Jun 2026 (Q2 FY26) — Jul 30, 2026
EMCOR Group Q2 FY26 — Record RPOs and Strong Organic Growth Drive Increased Full-Year Guidance
Read the full callEMCOR Group (EME) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
EMCOR Group earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 5,155 | +19.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 10.6 | +1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 404 | +33.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
12 of 12 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year diluted earnings per share | $27.25 to $29.25 | Dec 2025 | diluted earnings per share of between $32 and $33.25 | Revised Up |
| Closing of the Schmidt Electric and Connelly Electric acquisitions | both close in the third quarter of 2026 | Jun 2026 | we look forward to closing Schmidt and Connelly here in the third quarter | New |
10 of EMCOR Group, Inc.'s 22 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 20 more targets are in the full ledger.
Claimed
- Record Remaining Performance Obligations (RPOs) of $17.14 billion, up 44% year-over-year and 29% from December.
- Organic revenue growth of 19.6% in Q2 FY26, excluding acquisitions and divestitures.
- Diluted earnings per share increased 35% year-over-year to $9.06.
- Record operating income of $547.3 million, resulting in a 10.6% operating margin.
- Electrical Construction segment delivered an impressive 13.9% operating margin, while Mechanical Construction achieved a strong 12.5% operating margin.
Qualified
- Mechanical Construction operating margin decreased 110 basis points year-over-year due to a mix shift towards construction manager/prime contractor roles and GMP/cost-plus contracts.
- Industrial Services segment may face a weaker turnaround season in the second half of the year due to geopolitical conflicts impacting refiner shutdowns, potentially affecting Q4 margins.
Price
$716.79 −0.67% · −$4.87
Performance +4.0% 1Y
1Y: $689.01 on 17 Oct 2025 → $716.79. High $943.75 (6 May 2026), low $581.58 (21 Nov 2025).
- Previous close
- $721.66
- 52-week range
- $581.58 – $943.75
- One year
- +2.37%
Overview
- Symbol
- EME
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
12 of 12 judged targets kept · 10 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year diluted earnings per share | $27.25 to $29.25 | Dec 2025 | diluted earnings per share of between $32 and $33.25 | Revised Up |
| Closing of the Schmidt Electric and Connelly Electric acquisitions | both close in the third quarter of 2026 | Jun 2026 | we look forward to closing Schmidt and Connelly here in the third quarter | New |
Claimed
- Record Remaining Performance Obligations (RPOs) of $17.14 billion, up 44% year-over-year and 29% from December.
- Organic revenue growth of 19.6% in Q2 FY26, excluding acquisitions and divestitures.
- Diluted earnings per share increased 35% year-over-year to $9.06.
- Record operating income of $547.3 million, resulting in a 10.6% operating margin.
- Electrical Construction segment delivered an impressive 13.9% operating margin, while Mechanical Construction achieved a strong 12.5% operating margin.
Qualified
- Mechanical Construction operating margin decreased 110 basis points year-over-year due to a mix shift towards construction manager/prime contractor roles and GMP/cost-plus contracts.
- Industrial Services segment may face a weaker turnaround season in the second half of the year due to geopolitical conflicts impacting refiner shutdowns, potentially affecting Q4 margins.
The full ledger
Open EMCOR Group, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
EMCOR Group Q1 FY26 — Record revenue and RPOs as data-center demand drives 30%+ construction growth
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
EMCOR Group Q4 FY25 — Record Revenue, EPS, and Backlog Driven by Data Center Demand
Read the full callEvery analysed call
EMCOR Group earnings calls (EME)
Financials
What the filings say
Net profit, year on year: +34% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,697 | 3,770 | 3,867 | 4,304 | 4,302 | 4,513 | 4,628 | 5,155 |
| Operating profit | 364 | 389 | 319 | 415 | 406 | 574 | 404 | 547 |
| Operating margin | 9.8% | 10.3% | 8.2% | 9.7% | 9.4% | 12.7% | 8.7% | 10.6% |
| Profit before tax | 372 | 398 | 324 | 412 | 408 | 578 | 410 | 552 |
| Tax rate | 27.4% | 26.7% | 25.8% | 26.7% | 27.5% | 24.8% | 25.5% | 26.8% |
| Net profit | 270 | 292 | 241 | 302 | 295 | 435 | 305 | 404 |
| EPS ($ per share) | 5.83 | — | 5.27 | 6.74 | 6.59 | — | 6.85 | 9.09 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 2,060 | 2,367 | 2,480 | 2,836 | 3,214 | 3,814 | 4,778 | 6,006 |
| Total liabilities | 2,347 | 2,773 | 3,011 | 3,188 | 3,550 | 4,139 | 4,778 | 5,616 |
| Fixed assets | 134 | 156 | 158 | 152 | 158 | 179 | 207 | 253 |
| Total assets | 4,089 | 4,830 | 5,064 | 5,441 | 5,525 | 6,610 | 7,716 | 9,291 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 271 | 356 | 806 | 319 | 498 | 900 | 1,408 | 1,302 |
| Cash from investing | -118 | -345 | -95 | -153 | -141 | -161 | -299 | -874 |
| Cash from financing | -253 | -19 | -172 | -245 | -710 | -412 | -555 | -664 |
| Net cash flow | -103 | -6 | 544 | -81 | -365 | 333 | 551 | -228 |
| Capital expenditure | -43 | -48 | -48 | -36 | -49 | -78 | -75 | -113 |
| Free cash flow | 228 | 307 | 758 | 283 | 449 | 821 | 1,333 | 1,189 |
EME revenue by segment
United States Electrical Construction and Facilities Services grew from 23% to 31% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| United States Mechanical Construction and Facilities Services | 45% | 44% | 81% | — | 42% | — | 44% | 46% | — |
| United States Electrical Construction and Facilities Services | 23% | 25% | 56% | 32% | 30% | 7% | 31% | 32% | +22.2% |
| United States Building Services | 22% | 20% | — | 19% | 19% | — | 17% | 17% | +5.8% |
| United States Industrial Services | 8% | 8% | — | 7% | 7% | — | 8% | 7% | +23.2% |
| United Kingdom Building Services Member | 3% | 3% | — | 3% | 3% | — | 0% | 0% | -100.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
EME operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Backlog | $10.1BWe exit 2024 with RPO growth of 14% year-over-year and aggregate RPOs of $10.1 billion, another record for the company.Source: earnings call transcript | $11.8BWe leave the quarter with diverse RPOs or remaining performance obligations of $11.8 billion versus $9.2 billion at the end of the first quarter of 2024.Source: earnings call transcript | $12.6BFor the third quarter, we had a book-to-bill of 1.16, with remaining performance obligations at a record $12.6 billion, which represents an increase of $2.8 billion year-over-year and $2.5 billion from December of 2004.Source: earnings call transcript | — | $15.62BOur RPOs totaled $15.62 billion at the end of the quarter versus $11.75 billion in the year ago period and $13.25 billion as of December 31, 2025.Source: earnings call transcript | $17.14BAt quarter end, total RPOs reached a record $17.14 billion, an increase of 44% from the prior year, 29% from December.Source: earnings call transcript | +9.7% |
| Backlog Network and Communications | $2.8BAt the end of 2024, RPOs in the sector were a record $2.8 billion, up $1.25 billion or 80% year-over-year, 31% sequentially from the end of the third quarter.Source: earnings call transcript | $3.6BNotably, RPOs within networking and communications or data centers were $3.6 billion at the end of March.Source: earnings call transcript | $4.3BDriven by robust data center demand, RPOs within network and communications totaled a record $4.3 billion at the end of September, almost double that of the year ago period.Source: earnings call transcript | $4.46BOn a sequential basis, RPOs have increased 5.1% since September or 3.6% organically, driven by demand in our data center business, RPOs within the network and communications totaled a record $4.46 billion, at the end of December, an increase of $1.65 billion or normally nearly 60% year-over-year.Source: earnings call transcript | — | — | +3.7% |
| Backlog Manufacturing and Industrial | $863MGo back to that reshoring and near-shoring trend, which I believe we're in the early innings in and RPOs there are $863 million at the end of the quarter, up nearly 7% year-over-year.Source: earnings call transcript | $1.1BRPOs within the Manufacturing and Industrial segment of $1.1 billion represent an increase of 31% year-over-year or 29% sequentially, with the majority of this increase being organic.Source: earnings call transcript | $1.1BManufacturing and industrial RPOs totaled $1.1 billion.Source: earnings call transcript | $1.1BManufacturing and industrial RPOs have increased by $201 million or 23% to $1.1 billion.Source: earnings call transcript | — | — | 0% |
| Backlog Health Care | $1.3BWe ended the quarter with another record $1.3 billion in RPOs, up 26% from the year ago period and 8% from the third quarter.Source: earnings call transcript | $1.5BHealth care RPOs of $1.5 billion increased 38% year-over-year and 14% sequentially.Source: earnings call transcript | $1.3BHealthcare RPOs totaled $1.3 billion.Source: earnings call transcript | — | — | — | -13.3% |
| Backlog Water and Wastewater | $683MOur water and wastewater RPOs were $683 million at the end of the quarter, up approximately 6% year-over-year.Source: earnings call transcript | $820M+And we continue to see demand within our Mechanical Construction segment for water and wastewater projects with RPOs increasing 29% year-over-year and 20% sequentially to over $820 million.Source: earnings call transcript | $1BAnd led by our Mechanical Construction segment, water and wastewater RPOs increased by over $300 million during the quarter and now total $1 billion as we continue to win projects throughout Florida.Source: earnings call transcript | $1.1BLed by our Mechanical Construction segment, water and wastewater RPOs have increased by $408.5 million or nearly 60% to $1.1 billion as we continue to win projects throughout Florida.Source: earnings call transcript | — | — | +10% |
| Backlog Institutional | $1.1BRPOs in the institutional sector, which include project work for schools, universities and local state and federal buildings were up 18% year-over-year, coming in at a record $1.1 billion.Source: earnings call transcript | $1.25BResulting from a combination of new contract awards for existing EMCOR companies and the acquisition of Miller, Institutional RPOs increased to $1.25 billion, representing 21% year-over-year growth or 13% sequentially.Source: earnings call transcript | — | $1.55BInstitutional RPOs have increased by just under $440 million or 40% to $1.55 billion, largely as we continue to see demand for our services within the education sector, including from a number of colleges and universities.Source: earnings call transcript | — | — | — |
| Book-to-bill ratio | — | — | 1.16 ratioFor the third quarter, we had a book-to-bill of 1.16, with remaining performance obligations at a record $12.6 billion, which represents an increase of $2.8 billion year-over-year and $2.5 billion from December of 2004.Source: earnings call transcript | — | 1.5 ratioI mean, I think at 1.5x that was a record book-to-bill for you guys.Source: earnings call transcript | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 100% ↑ 3 pt
As EME cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
50 filings between Oct 27, 2025 and Jul 31, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$40.82M
10 sales by 9 insiders
10% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 33
- Award — granted as compensation
- 5
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Guzzi Anthony | — | $26.26M | Mar 5, 2026 |
| Schwarzwaelder Steven | — | $5.01M | Apr 30, 2026 |
| Mauricio Maxine Lum | — | $2.47M | Mar 2, 2026 |
| Altmeyer John W | — | $2.24M | May 1, 2026 |
| Reid William P | — | $1.85M | May 11, 2026 |
| Walker-Lee Robin A | — | $897.3K | Nov 3, 2025 |
| Lowe Carol P | — | $802.3K | Jun 17, 2026 |
| Nalbandian Jason R | — | $685.1K | Apr 30, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jul 31, 2026 | Mauricio Maxine Lum CAO, EVP & General Counsel | Award | 4 | $0 |
| Jul 31, 2026 | Altmeyer John W Director | Award | 3 | $0 |
| Jul 31, 2026 | Nalbandian Jason R SVP, Chief Acct Officer & CFO | Award | 4 | $0 |
| Jul 31, 2026 | Guzzi Anthony Chairman, President and CEO | Award | 13 | $0 |
| Jun 17, 2026 | Lowe Carol P Director | Sale | 950 | $802.3K |
| Jun 4, 2026 | Altmeyer John W Director | Award | 304 | $0 |
| Jun 4, 2026 | ROCHE PATRICK J Director | Award | 304 | $0 |
| Jun 4, 2026 | DAHL AMY E Director | Award | 230 | $0 |
| Jun 4, 2026 | Schwarzwaelder Steven Director | Award | 230 | $0 |
| Jun 4, 2026 | Johnson Ronald L Director | Award | 230 | $0 |
| Jun 4, 2026 | MCEVOY M KEVIN Director | Award | 230 | $0 |
| Jun 4, 2026 | Walker-Lee Robin A Director | Award | 230 | $0 |
| Jun 4, 2026 | Lowe Carol P Director | Award | 304 | $0 |
| May 11, 2026 | Reid William P Director | Sale | 2,000 | $1.85M |
| May 1, 2026 | Altmeyer John W Director | Sale | 2,500 | $2.24M |
| Apr 30, 2026 | Lind Robert Peter VP and Controller | Sale | 675 | $603.6K |
| Apr 30, 2026 | Schwarzwaelder Steven Director | Sale | 5,602 | $5.01M |
| Apr 30, 2026 | Nalbandian Jason R SVP, CFO, Chief Acct. Officer | Sale | 800 | $685.1K |
| Apr 30, 2026 | Guzzi Anthony Chairman, President and CEO | Gift | 3,000 | $0 |
| Apr 30, 2026 | Altmeyer John W Director | Award | 2 | $0 |
| Apr 30, 2026 | Reid William P Director | Award | 1 | $0 |
| Apr 30, 2026 | Nalbandian Jason R SVP, Chief Acct Officer & CFO | Award | 4 | $0 |
| Apr 30, 2026 | Mauricio Maxine Lum CAO, EVP & General Counsel | Award | 4 | $0 |
| Apr 30, 2026 | Guzzi Anthony Chairman, President and CEO | Award | 13 | $0 |
| Mar 17, 2026 | Mauricio Maxine Lum CAO, EVP & General Counsel | Gift | 1,377 | $0 |
| Mar 5, 2026 | Guzzi Anthony Chairman, President and CEO | Sale 10b5-1 plan | 36,000 | $26.26M |
| Mar 2, 2026 | Mauricio Maxine Lum CAO, EVP & General Counsel | Sale | 3,357 | $2.47M |
| Feb 27, 2026 | Lind Robert Peter VP and Controller | Tax withheld | 233 | $168.8K |
| Feb 27, 2026 | Mauricio Maxine Lum CAO, EVP & General Counsel | Tax withheld | 1,709 | $1.24M |
| Feb 27, 2026 | Guzzi Anthony Chairman, President and CEO | Tax withheld | 8,303 | $6.02M |
| Feb 27, 2026 | Nalbandian Jason R SVP, CFO, Chief Acct. Officer | Tax withheld | 734 | $531.9K |
| Jan 30, 2026 | Nalbandian Jason R SVP, Chief Acct Officer & CFO | Award | 4 | $0 |
| Jan 30, 2026 | Reid William P Director | Award | 1 | $0 |
| Jan 30, 2026 | Mauricio Maxine Lum CAO, EVP & General Counsel | Award | 6 | $0 |
| Jan 30, 2026 | Altmeyer John W Director | Award | 4 | $0 |
| Jan 30, 2026 | Guzzi Anthony Chairman, President and CEO | Award | 25 | $0 |
| Jan 30, 2026 | Lowe Carol P Director | Award | 1 | $0 |
| Jan 2, 2026 | Guzzi Anthony Chairman, President and CEO | Award | 7,261 | $0 |
| Jan 2, 2026 | Lind Robert Peter VP and Controller | Award | 327 | $0 |
| Jan 2, 2026 | Nalbandian Jason R SVP, Chief Acct Officer & CFO | Award | 1,507 | $0 |
| Jan 2, 2026 | Mauricio Maxine Lum EVP, CAO and General Counsel | Award | 1,507 | $0 |
| Dec 23, 2025 | Lind Robert Peter VP and Controller | Sale | 0 | $200 |
| Dec 8, 2025 | Lind Robert Peter VP and Controller | Tax withheld | 249 | $156.7K |
| Nov 3, 2025 | Walker-Lee Robin A Director | Sale | 1,325 | $897.3K |
| Oct 30, 2025 | Reid William P Director | Award | 1 | $0 |
| Oct 30, 2025 | Altmeyer John W Director | Award | 2 | $0 |
| Oct 30, 2025 | Guzzi Anthony Chairman, President and CEO | Award | 12 | $0 |
| Oct 30, 2025 | Nalbandian Jason R SVP, Chief Acct Officer & CFO | Award | 1 | $0 |
| Oct 30, 2025 | Mauricio Maxine Lum CAO, EVP & General Counsel | Award | 3 | $0 |
| Oct 27, 2025 | ROCHE PATRICK J Director | Award | 158 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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