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EMCOR Group, Inc. Reports Second Quarter 2025 Results

Record Quarterly Revenues of $4.30 billion, 17.4% Increase Year-over-Year

Record Quarterly Diluted EPS of $6.72, 28.0% Increase Year-over-Year

Record Remaining Performance Obligations of $11.91 billion, 32.4% Increase Year-over-Year

Narrows 2025 Revenue Guidance Range to $16.4 billion - $16.9 billion from $16.1 billion - $16.9 billion

Increases Non-GAAP 2025 Diluted EPS Guidance Range to $24.50 - $25.75 from $22.65 - $24.00

NORWALK, Conn.--(BUSINESS WIRE)-- EMCOR Group, Inc. (NYSE: EME) today reported results for the second quarter ended June 30, 2025.

Second Quarter 2025 Results of Operations

Revenues for the second quarter of 2025 totaled $4.30 billion, an increase of 17.4%, compared to $3.67 billion for the second quarter of 2024. Net income for the second quarter of 2025 was $302.2 million, or $6.72 per diluted share, compared to net income of $247.6 million, or $5.25 per diluted share, for the second quarter of 2024.

Operating income for the second quarter of 2025 was $415.2 million, or 9.6% of revenues, compared to operating income of $332.8 million, or 9.1% of revenues, for the second quarter of 2024. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $46.6 million and $34.2 million for the second quarter of 2025 and 2024, respectively.

Selling, general and administrative expenses for the second quarter of 2025 totaled $418.6 million, or 9.7% of revenues, compared to $351.2 million, or 9.6% of revenues, for the second quarter of 2024.

The Company's income tax rate for the second quarter of 2025 was 26.7%, compared to 27.0% for the second quarter of 2024.

Remaining performance obligations (鈥淩POs鈥�) as of June 30, 2025, were a record $11.91 billion, compared to $9.00 billion as of June 30, 2024, an increase of $2.92 billion year-over-year. From a market sector perspective, the Company experienced increases in the majority of the sectors in which it operates, with the most significant growth coming from Network and Communications, Institutional, Manufacturing and Industrial, Healthcare, and Hospitality and Entertainment. These increases were partially offset by a reduction in RPOs within the High-Tech Manufacturing sector, due to progress made on certain construction projects.

Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, 鈥淲e had an outstanding second quarter, maintaining our momentum with quarterly revenue growth of 17.4% and an exceptional 9.6% operating margin. Once again, we set new records in key financial and operational metrics by executing well for our customers within the diverse sectors we serve. The demand for EMCOR's specialty contracting services remains robust. Our Remaining Performance Obligations are again at an all-time high, and our pipeline continues to be strong, supporting our positive outlook for the rest of the year and reinforcing our increase in financial guidance for the full-year 2025."

First Six Months 2025 Results of Operations

Revenues for the first six months of 2025 totaled $8.17 billion, an increase of 15.1%, compared to $7.10 billion for the first six months of 2024. Net income for the first six months of 2025 was $542.8 million, or $11.96 per diluted share, compared to net income of $444.7 million, or $9.41 per diluted share, for the first six months of 2024. Net income for the first six months of 2025 included $9.4 million, or $6.9 million after taxes, of transaction related costs associated with the acquisition of Miller Electric Company (鈥淢iller Electric鈥�), which closed during the first quarter of 2025. Excluding these transaction costs, non-GAAP net income for the first six months of 2025 was $549.8 million, or $12.11 per diluted share.

Operating income for the first six months of 2025 was $734.0 million, or 9.0% of revenues, compared to operating income of $592.8 million, or 8.3% of revenues, for the first six months of 2024. Excluding the previously referenced transaction costs associated with the Miller Electric transaction, non-GAAP operating income for the first six months of 2025 was $743.3 million, or 9.1% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $88.6 million and $63.8 million for the first six months of 2025 and 2024, respectively.

Refer to the attached tables for a reconciliation of non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per share to the comparable GAAP measures.

Selling, general and administrative expenses totaled $822.5 million, or 10.1% of revenues, for the first six months of 2025, compared to $680.5 million, or 9.6% of revenues, for the first six months of 2024.

The Company's income tax rate for the first six months of 2025 was 26.3%, compared to 26.7% for the first six months of 2024.

Mr. Guzzi continued, 鈥淲e have concluded the first half of 2025 with year-over-year revenue growth of 15.1%, a 23.8% increase in operating income, and $11.91 billion in remaining performance obligations, demonstrating the strength of our business. Our Electrical and Mechanical Construction segments continued to perform exceptionally well, driving our overall strong performance. Our Electrical Construction segment generated record revenues with quarterly growth of 67.5% and year-to-date growth of 55.2%, while achieving a record second quarter operating margin of 11.8% and an impressive 12.1% operating margin for the year-to-date period. Our Mechanical Construction segment also generated record revenues along with record quarterly and year-to-date operating margins of 13.6% and 12.8%, respectively. Our performance is further supported by our strategic and proactive expansion into new regions, as well as improvements in productivity driven by virtual design construction technologies and prefabrication capabilities. Through our consistent excellence in labor planning, large project coordination, and the sharing of best practices, we continue to deliver outstanding results for our customers and shareholders."

Full-Year 2025 Guidance

Based on anticipated project mix and near-term visibility, EMCOR currently expects the following for the full year 2025.

Second Quarter 2025 Earnings Conference Call Information

EMCOR Group's second quarter conference call will be broadcast live via the internet today, Thursday, July 31, at 10:30 AM Eastern Daylight Time and can be accessed through the Company's website at .

About EMCOR

EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company鈥檚 website at . EMCOR routinely posts information that may be important to investors in the 鈥淚nvestor Relations鈥� section of our website at . Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR.

Forward Looking Statements:

This release and related presentation contain forward-looking statements. Such statements speak only as of July 31, 2025, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements include statements regarding anticipated future operating and financial performance; financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations; the timing of future projects; our ability to support organic growth and balanced capital allocation; the financial impact of acquisitions, including the acquisition of Miller Electric Company; market opportunities and growth prospects; customer trends; and project mix. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. 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鈥檚 services; weakness of the sectors from which we generate revenues; adverse business conditions; scarcity of skilled labor; productivity challenges; the nature and extent of supply chain disruptions impacting availability and pricing of materials; inflationary trends, including fluctuations in energy costs; the impact of legislation and/or government regulations; changes in interest rates; changes in foreign trade policy including the effect of tariffs; the lack of availability of adequate levels of surety bonding; increased competition; the impact of legal proceedings, claims, lawsuits, or governmental investigations; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR鈥檚 business are also discussed in Part I, Item 1A 鈥淩isk Factors,鈥� of the Company鈥檚 2024 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at and . Such risk factors should be taken into account in evaluating our business, including any forward-looking statements.

Non-GAAP Measures:

This release and related presentation also include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies.

In addition, forecast non-GAAP diluted earnings per share for full-year 2025 is a forward-looking non-GAAP financial measure. The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP on a forward-looking basis because such reconciliations are not accessible without unreasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of adjustments such as acquisition related transaction costs that impact comparability and the periods in which such items may be recognized.

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Andrew G. Backman

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Investor Relations

(203) 849-7938



FTI Consulting, Inc.

Investors: Blake Mueller

(718) 578-3706

Source: EMCOR Group, Inc.