EMCOR Group (EME) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenues of $4.30 billion, up 16.4% year-over-year, and diluted EPS of $6.57, a 13.3% increase from the prior year period, with strong demand across sectors and geographies.

• Operating income for Q3 2025 was $405.7 million, up 12% year-over-year, with operating margin at 9.4%.

• Remaining Performance Obligations (RPOs) reached a record $12.61 billion, up 29% year-over-year, driven by strong demand in data centers, healthcare, manufacturing, and network and communications.

• Announced sale of U.K. business for $255 million, expected to close by year-end, to sharpen focus on U.S. core markets and improve operating margins.

• Disciplined capital allocation included $430 million in share repurchases and $900 million for acquisitions in the first nine months.

Financial highlights

• Q3 2025 revenues grew 16.4% year-over-year to $4.3 billion, with organic growth at 8.1%.

• Gross profit for Q3 2025 was $835.3 million (19.4% margin), up from $734.7 million (19.9%) in Q3 2024.

• SG&A expenses for Q3 2025 were $429.6 million (10.0% of revenues), up from $371.2 million (10.0%) in Q3 2024.

• Year-to-date revenue grew 15.5% to $12.47 billion, with operating margin expansion of 20 basis points.

• Q3 2025 net income was $295.4 million ($6.57 per diluted share), up from $270.3 million ($5.80 per diluted share) in Q3 2024.

Outlook and guidance

• Full-year 2025 revenue guidance narrowed to $16.7–$16.8 billion, with non-GAAP diluted EPS guidance raised to $25.00–$25.75.

• Guidance reflects strong sector demand, business momentum, and anticipated sale of the U.K. segment in Q4.

• Guidance incorporates macroeconomic uncertainties, including tariffs, trade, supply chain, interest rates, and government shutdown risks.

• Operating cash flow for the year expected to be at least equal to net income and up to 80% of operating income.