EMCOR Group, Inc. is one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. The company operates through approximately 100 operating subsidiaries organized into four reportable segments: United States electrical construction and facilities services, United States mechanical construction and facilities services, United States building services, and United States industrial services. On December 1, 2025, EMCOR sold its United Kingdom operations, which had been reported within its United Kingdom building services segment. The electrical and mechanical construction services industry has experienced growth principally due to increased content, complexity, and sophistication of electrical and mechanical systems resulting from growth in digital processing, cloud computing, data storage, and the emergence of artificial intelligence. Demand for these services is typically driven by non-residential construction and renovation activity and has benefited from the expansion of data centers to power AI and cloud computing, the re-shoring of the supply chain, the need for additional high-tech manufacturing facilities, and the energy transition throughout the United States.

EMCOR competes with national, regional, and local companies, many of which are small, owner-operated entities, as well as certain foreign companies. The electrical and mechanical construction services industry is highly fragmented, and competitors include APi Group Corporation, Comfort Systems USA, Inc., Dycom Industries, Inc., Everus Construction Group, Inc., IES Holdings, Inc., MasTec, Inc., MYR Group Inc., Quanta Services, Inc., and Tutor Perini Corporation. In building services, competitors include APi Group Corporation, Comfort Systems USA, Inc., Service Logic LLC, Carrier Global Corporation, Trane Technologies plc, Amentum Services, Inc., IAP Worldwide Services, Inc., Fluor Corporation, Cushman & Wakefield plc, CBRE Group, Inc., Jones Lang LaSalle Incorporated, Sodexo, Inc., Aramark, and ABM Industries Incorporated. In industrial services, competitors include JVIC, Universal Plant Services, Inc., Turner Industries Group, LLC, Team, Inc., Specialty Welding and Turnarounds, LLC, Cust-O-Fab, Inc., Dunn Heat Exchangers, Inc., Turn2 Specialty Companies, and Wyatt Field Service Company, LLC. EMCOR believes its financial position, operating results, access to bank credit and surety bonding, technical expertise including prefabrication, virtual design construction, and building information modeling capabilities, and safety record give it an advantage over many competitors.

EMCOR generates revenue by providing electrical and mechanical construction and facilities services, building services, and industrial services to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers. In 2025, approximately 72% of revenues came from construction operations, approximately 21% from building services operations, and approximately 7% from industrial services operations. Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled. For construction contracts, revenue is generally recognized over time using a cost-to-cost input method. For services contracts, revenue is generally recognized over time as the customer simultaneously receives and consumes the benefits. A majority of revenues are derived from projects requiring competitive bids, and an invitation to bid is often conditioned upon prior experience, technical capability, and financial strength.

The United States electrical construction and facilities services segment provides design, integration, installation, start-up, operation, and maintenance of systems for electrical power transmission, distribution, and generation, premises electrical and lighting systems, process instrumentation, low-voltage systems, voice and data communications, sustainable energy solutions, roadway and transit lighting and signaling, and computerized traffic control systems. In 2025, this segment generated revenues of $5,074,252,000 ¹, representing 30% of total revenues. The United States mechanical construction and facilities services segment provides heating, ventilation, air conditioning, and refrigeration, clean-room process ventilation systems, fire protection and suppression systems, plumbing, process and high-purity piping systems, controls and filtration systems, water and wastewater treatment systems, central plant heating and cooling systems, millwright services, and steel fabrication, erection, and welding services. In 2025, this segment generated revenues of $7,050,481,000 ², representing 42% of total revenues. Together, these two construction segments accounted for approximately 72% of 2025 total revenues, with approximately 42% from electrical operations and approximately 58% from mechanical operations. The largest projects, typically ranging in size from $10 million up to and occasionally exceeding $200 million, represented approximately 58% of electrical and mechanical construction services revenues in 2025, while projects of less than $10 million accounted for approximately 42%.

The United States building services segment includes maintenance and services for mechanical, electrical, plumbing, fire safety, and building automation systems; HVAC projects; energy efficiency retrofit services; technical consulting and diagnostic services; commercial and government site-based operations and maintenance; facility management; floor care and janitorial services; landscaping, lot sweeping, and snow removal; vendor management and call center services; and infrastructure and building projects for federal, state, and local governmental agencies. In 2025, this segment generated revenues of $3,122,242,000 ³, representing 18% of total revenues. Of the building services revenues generated in the United States during 2025, approximately 77% was generated from the mechanical services division, approximately 18% from the commercial site-based services division, and approximately 5% from the government site-based services division. The United States industrial services segment provides refinery turnaround planning and engineering services, specialty welding services, overhaul and maintenance of critical process units in refineries and petrochemical plants, specialty technical services, instrumentation, controls, and electrical services for energy infrastructure, electrical panel design, fabrication, and installation, on-site repairs, maintenance, and service of heat exchangers, towers, vessels, and piping, design, manufacturing, repair, and hydro blast cleaning of shell and tube heat exchangers, and renewable energy services. In 2025, this segment generated revenues of $1,268,099,000 ⁴, representing 7% of total revenues.

On February 3, 2025, EMCOR completed the acquisition of Miller Electric Company, a leading electrical contractor, for total cash consideration of approximately $876,800,000 ⁵. In addition to Miller Electric, during 2025, EMCOR acquired nine companies for upfront consideration of $182,100,000 ⁶. During 2024, the company acquired seven companies for upfront consideration of $231,100,000 ⁷. On December 1, 2025, EMCOR sold its United Kingdom operations for net proceeds of approximately $256,600,000 ⁸, resulting in a pre-tax gain of $144,876,000 ⁹. During 2025, the company repurchased approximately 1,400,000 ¹⁰ shares of its common stock for approximately $578,900,000 ¹¹. Since the inception of the share repurchase program through December 31, 2025, the Board has authorized repurchases up to $3,650,000,000 ¹² of outstanding common stock, and approximately 28,500,000 ¹³ shares have been repurchased for approximately $2,970,000,000 ¹⁴. As of December 31, 2025, there remained authorization to repurchase approximately $680,600,000 ¹⁵ of shares. During 2025, the company paid a regular quarterly dividend of $0.25 ¹⁶ per share, and in December 2025, the Board announced its intention to increase the regular quarterly dividend to $0.40 ¹⁷ per share commencing with the dividend to be paid in January 2026.

Revenues for the year ended December 31, 2025 were $16,986,422,000 ¹⁸, a new annual record and an increase of 16.6% ¹⁹ from revenues of $14,566,116,000 ²⁰ for the year ended December 31, 2024. Gross profit was $3,282,988,000 ²¹ compared to $2,765,051,000 ²² in the prior year, with gross profit margin of 19.3% ²³ versus 19.0% ²⁴. Operating income was $1,713,418,000 ²⁵ compared to $1,344,863,000 ²⁶ in 2024, and operating margin was 10.1% ²⁷ versus 9.2% ²⁸. Net income attributable to EMCOR Group, Inc. was $1,272,817,000 ²⁹ compared to $1,007,145,000 ³⁰ in 2024. Diluted earnings per common share were $28.19 ³¹ compared to $21.52 ³² in the prior year. Net cash provided by operating activities was $1,302,063,000 ³³ compared to $1,407,894,000 ³⁴ in 2024.

EMCOR's growth is driven by strong demand across most market sectors, particularly the network and communications market sector, which includes data center construction projects to support cloud computing and artificial intelligence. The company's remaining performance obligations at December 31, 2025 were $13,253,664,000 ³⁵, a $3,151,465,000 ³⁶ increase compared to $10,102,199,000 ³⁷ at December 31, 2024. Acquisitions, including Miller Electric, account for approximately $1,610,000,000 ³⁸ of the year-over-year increase, with the remaining growth resulting from new contract awards, notably within the United States construction segments. From a market sector perspective, the most significant increases in remaining performance obligations were within network and communications, institutional, water and wastewater, hospitality and entertainment, manufacturing and industrial, and commercial sectors. The company's strategies of expanding its portfolio of service offerings and increasing or enhancing its presence in core end markets and geographies, along with its commitment to industry-leading best practices and technological and training capabilities, are intended to capitalize on opportunities and trends in the industries it serves.

EMCOR's growth is also supported by its acquisition strategy. The company acquired Miller Electric Company on February 3, 2025, for total cash consideration of approximately $876,800,000 ³⁹, which complements existing electrical construction capabilities in high-growth end markets and expands geographic presence. For the period from February 3, 2025 to December 31, 2025, Miller Electric contributed revenues of $1,090,000,000 ⁴⁰ and operating income of $21,300,000 ⁴¹, net of amortization expense attributable to identifiable intangible assets of $40,500,000 ⁴². In addition to Miller Electric, during 2025, EMCOR acquired nine companies for upfront consideration of $182,100,000 ⁴³, including five companies in the United States mechanical construction and facilities services segment and four companies in the United States building services segment, which enhance building automation and controls or energy efficiency offerings. The company also continues to benefit from the expansion of data centers, re-shoring of the supply chain, need for additional high-tech manufacturing facilities, and energy transition throughout the United States.

Consolidated gross profit margin improved to 19.3% ⁴⁴ in 2025 from 19.0% ⁴⁵ in 2024. Excluding the impact of acquisitions, the year-over-year increases in gross profit and gross profit margin were driven by both United States construction segments and the United States building services segment, due to improved revenue mix and excellent project execution. Selling, general and administrative expenses were $1,714,446,000 ⁴⁶, or 10.1% ⁴⁷ of revenues, compared to $1,420,188,000 ⁴⁸, or 9.7% ⁴⁹ of revenues, in 2024. The 40 basis point increase in SG&A margin was primarily due to improved gross profit and gross profit margin resulting in higher incentive compensation expense and the impact of transaction related costs. Operating income for 2025 included a $144,876,000 ⁵⁰ gain on the sale of United Kingdom operations, which positively impacted operating margin by 85 basis points. Excluding the impact of such gain, operating income increased by $223,700,000 ⁵¹ and established a new annual record.

The company employed approximately 44,000 ⁵² people at December 31, 2025, all located within the United States. Approximately 62% ⁵³ of employees are represented by various unions pursuant to approximately 450 ⁵⁴ collective bargaining agreements. The company's fleet consists of approximately 14,400 ⁵⁵ vehicles. EMCOR has invested in information technology and cybersecurity initiatives, which contributed to increases in computer hardware and software costs. The company also continues to invest in virtual design construction, prefabrication, and automation, which contributed to enhanced productivity in the United States mechanical construction and facilities services segment.

Capital expenditures for property, plant, and equipment were $112,750,000 ⁵⁶ in 2025 compared to $74,950,000 ⁵⁷ in 2024. During 2025, the company repurchased approximately 1,400,000 ⁵⁸ shares of its common stock for approximately $578,900,000 ⁵⁹. Since the inception of the share repurchase program through December 31, 2025, the Board has authorized repurchases up to $3,650,000,000 ⁶⁰ of outstanding common stock. As of December 31, 2025, there remained authorization to repurchase approximately $680,600,000 ⁶¹ of shares. During 2025, the company paid a regular quarterly dividend of $0.25 ⁶² per share, with cash payments related to dividends of $45,023,000 ⁶³ compared to $43,384,000 ⁶⁴ in 2024. In December 2025, the Board announced its intention to increase the regular quarterly dividend to $0.40 ⁶⁵ per share commencing with the dividend to be paid in January 2026.

The company faces headwinds from economic downturns, recessions, or periods of slow growth, which have historically led to reductions in demand for its services. Negative conditions in credit markets, including elevated interest rates, may adversely impact results of operations. Many clients depend on the availability of credit to finance their capital and maintenance projects, and tightened availability of credit or increased interest rates have negatively impacted the ability of customers to fund projects. The company's business has traditionally lagged recoveries in the general economy. Certain businesses, including those within the United States industrial services segment, are exposed to risks associated with the oil and gas industry, including volatility in the price and production of crude oil, development of alternative energy sources, and legislative and regulatory actions. The company is also vulnerable to the cyclical nature of the sectors in which its clients operate and is dependent upon the timing and funding of new awards.

The company faces constraints from volatility in the prices or availability of certain materials, equipment, and commodities, including copper and steel, as well as energy prices for its fleet of approximately 14,400 ⁶⁶ vehicles. Supply chain disruptions, including long lead times for certain materials and equipment, and escalation in material and fuel prices have had adverse impacts. Changes in U.S. foreign trade policies, including tariffs, could lead to additional trade barriers. The company is also exposed to risks related to the loss of customers, as customers may unilaterally reduce, fail to renew, or terminate contracts at any time. The industry is highly competitive with relatively few barriers to entry, and competition can place downward pressure on contract prices and profit margins. The company's dependence on fixed price and similar contracts exposes it to risks that actual costs may vary from original estimates, which could result in reduced profitability or losses on projects.

Management's message emphasizes that 2025 was a record year, with revenues of $16,986,422,000 ⁷¹ setting a new annual record, representing an increase of 16.6% ⁷² from the prior year. Operating income of $1,713,418,000 ⁷³ also established a new annual record, and excluding the $144,876,000 ⁷⁴ gain on the sale of United Kingdom operations, operating income increased by $223,700,000 ⁷⁵. Management highlights that demand for services continues to be broad-based with strength across most market sectors served. The strategic priorities emphasized include expanding the portfolio of service offerings, increasing or enhancing presence in core end markets and geographies, and maintaining a commitment to industry-leading best practices and technological and training capabilities. Management also notes the successful integration of acquisitions, particularly Miller Electric Company, and the continued focus on capital allocation through share repurchases and dividend increases, with the Board announcing an intention to increase the regular quarterly dividend to $0.40 ⁷⁶ per share commencing in January 2026.

For the fiscal year ended December 31, 2025, total revenues were $16,986,422,000 ⁷⁷ compared to $14,566,116,000 ⁷⁸ in fiscal 2024. Net income attributable to EMCOR Group, Inc. was $1,272,817,000 ⁷⁹ compared to $1,007,145,000 ⁸⁰ in the prior year. Diluted earnings per common share were $28.19 ⁸¹ versus $21.52 ⁸² in fiscal 2024. Operating income was $1,713,418,000 ⁸³ compared to $1,344,863,000 ⁸⁴ in the prior year, and operating margin was 10.1% ⁸⁵ versus 9.2% ⁸⁶. Gross profit was $3,282,988,000 ⁸⁷ compared to $2,765,051,000 ⁸⁸, with gross profit margin of 19.3% ⁸⁹ versus 19.0% ⁹⁰. Net cash provided by operating activities was $1,302,063,000 ⁹¹ compared to $1,407,894,000 ⁹² in fiscal 2024. Cash and cash equivalents at year-end were $1,111,968,000 ⁹³ compared to $1,339,550,000 ⁹⁴ at the end of fiscal 2024. The company had no outstanding debt under its revolving credit facility as of December 31, 2025. The results included a $144,876,000 ⁹⁵ gain on the sale of United Kingdom operations, which boosted operating income. The United States electrical construction and facilities services segment reported operating income of $611,952,000 ⁹⁶ on revenues of $5,074,252,000 ⁹⁷, and the United States mechanical construction and facilities services segment reported operating income of $905,325,000 ⁹⁸ on revenues of $7,050,481,000 ⁹⁹.

EMCOR's business is vulnerable to economic downturns and cyclicality in the sectors its clients operate in, with capital spending on data center infrastructure for AI and cloud computing rapidly expanding, but if such spending decreases, demand for services could decline. The company is exposed to volatility in prices of materials like copper and steel, and energy prices for its fleet of approximately 14,400 ⁶⁷ vehicles, and supply chain disruptions have had adverse impacts. Changes in U.S. foreign trade policies, including tariffs, could affect material costs. The company depends on fixed price contracts, and actual costs may vary from estimates; a 50 basis point increase or decrease in estimated gross profit margin on uncompleted construction projects would have resulted in an increase or decrease to operating income of approximately $175,000,000 ⁶⁸ for 2025. The company is effectively self-insured for substantial claims, and as of December 31, 2025, estimated net insurance liabilities for workers' compensation, automobile liability, general liability, and property claims were $291,000,000 ⁶⁹. A material portion of business depends on the ability to obtain surety bonds, and as of December 31, 2025, aggregate estimated exposure assuming defaults on all contractual obligations was approximately $3,030,000,000 ⁷⁰, representing approximately 23% of total remaining performance obligations.