EMCOR Group reported record revenues and diluted EPS for both the fourth quarter and full year 2025, driven by strong execution and broad-based demand across multiple sectors. The company also achieved record remaining performance obligations, indicating a strong pipeline for 2026, and provided guidance for the upcoming year.
Record fourth quarter revenues of $4.51 billion, an increase of 19.7% year-over-year.
positiveRecord full-year 2025 revenues of $16.99 billion, an increase of 16.6% year-over-year.
positiveRecord fourth quarter diluted EPS of $9.68, up from $6.32 in the prior year.
positiveRecord full-year 2025 diluted EPS of $28.19, up from $21.52 in the prior year.
positiveRecord Remaining Performance Obligations (RPOs) of $13.25 billion, a 31.2% increase year-over-year.
positiveOperating income for Q4 2025 was $573.8 million (12.7% of revenues), up from $388.6 million (10.3% of revenues) in Q4 2024.
positiveFull-year 2025 operating income was $1.71 billion (10.1% of revenues), up from $1.34 billion (9.2% of revenues) in 2024.
positiveNon-GAAP operating margin for Q4 2025 was 9.7%, a decrease from 10.3% in Q4 2024, despite higher GAAP operating margin.
attentionNon-GAAP operating margin for full-year 2025 was 9.4%, a slight increase from 9.2% in 2024, but the GAAP operating margin decreased from 10.3% to 10.1%.
attentionSelling, general and administrative expenses increased to 10.2% of revenues in Q4 2025 from 9.8% in Q4 2024.
attentionFull-year 2026 revenue guidance of $17.75 billion – $18.50 billion implies a growth rate of approximately 4.5% - 8.9% at the midpoint, a deceleration from 16.6% in 2025.
attentionFull-year 2026 diluted EPS guidance of $27.25 – $29.25 represents a potential decrease or modest increase compared to the $28.19 reported for 2025.
attentionFull-year 2026 operating margin guidance of 9.0% – 9.4% is lower than the 10.1% achieved in 2025.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
United States electrical construction and facilities services | N/A | — | — | — |
United States mechanical construction and facilities services | N/A | — | — | — |
United States building services | N/A | — | — | — |
United States industrial services | N/A | — | — | — |
United Kingdom building services | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
We had an excellent close to the year with our fourth quarter results, including strong revenue growth and exceptional operating performance.
Our success was driven by solid execution as we continued to perform well on some of the most technically sophisticated, fast-paced, and demanding projects in our history.
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.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.