Financial Planning & Analysis
EXHIBIT 99.1 FOR: EMCOR GROUP, INC. News Release Lucas Sullivan CONTACT: 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.
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%.
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.
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 –
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.
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.
for the third quarter of 2026 was 27.2%, compared to 27.5% for the third quarter of 2025.
(“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."
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%.
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.
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 –
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.
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.
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."
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:
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 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 .
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.
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.
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.
Cash flows - operating activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 1,109,108 $ 838,210 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 57,962 49,426 Amortization of identifiable intangible 106,164 86,967 assets Provision for credit losses 6,183 5,402 Deferred income taxes -19,236 8,930 Excess tax benefits from share-based -8,011 -4,250 compensation Non-cash expense for impairment of 34,000 — identifiable intangible assets Non-cash share-based compensation 19,695 16,742 expense Other reconciling items 1,392 -2,038 Changes in operating assets and liabilities, excluding the effect of -220,626 -221,730 businesses acquired Net cash provided by operating 1,086,631 777,659 activities Cash flows - investing activities: Payments for acquisitions of businesses, -797,375 -900,496 net of cash acquired Proceeds from sale or disposal of 2,469 3,608 property, plant, and equipment Purchases of property, plant, and -97,014 -80,831 equipment Net cash used in investing activities -891,920 -977,719 Cash flows - financing activities: Proceeds from revolving credit 150,000 525,000 facility Repayments of revolving credit -150,000 -525,000 facility Repayments of finance lease -2,016 -2,082 liabilities Dividends paid to stockholders -53,251 -33,832 Repurchases of common stock -456,501 -432,165 Taxes paid related to net share -18,401 -14,054 settlements of equity awards Payments for contingent consideration -1,758 -12,038 arrangements Distributions to noncontrolling — -856 interests Net cash used in financing activities -531,927 -495,027 Effect of exchange rate changes on cash, — 11,009 cash equivalents, and restricted cash Decrease in cash, cash equivalents, and -337,216 -684,078 restricted cash Cash, cash equivalents, and restricted 1,111,968 1,340,395 cash at beginning of year(1) Cash, cash equivalents, and restricted $ 774,752 $ 656,317 cash at end of period(2)
_________ (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.
(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.
(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 For the nine quarter months ended ended September September 2026 30, 2025 2026 30, 2025 ────────────────────────────────────────────────────────────────────────────── GAAP diluted earnings $ 9.04 $ 6.57 $ 24.93 $ 18.53 per common share Impairm… loss on identif… 0.77 — 0.76 — intangi… assets Tax effect of impairm… -0.21 — -0.21 — loss on identif… intangi… assets Transac… expenses related to the — — — 0.20 acquisi… of Miller Electric Tax effect of transac… expenses related — — — -0.05 to the acquisi… of Miller Electric Non-GAAP diluted earnings $ 9.60 $ 6.57 $ 25.48 $ 18.68 per common share
Full text with the tables
EXHIBIT 99.1
FOR: EMCOR GROUP, INC.
News Release
Lucas Sullivan
CONTACT: 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 Results Page 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 Results Page 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 Previous
Guidance(10/29/26) Guidance(7/30/26)
Revenues $20.6 billion – $21.0 $20.0 billion – $20.5
billion billion
Non-GAAP Operating ~10% 9.5% – 9.8%
Margin*
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 Results Page 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
For the nine
quarters months
ended ended
Septemb… Septemb…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Reven… $ 5,541,5… $ 4,301,… $ 15,324,… $ 12,473…
Cost
of 4,433,3… 3,466,… 12,330,… 10,081…
sales
Gross 1,108,2… 835,313 2,994,5… 2,391,…
profit
Selli…
gener…
and 528,426 429,617 1,463,5… 1,252,…
admin…
expen…
Impai…
loss
on 34,000 — 34,000 —
ident…
intan…
assets
Opera… 545,792 405,696 1,496,9… 1,139,…
income
Net
perio… — 56 — 165
pensi…
income
Inter…
incom… 3,766 1,838 14,315 3,985
net
Income
before 549,558 407,590 1,511,2… 1,143,…
income
taxes
Income
tax 149,628 112,217 402,184 305,604
provi…
Net $ 399,930 $ 295,373 $ 1,109,1… $ 838,210
income
Basic
earni…
per $ 9.06 $ 6.59 $ 25.00 $ 18.59
common
share
Dilut…
earni…
per $ 9.04 $ 6.57 $ 24.93 $ 18.53
common
share
Weigh…
avera…
shares
of
common
stock
outst…
Basic 44,118,… 44,794… 44,364,… 45,078…
Dilut… 44,245,… 44,968… 44,491,… 45,238…
Divid…
decla…
per $ 0.40 $ 0.25 $ 1.20 $ 0.75
common
share
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets:
Cash and cash equivalents $ 774,752 $ 1,111,968
Accounts receivable, net 5,529,343 4,241,177
Contract assets 465,548 337,717
Inventories 194,549 126,252
Prepaid expenses and other 106,274 120,231
Total current assets 7,070,466 5,937,345
Property, plant, and equipment, net 303,334 253,277
Operating lease right-of-use assets 526,027 439,029
Goodwill 1,711,905 1,412,414
Identifiable intangible assets, net 1,441,074 1,108,828
Other assets 183,354 140,506
Total assets $ 11,236,160 $ 9,291,399
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 1,411,866 $ 1,227,428
Contract liabilities 2,968,666 2,327,360
Accrued payroll and benefits 1,103,452 870,154
Other accrued expenses and 450,865 340,785
liabilities
Operating lease liabilities, current 110,543 99,213
Total current liabilities 6,045,392 4,864,940
Operating lease liabilities, 449,971 368,996
long-term
Other long-term obligations 463,870 382,482
Total liabilities 6,959,233 5,616,418
Equity:
Total EMCOR Group, Inc. stockholders’ 4,275,890 3,673,944
equity
Noncontrolling interests 1,037 1,037
Total equity 4,276,927 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)
Cash flows - operating activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 1,109,108 $ 838,210
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization 57,962 49,426
Amortization of identifiable
intangible 106,164 86,967
assets
Provision for credit losses 6,183 5,402
Deferred income taxes -19,236 8,930
Excess tax benefits from share-based -8,011 -4,250
compensation
Non-cash expense for impairment of 34,000 —
identifiable intangible assets
Non-cash share-based compensation 19,695 16,742
expense
Other reconciling items 1,392 -2,038
Changes in operating assets and
liabilities, excluding the effect of -220,626 -221,730
businesses acquired
Net cash provided by operating 1,086,631 777,659
activities
Cash flows - investing activities:
Payments for acquisitions of
businesses, -797,375 -900,496
net of cash acquired
Proceeds from sale or disposal of 2,469 3,608
property, plant, and equipment
Purchases of property, plant, and -97,014 -80,831
equipment
Net cash used in investing activities -891,920 -977,719
Cash flows - financing activities:
Proceeds from revolving credit 150,000 525,000
facility
Repayments of revolving credit -150,000 -525,000
facility
Repayments of finance lease -2,016 -2,082
liabilities
Dividends paid to stockholders -53,251 -33,832
Repurchases of common stock -456,501 -432,165
Taxes paid related to net share -18,401 -14,054
settlements of equity awards
Payments for contingent consideration -1,758 -12,038
arrangements
Distributions to noncontrolling — -856
interests
Net cash used in financing activities -531,927 -495,027
Effect of exchange rate changes on
cash, — 11,009
cash equivalents, and restricted cash
Decrease in cash, cash equivalents,
and -337,216 -684,078
restricted cash
Cash, cash equivalents, and restricted 1,111,968 1,340,395
cash at beginning of year(1)
Cash, cash equivalents, and restricted $ 774,752 $ 656,317
cash at end of period(2)
_________
(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
quarte…
Reven… ended
from Septem…
unrel… 30, % of % of
entit… 2026 Total 2025 Total
──────────────────────────────────────────────────────────────────────────────
United
States
elect…
const… $ 1,854,… 34 % $ 1,285… 30 %
and
facil…
servi…
United
States
mecha…
const… 2,546,… 46 % 1,779… 41 %
and
facil…
servi…
United
States 852,369 15 % 813,8… 19 %
build…
servi…
United
States 287,509 5 % 286,9… 7 %
indus…
servi…
Total
United 5,541,… 100 % 4,165… 97 %
States
opera…
United
Kingd… — — % 136,1… 3 %
build…
servi…
Conso… $ 5,541,… 100 % $ 4,301… 100 %
reven…
For the
nine
months
Reven… ended
from Septem…
unrel… 30, % of % of
entit… 2026 Total 2025 Total
──────────────────────────────────────────────────────────────────────────────
United
States
elect…
const… $ 4,964… 32 % $ 3,713,… 30 %
and
facil…
servi…
United
States
mecha…
const… 6,873… 45 % 5,107,… 41 %
and
facil…
servi…
United
States 2,462… 16 % 2,349,… 19 %
build…
servi…
United
States 1,023… 7 % 926,988 7 %
indus…
servi…
Total
United 15,32… 100 % 12,097… 97 %
States
opera…
United
Kingd… — — % 376,053 3 %
build…
servi…
Conso… $ 15,32… 100 % $ 12,473… 100 %
reven…
EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands, except for percentages) (Unaudited)
For
the
quart…
ended
Oper… Septe… % of % of
inco… 30, Segme… Segme…
(los… 2026 Reven… 2025 Reven…
──────────────────────────────────────────────────────────────────────────────
Unit…
Stat…
elec…
cons… $ 247,0… 13.3 % $ 145,… 11.3 %
and
faci…
serv…
Unit…
Stat…
mech…
cons… 308,2… 12.1 % 229,… 12.9 %
and
faci…
serv…
Unit…
Stat… 66,193 7.8 % 59,3… 7.3 %
buil…
serv…
Unit…
Stat… 5,120 1.8 % 6,292 2.2 %
indu…
serv…
Total
Unit… 626,5… 11.3 % 440,… 10.6 %
Stat…
oper…
Unit…
King… — — 7,563 5.6 %
buil…
serv…
Corp… -46,7… — -42,… —
admi…
Impa…
loss
on -34,0… — — —
iden…
inta…
asse…
Cons…
oper… 545,7… 9.8 % 405,… 9.4 %
inco…
Other
item…
Net
peri… — 56
pens…
inco…
Inte…
inco… 3,766 1,838
net
Inco…
befo… $ 549,5… $ 407,…
inco…
taxes
For
the
nine
months
ended
Oper… Septe… % of % of
inco… 30, Segme… Segme…
(los… 2026 Reven… 2025 Reven…
──────────────────────────────────────────────────────────────────────────────
Unit…
Stat…
elec…
cons… $ 652,9… 13.2 % $ 438,… 11.8 %
and
faci…
serv…
Unit…
Stat…
mech…
cons… 816,5… 11.9 % 654,… 12.8 %
and
faci…
serv…
Unit…
Stat… 170,0… 6.9 % 145,… 6.2 %
buil…
serv…
Unit…
Stat… 27,499 2.7 % 12,6… 1.4 %
indu…
serv…
Total
Unit… 1,666… 10.9 % 1,25… 10.4 %
Stat…
oper…
Unit…
King… — — 20,9… 5.6 %
buil…
serv…
Corp… -135,… — -133… —
admi…
Impa…
loss
on -34,0… — — —
iden…
inta…
asse…
Cons…
oper… 1,496… 9.8 % 1,13… 9.1 %
inco…
Other
item…
Net
peri… — 165
pens…
inco…
Inte…
inco… 14,315 3,985
net
Inco…
befo… $ 1,511… $ 1,14…
inco…
taxes
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 For the nine
ended months ended
September September
30, 2026 30, 2026
──────────────────────────────────────────────────────────────────────────────
$ % $ %
GAAP
revenue $ 1,239,991 28.8 % $ 2,851,344 22.9 %
growth
Incremental
revenues -313,275 -7.3 % -716,608 -5.7 %
from
acquisitio…
Impact of
lost
revenues
resulting
from sale 136,188 4.0 % 376,053 3.6 %
of
United
Kingdom
operations
Organic
revenue
growth, a $ 1,062,904 25.5 % $ 2,510,789 20.8 %
non-GAAP
measure
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
For the nine
quarter months
ended ended
Septemb… Septem…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
GAAP
opera… $ 545,792 $ 405,696 $ 1,496,… $ 1,139,6…
income
Impai…
loss
on 34,000 — 34,000 —
ident…
intan…
assets
Trans…
expen…
relat…
to the — — — 9,353
acqui…
of
Miller
Elect…
Non-G…
opera… $ 579,792 $ 405,696 $ 1,530,… $ 1,149,0…
income
For
the
For the nine
quarter months
ended ended
Septem… Septe…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
GAAP
oper… 9.8 % 9.4 % 9.8 % 9.1 %
marg…
Impa…
loss
on 0.6 % — % 0.2 % — %
iden…
inta…
asse…
Tran…
expe…
rela…
to
the — % — % — % 0.1 %
acqu…
of
Mill…
Elec…
Non-…
oper… 10.5 % 9.4 % 10.0 % 9.2 %
marg…
________________________
Amounts presented in this table may not foot due to rounding.
For the
For the nine
quarter months
ended ended
Septem… Septemb…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
GAAP
net $ 399,930 $ 295,373 $ 1,109,1… $ 838,210
income
Impair…
loss on
identi… 34,000 — 34,000 —
intang…
assets
Tax
effect
of
impair… -9,257 — -9,257 —
loss on
identi…
intang…
assets
Transa…
expens…
related
to the — — — 9,353
acquis…
of
Miller
Electr…
Tax
effect
of
transa…
expens…
related — — — -2,410
to the
acquis…
of
Miller
Electr…
Non-GA…
net $ 424,673 $ 295,373 $ 1,133,8… $ 845,153
income
For the
For the nine
quarter months
ended ended
September September
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
GAAP
diluted
earnings $ 9.04 $ 6.57 $ 24.93 $ 18.53
per
common
share
Impairm…
loss on
identif… 0.77 — 0.76 —
intangi…
assets
Tax
effect
of
impairm… -0.21 — -0.21 —
loss on
identif…
intangi…
assets
Transac…
expenses
related
to the — — — 0.20
acquisi…
of
Miller
Electric
Tax
effect
of
transac…
expenses
related — — — -0.05
to the
acquisi…
of
Miller
Electric
Non-GAAP
diluted
earnings $ 9.60 $ 6.57 $ 25.48 $ 18.68
per
common
share
# # #