Record Quarterly and Full-Year Revenues of $4.51 billion and $16.99 billion, respectively
Record Quarterly and Full-Year Diluted EPS of $9.68 and $28.19, respectively
Non-GAAP Quarterly and Full-Year Diluted EPS of $7.19 and $25.87, respectively
Record Remaining Performance Obligations of $13.25 billion, 31.2% Increase Year-over-Year
2026 Revenues and Diluted EPS Guidance of $17.75 billion $18.50 billion and $27.25 $29.25
For the fourth quarter of 2025, revenues totaled $4.51 billion, an increase of 19.7%, compared to $3.77 billion for the fourth quarter of 2024. On an organic basis, fourth quarter revenues increased 9.5%.
Net income for the fourth quarter of 2025 was $434.6 million, or $9.68 per diluted share, compared to net income of $292.2 million, or $6.32 per diluted share, for the fourth quarter of 2024. Net income for the fourth quarter of 2025 included $10.7 million, or $7.9 million after taxes, of transaction expenses related to the sale of EMCOR’s United Kingdom operations, as well as a gain on such sale of $144.9 million, or $119.7 million after taxes. Excluding these items, non-GAAP net income for the fourth quarter of 2025 was $322.8 million, or $7.19 per diluted share.
Operating income for the fourth quarter of 2025 was $573.8 million, or 12.7% of revenues, compared to operating income of $388.6 million, or 10.3% of revenues, for the fourth quarter of 2024. Excluding the previously referenced transaction expenses and gain on sale of EMCOR’s United Kingdom operations, non-GAAP operating income for the fourth quarter of 2025 was $439.6 million, or 9.7% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $50.0 million and $35.3 million for the fourth quarter of 2025 and 2024, respectively.
Refer to the attached tables for a reconciliation of non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share to the comparable GAAP measures.
Selling, general and administrative expenses for the fourth quarter of 2025 totaled $462.3 million, or 10.2% of revenues, compared to $368.5 million, or 9.8% of revenues, for the fourth quarter of 2024.
The Company’s income tax rate for the fourth quarter of 2025 was 24.8%, compared to 26.7% for the fourth quarter of 2024.
Remaining performance obligations (“RPOs”) as of December 31, 2025, were a record $13.25 billion, compared to $10.10 billion as of December 31 2024, an increase of $3.15 billion year-over-year. The Company experienced increases in the majority of the sectors in which it operates, with the most significant growth coming from Network and Communications, Institutional, Water and Wastewater, Hospitality and Entertainment, and Manufacturing and Industrial. These increases were partially offset by a reduction in RPOs within the High-Tech Manufacturing sector, as the Company completed certain semiconductor manufacturing construction projects.
Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, “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. Our pipeline remains strong, reflecting the broad-based demand for our services and supporting our positive outlook for 2026.”
Full-Year 2025 Results of Operations
Revenues for full year 2025 totaled $16.99 billion, an increase of 16.6%, compared to $14.57 billion for full year 2024. On an organic basis, full year revenues increased 7.9%.
Net income for full year 2025 was $1.27 billion, or $28.19 per diluted share, compared to $1.01 billion, or $21.52 per diluted share, for full year 2024. Net income for full year 2025 included $20.0 million, or $14.8 million after taxes, of transaction expenses related to the acquisition of Miller Electric Company in the first quarter and the sale of EMCOR’s United Kingdom operations in the fourth quarter. Net income for full year 2025 additionally included a gain of $144.9 million, or $119.7 million after taxes, from the sale of EMCOR’s United Kingdom operations. Excluding these items, non-GAAP net income for full year 2025 was $1.17 billion, or $25.87 per diluted share.
Operating income for full year 2025 was $1.71 billion, or 10.1% of revenues, compared to $1.34 billion, or 9.2% of revenues, for full year 2024. Excluding the previously referenced transaction expenses and gain on sale of EMCOR’s United Kingdom operations, non-GAAP operating income for full year 2025 was $1.59 billion, or 9.4% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $186.4 million and $133.7 million for full year 2025 and 2024, respectively.
Refer to the attached tables for a reconciliation of non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share to the comparable GAAP measures.
Selling, general and administrative expenses totaled $1.71 billion, or 10.1% of revenues, for full year 2025, compared to $1.42 billion, or 9.7% of revenues, for full year 2024.
The Company’s income tax rate for full year 2025 was 26.1%, compared to 26.9% for full year 2024.
Mr. Guzzi continued, “We are executing well across numerous sectors where demand for our services persists, bolstered by long-term underlying secular trends. Our execution, coupled with such demand, enabled us to achieve new milestones in 2025, including record revenues, operating margin, and diluted earnings per share. Our Electrical and Mechanical Construction segments continue to drive these results with combined full year revenue and operating income growth of 24.4% and 21.7%, respectively, and a combined operating margin of 12.5%. Our performance is further supported by our organic investments in construction technologies and prefabrication capabilities, which have increased our productivity and efficiency. Looking ahead to 2026, we have a solid foundation across diverse geographies and sectors and we begin the year with a strong mix of work within our record Remaining Performance Obligations. Recent acquisitions reflect our focus on expanding and complementing our existing capabilities to better serve our customers and the sale of our United Kingdom operations provides further flexibility for strategic investment. As always, we remain focused on executing for our customers, which allows us to deliver for our shareholders.”
Full-Year 2026 Guidance
Based on anticipated project mix and current visibility into the coming year, EMCOR expects the following for full year 2026:
Fourth Quarter and Full-Year 2025 Earnings Conference Call Information
EMCOR Group’s fourth quarter conference call will be broadcast live via the internet today, Thursday, February 26, at 10:30 AM Eastern Standard Time and can be accessed through the Company’s website at http://www.emcorgroup.com .
About EMCOR
A Fortune 500 company and a member of the S&P 500, EMCOR Group, Inc. is a leader in mechanical and electrical construction services, industrial and energy infrastructure, and building services. This press release and other press releases may be viewed at the Company’s website at http://www.emcorgroup.com . EMCOR routinely posts information that may be important to investors on the landing page of the Company’s website and in the “Investor Relations” section of the website at http://www.emcorgroup.com/investor-relations . Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.
Forward Looking Statements:
This release and related presentation contain forward-looking statements. Such statements speak only as of February 26, 2026, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements include statements regarding anticipated future operating and financial performance; financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations; the timing of future projects; our ability to support organic growth and balanced capital allocation, including the anticipated impact of our strategic investments; the financial and operational impact of acquisitions and/or dispositions, our competitiveness, market opportunities, and growth prospects; customer trends; and project mix. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; domestic and international political developments and/or conflicts; changes in the specific markets for EMCOR’s services; weakness of the sectors from which we generate revenues; adverse business conditions; scarcity of skilled labor; productivity challenges; the nature and extent of supply chain disruptions impacting availability and pricing of materials; inflationary trends, including fluctuations in energy costs; the impact of legislation and/or government regulations; changes in foreign trade policy including the effect of tariffs; changes in interest rates; the lack of availability of adequate levels of surety bonding; increased competition; the impact of legal proceedings, claims, lawsuits, or governmental investigations; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2025 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at http://www.sec.gov and http://www.emcorgroup.com . Such risk factors should be taken into account in evaluating our business, including any forward-looking statements.
Non-GAAP Measures:
This release and related presentation also include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies.
Read more on Investing News Network
