EMCOR公布二季度业绩大幅增长并上调2026年收入和EPS指引

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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, Conn.
--(BUSINESS WIRE)--Jul. 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.
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.
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
.
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
,
2026
2025
2026
2025
Revenues
$
5,154,892
$
4,304,400
$
9,783,125
$
8,171,772
Cost of sales
4,132,513
3,470,629
7,896,796
6,615,283
Gross profit
1,022,379
833,771
1,886,329
1,556,489
Selling, general and administrative expenses
475,039
418,559
935,144
822,521
Operating income
547,340
415,212
951,185
733,968
Net periodic pension income
—
55
—
109
Interest income (expense), net
4,322
(3,240
)
10,549
2,147
Income before income taxes
551,662
412,027
961,734
736,224
Income tax provision
147,968
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:
Basic
44,421,322
44,833,638
44,492,543
45,227,690
Diluted
44,552,894
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, net
5,098,309
4,241,177
Contract assets
400,539
337,717
Inventories
153,679
126,252
Prepaid expenses and other
94,781
120,231
Total current assets
6,671,719
5,937,345
Property, plant, and equipment, net
278,617
253,277
Operating lease right-of-use assets
509,500
439,029
Goodwill
1,457,924
1,412,414
Identifiable intangible assets, net
1,078,045
1,108,828
Other assets
161,277
140,506
Total assets
$
10,157,082
$
9,291,399
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
1,250,669
$
1,227,428
Contract liabilities
2,609,243
2,327,360
Accrued payroll and benefits
866,247
870,154
Other accrued expenses and liabilities
393,312
340,785
Operating lease liabilities, current
105,669
99,213
Total current liabilities
5,225,140
4,864,940
Operating lease liabilities, long-term
436,259
368,996
Other long-term obligations
415,739
382,482
Total liabilities
6,077,138
5,616,418
Equity:
Total
EMCOR Group, Inc.
stockholders’ equity
4,078,907
3,673,944
Noncontrolling interests
1,037
1,037
Total equity
4,079,944
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)
2026
2025
Cash flows - operating activities:
Net income
$
709,178
$
542,837
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
37,753
32,139
Amortization of identifiable intangible assets
69,083
56,452
Provision for credit losses
4,602
9,029
Deferred income taxes
(11,129
)
677
Excess tax benefits from share-based compensation
(7,809
)
(3,950
)
Non-cash share-based compensation expense
15,007
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 activities
289,913
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 equipment
2,056
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 services
2,300,873
45
%
1,755,258
41
%
United States
building services
837,706
16
%
793,259
18
%
United States
industrial services
353,812
7
%
281,072
7
%
Total
United States
operations
5,154,892
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 services
4,327,214
44
%
3,327,860
41
%
United States
building services
1,610,355
16
%
1,535,882
19
%
United States
industrial services
735,641
8
%
640,074
8
%
Total
United States
operations
9,783,125
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
Revenues
2025
% 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 services
286,639
12.5
%
238,737
13.6
%
United States
building services
63,375
7.6
%
50,045
6.3
%
United States
industrial services
9,599
2.7
%
(419
)
(0.1
)%
Total
United States
operations
591,030
11.5
%
446,007
10.7
%
United Kingdom
building services
—
—
8,425
6.3
%
Corporate administration
(43,690
)
—
(39,220
)
—
Consolidated operating income
547,340
10.6
%
415,212
9.6
%
Other items:
Net periodic pension income
—
55
Interest income (expense), net
4,322
(3,240
)
Income before income taxes
$
551,662
$
412,027
For the six months ended
June 30
,
2026
% of
Segment
Revenues
2025
% 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 services
508,282
11.7
%
425,484
12.8
%
United States
building services
103,824
6.4
%
86,468
5.6
%
United States
industrial services
22,379
3.0
%
6,341
1.0
%
Total
United States
operations
1,040,383
10.6
%
811,994
10.2
%
United Kingdom
building services
—
—
13,412
5.6
%
Corporate administration
(89,198
)
—
(91,438
)
—
Consolidated operating income
951,185
9.7
%
733,968
9.0
%
Other items:
Net periodic pension income
—
109
Interest income, net
10,549
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
,
2026
2025
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
,
2026
2025
GAAP operating margin
9.7
%
9.0
%
Transaction expenses related to the acquisition of
Miller Electric
—
%
0.1
%
Non-GAAP operating margin
9.7
%
9.1
%
For the six months ended
June 30
,
2026
2025
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
,
2026
2025
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
View source version on
businesswire.com
:
https://www.businesswire.com/news/home/20260730052970/en/
EMCOR GROUP, INC.
Lucas Sullivan
Director
Financial Planning & Analysis
(203) 849-7938
FTI Consulting, Inc.
Investors:
Blake Mueller
(718) 578-3706
Source:
EMCOR Group, Inc.