EMCOR Group, Inc.EME

EMCOR Group, Inc. Segments Disclosure

10-KFiled Feb 26, 20265 min read
SEGMENT INFORMATION
We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. Such operating subsidiaries are organized into the following reportable segments, which additionally reflect the nature of the services offered and their geographical location:
•United States electrical construction and facilities services;
•United States mechanical construction and facilities services;
•United States building services; and
•United States industrial services.
On December 1, 2025, we sold our United Kingdom operations, the results of which are reported within our United Kingdom building services segment through the date of sale.
Our chief operating decision maker (“CODM”) is our Chairman, President, and Chief Executive Officer. Our CODM is responsible for assessing the performance of the Company and each of our reportable segments as well as allocating resources, including personnel and capital resources. The measure of segment profit or loss utilized by our CODM is operating income. Our CODM evaluates segment performance by comparing historical, actual, and forecasted operating income on a regular basis. The accounting policies of our reportable segments are the same as those applied at the consolidated financial statement level as described in Note 2 - Summary of Significant Accounting Policies of the notes to consolidated financial statements.
The following tables present the revenues and operating income for each of our reportable segments for the years ended December 31, 2025, 2024, and 2023 (in thousands): 
 202520242023
Revenues from unrelated entities:
United States electrical construction and facilities services$5,074,252 $3,342,927 $2,783,723 
United States mechanical construction and facilities services7,050,481 6,405,657 5,074,803 
United States building services3,122,242 3,114,817 3,120,134 
United States industrial services1,268,099 1,277,190 1,167,790 
Total United States operations16,515,074 14,140,591 12,146,450 
United Kingdom building services471,348 425,525 436,423 
Consolidated revenues
$16,986,422 $14,566,116 $12,582,873 
202520242023
Total revenues:
United States electrical construction and facilities services$5,135,887 $3,370,506 $2,786,895 
United States mechanical construction and facilities services7,123,644 6,458,776 5,134,686 
United States building services3,171,057 3,166,680 3,228,056 
United States industrial services1,292,664 1,284,327 1,179,321 
Less intersegment revenues(208,178)(139,698)(182,508)
Total United States operations16,515,074 14,140,591 12,146,450 
United Kingdom building services471,348 425,525 436,423 
Consolidated revenues
$16,986,422 $14,566,116 $12,582,873 
NOTE 18 - SEGMENT INFORMATION (Continued)
202520242023
Operating income (loss):
United States electrical construction and facilities services$611,952 $447,186 $230,640 
United States mechanical construction and facilities services905,325 799,613 530,644 
United States building services187,192 176,720 182,995 
United States industrial services24,998 44,213 35,375 
Total United States operations1,729,467 1,467,732 979,654 
United Kingdom building services20,969 21,485 25,681 
Corporate administration(181,894)(144,354)(127,229)
Gain on sale of United Kingdom operations
144,876 — — 
Impairment loss on long-lived assets— — (2,350)
Consolidated operating income
1,713,418 1,344,863 875,756 
Other items:
Net periodic pension income (cost)
211 894 (1,119)
Interest expense(12,020)(3,779)(17,199)
Interest income20,015 35,404 15,415 
Income before income taxes$1,721,624 $1,377,382 $872,853 

The following tables provide the significant expenses that are regularly provided to and reviewed by our CODM for each of our reportable segments for the years ended December 31, 2025, 2024, and 2023 (in thousands):
 202520242023
Cost of sales:
United States electrical construction and facilities services$4,068,755 $2,673,491 $2,359,816 
United States mechanical construction and facilities services5,625,203 5,147,903 4,188,707 
United States building services2,503,079 2,516,745 2,567,993 
United States industrial services1,087,976 1,086,503 997,951 
Total United States operations13,285,013 11,424,642 10,114,467 
United Kingdom building services418,421 376,423 379,067 
Consolidated cost of sales
$13,703,434 $11,801,065 $10,493,534 
 202520242023
Selling, general and administrative expenses:
United States electrical construction and facilities services$393,545 $222,250 $193,267 
United States mechanical construction and facilities services519,953 458,141 355,452 
United States building services431,971 421,353 369,146 
United States industrial services155,125 146,474 134,464 
Total United States operations1,500,594 1,248,218 1,052,329 
United Kingdom building services31,958 27,616 31,675 
Corporate administration181,894 144,354 127,229 
Consolidated selling, general and administrative expenses
$1,714,446 $1,420,188 $1,211,233 
NOTE 18 - SEGMENT INFORMATION (Continued)
The following tables present other financial information for each of our reportable segments as of or for the years ended December 31, 2025, 2024, and 2023 (in thousands):
202520242023
Depreciation and amortization of property, plant, and equipment:   
United States electrical construction and facilities services$10,283 $7,928 $8,402 
United States mechanical construction and facilities services22,384 16,133 12,503 
United States building services16,189 15,716 15,672 
United States industrial services13,298 12,265 11,146 
Total United States operations62,154 52,042 47,723 
United Kingdom building services3,873 3,750 3,116 
Corporate administration1,341 886 983 
Total depreciation and amortization of property, plant, and equipment
$67,368 $56,678 $51,822 

202520242023
Amortization of identifiable intangible assets:
   
United States electrical construction and facilities services$48,307 $6,773 $9,583 
United States mechanical construction and facilities services25,584 25,320 15,302 
United States building services21,478 21,606 19,621 
United States industrial services23,683 23,303 22,637 
Total amortization of identifiable intangible assets
$119,052 $77,002 $67,143 

202520242023
Capital expenditures:   
United States electrical construction and facilities services$20,513 $9,467 $6,929 
United States mechanical construction and facilities services51,137 31,057 37,543 
United States building services15,076 18,314 19,843 
United States industrial services12,911 9,341 10,433 
Total United States operations99,637 68,179 74,748 
United Kingdom building services7,048 5,643 1,984 
Corporate administration6,065 1,128 1,672 
Total capital expenditures
$112,750 $74,950 $78,404 

December 31, 2025December 31, 2024December 31, 2023
Total assets:
United States electrical construction and facilities services$2,686,933 $1,314,577 $1,243,707 
United States mechanical construction and facilities services3,206,671 2,659,184 2,242,833 
United States building services1,436,779 1,396,236 1,382,664 
United States industrial services524,883 606,861 571,658 
Total United States operations7,855,266 5,976,858 5,440,862 
United Kingdom building services— 283,897 277,066 
Corporate administration1,436,133 1,455,718 891,793 
Total assets
$9,291,399 $7,716,473 $6,609,721 
NOTE 18 - SEGMENT INFORMATION (Continued)
The following table presents geographical information about certain tangible long-lived assets, including property, plant, and equipment and right-of-use lease assets as of December 31, 2025, 2024, and 2023 (in thousands):
December 31, 2025December 31, 2024December 31, 2023
Long-lived assets:
United States
$692,306 $509,181 $476,595 
United Kingdom
— 14,436 13,281 
Total long-lived assets
$692,306 $523,617 $489,876 

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 26, 2025
2023Feb 28, 2024
2022Feb 23, 2023
2021Feb 24, 2022
2020Feb 25, 2021
2019Feb 27, 2020
2018Feb 21, 2019
2017Feb 22, 2018
2016Feb 23, 2017
2015Feb 25, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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