plant, and equipment, net278,617 253,277 
Operating lease right-of-use assets509,500 439,029 
Goodwill1,457,924 1,412,414 
Identifiable intangible assets, net1,078,045 1,108,828 
Other assets161,277 140,506 
Total assets$10,157,082 $9,291,399 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$1,250,669 $1,227,428 
Contract liabilities2,609,243 2,327,360 
Accrued payroll and benefits866,247 870,154 
Other accrued expenses and liabilities393,312 340,785 
Operating lease liabilities, current105,669 99,213 
Total current liabilities5,225,140 4,864,940 
Operating lease liabilities, long-term436,259 368,996 
Other long-term obligations415,739 382,482 
Total liabilities6,077,138 5,616,418 
Equity:  
Total EMCOR Group, Inc. stockholders’ equity4,078,907 3,673,944 
Noncontrolling interests1,037 1,037 
Total equity4,079,944 3,674,981 
Total liabilities and equity$10,157,082 $9,291,399 













EMCOR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2026 and 2025
(In thousands) (Unaudited)
 20262025
Cash flows - operating activities:  
Net income$709,178 $542,837 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization37,753 32,139 
Amortization of identifiable intangible assets69,083 56,452 
Provision for credit losses4,602 9,029 
Deferred income taxes(11,129)677 
Excess tax benefits from share-based compensation(7,809)(3,950)
Non-cash share-based compensation expense15,007 13,092 
Other reconciling items(834)(1,169)
Changes in operating assets and liabilities, excluding the effect of businesses acquired(525,938)(346,949)
Net cash provided by operating activities289,913 302,158 
Cash flows - investing activities:  
Payments for acquisitions of businesses, net of cash acquired(94,953)(887,237)
Proceeds from sale or disposal of property, plant, and equipment2,056 2,586 
Purchases of property, plant, and equipment(59,860)(54,174)
Net cash used in investing activities(152,757)(938,825)
Cash flows - financing activities:  
Proceeds from revolving credit facility— 525,000 
Repayments of revolving credit facility— (275,000)
Repayments of finance lease liabilities(1,327)(1,433)
Dividends paid to stockholders(35,586)(22,640)
Repurchases of common stock(268,519)(432,165)
Taxes paid related to net share settlements of equity awards(18,285)(13,541)
Payments for contingent consideration arrangements(996)(11,346)
Net cash used in financing activities(324,713)(231,125)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash— 14,558 
Decrease in cash, cash equivalents, and restricted cash(187,557)(853,234)
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)
$924,411 $487,161 
_________
(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 “Prepaid expenses and other” in the Consolidated Balance Sheet as of June 30, 2025.










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



 For the quarters ended June 30,
 2026% of
Total		2025% of
Total
Revenues from unrelated entities:  
United States electrical construction and facilities services$1,662,501 32 %$1,340,247 31 %
United States mechanical construction and facilities services2,300,873 45 %1,755,258 41 %
United States building services837,706 16 %793,259 18 %
United States industrial services353,812 7 %281,072 7 %
Total United States operations5,154,892 100 %4,169,836 97 %
United Kingdom building services— — %134,564 3 %
Consolidated revenues$5,154,892 100 %$4,304,400 100 %

 For the six months ended June 30,
 2026% of
Total		2025% of
Total
Revenues from unrelated entities:  
United States electrical construction and facilities services$3,109,915 32 %$2,428,091 29 %
United States mechanical construction and facilities services4,327,214 44 %3,327,860 41 %
United States building services1,610,355 16 %1,535,882 19 %
United States industrial services735,641 8 %640,074 8 %
Total United States operations9,783,125 100 %7,931,907 97 %
United Kingdom building services— — %239,865 3 %
Consolidated revenues$9,783,125 100 %$8,171,772 100 %























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



 For the quarters ended June 30,
 2026% of Segment Revenues2025% of Segment Revenues
Operating income (loss):  
United States electrical construction and facilities services$231,417 13.9 %$157,644 11.8 %
United States mechanical construction and facilities services286,639 12.5 %238,737 13.6 %
United States building services63,375 7.6 %50,045 6.3 %
United States industrial services9,599 2.7 %(419)(0.1)%
Total United States operations591,030 11.5 %446,007 10.7 %
United Kingdom building services— — 8,425 6.3 %
Corporate administration(43,690)— (39,220)— 
Consolidated operating income547,340 10.6 %415,212 9.6 %
Other items: 
Net periodic pension income— 55 
Interest income (expense), net4,322 (3,240)
Income before income taxes$551,662 $412,027 

 For the six months ended June 30,
 2026% of Segment Revenues2025% of Segment Revenues
Operating income (loss):  
United States electrical construction and facilities services$405,898 13.1 %$293,701 12.1 %
United States mechanical construction and facilities services508,282 11.7 %425,484 12.8 %
United States building services103,824 6.4 %86,468 5.6 %
United States industrial services22,379 3.0 %6,341 1.0 %
Total United States operations1,040,383 10.6 %811,994 10.2 %
United Kingdom building services— — 13,412 5.6 %
Corporate administration(89,198)— (91,438)— 
Consolidated operating income951,185 9.7 %733,968 9.0 %
Other items: 
Net periodic pension income— 109 
Interest income, net10,549 2,147 
Income before income taxes$961,734 $736,224 







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 six months ended June 30, 2026.


 For the quarter ended
June 30, 2026		For the six months ended
June 30, 2026
 $%$%
GAAP revenue growth$850,492 19.8 %$1,611,353 19.7 %
Incremental revenues from acquisitions(169,213)(3.9)%(403,333)(4.9)%
Impact of lost revenues resulting from sale of
United Kingdom operations		134,564 3.7 %239,865 3.5 %
Organic revenue growth, a non-GAAP measure$815,843 19.6 %$1,447,885 18.3 %

















































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 six months ended June 30, 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 six months ended
June 30,
 20262025
GAAP operating income$951,185 $733,968 
Transaction expenses related to the acquisition of Miller Electric— 9,353 
Non-GAAP operating income$951,185 $743,321 
 For the six months ended
June 30,
 20262025
GAAP operating margin9.7 %9.0 %
Transaction expenses related to the acquisition of Miller Electric— %0.1 %
Non-GAAP operating margin9.7 %9.1 %
For the six months ended
June 30,
 20262025
GAAP net income$709,178 $542,837 
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$709,178 $549,780 
 For the six months ended
June 30,
 20262025
GAAP diluted earnings per common share$15.89 $11.96 
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$15.89 $12.11 




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