EMCOR Group (EME) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly and annual revenues of $16.99 billion in 2025 (up 16.6% year-over-year), with strong execution across all segments and end markets.

• Adjusted diluted EPS reached $25.87 for the year (up 20.2%), and Q4 adjusted EPS was $7.19 (up 13.8%).

• Operating cash flow was $1.3 billion for the year, with cash conversion exceeding 80% of operating income.

• Record RPOs of $13.25 billion, up 31% year-over-year, driven by growth in data centers, institutional, and manufacturing.

• Completed divestiture of U.K. operations and largest-ever acquisition (Miller Electric), plus several other acquisitions.

Financial highlights

• Q4 2025 revenues rose 19.7% year-over-year to $4.51 billion; full-year revenues were $16.99 billion.

• Q4 operating income: $573.8 million (12.7% margin); full-year: $1.71 billion (10.1% margin).

• Non-GAAP FY25 operating income: $1.59 billion (9.4% margin); Q4 non-GAAP: $439.6 million (9.7% margin).

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

• Q4 diluted EPS: $9.68; full-year diluted EPS: $28.19.

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 and booking 40–45% of new work to reach the high end.

• All 2026 revenue growth expected to be organic, as acquisitions offset U.K. divestiture.

• Outlook supported by record RPOs and a healthy project pipeline across resilient sectors.

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