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FOR: EMCOR GROUP, INC.
News Release  
CONTACT: 
Lucas Sullivan
Director
Financial Planning & Analysis
(203) 849-7938

   
  FTI Consulting, Inc.
Investors: Blake Mueller
(718) 578-3706

EMCOR GROUP, INC. REPORTS THIRD QUARTER 2025 RESULTS
 
Record Third Quarter Revenues of $4.30 billion, 16.4% Increase Year-over-Year
Record Third Quarter Diluted EPS of $6.57, 13.3% Increase Year-over-Year
Record Remaining Performance Obligations of $12.61 billion, nearly 29% Increase Year-over-Year
Narrows 2025 Revenue Guidance Range to $16.7 billion - $16.8 billion from $16.4 billion - $16.9 billion
Narrows Non-GAAP 2025 Diluted EPS Guidance Range to $25.00 - $25.75 from $24.50 - $25.75


NORWALK, CONNECTICUT, October 30, 2025 - EMCOR Group, Inc. (NYSE: EME) today reported results for the quarter ended September 30, 2025.

Third Quarter 2025 Results of Operations

Revenues for the third quarter of 2025 totaled $4.30 billion, an increase of 16.4%, compared to $3.70 billion for the third quarter of 2024. Net income for the third quarter of 2025 was $295.4 million, or $6.57 per diluted share, compared to net income of $270.3 million, or $5.80 per diluted share, for the third quarter of 2024.

Operating income for the third quarter of 2025 was $405.7 million, or 9.4% of revenues, compared to operating income of $363.5 million, or 9.8% of revenues, for the third quarter of 2024. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $47.8 million and $34.5 million for the third quarter of 2025 and 2024, respectively.

Selling, general and administrative expenses for the third quarter of 2025 totaled $429.6 million, or 10.0% of revenues, compared to $371.2 million, or 10.0% of revenues, for the third quarter of 2024.

The Company's income tax rate for the third quarter of 2025 was 27.5%, compared to 27.4% for the third quarter of 2024.
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 EMCOR Reports Third Quarter 2025 Results
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Remaining performance obligations (“RPOs”) as of September 30, 2025, were a record $12.61 billion, compared to $9.79 billion as of September 30, 2024, an increase of $2.82 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, Water and Wastewater, Institutional, 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 outstanding third quarter, with revenue growth of 16.4% and an exceptional 9.4% operating margin. Our results were driven by strong execution within the diverse sectors we serve as we continue to perform on complex and challenging projects. 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 demand for our services and supporting our positive outlook for the rest of the year."

First Nine Months 2025 Results of Operations

Revenues for the first nine months of 2025 totaled $12.47 billion, an increase of 15.5%, compared to $10.80 billion for the first nine months of 2024. Net income for the first nine months of 2025 was $838.2 million, or $18.53 per diluted share, compared to net income of $715.0 million, or $15.21 per diluted share, for the first nine months of 2024. Net income for the first nine 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 (“Miller Electric”), which closed during the first quarter of 2025. Excluding these transaction costs, non-GAAP net income for the first nine months of 2025 was $845.2 million, or $18.68 per diluted share.

Operating income for the first nine months of 2025 was $1.14 billion, or 9.1% of revenues, compared to operating income of $956.3 million, or 8.9% of revenues, for the first nine months of 2024. Excluding the previously referenced transaction costs associated with the Miller Electric transaction, non-GAAP operating income for the first nine months of 2025 was $1.15 billion, or 9.2% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $136.4 million and $98.4 million for the first nine months 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.

Selling, general and administrative expenses totaled $1.25 billion, or 10.0% of revenues, for the first nine months of 2025, compared to $1.05 million, or 9.7% of revenues, for the first nine months of 2024.

The Company's income tax rate for the first nine months of 2025 was 26.7%, compared to 27.0% for the first nine months of 2024.


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 EMCOR Reports Third Quarter 2025 Results
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Mr. Guzzi continued, “We have performed extremely well during the first nine months of 2025 with year-over-year revenue growth of 15.5%, a 19.2% increase in operating income, and an operating margin in excess of 9%. We are executing well across numerous sectors where demand for our services persists, bolstered by long-term underlying secular trends. Our Electrical and Mechanical Construction segments continue to drive our overall performance with combined year-to-date revenue growth of 23.3% and a combined operating margin of 12.4%. Our performance is further supported by our organic investments in virtual design construction technologies and prefabrication capabilities, which have increased our productivity and efficiency. As we progress to the end of the year, we remain focused on executing for our customers while delivering for our shareholders."

Full-Year 2025 Guidance

Based on the momentum the Company has experienced year-to-date, while adjusting for the anticipated sale of the U.K. Building Services segment in the fourth quarter, EMCOR currently expects the following for the full year 2025.
Current Guidance (10/30/25)
Previous Guidance (7/31/25)
Revenues
$16.7 billion – $16.8 billion
$16.4 billion – $16.9 billion
Non-GAAP Operating Margin*
9.2% – 9.4%
9.0% – 9.4%
Non-GAAP Diluted EPS*
$25.00 – $25.75
$24.50 – $25.75
* Excludes transaction costs related to the acquisition of Miller Electric and pending sale of EMCOR UK, as well as anticipated gain from sale of EMCOR UK.

Third Quarter 2025 Earnings Conference Call Information

EMCOR Group's third quarter conference call will be broadcast live via the internet today, Thursday, October 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.








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 EMCOR Reports Third Quarter 2025 Results
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Forward Looking Statements:

This release and related presentation contain forward-looking statements. Such statements speak only as of October 30, 2025, 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, including the acquisition of Miller Electric Company and pending sale of EMCOR UK and the anticipated use of proceeds from such sale; 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; adverse effects from the U.S. government shutdown; 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 2024 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.

In addition, forecast non-GAAP diluted earnings per share and non-GAAP operating margin for full-year 2025 are forward-looking non-GAAP financial measures. The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP on a forward-looking basis because such reconciliations are not accessible with reasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of adjustments such as transaction costs or gains/losses arising from such transactions that impact comparability and the periods in which such items may be recognized.
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EMCOR GROUP, INC.
FINANCIAL HIGHLIGHTS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share information)
(Unaudited)

 For the quarters ended
September 30,
For the nine months ended
September 30,
 2025202420252024
Revenues$4,301,529 $3,696,924 $12,473,301 $10,796,097 
Cost of sales3,466,216 2,962,198 10,081,499 8,788,061 
Gross profit835,313 734,726 2,391,802 2,008,036 
Selling, general and administrative expenses429,617 371,188 1,252,138 1,051,737 
Operating income405,696 363,538 1,139,664 956,299 
Net periodic pension income56 227 165 670 
Interest income, net
1,838 8,312 3,985 21,959 
Income before income taxes407,590 372,077 1,143,814 978,928 
Income tax provision112,217 101,814 305,604 263,944 
Net income$295,373 $270,263 $838,210 $714,984 
Basic earnings per common share$6.59 $5.83 $18.59 $15.27 
Diluted earnings per common share$6.57 $5.80 $18.53 $15.21 
Weighted average shares of common stock outstanding: 
   Basic44,794,790 46,394,857 45,078,735 46,829,458 
   Diluted44,968,308 46,588,760 45,238,610 47,016,072 
Dividends declared per common share$0.25 $0.25 $0.75 $0.68 




















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EMCOR GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 (Unaudited)
 September 30,
 2025		December 31,
2024
ASSETS  
Current assets:  
Cash and cash equivalents$655,104 $1,339,550 
Accounts receivable, net4,104,811 3,577,537 
Contract assets313,910 284,791 
Inventories105,408 95,667 
Prepaid expenses and other117,426 91,644 
Assets held for sale
161,164 — 
Total current assets5,457,823 5,389,189 
Property, plant, and equipment, net235,467 207,489 
Operating lease right-of-use assets397,473 316,128 
Goodwill1,359,323 1,018,415 
Identifiable intangible assets, net1,056,913 648,180 
Other assets133,271 137,072 
Total assets$8,640,270 $7,716,473 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable$1,039,829 $937,087 
Contract liabilities2,144,210 2,047,540 
Accrued payroll and benefits885,120 751,434 
Other accrued expenses and liabilities277,681 336,555 
Operating lease liabilities, current95,844 81,247 
Liabilities held for sale
136,765 — 
Total current liabilities4,579,449 4,153,863 
Operating lease liabilities, long-term328,776 261,575 
Other long-term obligations395,532 362,341 
Total liabilities5,303,757 4,777,779 
Equity:  
Total EMCOR Group, Inc. stockholders’ equity3,335,398 2,937,657 
Noncontrolling interests1,115 1,037 
Total equity3,336,513 2,938,694 
Total liabilities and equity$8,640,270 $7,716,473 









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EMCOR GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2025 and 2024
(In thousands) (Unaudited)
 20252024
Cash flows - operating activities:  
Net income$838,210 $714,984 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization49,426 41,799 
Amortization of identifiable intangible assets86,967 56,559 
Provision for credit losses5,402 12,585 
Non-cash share-based compensation expense16,742 16,170 
Other reconciling items2,642 (7,893)
Changes in operating assets and liabilities, excluding the effect of businesses acquired(221,730)104,198 
Net cash provided by operating activities777,659 938,402 
Cash flows - investing activities:  
Payments for acquisitions of businesses, net of cash acquired(900,496)(189,208)
Proceeds from sale or disposal of property, plant, and equipment3,608 2,765 
Purchases of property, plant, and equipment(80,831)(57,244)
Net cash used in investing activities(977,719)(243,687)
Cash flows - financing activities:  
Proceeds from revolving credit facility525,000 — 
Repayments of revolving credit facility(525,000)— 
Repayments of finance lease liabilities(2,082)(2,144)
Dividends paid to stockholders(33,832)(31,884)
Repurchases of common stock(432,165)(405,425)
Taxes paid related to net share settlements of equity awards(14,054)(12,095)
Issuances of common stock under employee stock purchase plan— 943 
Payments for contingent consideration arrangements(12,038)(4,427)
Distributions to noncontrolling interests
(856)— 
Net cash used in financing activities(495,027)(455,032)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash11,009 7,377 
(Decrease) increase in cash, cash equivalents, and restricted cash(684,078)247,060 
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 (2)
$656,317 $1,036,810 
_________
(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 "Assets held for sale" in the Consolidated Balance Sheet as of September 30, 2025 and $1.3 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of September 30, 2024.








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EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands, except for percentages) (Unaudited)



 For the quarters ended September 30,
 2025% of
Total		2024% of
Total
Revenues from unrelated entities:  
United States electrical construction and facilities services$1,285,269 30 %$845,030 23 %
United States mechanical construction and facilities services1,779,279 41 %1,662,211 45 %
United States building services813,879 19 %796,923 21 %
United States industrial services286,914 7 %286,410 8 %
Total United States operations4,165,341 97 %3,590,574 97 %
United Kingdom building services136,188 3 %106,350 3 %
Consolidated revenues$4,301,529 100 %$3,696,924 100 %

 For the nine months ended September 30,
 2025% of
Total		2024% of
Total
Revenues from unrelated entities:  
United States electrical construction and facilities services$3,713,360 30 %$2,409,735 22 %
United States mechanical construction and facilities services5,107,139 41 %4,745,057 44 %
United States building services2,349,761 19 %2,359,191 22 %
United States industrial services926,988 7 %964,510 9 %
Total United States operations12,097,248 97 %10,478,493 97 %
United Kingdom building services376,053 3 %317,604 3 %
Consolidated revenues$12,473,301 100 %$10,796,097 100 %





















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EMCOR GROUP, INC.
SEGMENT INFORMATION
(In thousands, except for percentages) (Unaudited)



 For the quarters ended September 30,
 2025% of Segment Revenues2024% of Segment Revenues
Operating income (loss):  
United States electrical construction and facilities services$145,200 11.3 %$119,118 14.1 %
United States mechanical construction and facilities services229,296 12.9 %214,831 12.9 %
United States building services59,390 7.3 %55,562 7.0 %
United States industrial services6,292 2.2 %3,292 1.1 %
Total United States operations440,178 10.6 %392,803 10.9 %
United Kingdom building services7,563 5.6 %5,497 5.2 %
Corporate administration(42,045)— (34,762)— 
Consolidated operating income405,696 9.4 %363,538 9.8 %
Other items: 
Net periodic pension income56 227 
Interest income, net
1,838 8,312 
Income before income taxes$407,590 $372,077 

 For the nine months ended September 30,
 2025% of Segment Revenues2024% of Segment Revenues
Operating income (loss):  
United States electrical construction and facilities services$438,901 11.8 %$299,284 12.4 %
United States mechanical construction and facilities services654,780 12.8 %578,991 12.2 %
United States building services145,858 6.2 %135,860 5.8 %
United States industrial services12,633 1.4 %34,004 3.5 %
Total United States operations1,252,172 10.4 %1,048,139 10.0 %
United Kingdom building services20,975 5.6 %16,651 5.2 %
Corporate administration(133,483)— (108,491)— 
Consolidated operating income1,139,664 9.1 %956,299 8.9 %
Other items: 
Net periodic pension income165 670 
Interest income, net3,985 21,959 
Income before income taxes$1,143,814 $978,928 






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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 nine months ended September 30, 2025.


 For the quarter ended
September 30, 2025		For the nine months ended
September 30, 2025
 $%$%
GAAP revenue growth$604,605 16.4 %$1,677,204 15.5 %
Incremental revenues from acquisitions(306,595)(8.3)%(887,825)(8.2)%
Organic revenue growth, a non-GAAP measure$298,010 8.1 %$789,379 7.3 %



















































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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 nine months ended September 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 nine months ended
September 30,
 20252024
GAAP operating income$1,139,664 $956,299 
Transaction expenses related to the acquisition of Miller Electric9,353 — 
Non-GAAP operating income, excluding Miller Electric transaction expenses$1,149,017 $956,299 
 For the nine months ended
September 30,
 20252024
GAAP operating margin9.1 %8.9 %
Transaction expenses related to the acquisition of Miller Electric0.1 %— %
Non-GAAP operating margin, excluding Miller Electric transaction expenses9.2 %8.9 %
For the nine months ended
September 30,
 20252024
GAAP net income$838,210 $714,984 
Transaction expenses related to the acquisition of Miller Electric9,353 — 
Tax effect of transaction expenses related to the acquisition of Miller Electric(2,410)— 
Non-GAAP net income, excluding Miller Electric transaction expenses$845,153 $714,984 
 For the nine months ended
September 30,
 20252024
GAAP diluted earnings per common share$18.53 $15.21 
Transaction expenses related to the acquisition of Miller Electric0.20 — 
Tax effect of transaction expenses related to the acquisition of Miller Electric(0.05)— 
Non-GAAP diluted earnings per common share, excluding Miller Electric transaction expenses$18.68 $15.21 




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