EME earnings analysis
What we found in EME's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
EMCOR Group reported strong Q1 2026 results with record revenues of $4.63 billion, reflecting a year-over-year increase of 19.7%. They also reported diluted EPS of $6.84, up from $5.26 in the prior year, supported by robust growth across all business segments, especially in electrical and mechanical services.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Record Q1 Revenue Growth
- Revenues reached $4.63 billion in Q1 2026, a 19.7% increase from $3.87 billion in Q1 2025.
- Substantial EPS Increase
- Diluted EPS for Q1 2026 was $6.84, up from $5.26 in Q1 2025, indicating strong profitability.
- Improved Operating Margin
- Operating margin increased to 8.7% in Q1 2026 from 8.2% in Q1 2025, reflecting better cost management.
- All Segments Report Growth
- All reportable segments saw revenue increases, with mechanical services rising to $2.03 billion, a 28.8% increase year-over-year.
- Significant Acquisition Contributions
- Q1 2026 revenues included $234.1 million from acquisitions, enhancing overall growth.
- Reduced SG&A Expenses Ratio
- SG&A expenses decreased to 9.9% of revenues from 10.4% in the prior year, demonstrating efficient cost management.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Labor Shortages
- Ongoing skilled labor shortages could hinder operational capacity and growth potential.
- Increased Commodity Prices
- Rising prices of materials like steel and copper may squeeze margins and affect project costings.
- Geographic Concentration
- EMCOR's heavy reliance on the U.S. market exposes it to regional economic downturns.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $6.84
- Gross margin
- 18.7%
- Operating margin
- 8.7%
- Segment
- United States electrical construction: $1.45B
- Segment
- United States mechanical construction: $2.03B
- Segment
- United States building services: $772.6M
- Segment
- United States industrial services: $381.8M
What they said about what is next.
Management expects continued strong demand across market sectors but has deferred numeric guidance to future earnings releases.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- EMCOR reports $16.99 billion of revenues in 2025 with a business positioned around electrical/mechanical construction (72% of revenues), building services (21%), and industrial services (7%). The filing highlights…
- 10-Q · April 30, 2025
- EMCOR reported a solid operating quarter: revenue of $3,867,372 (in thousands) rose vs prior-year $3,432,276 and diluted EPS increased to $5.26 from $4.17. Gross profit expanded to $722,718 (18.7% margin) and operating…
- 10-Q · October 31, 2024
- EMCOR delivered a strong quarter: revenue of $3,696,924 (in thousands) and diluted EPS of $5.80, with meaningful margin expansion and very strong operating cash flow through the first nine months. Gross margin expanded…
- 10-Q · July 25, 2024
- EMCOR reported a strong Q2: revenues of $3,666,897 and diluted EPS of $5.25 (three months ended June 30, 2024), materially ahead of the prior-year quarter. Gross profit rose to $684,001 and operating income to $332,808,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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