Emcor (EME) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$7.27

$7.07$7.70

vs $6.72+8.1%

10 analysts

Next Qtr

$7.50

$7.18$7.93

vs $6.57+14.2%

10 analysts

Current Yr

$29.30

$28.76$30.06

vs $25.87+13.3%

10 analysts

Next Yr

$32.67

$31.15$35.35

vs $29.30+11.5%

10 analysts

Revenue Estimates

Current Qtr

$4.71B

$4.60B$4.83B

vs $4.30B+9.3%

10 analysts

Next Qtr

$4.76B

$4.60B$4.87B

vs $4.30B+10.6%

10 analysts

Current Yr

$19.01B

$18.86B$19.18B

vs $16.99B+11.9%

9 analysts

Next Yr

$20.40B

$19.38B$21.43B

vs $19.01B+7.3%

10 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for EME on EDGAR.

EME filing events and research context
Filed	Item	Context
Apr 29, 2026	mda_quarterly	EME achieved record first-quarter 2026 revenues of $4.63 billion, a 19.7% increase over the prior year, with operating income rising to $403.8 million and margins expanding to 8.7%. Growth was driven by broad-based demand and acquisitions, including Miller Electric, which contributed to $234.1 million in incremental revenue. Key drivers included data center construction within the network and communications sector, public sector and education projects in the institutional sector, and water/wastewater opportunities in the Southeast. Remaining performance obligations reached a record $15.62 billion. However, the mechanical construction segment experienced a 100-basis-point margin decline due to a shift toward lower-margin construction management roles and guaranteed maximum price contracts, alongside a decline in semiconductor manufacturing projects. Industrial services growth was supported by a large solar project, offsetting lower heat exchanger sales. Despite strong earnings, operating cash flow fell to $0.6 million due to increased accounts receivable from organic growth. EME maintains a strong liquidity position with $916.4 million in cash and $1.23 billion available under its revolving credit facility, while surety bond exposure totals $4.19 billion, representing 27% of its total backlog.
Feb 26, 2026	business	EMCOR Group, Inc. is a leading specialty contractor providing electrical and mechanical construction, facilities, building, and industrial services. For fiscal year 2025, the company achieved record revenues of $16.99 billion, a 16.6% increase over 2024, with operating income of $1.71 billion. Growth was primarily driven by the $876.8 million acquisition of Miller Electric and surging demand for data center construction within the network and communications sector. Additional strength was noted in healthcare, institutional, and Southeast U.S. water/wastewater markets. Conversely, revenues declined in high-tech manufacturing following the completion of several semiconductor and bio-tech projects, and the industrial services segment saw lower turnaround project demand. The company strategically exited the United Kingdom market, selling its building services operations for a $144.9 million pre-tax gain. Remaining performance obligations rose to $13.25 billion, signaling a robust pipeline. Financial risks include volatility in copper and steel prices, labor productivity challenges in new geographic expansions, and significant contributions to multiemployer pension plans. Liquidity remains strong with $1.11 billion in cash and a $1.30 billion revolving credit facility.
Feb 26, 2026	mda	EME recognizes revenue as performance obligations are satisfied, utilizing estimates for contract price and profitability. Because revisions are recorded on a cumulative catch-up basis, variations in estimates for large-scale projects can materially impact financial results and cash flows. The company is heavily dependent on cloud-based IT systems for accounting and project management, exposing it to cybersecurity threats such as ransomware and AI-driven attacks. These risks, alongside the need to comply with the California Consumer Privacy Act (CCPA) and California Privacy Rights Act (CPRA), increase operational costs and legal liability. Furthermore, the integration of AI tools introduces potential algorithmic flaws and intellectual property infringement risks. From a capital perspective, EME relies on surety companies for payment and performance bonds to secure construction contracts; any limitation in bonding capacity or increase in costs would directly impair its ability to compete for new work. Finally, the company faces potential material impairment charges to goodwill and identifiable intangible assets if macroeconomic conditions deteriorate or internal financial performance declines.

Filed

Item

Context

Apr 29, 2026

mda_quarterly

EME achieved record first-quarter 2026 revenues of $4.63 billion, a 19.7% increase over the prior year, with operating income rising to $403.8 million and margins expanding to 8.7%. Growth was driven by broad-based demand and acquisitions, including Miller Electric, which contributed to $234.1 million in incremental revenue. Key drivers included data center construction within the network and communications sector, public sector and education projects in the institutional sector, and water/wastewater opportunities in the Southeast. Remaining performance obligations reached a record $15.62 billion. However, the mechanical construction segment experienced a 100-basis-point margin decline due to a shift toward lower-margin construction management roles and guaranteed maximum price contracts, alongside a decline in semiconductor manufacturing projects. Industrial services growth was supported by a large solar project, offsetting lower heat exchanger sales. Despite strong earnings, operating cash flow fell to $0.6 million due to increased accounts receivable from organic growth. EME maintains a strong liquidity position with $916.4 million in cash and $1.23 billion available under its revolving credit facility, while surety bond exposure totals $4.19 billion, representing 27% of its total backlog.

Feb 26, 2026

business

EMCOR Group, Inc. is a leading specialty contractor providing electrical and mechanical construction, facilities, building, and industrial services. For fiscal year 2025, the company achieved record revenues of $16.99 billion, a 16.6% increase over 2024, with operating income of $1.71 billion. Growth was primarily driven by the $876.8 million acquisition of Miller Electric and surging demand for data center construction within the network and communications sector. Additional strength was noted in healthcare, institutional, and Southeast U.S. water/wastewater markets. Conversely, revenues declined in high-tech manufacturing following the completion of several semiconductor and bio-tech projects, and the industrial services segment saw lower turnaround project demand. The company strategically exited the United Kingdom market, selling its building services operations for a $144.9 million pre-tax gain. Remaining performance obligations rose to $13.25 billion, signaling a robust pipeline. Financial risks include volatility in copper and steel prices, labor productivity challenges in new geographic expansions, and significant contributions to multiemployer pension plans. Liquidity remains strong with $1.11 billion in cash and a $1.30 billion revolving credit facility.

Feb 26, 2026

mda

EME recognizes revenue as performance obligations are satisfied, utilizing estimates for contract price and profitability. Because revisions are recorded on a cumulative catch-up basis, variations in estimates for large-scale projects can materially impact financial results and cash flows. The company is heavily dependent on cloud-based IT systems for accounting and project management, exposing it to cybersecurity threats such as ransomware and AI-driven attacks. These risks, alongside the need to comply with the California Consumer Privacy Act (CCPA) and California Privacy Rights Act (CPRA), increase operational costs and legal liability. Furthermore, the integration of AI tools introduces potential algorithmic flaws and intellectual property infringement risks. From a capital perspective, EME relies on surety companies for payment and performance bonds to secure construction contracts; any limitation in bonding capacity or increase in costs would directly impair its ability to compete for new work. Finally, the company faces potential material impairment charges to goodwill and identifiable intangible assets if macroeconomic conditions deteriorate or internal financial performance declines.

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EME filing events and research context

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