Revenue growth has accelerated to a sustained ~20% rate, with Q2 2026 revenue reaching $5.2B, while operating margin has expanded structurally to 10.6%, significantly outperforming peers like Quanta Services (5.8%).
EMCOR Group, Inc. (EME) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 18.6B | 16.99B | 14.57B | 12.58B | 11.08B | 9.9B | 8.8B | 9.17B | 8.13B | 7.69B | 7.55B | 6.72B | 6.42B | 6.42B | 6.35B | 5.61B | 5.12B | 5.55B | 6.79B | 5.93B | 5.02B | 4.71B | 4.75B | 4.53B | 3.97B | 3.42B | 3.46B | 2.89B | 2.21B | 1.95B | 1.67B |
| Revenue Growth % | 18.94% | 16.64% | 15.76% | 13.6% | 11.84% | 12.58% | -4.12% | 12.84% | 5.77% | 1.79% | 12.4% | 4.57% | 0.12% | 1.11% | 13.06% | 9.61% | -7.69% | -18.24% | 14.48% | 18.05% | 6.5% | -0.7% | 4.7% | 14.28% | 16.03% | -1.17% | 19.56% | 30.93% | 13.3% | 16.87% | 5.07% |
| Cost of Goods Sold | 14.94B | 13.66B | 11.8B | 10.49B | 9.47B | 8.4B | 7.4B | 7.82B | 6.93B | 6.54B | 6.51B | 5.77B | 5.52B | 5.6B | 5.54B | 4.88B | 4.4B | 4.72B | 5.9B | 5.22B | 4.45B | 4.21B | 4.3B | 4.05B | 3.49B | 3.03B | 3.09B | 2.58B | 1.98B | 1.76B | 1.5B |
| COGS % of Revenue | - | 80.42% | 81.02% | 83.4% | 85.52% | 84.84% | 84.14% | 85.22% | 85.17% | 85.08% | 86.26% | 85.94% | 85.88% | 87.33% | 87.29% | 86.93% | 85.95% | 85.13% | 86.93% | 88.14% | 88.69% | 89.4% | 90.59% | 89.36% | 87.84% | 88.54% | 89.19% | 89.29% | 89.42% | 90.24% | 89.89% |
| Gross Profit | 3.66B | 3.33B | 2.77B | 2.09B | 1.6B | 1.5B | 1.4B | 1.36B | 1.21B | 1.15B | 1.04B | 944.48M | 907.25M | 813.06M | 806.35M | 733.95M | 719.54M | 824.9M | 886.65M | 702.82M | 567.68M | 499.76M | 446.9M | 482.45M | 482.63M | 391.82M | 373.92M | 310M | 233.9M | 190.4M | 168.7M |
| Gross Margin % | 19.66% | 19.58% | 18.98% | 16.6% | 14.48% | 15.16% | 15.86% | 14.78% | 14.83% | 14.92% | 13.74% | 14.06% | 14.12% | 12.67% | 12.71% | 13.07% | 14.05% | 14.87% | 13.07% | 11.86% | 11.31% | 10.6% | 9.41% | 10.64% | 12.16% | 11.46% | 10.81% | 10.71% | 10.58% | 9.76% | 10.11% |
| Gross Profit Growth % | - | 20.34% | 32.34% | 30.29% | 6.78% | 7.62% | 2.91% | 12.48% | 5.1% | 10.52% | 9.89% | 4.1% | 11.58% | 0.83% | 9.87% | 2% | -12.77% | -6.96% | 26.16% | 23.81% | 13.59% | 11.83% | -7.37% | -0.04% | 23.18% | 4.79% | 20.62% | 32.54% | 22.85% | 12.86% | 10.99% |
| Operating Expenses | 1.77B | 1.66B | 1.42B | 1.21B | 1.04B | 970.94M | 1.14B | 894.98M | 802.37M | 818.11M | 730.93M | 657.4M | 617.37M | 581.3M | 543.68M | 523.16M | 720.05M | 562.48M | 584.07M | 603M | 440.63M | 410.46M | 400.84M | 431.45M | 367.1M | 303.14M | 294.99M | 251.9M | 196.7M | 163M | 151.6M |
| OpEx % of Revenue | - | 9.75% | 9.75% | 9.64% | 9.38% | 9.8% | 12.94% | 9.75% | 9.87% | 10.64% | 9.68% | 9.78% | 9.61% | 9.06% | 8.57% | 9.32% | 14.06% | 10.14% | 8.61% | 10.17% | 8.78% | 8.71% | 8.44% | 9.51% | 9.25% | 8.86% | 8.53% | 8.7% | 8.9% | 8.36% | 9.08% |
| Selling, General & Admin | 1.77B | 1.66B | 1.42B | 1.21B | 1.04B | 970.94M | 903.58M | 893.45M | 799.16M | 758.71M | 727.07M | 656.57M | 626.48M | 580.65M | 543.53M | 518.12M | 472.13M | 542.95M | 582.32M | 502.65M | 439.01M | 408.71M | 395.4M | 431.45M | 367.1M | 303.14M | 278.89M | 237.8M | 186.1M | 154.8M | 143.7M |
| SG&A % of Revenue | - | 9.75% | 9.75% | 9.63% | 9.38% | 9.8% | 10.27% | 9.74% | 9.83% | 9.87% | 9.63% | 9.77% | 9.75% | 9.05% | 8.56% | 9.23% | 9.22% | 9.79% | 8.58% | 8.48% | 8.74% | 8.67% | 8.33% | 9.51% | 9.25% | 8.86% | 8.06% | 8.22% | 8.42% | 7.93% | 8.61% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 2.35M | 0 | 0 | 234.96M | 1.52M | 3.21M | 59.4M | 3.87M | 824K | -9.11M | 647K | 145K | 5.04M | 247.92M | 19.53M | 1.76M | 100.34M | 1.62M | 1.75M | 5.44M | 0 | 0 | 0 | 16.1M | 14.1M | 10.6M | 8.2M | 7.9M |
| Operating Income | 1.89B | 1.67B | 1.34B | 875.76M | 564.88M | 530.8M | 256.83M | 460.89M | 403.08M | 328.9M | 306.93M | 287.08M | 289.88M | 240.35M | 260.3M | 210.79M | -26.53M | 262.43M | 302.58M | 99.83M | 111.77M | 74.67M | 42.22M | 46.06M | 115.54M | 88.68M | 78.92M | 58.1M | 37.2M | 27.4M | 17.1M |
| Operating Margin % | 10.15% | 9.84% | 9.23% | 6.96% | 5.1% | 5.36% | 2.92% | 5.02% | 4.96% | 4.28% | 4.06% | 4.27% | 4.51% | 3.75% | 4.1% | 3.76% | -0.52% | 4.73% | 4.46% | 1.68% | 2.23% | 1.58% | 0.89% | 1.02% | 2.91% | 2.59% | 2.28% | 2.01% | 1.68% | 1.4% | 1.02% |
| Operating Income Growth % | - | 24.27% | 53.57% | 55.03% | 6.42% | 106.67% | -44.27% | 14.34% | 22.55% | 7.16% | 6.91% | -0.96% | 20.61% | -7.67% | 23.49% | 894.61% | -110.11% | -13.27% | 203.11% | -10.69% | 49.69% | 76.85% | -8.33% | -60.14% | 30.28% | 12.36% | 35.84% | 56.18% | 35.77% | 60.23% | 194.83% |
| EBITDA | 2.08B | 1.84B | 1.48B | 994.72M | 673.49M | 643.24M | 363.5M | 552.98M | 484M | 417.41M | 386.72M | 361.27M | 364.37M | 307.69M | 321.27M | 264.57M | 15.39M | 308.17M | 351.09M | 137.5M | 133.08M | 97.3M | 68.53M | 72.01M | 132.29M | 106.88M | 95.03M | 72.2M | 47.8M | 35.6M | 25M |
| EBITDA Margin % | 11.18% | 10.86% | 10.15% | 7.91% | 6.08% | 6.49% | 4.13% | 6.03% | 5.95% | 5.43% | 5.12% | 5.38% | 5.67% | 4.79% | 5.06% | 4.71% | 0.3% | 5.55% | 5.17% | 2.32% | 2.65% | 2.06% | 1.44% | 1.59% | 3.33% | 3.13% | 2.75% | 2.49% | 2.16% | 1.82% | 1.5% |
| EBITDA Growth % | 26.47% | 24.74% | 48.64% | 47.7% | 4.7% | 76.95% | -34.26% | 14.25% | 15.95% | 7.94% | 7.04% | -0.85% | 18.42% | -4.23% | 21.43% | 1619.43% | -95.01% | -12.23% | 155.35% | 3.32% | 36.77% | 41.98% | -4.83% | -45.57% | 23.78% | 12.48% | 31.61% | 51.05% | 34.27% | 42.4% | 70.07% |
| D&A (Non-Cash Add-back) | 191.25M | 173M | 133.68M | 118.97M | 108.61M | 112.44M | 106.67M | 92.09M | 80.92M | 88.51M | 79.79M | 74.19M | 74.49M | 67.34M | 60.97M | 53.78M | 41.91M | 45.74M | 48.52M | 37.67M | 21.31M | 22.63M | 26.31M | 25.95M | 16.76M | 18.2M | 16.1M | 14.1M | 10.6M | 8.2M | 7.9M |
| EBIT | 2.04B | 1.82B | 1.38B | 890.05M | 571.95M | 535.37M | 261.33M | 464.71M | 408.57M | 331.52M | 309.12M | 287.75M | 290.72M | 241.48M | 261.86M | 212.61M | -15.97M | 267.16M | 312.49M | 100.17M | 113.39M | 76.42M | 50.5M | 46.06M | 115.54M | 88.68M | 78.92M | 58.1M | 37.2M | 27.4M | 17.1M |
| Net Interest Income | 7.73M | 0 | 31.63M | -1.78M | -10.44M | -5.12M | -7.49M | -11.56M | -10.8M | -11.8M | -11.96M | -8.26M | -8.23M | -7.64M | -5.72M | -9.44M | -9.5M | -3.15M | -1.85M | 3.98M | 3.9M | -5.59M | -7M | -8.24M | -2.1M | 792K | -7.34M | 0 | -11M | 0 | -14.9M |
| Interest Income | 15.29M | 0 | 35.4M | 15.41M | 2.76M | 949K | 1.52M | 2.27M | 2.75M | 965K | 663K | 673K | 842K | 1.13M | 1.56M | 1.82M | 2.66M | 4.74M | 9.91M | 13.21M | 6.24M | 2.73M | 1.89M | 703K | 2M | 5.59M | 2.37M | 0 | 0 | 0 | 0 |
| Interest Expense | 7.56M | 0 | 3.78M | 17.2M | 13.2M | 6.07M | 9.01M | 13.82M | 13.54M | 12.77M | 12.63M | 8.93M | 9.07M | 8.77M | 7.28M | 11.26M | 12.15M | 7.89M | 11.76M | 9.24M | 2.34M | 8.32M | 8.88M | 8.94M | 4.1M | 4.79M | 9.71M | 0 | 11M | 0 | 14.9M |
| Other Income/Expense | 153.19M | 144.9M | 32.52M | -2.9M | -6.13M | -1.5M | -4.51M | -10M | -8.05M | -10.15M | -10.44M | -8.26M | -8.23M | -7.64M | 517K | -9.44M | 562K | -3.15M | -1.85M | 103.97M | -2.38M | -3.64M | -5.25M | -10.14M | -3.21M | 792K | -7.34M | -8.4M | -7.5M | -11.9M | -200K |
| Pretax Income | 2.04B | 1.82B | 1.38B | 872.85M | 558.75M | 529.3M | 252.33M | 450.89M | 395.03M | 318.75M | 296.49M | 278.82M | 281.64M | 202.65M | 244.25M | 201.35M | -30.29M | 259.27M | 298.79M | 201.75M | 117.74M | 71.03M | 33.16M | 36.92M | 112.33M | 89.47M | 71.59M | 49.7M | 29.7M | 15.5M | 16.9M |
| Pretax Margin % | 10.98% | 10.69% | 9.46% | 6.94% | 5.04% | 5.34% | 2.87% | 4.91% | 4.86% | 4.15% | 3.93% | 4.15% | 4.38% | 3.16% | 3.85% | 3.59% | -0.59% | 4.67% | 4.4% | 3.4% | 2.34% | 1.51% | 0.7% | 0.81% | 2.83% | 2.62% | 2.07% | 1.72% | 1.34% | 0.79% | 1.01% |
| Income Tax | 605.37M | 546.2M | 370.24M | 239.52M | 152.63M | 145.6M | 119.38M | 125.75M | 109.11M | 90.7M | 111.2M | 106.26M | 103.53M | 75.3M | 95.36M | 76.76M | 52.4M | 96.19M | 116.59M | 77.71M | 30.48M | 9.74M | -45K | 16.3M | 49.42M | 39.46M | 31.5M | 21.9M | 12.6M | 6.9M | 7.5M |
| Effective Tax Rate % | 29.65% | 30.07% | 26.88% | 27.44% | 27.32% | 27.51% | 47.31% | 27.89% | 27.62% | 28.45% | 37.5% | 38.11% | 36.76% | 37.16% | 39.04% | 38.12% | -172.98% | 37.1% | 39.02% | 38.52% | 25.89% | 13.71% | -0.14% | 44.14% | 44% | 44.1% | 44% | 44.06% | 42.42% | 44.52% | 44.38% |
| Net Income | 1.44B | 1.27B | 1.01B | 632.99M | 406.12M | 383.53M | 132.94M | 325.14M | 283.53M | 227.2M | 181.94M | 172.29M | 168.66M | 123.79M | 146.58M | 130.83M | -86.69M | 160.76M | 182.2M | 126.81M | 86.63M | 60.04M | 33.21M | 20.62M | 62.9M | 50.01M | 40.09M | 27.8M | 12.3M | 7.6M | 9.4M |
| Net Margin % | 7.72% | 7.47% | 6.91% | 5.03% | 3.67% | 3.87% | 1.51% | 3.54% | 3.49% | 2.96% | 2.41% | 2.56% | 2.63% | 1.93% | 2.31% | 2.33% | -1.69% | 2.9% | 2.69% | 2.14% | 1.73% | 1.27% | 0.7% | 0.45% | 1.59% | 1.46% | 1.16% | 0.96% | 0.56% | 0.39% | 0.56% |
| Net Income Growth % | 29.95% | 26.1% | 59.11% | 55.86% | 5.89% | 188.49% | -59.11% | 14.68% | 24.8% | 24.88% | 5.6% | 2.15% | 36.25% | -15.55% | 12.04% | 250.91% | -153.93% | -11.77% | 43.68% | 46.37% | 44.29% | 80.81% | 61.03% | -67.22% | 25.77% | 24.75% | 44.2% | 126.02% | 61.84% | -19.15% | 186.24% |
| Net Income (Continuing) | 1.44B | 1.27B | 1.01B | 633.33M | 406.12M | 383.7M | 132.94M | 325.14M | 285.92M | 228.05M | 185.29M | 172.57M | 178.12M | 150.42M | 156.69M | 124.59M | -81.83M | 163.08M | 184.13M | 124.04M | 85.4M | 59.31M | 33.27M | 20M | 62.9M | 50.01M | 40.09M | 27.8M | 17.1M | 8.6M | 9.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.23M | 729K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.04M | 1.04M | 1.04M | 1.04M | 702K | 702K | 576K | 646K | 896K | 850K | 853K | 3.35M | 13.37M | 13.36M | 11.1M | 10.4M | 9.9M | 8.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 31.88 | 28.19 | 21.52 | 13.31 | 8.10 | 7.06 | 2.40 | 5.75 | 4.85 | 3.82 | 2.97 | 2.72 | 2.52 | 1.82 | 2.16 | 1.91 | -1.31 | 2.38 | 2.71 | 1.90 | 1.32 | 0.94 | 0.54 | 0.33 | 1.02 | 0.85 | 0.74 | 0.55 | 0.28 | 0.19 | 0.24 |
| EPS Growth % | 32.82% | 30.99% | 61.68% | 64.32% | 14.73% | 194.17% | -58.26% | 18.56% | 26.96% | 28.62% | 9.19% | 7.94% | 38.46% | -15.74% | 13.09% | 245.8% | -155.04% | -12.18% | 42.63% | 43.94% | 40.43% | 74.07% | 63.64% | -67.65% | 20% | 14.86% | 34.55% | 96.43% | 47.37% | -20.83% | 185.71% |
| EPS (Basic) | - | 28.19 | 21.61 | 13.37 | 8.13 | 7.09 | 2.41 | 5.78 | 4.88 | 3.84 | 3.00 | 2.74 | 2.54 | 1.85 | 2.20 | 1.96 | -1.31 | 2.44 | 2.79 | 1.97 | 1.37 | 0.96 | 0.55 | 0.34 | 1.06 | 0.97 | 0.96 | 0.72 | 0.30 | 0.20 | 0.24 |
| Diluted Shares Outstanding | 45.05M | 45.05M | 46.81M | 47.56M | 50.14M | 54.35M | 55.42M | 56.52M | 58.44M | 59.62M | 61.21M | 63.31M | 67.06M | 68.08M | 67.74M | 68.38M | 66.39M | 67.45M | 67.12M | 66.73M | 65.63M | 63.67M | 62.27M | 62.49M | 61.67M | 58.84M | 54.36M | 50.32M | 44.32M | 41.08M | 39.58M |
| Basic Shares Outstanding | 45.05M | 45.05M | 46.62M | 47.36M | 49.93M | 54.07M | 55.2M | 56.21M | 58.11M | 59.25M | 60.77M | 62.79M | 66.33M | 67.09M | 66.7M | 66.78M | 66.39M | 65.91M | 65.37M | 64.43M | 63.24M | 62.29M | 60.79M | 60.65M | 59.34M | 51.83M | 41.76M | 38.88M | 41M | 38.48M | 39.58M |
| Dividend Payout Ratio | - | 3.55% | 4.31% | 5.16% | 6.69% | 7.34% | 13.29% | 5.52% | 6.57% | 8.35% | 10.69% | 11.66% | 12.62% | 9.76% | 23.24% | 2.55% | - | 0.84% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying EME stock.
For fiscal year 2025, EMCOR Group, Inc. (EME) reported total revenue of $16.99B. This represents a 917.8% increase compared to $1.67B in 1996.
EMCOR Group, Inc. (EME) is profitable, generating $1.27B in net income for the fiscal year ending 2025 with a net profit margin of 7.5%.
EMCOR Group, Inc. (EME) reported an operating income of $1.67B, resulting in an operating profit margin of 9.8%. This margin reflects the operational efficiency of the business before interest and taxes.
EMCOR Group, Inc. (EME) generated $3.33B in gross profit for the year, representing a gross profit margin of 19.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Skilled labor shortage constraining growth
Metrics are mathematically derived from official filings.
Sustained Acceleration in Top-Line Growth
EMCOR's revenue growth has accelerated from 18.7% in Q1 2024 to a sustained ~20% rate in recent quarters, with Q2 2026 revenue reaching $5.2B, indicating robust demand across its core construction and services segments.
The consistent acceleration in year-over-year revenue growth, from the high-teens to approximately 20%, suggests the company is successfully converting its substantial backlog and benefiting from favorable end-market trends like data center and infrastructure electrification. This growth appears broad-based, as indicated by the company's recent commentary on strength across all reportable segments, rather than being driven by a single project or inorganic event.
Structural Margin Expansion in Execution
Operating margin expanded to 10.6% in Q2 2026, up from 7.6% in Q1 2024, reflecting improved project mix and pricing power, with the current level significantly outperforming peers like Quanta Services (5.8%) and MasTec (4.6%).
The steady climb in operating margin, particularly the jump to 10.6% in the latest quarter, indicates that EMCOR is achieving better pricing and labor productivity on its higher-complexity projects. This margin profile, which is structurally higher than most construction peers, supports the thesis that the company is operating more as a specialized technical services firm than a general contractor, allowing it to capture greater value from its skilled labor force.
Operating Leverage Amplifies Profit Growth
Operating income grew 68.5% year-over-year in Q2 2026 to $547.3M, significantly outpacing the 19.8% revenue growth, demonstrating strong operating leverage as SG&A expenses grew at a slower rate than gross profit.
The substantial expansion in operating income relative to revenue growth highlights effective cost control and the scalability of EMCOR's business model. SG&A as a percentage of revenue has trended downward from 9.7% in Q1 2024 to 9.1% in Q2 2026, suggesting that overhead is being managed efficiently as the company scales, which is a key driver of the expanding profitability.
High-Quality Earnings with Minimal Noise
Net income of $403.7M in Q2 2026 represents a 33.3% year-over-year increase, with minimal distortion from stock-based compensation ($4.4M) or non-operating items, indicating the reported EPS of $8.96 is a clean reflection of core operational performance.
The quality of EMCOR's earnings appears high, as the growth in net income is driven by fundamental operational improvements in gross profit and operating leverage rather than tax benefits or one-time gains. The relatively low and stable stock-based compensation expense, especially compared to the scale of net income, further supports the view that reported profitability is not being artificially inflated by non-cash charges.
Inflection to Double-Digit Operating Margins
The period from Q1 2024 to Q2 2026 marks a clear operational inflection, with operating margin expanding by 300 basis points from 7.6% to 10.6%, driven by a favorable shift in project mix and enhanced execution discipline.
This sustained margin expansion represents a structural shift in the company's profitability profile, moving it from a mid-single-digit margin contractor to a double-digit margin technical services provider. The inflection appears durable, as it has been maintained across multiple quarters and coincides with accelerating revenue growth, suggesting it is driven by fundamental improvements in the business mix and operational efficiency rather than temporary factors.
Labor Constraints as a Growth Limiter
Despite strong demand, the persistent shortage of specialized trade labor may cap EMCOR's ability to fully capitalize on its backlog, potentially leading to project delays or wage inflation that could compress the recently expanded margins.
The company's exceptional growth trajectory is heavily dependent on the availability of skilled electricians and mechanical technicians. If the labor market tightens further, EMCOR may face a choice between slowing project execution to maintain quality and margins, or accelerating hiring at higher costs, which could erode the operating leverage that has driven recent profit growth. This risk is particularly acute as revenue growth approaches 20%, straining the existing skilled workforce.