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…
Earnings analysis · 10-Q
EME earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $6.84
What stood out
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Record Q1 Revenue Growth
Revenues reached $4.63 billion in Q1 2026, a 19.7% increase from $3.87 billion in Q1 2025.
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Substantial EPS Increase
Diluted EPS for Q1 2026 was $6.84, up from $5.26 in Q1 2025, indicating strong profitability.
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Improved Operating Margin
Operating margin increased to 8.7% in Q1 2026 from 8.2% in Q1 2025, reflecting better cost management.
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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.
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Significant Acquisition Contributions
Q1 2026 revenues included $234.1 million from acquisitions, enhancing overall growth.
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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.
What to watch
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Labor Shortages
Ongoing skilled labor shortages could hinder operational capacity and growth potential.
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Increased Commodity Prices
Rising prices of materials like steel and copper may squeeze margins and affect project costings.
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Geographic Concentration
EMCOR's heavy reliance on the U.S. market exposes it to regional economic downturns.
Management's outlook
Management expects continued strong demand across market sectors but has deferred numeric guidance to future earnings releases.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.