EMCOR achieved a 19.7% year-over-year revenue increase in 2026Q1, while structural improvements pushed gross margins to 18.7% from 17.2% in early 2024.
| 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 | 17.75B | 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 % | 18.33% | 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 | 14.28B | 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 | 3.47B | 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 % | 19.54% | 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 | 1.71B | 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 | 1.71B | 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 | 1.76B | 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 % | 9.89% | 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 | 1.89B | 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 % | 10.63% | 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 % | 21.79% | 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) | 131.06M | 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 | 1.9B | 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 | 2.58M | 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 | 9.06M | 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 | 6.48M | 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 | 145.69M | 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 | 1.9B | 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 % | 10.72% | 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 | 567.27M | 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 % | 29.82% | 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 | 1.33B | 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 % | 7.52% | 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 % | 27.04% | 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) | 1.33B | 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) | 29.63 | 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 % | 31.55% | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - |
Skilled labor supply constraints
According to recent financial disclosures, EME achieved a 19.7% year-over-year revenue increase in 2026Q1, maintaining a consistent double-digit growth trajectory that suggests strong demand for complex mechanical and electrical systems across the company's core industrial and data center end-markets despite broader macroeconomic uncertainty.
The consistent revenue expansion appears to be driven by the company's strategic focus on high-complexity infrastructure projects rather than commoditized commercial construction. This growth profile suggests that EME is successfully capturing market share in mission-critical sectors where technical certification and bonding capacity act as significant barriers to entry for smaller competitors.
As reported in quarterly filings, EMCOR's gross margin reached 18.7% in 2026Q1, reflecting a structural improvement from the 17.2% levels observed in early 2024, which indicates an increasing ability to command premium pricing for specialized industrial services and complex electrical retrofits.
The upward trend in gross margins suggests that the company is successfully shifting its project mix toward higher-value, technical work. Investors should monitor whether this margin expansion is sustainable or if it remains vulnerable to potential commodity price volatility in essential materials like copper and steel.
Based on the provided income statement data, EME demonstrated significant operating leverage in 2025Q4, where operating income surged to $531.6M, suggesting that the company's overhead structure is scaling efficiently as revenue volume increases across its diverse mechanical and electrical construction segments.
The ability to grow operating income faster than gross profit indicates disciplined management of SG&A expenses relative to project execution. This operational efficiency appears to be a key differentiator, allowing the firm to translate top-line gains into meaningful bottom-line growth without proportional increases in administrative burden.
While current performance is robust, an analysis of historical data reveals that the persistent shortage of specialized trade labor, as noted in industry trends, may eventually lead to wage inflation that could compress operating margins if project pricing cannot be adjusted with sufficient speed.
Short-sellers might focus on the potential for project delays or cost overruns inherent in the percentage-of-completion accounting method, which could lead to earnings volatility. The reliance on skilled labor availability warrants further investigation, as any inability to staff complex projects could jeopardize the company's ability to burn through its current backlog.
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.