EMCOR Group, Inc.

Listed Company

EMECIK 0000105634NYSELarge AcceleratedElectrical WorkDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$1.27B

Total Assets

$9.29B

Equity

$3.67B

Shares Out

44.44M

Op. Cash Flow

$1.30B

Business

EMCOR Group, Inc. is a specialty contractor that provides electrical and mechanical construction, facilities, building, and industrial services. It offers design, integration, installation, start-up, operation, maintenance, and management services for electrical power and premises systems, HVAC and plumbing, fire protection, low-voltage and communications, sustainable energy solutions, industrial turnaround and heat exchanger manufacturing, and a range of building maintenance and facility management services. The company operates through reportable segments for U.S. electrical construction and facilities services, U.S. mechanical construction and facilities services, U.S. building services, U.S. industrial services, and U.K. building services. EMCOR delivers services directly to owners, tenants, corporations, and government entities and indirectly as a subcontractor, primarily across the United States with additional operations in the United Kingdom.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	16,986	14,566	12,583	11,076	9,904
Cost of sales	13,703	11,801	10,494	9,473	8,402
Gross profit	3,283	2,765	2,089	1,604	1,502
Selling, general and administrative expenses	1,714	1,420	1,211	1,039	971
Gain on sale of United Kingdom operations	145	0	0	—	—
Impairment loss on long-lived assets	0	0	2	0	0
Operating income	1,713	1,345	876	565	531
Net periodic pension income (cost)	211,000	894,000	−1	4	4
Interest expense	−12	−4	−17	−13	−6
Interest income	20	35	15	3	949,000
Income before income taxes	1,722	1,377	873	559	529
Income tax provision	449	370	240	153	146
Net income including noncontrolling interests	1,273	1,007	633	406	384
Net income attributable to noncontrolling interests	0	0	335,000	0	169,000
Net income attributable to EMCOR Group, Inc. (in US dollars)	1,273	1,007	633	406	384
Basic earnings per common share (in US dollars per share)	28.3	21.61	13.37	8.13	7.09
Diluted earnings per common share (in US dollars per share)	28.19	21.52	13.31	8.1	7.06
Dividends declared per common share (in US dollars per share)	1	0.93	0.69	0.54	0.52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,112	1,340	790	456	821
Accounts receivable, less allowance for credit losses of $22,757 and $34,957, respectively	4,240	3,580	3,204	2,567	2,205
Contract assets	338	285	270	273	230
Inventories	126	96	111	86	54
Prepaid expenses and other	120	92	73	79	81
Total current assets	5,937	5,389	4,447	3,462	3,391
Property, plant, and equipment, net	253	207	179	158	152
Operating lease right-of-use assets	439	316	310	268	261
Goodwill	1,410	1,020	957	919	890
Identifiable intangible assets, net	1,109	648	586	594	589
Other assets	141	137	130	124	158
Total assets	9,291	7,716	6,610	5,525	5,441
Accounts payable	1,227	937	936	849	734
Contract liabilities	2,327	2,048	1,595	1,098	788
Accrued payroll and benefits	870	751	597	465	491
Other accrued expenses and liabilities	341	337	315	258	274
Operating lease liabilities, current	99	81	75	67	58
Total current liabilities	4,865	4,154	3,518	2,754	2,362
Operating lease liabilities, long-term	369	262	259	221	221
Other long-term obligations	382	362	361	344	360
Total liabilities	5,616	4,778	4,139	3,550	3,188
Preferred stock, $0.10 par value, 1,000,000 shares authorized, zero issued and outstanding	0	0	0	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized, 61,252,599 and 61,186,088 shares issued, respectively	613,000	612,000	611,000	609,000	607,000
Capital surplus	101	97	92	75	62
Accumulated other comprehensive loss	−2	−86	−86	−93	−84
Retained earnings	6,006	4,778	3,814	3,214	2,836
Treasury stock, at cost 16,732,232 and 15,375,963 shares, respectively	−2,432	−1,853	−1,351	−1,223	−562
Total EMCOR Group, Inc. stockholders equity	3,674	2,938	2,470	1,974	2,252
Noncontrolling interests	1	1	1	702,000	702,000
Total equity	3,675	2,939	2,471	1,974	2,253
Total liabilities and equity	9,291	7,716	6,610	5,525	5,441

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	67	57	52	47	48
Amortization of identifiable intangible assets	119	77	67	61	64
Provision for credit losses	8	17	8	5	8
Deferred income taxes	−16	−29	−17	10	10
Gain on sale or disposal of property, plant, and equipment	−2	−1	−2	−6	−782,000
Excess tax benefits from share-based compensation	−5	−4	−2	−2	−800,000
Equity income from unconsolidated entities	−62,000	−98,000	−2	−391,000	1
Non-cash expense for amortization of debt issuance costs	822,000	822,000	960,000	960,000	960,000
Non-cash (income) expense from contingent consideration arrangements	−534,000	9	2	2	2
Non-cash share-based compensation expense	21	20	14	12	11
Distributions from unconsolidated entities	251,000	2	400,000	400,000	44,000
Increase in accounts receivable	−438	−312	−626	−340	−247
(Increase) decrease in inventories	−27	18	−23	−32	−116,000
(Increase) decrease in contract assets	−43	−13	6	−45	−51
Increase (decrease) in accounts payable	189	−15	82	111	55
Increase in contract liabilities	156	427	490	300	45
Increase in accrued payroll and benefits and other accrued expenses and liabilities	141	148	189	−30	47
Changes in other assets and liabilities, net	4	−193,000	25	−4	−57
Net cash provided by operating activities	1,302	1,408	900	498	319
Payments for acquisitions of businesses, net of cash acquired	−1,022	−228	−96	−99	−118
Net proceeds from sale of United Kingdom operations	257	0	0	—	—
Proceeds from sale or disposal of property, plant, and equipment	5	4	14	7	3
Purchases of property, plant, and equipment	−113	−75	−78	−49	−36
Net cash used in investing activities	−874	−299	−161	−141	−153
Proceeds from revolving credit facility	525	0	200	270	0
Repayments of revolving credit facility	−525	0	−200	−270	0
Repayments of long-term debt and debt issuance costs	0	0	−246	−14	−14
Repayments of finance lease liabilities	−3	−3	−3	−4	−4
Dividends paid to stockholders	−45	−43	−33	−27	−28
Repurchases of common stock	−586	−490	−128	−661	−196
Taxes paid related to net share settlements of equity awards	−17	−15	−6	−8	−4
Issuances of common stock under employee stock purchase plan	0	943,000	9	8	7
Payments for contingent consideration arrangements	−12	−5	−6	−6	−7
Distributions to noncontrolling interests	−934,000	0	0	0	−43,000
Net cash used in financing activities	−664	−555	−412	−710	−245
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	7	−3	6	−13	−1
(Decrease) increase in cash, cash equivalents, and restricted cash	−228	551	333	−366	−81

Filings

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