EMCOR Group, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsEMCOR Group, Inc. is a leading U.S. specialty contractor providing electrical and mechanical construction, facilities, and industrial services, with record revenue and backlog.
What they do
EMCOR provides electrical and mechanical construction and facilities services, building services, and industrial services to commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers. It operates through approximately 100 U.S. subsidiaries organized into four reportable segments: U.S. electrical construction, U.S. mechanical construction, U.S. building services, and U.S. industrial services. In 2025, about 72% of revenue came from construction, 21% from building services, and 7% from industrial services.
Revenue drivers
- U.S. Electrical Construction & Facilities Services — Largest segment; includes electrical power, low-voltage, and communications systems. Revenue growth driven by data centers, network/communications, and other technology-related projects.
- U.S. Mechanical Construction & Facilities Services — Provides HVAC, plumbing, and mechanical systems. Benefits from healthcare, institutional, and water/wastewater project demand.
- U.S. Building Services — Operates and maintains building systems; contributed 21% of 2025 revenue. Includes long-term service contracts and energy efficiency upgrades.
- U.S. Industrial Services — Serves refineries and petrochemical plants with maintenance and construction services. 2025 revenue declined modestly year-over-year.
Recent performance
In Q2 2026, revenue totaled a record $5.15 billion, up 19.8% year-over-year, with organic growth of 19.6%. Operating income was $547.3 million (10.6% margin), and diluted EPS was $9.06, up 34.8%. For the first half of 2026, revenue rose 19.7% to $9.78 billion and EPS was $15.89. Remaining performance obligations reached a record $17.14 billion, up 43.9% from a year earlier.
Strategy
EMCOR focuses on expanding service offerings and enhancing presence in core end markets and geographies through acquisitions and organic growth. The company completed the Miller Electric acquisition in February 2025 for $876.8 million and continues to pursue strategic M&A. It emphasizes sustainable energy solutions, energy efficiency, and technology-enabled services. Management also prioritizes disciplined capital allocation, including share repurchases and dividends.
Risks
- Economic Downturn — Reduced demand for construction and facilities services during recessions or financing constraints could lower revenue and profitability.
- Supply Chain & Tariffs — Supply disruptions, material price fluctuations, and tariffs can increase costs and delay projects, pressuring margins.
- Labor Shortages — Scarcity of skilled labor and productivity challenges could raise costs and limit the ability to complete projects.
- Interest Rate Sensitivity — Elevated interest rates may impact customer financing and delay or cancel projects, particularly in private-sector work.
Outlook
Management raised 2026 revenue guidance to $20.00-$20.50 billion from $18.50-$19.25 billion and diluted EPS guidance to $32.00-$33.25 from $28.25-$29.75. Record RPOs indicate sustained demand, especially in network/communications, water/wastewater, institutional, and healthcare sectors. Management expects broad-based growth across most market sectors.