eme-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM			10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-8267


EMCOR Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)


Delaware		11-2125338
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)
301 Merritt Seven
Norwalk,	Connecticut	06851-1092
(Address of Principal Executive Offices)		(Zip Code)


(203)			849-7800
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock

EME

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Applicable Only To Corporate Issuers

Number of shares of Common Stock outstanding as of the close of business on April 23, 2026: 44,440,278 shares.

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EMCOR Group, Inc.

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		PAGE
PART I. - Financial Information.
Item 1.	Financial Statements.
	Consolidated Balance Sheets - as of March 31, 2026 and December 31, 2025	1
	Condensed Consolidated Statements of Operations - three months ended March 31, 2026 and 2025	2
	Condensed Consolidated Statements of Comprehensive Income - three months ended March 31, 2026 and 2025	3
	Condensed Consolidated Statements of Cash Flows - three months ended March 31, 2026 and 2025	4
	Condensed Consolidated Statements of Equity - three months ended March 31, 2026 and 2025	5
	Notes to Consolidated Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	25
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	34
Item 4.	Controls and Procedures.	35
PART II. - Other Information.
Item 1.	Legal Proceedings.	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	36
Item 4.	Mine Safety Disclosures.	36
Item 5.	Other Information.	36
Item 6.	Exhibits.	37

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FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They generally contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” variations of such wording and other words or phrases of similar meaning. Forward-looking statements in this report include discussions of our future operating or financial performance and other forward-looking commentary regarding aspects of our business, including market share growth, gross profit, remaining performance obligations, project mix, projects with varying profit margins and contractual terms, the financial impact and integration of acquisitions, selling, general and administrative expenses, anticipated dividend payments, our ability to maintain a strong safety record, and trends in our business, and other characterizations of future events or circumstances, such as the effects of supply chain disruptions, delays, and price fluctuations, including those potentially caused by tariffs. Each forward-looking statement included in this report is subject to risks and uncertainties, including those identified in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section, and other sections of this report, and in our Form 10-K for the year ended December 31, 2025, including, without limitation, the “Risk Factors” section of such Form 10-K. 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;

•adverse business conditions, including the weakness of the sectors from which we generate revenues, scarcity of skilled labor, productivity challenges, the nature and extent of supply chain disruptions impacting availability and pricing of materials, and inflationary trends more generally, 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;

•unfavorable developments in the mix of our business; and

•other factors discussed elsewhere in this report.

Such risks and uncertainties could cause actual results to differ materially from those that might be anticipated from, or projected or implied by, our forward-looking statements. Accordingly, these statements do not guarantee future performance or events. The forward-looking statements contained in this report speak only as of the filing date of this report. We undertake no obligation to update any forward-looking statements unless required by law. However, any further disclosures made on related subjects in our subsequent reports filed with the Securities and Exchange Commission (the “SEC”) should be consulted. We caution investors not to place undue reliance on forward-looking statements, due to their inherent uncertainty.

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PART I. – FINANCIAL INFORMATION.

ITEM 1. FINANCIAL STATEMENTS.

EMCOR Group, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)


	(Unaudited) March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	916,420	$	1,111,968
Accounts receivable, less allowance for credit losses of $22,056 and $22,757, respectively	4,549,956		4,241,177
Contract assets	377,332		337,717
Inventories	130,208		126,252
Prepaid expenses and other	100,577		120,231
Total current assets	6,074,493		5,937,345
Property, plant, and equipment, net	264,696		253,277
Operating lease right-of-use assets	478,646		439,029
Goodwill	1,433,937		1,412,414
Identifiable intangible assets, net	1,089,866		1,108,828
Other assets	166,469		140,506
Total assets	$	9,508,107	$	9,291,399
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,149,028	$	1,227,428
Contract liabilities	2,417,021		2,327,360
Accrued payroll and benefits	710,038		870,154
Other accrued expenses and liabilities	443,116		340,785
Operating lease liabilities, current	102,296		99,213
Total current liabilities	4,821,499		4,864,940
Operating lease liabilities, long-term	408,122		368,996
Other long-term obligations	410,910		382,482
Total liabilities	5,640,531		5,616,418
Equity:
EMCOR Group, Inc. stockholders’ equity:
Preferred stock, $0.10 par value, 1,000,000 shares authorized, zero issued and outstanding	—		—
Common stock, $0.01 par value, 200,000,000 shares authorized, 61,294,178 and 61,252,599 shares issued, respectively	613		613
Capital surplus	93,977		101,336
Accumulated other comprehensive loss	(1,920)		(1,916)
Retained earnings	6,293,411		6,005,772
Treasury stock, at cost 16,854,238 and 16,732,232 shares, respectively	(2,519,542)		(2,431,861)
Total EMCOR Group, Inc. stockholders’ equity	3,866,539		3,673,944
Noncontrolling interests	1,037		1,037
Total equity	3,867,576		3,674,981
Total liabilities and equity	$	9,508,107	$	9,291,399

See Notes to Consolidated Financial Statements.

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EMCOR Group, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)(Unaudited)


	Three months ended March 31,
	2026		2025
Revenues	$	4,628,233	$	3,867,372
Cost of sales	3,764,283		3,144,654
Gross profit	863,950		722,718
Selling, general and administrative expenses	460,105		403,962
Operating income	403,845		318,756
Net periodic pension income	—		54
Interest income, net	6,227		5,387
Income before income taxes	410,072		324,197
Income tax provision	104,588		83,520
Net income	$	305,484	$	240,677

Basic earnings per common share	$	6.85	$	5.27

Diluted earnings per common share	$	6.84	$	5.26

Dividends declared per common share	$	0.40	$	0.25

See Notes to Consolidated Financial Statements.

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EMCOR Group, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)(Unaudited)


	Three months ended March 31,
	2026		2025
Net income	$	305,484	$	240,677
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	—		5,342
Changes in post-retirement plans (1)	(4)		477
Other comprehensive (loss) income	(4)		5,819
Comprehensive income	$	305,480	$	246,496

_________

(1)Net of tax of $0.2 million for the three months ended March 31, 2025.

See Notes to Consolidated Financial Statements.

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EMCOR Group, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)(Unaudited)


	Three months ended March 31,
	2026		2025
Cash flows - operating activities:
Net income	$	305,484	$	240,677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	18,362		15,582
Amortization of identifiable intangible assets	34,212		26,363
Provision for credit losses	395		4,718
Deferred income taxes	(6,954)		2,777
Excess tax benefits from share-based compensation	(6,042)		(3,496)
Non-cash share-based compensation expense	10,590		9,270
Other reconciling items	(650)		(798)
Changes in operating assets and liabilities, excluding the effect of businesses acquired	(354,839)		(186,622)
Net cash provided by operating activities	558		108,471
Cash flows - investing activities:
Payments for acquisitions of businesses, net of cash acquired	(43,674)		(850,644)
Proceeds from sale or disposal of property, plant, and equipment	636		1,334
Purchases of property, plant, and equipment	(28,712)		(26,131)
Net cash used in investing activities	(71,750)		(875,441)
Cash flows - financing activities:
Proceeds from revolving credit facility	—		250,000
Repayments of finance lease liabilities	(646)		(775)
Dividends paid to stockholders	(17,810)		(11,451)
Repurchases of common stock	(87,107)		(224,832)
Taxes paid related to net share settlements of equity awards	(17,984)		(13,351)
Payments for contingent consideration arrangements	(809)		(420)
Net cash used in financing activities	(124,356)		(829)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	—		4,869
Decrease in cash, cash equivalents, and restricted cash	(195,548)		(762,930)
Cash, cash equivalents, and restricted cash at beginning of year (1)	1,111,968		1,340,395
Cash, cash equivalents, and restricted cash at end of period (2)	$	916,420	$	577,465

_________

(1)Includes $0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of December 31, 2024.

(2)Includes $0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of March 31, 2025.

See Notes to Consolidated Financial Statements.

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EMCOR Group, Inc. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the three months ended March 31, 2026 and 2025

(In thousands)(Unaudited)


			EMCOR Group, Inc. Stockholders
	Total		Common stock		Capital surplus		Accumulated other comprehensive loss (1)		Retained earnings		Treasury stock		Noncontrolling interests
Balance, December 31, 2024	$	2,938,694	$	612	$	97,475	$	(85,527)	$	4,778,061	$	(1,852,964)	$	1,037
Net income	240,677		—		—		—		240,677		—		—
Other comprehensive income	5,819		—		—		5,819		—		—		—
Tax withholding for common stock issued under share-based compensation plans	(13,351)		—		(13,351)		—		—		—		—
Common stock dividends	(11,451)		—		30		—		(11,481)		—		—
Repurchases of common stock	(218,664)		—		—		—		—		(218,664)		—
Acquisition of noncontrolling interests	934		—		—		—		—		—		934
Share-based compensation expense	9,270		—		9,270		—		—		—		—
Balance, March 31, 2025	$	2,951,928	$	612	$	93,424	$	(79,708)	$	5,007,257	$	(2,071,628)	$	1,971

Balance, December 31, 2025	$	3,674,981	$	613	$	101,336	$	(1,916)	$	6,005,772	$	(2,431,861)	$	1,037
Net income

SEC Form 10-Q filed by EMCOR Group Inc.