EMCOR Group (EME) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly and annual revenues of $16.99 billion for 2025 (up 19.7% in Q4 and 16.6% for the year), with strong performance across all segments and robust demand in diverse end markets.

• Adjusted diluted EPS reached $25.87 for the year (up 20% year-over-year); Q4 adjusted EPS was $7.19, while GAAP diluted EPS was $28.19 for the year and $9.68 for Q4.

• Operating cash flow was $1.3 billion, with cash conversion exceeding 80% of operating income and year-end cash of $1.11 billion.

• Divested U.K. business, completed the largest acquisition in company history (Miller Electric), and nine other acquisitions, enhancing capital flexibility.

• Record Remaining Performance Obligations (RPOs) reached $13.25 billion, up 31% year-over-year, driven by growth in data centers, institutional, and water/wastewater sectors.

Financial highlights

• Q4 revenues: $4.51 billion (+19.7% year-over-year); full-year revenues: $16.99 billion (+16.6%).

• Q4 adjusted operating income: $440 million (9.7% margin); full-year adjusted operating income: $1.59 billion (9.4% margin).

• Q4 operating income: $574 million (12.7% margin); full-year: $1.71 billion (10.1% margin).

• Q4 gross profit: $891.2 million (19.7% margin); full-year: $3.28 billion (19.3% margin).

• Q4 organic revenue growth: 9.5%; full-year: 7.9%.

Outlook and guidance

• 2026 revenue guidance: $17.75–$18.5 billion; diluted EPS: $27.25–$29.25; operating margin: 9–9.4%.

• Guidance assumes strong execution, continued demand in data centers, and robust RPOs and project pipeline.

• Macro uncertainties include trade policy, supply chain, interest rates, legislation, and global conflicts.