8-K
EMCOR Group, Inc. (EME)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
| FORM | 8-K |
|---|
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 26, 2026
EMCOR Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
| Delaware | 1-8267 | 11-2125338 | ||||
|---|---|---|---|---|---|---|
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | 301 Merritt Seven | |||
| --- | --- | --- | ||||
| Norwalk, | Connecticut | 06851-1092 | ||||
| (Address of Principal Executive Offices) | (Zip Code) | (203) | 849-7800 | |||
| --- | --- | |||||
| (Registrant’s Telephone Number, Including Area Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Common Stock | EME | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
| Emerging growth company | ☐ |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On February 26, 2026, EMCOR Group, Inc. issued a press release disclosing results of operations for its fiscal 2025 fourth quarter and year ended December 31, 2025. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Current Report on Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that Section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
| (d) Exhibits | |
|---|---|
| Exhibit Number | Description |
| 99.1 | Press Release issued by EMCOR Group, Inc. on February 26, 2026 disclosing results of operations for its fiscal 2025 fourth quarter and year ended December 31, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EMCOR Group, Inc. | ||
|---|---|---|
| Dated: February 26, 2026 | By: | /s/ ANTHONY J. GUZZI |
| Anthony J. Guzzi | ||
| Chairman, President, and | ||
| Chief Executive Officer |
Document
| EXHIBIT 99.1 | |
|---|---|
| FOR: | EMCOR GROUP, INC. |
| --- | --- |
| News Release | |
| CONTACT: | Lucas Sullivan<br>Director<br>Financial Planning & Analysis<br>(203) 849-7938 |
| FTI Consulting, Inc.<br>Investors: Blake Mueller<br>(718) 578-3706 | |
| EMCOR GROUP, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS | |
| --- | |
| Record Quarterly and Full-Year Revenues of $4.51 billion and $16.99 billion, respectively | |
| Record Quarterly and Full-Year Diluted EPS of $9.68 and $28.19, respectively | |
| Non-GAAP Quarterly and Full-Year Diluted EPS of $7.19 and $25.87, respectively | |
| Record Remaining Performance Obligations of $13.25 billion, 31.2% Increase Year-over-Year | |
| 2026 Revenues and Diluted EPS Guidance of $17.75 billion – $18.50 billion and $27.25 – $29.25 |
NORWALK, CONNECTICUT, February 26, 2026 - EMCOR Group, Inc. (NYSE: EME) today reported results for the fourth quarter and year ended December 31, 2025.
Fourth Quarter 2025 Results of Operations
For the fourth quarter of 2025, revenues totaled $4.51 billion, an increase of 19.7%, compared to $3.77 billion for the fourth quarter of 2024. On an organic basis, fourth quarter revenues increased 9.5%.
Net income for the fourth quarter of 2025 was $434.6 million, or $9.68 per diluted share, compared to net income of $292.2 million, or $6.32 per diluted share, for the fourth quarter of 2024. Net income for the fourth quarter of 2025 included $10.7 million, or $7.9 million after taxes, of transaction expenses related to the sale of EMCOR’s United Kingdom operations, as well as a gain on such sale of $144.9 million, or $119.7 million after taxes. Excluding these items, non-GAAP net income for the fourth quarter of 2025 was $322.8 million, or $7.19 per diluted share.
Operating income for the fourth quarter of 2025 was $573.8 million, or 12.7% of revenues, compared to operating income of $388.6 million, or 10.3% of revenues, for the fourth quarter of 2024. Excluding the previously referenced transaction expenses and gain on sale of EMCOR’s United Kingdom operations, non-GAAP operating income for the fourth quarter of 2025 was $439.6 million, or 9.7% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $50.0 million and $35.3 million for the fourth quarter of 2025 and 2024, 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.
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| EMCOR Reports Fourth Quarter and Full Year Results | Page 2 |
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Selling, general and administrative expenses for the fourth quarter of 2025 totaled $462.3 million, or 10.2% of revenues, compared to $368.5 million, or 9.8% of revenues, for the fourth quarter of 2024.
The Company's income tax rate for the fourth quarter of 2025 was 24.8%, compared to 26.7% for the fourth quarter of 2024.
Remaining performance obligations (“RPOs”) as of December 31, 2025, were a record $13.25 billion, compared to $10.10 billion as of December 31 2024, an increase of $3.15 billion year-over-year. The Company experienced increases in the majority of the sectors in which it operates, with the most significant growth coming from Network and Communications, Institutional, Water and Wastewater, Hospitality and Entertainment, and Manufacturing and Industrial. These increases were partially offset by a reduction in RPOs within the High-Tech Manufacturing sector, as the Company completed certain semiconductor manufacturing construction projects.
Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, “We had an excellent close to the year with our fourth quarter results, including strong revenue growth and exceptional operating performance. Our success was driven by solid execution as we continued to perform well on some of the most technically sophisticated, fast-paced, and demanding projects in our history. Our Remaining Performance Obligations are again at an all-time high as we continue to win and earn new business across multiple sectors, geographies, and trades. Our pipeline remains strong, reflecting the broad-based demand for our services and supporting our positive outlook for 2026."
Full-Year 2025 Results of Operations
Revenues for full year 2025 totaled $16.99 billion, an increase of 16.6%, compared to $14.57 billion for full year 2024. On an organic basis, full year revenues increased 7.9%.
Net income for full year 2025 was $1.27 billion, or $28.19 per diluted share, compared to $1.01 billion, or $21.52 per diluted share, for full year 2024. Net income for full year 2025 included $20.0 million, or $14.8 million after taxes, of transaction expenses related to the acquisition of Miller Electric Company in the first quarter and the sale of EMCOR’s United Kingdom operations in the fourth quarter. Net income for full year 2025 additionally included a gain of $144.9 million, or $119.7 million after taxes, from the sale of EMCOR’s United Kingdom operations. Excluding these items, non-GAAP net income for full year 2025 was $1.17 billion, or $25.87 per diluted share.
Operating income for full year 2025 was $1.71 billion, or 10.1% of revenues, compared to $1.34 billion, or 9.2% of revenues, for full year 2024. Excluding the previously referenced transaction expenses and gain on sale of EMCOR’s United Kingdom operations, non-GAAP operating income for full year 2025 was $1.59 billion, or 9.4% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $186.4 million and $133.7 million for full year 2025 and 2024, respectively.
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| EMCOR Reports Fourth Quarter and Full Year Results | Page 3 |
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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 $1.71 billion, or 10.1% of revenues, for full year 2025, compared to $1.42 billion, or 9.7% of revenues, for full year 2024.
The Company's income tax rate for full year 2025 was 26.1%, compared to 26.9% for full year 2024.
Mr. Guzzi continued, “We are executing well across numerous sectors where demand for our services persists, bolstered by long-term underlying secular trends. Our execution, coupled with such demand, enabled us to achieve new milestones in 2025, including record revenues, operating margin, and diluted earnings per share. Our Electrical and Mechanical Construction segments continue to drive these results with combined full year revenue and operating income growth of 24.4% and 21.7%, respectively, and a combined operating margin of 12.5%. Our performance is further supported by our organic investments in construction technologies and prefabrication capabilities, which have increased our productivity and efficiency. Looking ahead to 2026, we have a solid foundation across diverse geographies and sectors and we begin the year with a strong mix of work within our record Remaining Performance Obligations. Recent acquisitions reflect our focus on expanding and complementing our existing capabilities to better serve our customers and the sale of our United Kingdom operations provides further flexibility for strategic investment. As always, we remain focused on executing for our customers, which allows us to deliver for our shareholders."
Full-Year 2026 Guidance
Based on anticipated project mix and current visibility into the coming year, EMCOR expects the following for full year 2026:
| Full Year Guidance | |
|---|---|
| Revenues | $17.75 billion – $18.50 billion |
| Operating Margin | 9.0% – 9.4% |
| Diluted EPS | $27.25 – $29.25 |
Fourth Quarter and Full-Year 2025 Earnings Conference Call Information
EMCOR Group's fourth quarter conference call will be broadcast live via the internet today, Thursday, February 26, at 10:30 AM Eastern Standard Time and can be accessed through the Company's website at www.emcorgroup.com.
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| EMCOR Reports Fourth Quarter and Full Year Results | Page 4 |
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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 February 26, 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<br>December 31, | For the years ended<br>December 31, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Revenues | $ | 4,513,121 | $ | 3,770,019 | $ | 16,986,422 | $ | 14,566,116 |
| Cost of sales | 3,621,935 | 3,013,004 | 13,703,434 | 11,801,065 | ||||
| Gross profit | 891,186 | 757,015 | 3,282,988 | 2,765,051 | ||||
| Selling, general and administrative expenses | 462,308 | 368,451 | 1,714,446 | 1,420,188 | ||||
| Gain on sale of United Kingdom operations | 144,876 | — | 144,876 | — | ||||
| Operating income | 573,754 | 388,564 | 1,713,418 | 1,344,863 | ||||
| Net periodic pension income | 46 | 224 | 211 | 894 | ||||
| Interest income, net | 4,010 | 9,666 | 7,995 | 31,625 | ||||
| Income before income taxes | 577,810 | 398,454 | 1,721,624 | 1,377,382 | ||||
| Income tax provision | 143,203 | 106,293 | 448,807 | 370,237 | ||||
| Net income | $ | 434,607 | $ | 292,161 | $ | 1,272,817 | $ | 1,007,145 |
| Basic earnings per common share: | $ | 9.72 | $ | 6.35 | $ | 28.30 | $ | 21.61 |
| Diluted earnings per common share: | $ | 9.68 | $ | 6.32 | $ | 28.19 | $ | 21.52 |
| Weighted average shares of common stock outstanding: | ||||||||
| Basic | 44,701,263 | 45,989,277 | 44,982,102 | 46,616,079 | ||||
| Diluted | 44,876,295 | 46,198,291 | 45,145,767 | 46,808,293 | ||||
| Dividends declared per common share | $ | 0.25 | $ | 0.25 | $ | 1.00 | $ | 0.93 |
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
| December 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 1,111,968 | $ | 1,339,550 |
| Accounts receivable, net | 4,241,177 | 3,577,537 | ||
| Contract assets | 337,717 | 284,791 | ||
| Inventories | 126,252 | 95,667 | ||
| Prepaid expenses and other | 120,231 | 91,644 | ||
| Total current assets | 5,937,345 | 5,389,189 | ||
| Property, plant, and equipment, net | 253,277 | 207,489 | ||
| Operating lease right-of-use assets | 439,029 | 316,128 | ||
| Goodwill | 1,412,414 | 1,018,415 | ||
| Identifiable intangible assets, net | 1,108,828 | 648,180 | ||
| Other assets | 140,506 | 137,072 | ||
| Total assets | $ | 9,291,399 | $ | 7,716,473 |
| LIABILITIES AND EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable | $ | 1,227,428 | $ | 937,087 |
| Contract liabilities | 2,327,360 | 2,047,540 | ||
| Accrued payroll and benefits | 870,154 | 751,434 | ||
| Other accrued expenses and liabilities | 340,785 | 336,555 | ||
| Operating lease liabilities, current | 99,213 | 81,247 | ||
| Total current liabilities | 4,864,940 | 4,153,863 | ||
| Operating lease liabilities, long-term | 368,996 | 261,575 | ||
| Other long-term obligations | 382,482 | 362,341 | ||
| Total liabilities | 5,616,418 | 4,777,779 | ||
| Equity: | ||||
| Total EMCOR Group, Inc. stockholders’ equity | 3,673,944 | 2,937,657 | ||
| Noncontrolling interests | 1,037 | 1,037 | ||
| Total equity | 3,674,981 | 2,938,694 | ||
| Total liabilities and equity | $ | 9,291,399 | $ | 7,716,473 |
EMCOR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2025 and 2024
(In thousands)
| 2025 | 2024 | |||
|---|---|---|---|---|
| Cash flows - operating activities: | ||||
| Net income | $ | 1,272,817 | $ | 1,007,145 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation and amortization | 67,368 | 56,678 | ||
| Amortization of identifiable intangible assets | 119,052 | 77,002 | ||
| Provision for credit losses | 7,671 | 17,303 | ||
| Deferred income taxes | (16,055) | (29,115) | ||
| Gain on sale of United Kingdom operations | (144,876) | — | ||
| Gain on sale or disposal of property, plant, and equipment | (2,229) | (1,012) | ||
| Non-cash (income) expense from contingent consideration arrangements | (534) | 8,892 | ||
| Non-cash share-based compensation expense | 20,595 | 19,978 | ||
| Other reconciling items | (3,995) | (1,700) | ||
| Changes in operating assets and liabilities, excluding the effect of businesses acquired | (17,751) | 252,723 | ||
| Net cash provided by operating activities | 1,302,063 | 1,407,894 | ||
| Cash flows - investing activities: | ||||
| Payments for acquisitions of businesses, net of cash acquired | (1,022,105) | (228,173) | ||
| Net proceeds from sale of United Kingdom operations | 256,622 | — | ||
| Proceeds from sale or disposal of property, plant, and equipment | 4,647 | 3,839 | ||
| Purchases of property, plant, and equipment | (112,750) | (74,950) | ||
| Net cash used in investing activities | (873,586) | (299,284) | ||
| Cash flows - financing activities: | ||||
| Proceeds from revolving credit facility | 525,000 | — | ||
| Repayments of revolving credit facility | (525,000) | — | ||
| Repayments of finance lease liabilities | (2,692) | (2,855) | ||
| Dividends paid to stockholders | (45,023) | (43,384) | ||
| Repurchases of common stock | (586,258) | (489,820) | ||
| Taxes paid related to net share settlements of equity awards | (16,816) | (15,397) | ||
| Issuances of common stock under employee stock purchase plan | — | 943 | ||
| Payments for contingent consideration arrangements | (12,038) | (4,852) | ||
| Distributions to noncontrolling interests | (934) | — | ||
| Net cash used in financing activities | (663,761) | (555,365) | ||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 6,857 | (2,600) | ||
| (Decrease) increase in cash, cash equivalents, and restricted cash | (228,427) | 550,645 | ||
| Cash, cash equivalents, and restricted cash at beginning of year (1) | 1,340,395 | 789,750 | ||
| Cash, cash equivalents, and restricted cash at end of period (1) | $ | 1,111,968 | $ | 1,340,395 |
(1)Includes $0.8 million of restricted cash classified as “Prepaid expenses and other” in the Condensed Consolidated Balance Sheet as of December 31, 2024.
EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands, except for percentages)
| (Unaudited) | ||||||||
|---|---|---|---|---|---|---|---|---|
| For the quarters ended<br>December 31, | ||||||||
| 2025 | % of<br>Total | 2024 | % of<br>Total | |||||
| Revenues from unrelated entities: | ||||||||
| United States electrical construction and facilities services | $ | 1,360,892 | 30 | % | $ | 933,192 | 25 | % |
| United States mechanical construction and facilities services | 1,943,342 | 43 | % | 1,660,600 | 44 | % | ||
| United States building services | 772,481 | 17 | % | 755,626 | 20 | % | ||
| United States industrial services | 341,111 | 8 | % | 312,680 | 8 | % | ||
| Total United States operations | 4,417,826 | 98 | % | 3,662,098 | 97 | % | ||
| United Kingdom building services | 95,295 | 2 | % | 107,921 | 3 | % | ||
| Consolidated revenues | $ | 4,513,121 | 100 | % | $ | 3,770,019 | 100 | % |
| For the years ended<br>December 31, | ||||||||
| 2025 | % of<br>Total | 2024 | % of<br>Total | |||||
| Revenues from unrelated entities: | ||||||||
| United States electrical construction and facilities services | $ | 5,074,252 | 30 | % | $ | 3,342,927 | 23 | % |
| United States mechanical construction and facilities services | 7,050,481 | 42 | % | 6,405,657 | 44 | % | ||
| United States building services | 3,122,242 | 18 | % | 3,114,817 | 21 | % | ||
| United States industrial services | 1,268,099 | 7 | % | 1,277,190 | 9 | % | ||
| Total United States operations | 16,515,074 | 97 | % | 14,140,591 | 97 | % | ||
| United Kingdom building services | 471,348 | 3 | % | 425,525 | 3 | % | ||
| Consolidated revenues | $ | 16,986,422 | 100 | % | $ | 14,566,116 | 100 | % |
EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands, except for percentages)
| (Unaudited) | ||||||||
|---|---|---|---|---|---|---|---|---|
| For the quarters ended<br>December 31, | ||||||||
| 2025 | % of Segment Revenues | 2024 | % of Segment Revenues | |||||
| Operating income (loss): | ||||||||
| United States electrical construction and facilities services | $ | 173,051 | 12.7 | % | $ | 147,902 | 15.8 | % |
| United States mechanical construction and facilities services | 250,545 | 12.9 | % | 220,622 | 13.3 | % | ||
| United States building services | 41,334 | 5.4 | % | 40,860 | 5.4 | % | ||
| United States industrial services | 12,365 | 3.6 | % | 10,209 | 3.3 | % | ||
| Total United States operations | 477,295 | 10.8 | % | 419,593 | 11.5 | % | ||
| United Kingdom building services | (6) | N/M | 4,834 | 4.5 | % | |||
| Corporate administration | (48,411) | (35,863) | ||||||
| Gain on sale of United Kingdom operations | 144,876 | — | ||||||
| Consolidated operating income | 573,754 | 12.7 | % | 388,564 | 10.3 | % | ||
| Other items: | ||||||||
| Net periodic pension income | 46 | 224 | ||||||
| Interest income, net | 4,010 | 9,666 | ||||||
| Income before income taxes | $ | 577,810 | $ | 398,454 | ||||
| For the years ended<br>December 31, | ||||||||
| 2025 | % of Segment Revenues | 2024 | % of Segment Revenues | |||||
| Operating income (loss): | ||||||||
| United States electrical construction and facilities services | $ | 611,952 | 12.1 | % | $ | 447,186 | 13.4 | % |
| United States mechanical construction and facilities services | 905,325 | 12.8 | % | 799,613 | 12.5 | % | ||
| United States building services | 187,192 | 6.0 | % | 176,720 | 5.7 | % | ||
| United States industrial services | 24,998 | 2.0 | % | 44,213 | 3.5 | % | ||
| Total United States operations | 1,729,467 | 10.5 | % | 1,467,732 | 10.4 | % | ||
| United Kingdom building services | 20,969 | 4.4 | % | 21,485 | 5.0 | % | ||
| Corporate administration | (181,894) | (144,354) | ||||||
| Gain on sale of United Kingdom operations | 144,876 | — | ||||||
| Consolidated operating income | 1,713,418 | 10.1 | % | 1,344,863 | 9.2 | % | ||
| Other items: | ||||||||
| Net periodic pension income | 211 | 894 | ||||||
| Interest income, net | 7,995 | 31,625 | ||||||
| Income before income taxes | $ | 1,721,624 | $ | 1,377,382 |
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 year ended December 31, 2025.
| For the quarter ended December 31, 2025 | For the year ended December 31, 2025 | |||||
|---|---|---|---|---|---|---|
| % | % | |||||
| GAAP revenue growth | 19.7 | % | 16.6 | % | ||
| Incremental revenues from acquisitions | (385,990) | (10.2) | % | (1,273,815) | (8.7) | % |
| Organic revenue growth, a non-GAAP measure | 9.5 | % | 7.9 | % |
All values are in US Dollars.
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 year ended December 31, 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 quarters ended<br>December 31, | For the years ended<br>December 31, | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| GAAP operating income | $ | 573,754 | $ | 388,564 | $ | 1,713,418 | $ | 1,344,863 | ||||||||||
| Transaction expenses related to the acquisition of Miller Electric | — | — | 9,353 | — | ||||||||||||||
| Transaction expenses related to the sale of United Kingdom operations | 10,675 | — | 10,675 | — | ||||||||||||||
| Gain on sale of United Kingdom operations | (144,876) | — | (144,876) | — | ||||||||||||||
| Non-GAAP operating income | $ | 439,553 | $ | 388,564 | $ | 1,588,570 | $ | 1,344,863 | For the quarters ended<br>December 31, | For the years ended<br>December 31, | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| GAAP operating margin | 12.7 | % | 10.3 | % | 10.1 | % | 9.2 | % | ||||||||||
| Transaction expenses related to the acquisition of Miller Electric | — | % | — | % | 0.1 | % | — | % | ||||||||||
| Transaction expenses related to the sale of United Kingdom operations | 0.2 | % | — | % | 0.1 | % | — | % | ||||||||||
| Gain on sale of United Kingdom operations | (3.2) | % | — | % | (0.9) | % | — | % | ||||||||||
| Non-GAAP operating margin | 9.7 | % | 10.3 | % | 9.4 | % | 9.2 | % | For the quarters ended<br>December 31, | For the years ended<br>December 31, | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| GAAP net income | $ | 434,607 | $ | 292,161 | $ | 1,272,817 | $ | 1,007,145 | ||||||||||
| Transaction expenses related to the acquisition of Miller Electric | — | — | 9,353 | — | ||||||||||||||
| Tax effect of transaction expenses related to the acquisition of <br>Miller Electric | — | — | (2,410) | — | ||||||||||||||
| Transaction expenses related to the sale of United Kingdom operations | 10,675 | — | 10,675 | — | ||||||||||||||
| Tax effect of transaction expenses related to the sale of United Kingdom operations | (2,798) | — | (2,798) | — | ||||||||||||||
| Gain on sale of United Kingdom operations | (144,876) | — | (144,876) | — | ||||||||||||||
| Tax effect of gain on sale of United Kingdom operations | 25,142 | — | 25,142 | — | ||||||||||||||
| Non-GAAP net income | $ | 322,750 | $ | 292,161 | $ | 1,167,903 | $ | 1,007,145 | ||||||||||
| For the quarters ended<br>December 31, | For the years ended<br>December 31, | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| GAAP diluted earnings per common share | $ | 9.68 | $ | 6.32 | $ | 28.19 | $ | 21.52 | ||||||||||
| Transaction expenses related to the acquisition of Miller Electric | — | — | 0.21 | — | ||||||||||||||
| Tax effect of transaction expenses related to the acquisition of <br>Miller Electric | — | — | (0.05) | — | ||||||||||||||
| Transaction expenses related to the sale of United Kingdom operations | 0.24 | — | 0.24 | — | ||||||||||||||
| Tax effect of transaction expenses related to the sale of United Kingdom operations | (0.06) | — | (0.06) | — | ||||||||||||||
| Gain on sale of United Kingdom operations | (3.23) | — | (3.21) | — | ||||||||||||||
| Tax effect of gain on sale of United Kingdom operations | 0.56 | — | 0.56 | — | ||||||||||||||
| Non-GAAP diluted earnings per common share | $ | 7.19 | $ | 6.32 | $ | 25.87 | $ | 21.52 |
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Amounts presented in this table may not foot due to rounding.