What is the market's earnings forecast for EMCOR Group next quarter?

What does EMCOR Group do and what are its main business segments?

What is EMCOR Group's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for EMCOR Group year over year?

What guidance did EMCOR Group's management provide for the next earnings period?

What factors drove the changes in EMCOR Group's revenue and profit?

What were the key takeaways from EMCOR Group's earnings call?

Did EMCOR Group beat or miss consensus estimates last quarter?

- **Record Growth**: 2025 revenue $16.99B (+10.1%), EPS $25.87, operating margin 9.4%, all records. Q4 revenue $4.5B (+19.7%).
- **RPO Surge**: Total RPOs $13.25B (+17.6% organic), network/communications RPOs $4.46B (+60%).
- **Strategic Moves**: Sold U.K. for $1.1B, acquired Miller Electric, repurchased $580M shares, dividend +60%.
- **2026 Outlook**: Revenue $17.75-$18.5B, EPS $27.25-$29.25, operating margin 9%-9.4%.
- **Margin Caution**: 2026 guidance reflects cautious project mix, with 9.4% as high-end target.
- **M&A Active**: Pipeline includes $2M-$500M deals, 2026 buyback authorization $500M.


**【CEO Summary Section】**
- **Record Financial Performance**: Q4 2025 revenue of $4.5 billion (19.7% YoY growth), adjusted EPS of $7.19 (13.8% YoY), and full-year revenue of $16.99 billion (10.1% YoY growth). Full-year operating margin of 10.1%, highest in company history.
- **Strong RPO Growth**: Total RPOs of $13.25 billion (17.6% YoY organic growth), with network and communications RPOs up 60% YoY to $4.46 billion. Water and wastewater RPOs grew 60% YoY to $1.1 billion.
- **Strategic Initiatives**: Sold U.K. business for $1.1 billion, acquired Miller Electric ($865 million) and 9 other companies, repurchased $580 million in shares, and increased dividend by 60%.
- **2026 Guidance**: Revenue $17.75-$18.5 billion, EPS $27.25-$29.25, operating margin 9%-9.4%.

**【CFO Financial Commentary】**
- **Segment Performance**: Electrical Construction revenue up 45.8% YoY to $1.36 billion, Mechanical Construction up 17% YoY to $1.94 billion. Building Services revenue up 2.2% YoY to $772.5 million.
- **Margins**: Q4 non-GAAP operating margin 9.7%, full-year 9.4%. Electrical segment margin 12.7%, Mechanical 12.9%, Building Services 5.4%.
- **Cash Flow**: Operating cash flow $1.3 billion (80% conversion of operating income). Ended with $1.1 billion cash, no debt.
- **Cost Management**: SG&A 10.2% of revenue, driven by transaction costs and acquisitions. Amortization impact on margins offset by strong execution.

**【Q&A Highlights】**
- **Margin Pressures**: Q3 margin headwinds from new market entry and project mix resolved in Q4. 2026 margin guidance reflects cautious outlook on project mix and water/wastewater work.
- **RPO Composition**: Network/communications RPOs 33% of total, diversified across 17 electrical and 7 mechanical markets. No plans to reduce diversification despite high demand.
- **M&A Pipeline**: Active pipeline with deals ranging $2 million-$500 million, focusing on mechanical/electrical contractors and building services. 2025 M&A spend $1.1 billion, 2026 authorization for $500 million share buybacks.
- **Productivity**: Revenue growing 2-3x faster than headcount, driven by prefabrication, VDC, and project planning efficiencies.


EMCOR Group, Inc. (EME) Q4 2025 Earnings Call Transcript

- **Revenue Record**: Q3 2025 revenue of $4.3B (+16.4% YoY), with RPOs at $12.6B (+29% YoY). 
- **Margin Strength**: 9.4% operating margin, highest on record, despite short-term headwinds. 
- **Strategic Expansion**: Acquired Danforth for $350-400M revenue and sold UK business for $255M, sharpening US focus. 
- **Growth Guidance**: 2025 EPS guidance narrowed to $25-25.75, reflecting confidence in data center and healthcare demand.

**【CEO Summary Section】**
- **Record Q3 Performance**: Achieved $6.57 EPS, $43B revenue. (+16.4% YoY), 9.4% operating margin, and $475.5M operating cash flow. Remaining Performance Obligations (RPOs) reached $12.6B, up 29% YoY, driven by data centers, healthcare, and manufacturing. 
- **Strategic Moves**: Sold UK business for $255M and acquired Danforth (adding $350-400M revenue) to expand data center and industrial capabilities. 
- **Growth Momentum**: Tightened 2025 guidance to $16.7-16.8B revenue and $25-25.75 EPS, reflecting strong demand in data centers, healthcare, and water/wastewater. 

**【CFO Financial Commentary】**
- **Segment Growth**: Electrical Construction (+52.1%), Mechanical (+7%), Building Services (+2.1%), and Industrial flat. Operating income of $45.7M, with strong margins across segments. 
- **Financial Health**: Generated $778M year-to-date operating cash flow, maintaining a strong balance sheet with $655M cash. Acquisitions and organic growth contributed to revenue expansion, while SG&A expenses remained disciplined. 

**【Q&A Highlights】**
- **Margin Management**: Acknowledged short-term headwinds from new market investments but emphasized long-term margin stability. 
- **Organic Growth**: Targeted high single-digit to low double-digit organic growth, supported by RPOs growing 5-6% sequentially. 
- **Sector Outlook**: Data centers, healthcare, and water/wastewater expected to drive future growth, with AI data centers projected for 20%+ expansion.

EMCOR Group, Inc. (EME) Q3 2025 Earnings Call Transcript

- **Revenue and EPS Records**: Q2 2025 revenue of $4.3 billion (+17.4% YoY), EPS of $6.72 (+28% YoY).
- **RPO Growth**: $11.9 billion RPOs (+32% YoY), driven by data centers, healthcare, and manufacturing.
- **Segment Strength**: Electrical Construction up 67.5% YoY, Mechanical Construction up 6%, U.K. Building Services up 26.3%.
- **Guidance Raise**: 2025 EPS guidance to $24.50-$25.75, revenue to $16.4-$16.9 billion.
- **Margin Expansion**: Operating margin 9.6% (vs. 9.1% YoY), Construction segments at 12.8%.
- **Data Center Dominance**: Outpacing broader market with VDC/BIM, prefabrication, and customer demand.
- **Balance Sheet Strength**: $486 million cash, $782 million working capital, supporting growth initiatives.


**【CEO Summary Section】**
- **Record Revenue and EPS Growth**: Q2 2025 revenue reached $4.3 billion (17.4% YoY), with diluted EPS of $6.72, up 28% YoY.
- **Strong Remaining Performance Obligations (RPOs)**: Exited Q2 with $11.9 billion in RPOs, a 32% YoY increase, driven by data centers, healthcare, and manufacturing.
- **Segment Strength**: Electrical Construction (+67.5% YoY) and Mechanical Construction (+6% YoY) led growth, while U.K. Building Services revenue rose 26.3%.
- **Guidance Raise**: Updated 2025 EPS guidance to $24.50-$25.75 and revenue to $16.4-$16.9 billion, reflecting confidence in margin sustainability.

**【CFO Financial Commentary】**
- **Operating Margin Expansion**: Q2 operating margin of 9.6% (vs. 9.1% YoY), with Construction segments at 12.8%.
- **Segment Performance**: Electrical Construction operating income up 78% YoY, Mechanical Construction up 12%, and U.S. Building Services up 6.8%.
- **Balance Sheet Strength**: $486 million cash, $782 million working capital, and $256 million debt, supporting M&A and share buybacks.
- **Cash Flow**: Q2 operating cash flow of $194 million, with full-year estimates of 100-120% of net income.

**【Q&A Key Highlights】**
- **Data Center Growth**: Electrical and Mechanical segments outpacing broader market, driven by VDC/BIM, prefabrication, and customer demand.
- **Industrial Services Recovery**: Expect sequential improvement in shop and field services, with focus on Mechanical Services profitability.
- **M&A Strategy**: Pipeline remains active, with focus on cultural fit and long-term value creation (e.g., Miller Electric integration).
- **Margin Sustainability**: Rolling 12-24 month averages for Construction segments at 12.5-13.25%, supported by project size leverage and productivity gains.
- **U.K. Momentum**: Service revenue growth and contract wins driving 26.3% YoY revenue increase, with margin expansion through cost management.


EMCOR Group, Inc. (EME) Q2 2025 Earnings Call Transcript

- **Revenue & Profit Surge**: Q1 revenue up 12.7% YoY to $3.87B, EPS +29.7% to $5.41. Electrical segment RPOs jump 112% YoY.
- **Margin Expansion**: Non-GAAP margin 8.5%, up 90bps YoY. Electrical/Mechanical margins 12.5%/11.9%.
- **Guidance Raise**: EPS low end +$0.40 to $22.65-$24.00, reflecting tariff resilience and RPO growth.
- **Strategic Moves**: $225M buybacks, Miller Electric integration on track with 25-30bps margin dilution.
- **Growth Drivers**: Data centers (85% of Network RPOs), healthcare (+38% YoY), and reshoring trends in pharma/manufacturing.


**【CEO Opening Remarks】**
- Q1 2025 revenue reached $3.87 billion, up 12.7% YoY, driven by Electrical and Mechanical Construction segments (+42.3% and +10.2% respectively). Non-GAAP EPS was $5.41, up 29.7% YoY.
- Electrical segment RPOs grew 112% YoY to $3.6 billion, with Miller Electric contributing $400 million. Healthcare RPOs rose 38% YoY to $1.5 billion.
- Guidance updated: EPS range raised to $22.65-$24.00 (low end +$0.40), reflecting strong RPO growth and margin discipline.

**【CFO Financial Review】**
- GAAP operating income: $318.8 million (8.2% margin). Non-GAAP: $328.1 million (8.5% margin), excluding $9.4 million acquisition costs.
- Electrical segment margin: 12.5% (up 50bps YoY). Mechanical segment: 11.9% (up 130bps YoY).
- SG&A expenses rose 20.4% YoY to $403.3 million, driven by headcount growth and incentive compensation.

**【Q&A Key Highlights】**
- **Tariffs & Supply Chain**: Management confident in passing costs via contracts. 25-30bps margin dilution expected from Miller Electric amortization.
- **Building Services**: Shifting mix to higher-margin mechanical services (now 80% of segment vs. 70% prior). Site-based revenues declining but controlled.
- **Data Center Growth**: 85% of Network & Communications RPOs tied to data centers. Electrical scope 1.25x mechanical due to cooling demands. 2026+ RPOs account for 20% of total, driven by long-term water/wastewater projects.
- **Stock Buybacks**: $225 million repurchased Q1, supported by strong cash flow ($108.5 million) and $577 million ending balance.


EMCOR (EME)-30 Apr 25-2025 Q1 Earnings call transcript

- **Record Growth**: 2024 revenue up 15.8% to $14.6 billion, with Q4 operating margin of 10.3%. 2025 guidance targets $16.1-16.9 billion revenue and 8.5-9.2% operating margin.
- **Data Center Dominance**: RPOs in network/communications up 80% YoY, with Miller Electric adding $700 million in Southeast exposure.
- **Miller Synergies**: 2025 EPS accretion of $0.10-0.15, offset by $45 million amortization. Long-term accretion as backlog amortizes.
- **Labor Efficiency**: 65% headcount growth vs. revenue, driven by productivity and safety-focused workforce.
- **Risk Management**: Mitigated supply chain risks through contractual terms, inventory, and high-margin project focus.


**【CEO Summary Section】**
- **Record Financial Performance**: Q4 2024 revenue of $3.77 billion (+9.6% YoY), diluted EPS of $6.32, and operating margin of 10.3%. Full-year revenue reached $14.6 billion (+15.8% YoY), with operating margin of 9.2%.
- **Growth Drivers**: Data centers, high-tech manufacturing, healthcare, and energy retrofits contributed significantly. RPOs (future project reserves) reached $10.1 billion (+14% YoY), with Miller Electric adding $700 million post-acquisition.
- **Acquisition of Miller Electric**: $865 million deal to expand Southeast presence, expected to contribute 35-50% of 2025 growth. Synergies include shared customers and expanded service capabilities.
- **2025 Outlook**: Revenue guidance of $16.1-16.9 billion, EPS of $22.25-24.00. Operating margin target of 8.5-9.2%, with 25-30 basis points impact from intangible amortization.

**【CFO Financial Commentary】**
- **Segment Performance**: U.S. Electrical Construction revenue up 22% YoY, operating margin 15.8%. U.S. Mechanical Construction revenue +12.8%, margin 13.3%. Building Services saw revenue decline due to contract non-renewals, but margin improved to 5.4%.
- **Cash Flow & Capital Allocation**: Operating cash flow of $1.4 billion (105% of operating income). $230 million in 2024 acquisitions, $500 million share buyback program expansion, and $43 million dividends returned to shareholders.
- **Miller Impact**: Expected $0.10-0.15 EPS accretion in 2025, offset by $45 million intangible amortization. Long-term accretion as backlog amortizes.

**【Q&A Highlights】**
- **Data Center Growth**: 80% YoY RPO growth in network/communications, driven by hyperscale data centers. AI-driven data centers expected to emerge, with 2025 focus on existing project execution.
- **Building Services Strategy**: Shifting to higher-margin mechanical services, reducing reliance on low-margin site-based contracts. Mechanical services RPOs at $1.1 billion.
- **Labor Management**: 80% internal promotions, near-zero voluntary turnover in leadership. Headcount growth 5-6% YoY, driven by project demand and productivity improvements.
- **Tariffs & Supply Chain**: Mitigated risks through contractual pass-through, inventory management, and focus on high-margin, low-material projects.
- **Industrial Services**: Organic growth and acquisitions (e.g., upstream oil & gas) position for long-term expansion with favorable energy policies.


Actual											1.35	1.44	1.76	1.86	1.54	1.78	1.85	1.89	1.39	1.99	2.16	2.63	2.95	3.61	4.46	4.17	5.25	5.8	6.3	5.41	6.72	6.57	7.19
Forecast											1.3433	0.8833	1.252	1.44	1.225	1.58	1.7883	1.8838	1.612	1.678	2.084	2.27	2.36	2.715	3.5516	2.8356	3.7567	4.9833	5.8879	4.625	5.7405	6.54	6.6818
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+0.50%	+63.03%	+40.58%	+29.17%	+25.71%	+12.66%	+3.45%	+0.33%	-13.77%	+18.59%	+3.65%	+15.86%	+25.00%	+32.97%	+25.58%	+47.06%	+39.75%	+16.39%	+7.00%	+16.97%	+17.06%	+0.46%	+7.61%

EME

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EME Q4 2025 Earnings

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EME

EME fundamentals

EME Q4 2025 Earnings

Earnings Call

EME Earnings Call Summary for Q4/202510:30 AM on Feb 26, 2026

EME Earnings Call Summary for Q3/202510:30 AM on Oct 30, 2025

EME Earnings Call Summary for Q2/202510:30 AM on Jul 31, 2025

EME Earnings Call Summary for Q1/202510:30 AM on Apr 30, 2025

EME Earnings Call Summary for Q4/202410:30 AM on Feb 26, 2025

You can ask Aime