- Company name
- EMCOR Group
- Sector
- Electrical and mechanical contracting
- About
- EMCOR Group, Inc. (EMCOR) is a provider of electrical and mechanical construction and building services. It is based in Norwalk, Connecticut. It builds and services electrical and mechanical systems for mission critical buildings such as data centers, and for healthcare, water and wastewater, institutional and industrial customers. Its segments include United States electrical construction and facilities services, United States mechanical construction and facilities services and United States building services. Revenue was $5.54 billion in Q3 2026 and $15.32 billion for nine months. Remaining performance obligations were $18.57 billion at September 30, 2026. Tony Guzzi is Chairman, President and Chief Executive Officer. The common stock trades on the NYSE in US dollars. EMCOR files 10-K and 10-Q reports.
- Thesis
- The price of EMCOR depends on whether demand for data centers and other complex buildings keeps growing, and whether its margin stays near today's level. Remaining performance obligations were $18.57 billion at September 30, 2026, against $12.61 billion a year before. The largest growth was in network and communications, mostly data center contracts. Management raised the guidance for 2026 non-GAAP earnings per share to $34.50 to $35.50 and expects an operating margin of about 10%. For the price to hold or rise, four things must be true. New awards must keep adding to remaining performance obligations. EMCOR must turn them into revenue without cost overruns on large projects. The operating margin must stay near 10% as revenue grows. The acquisitions, nine in the first nine months of 2026 for $809.9 million upfront, must earn more than their cost. The Q4 2026 report in late February 2027 and its 2027 outlook are the next tests. If data center spending slows, or if a large project loses money, the price can fall.
- Risks
- Growth depends on data centers. The 10-Q says that the largest increase in remaining performance obligations was in network and communications, mostly from several data center construction contracts. If this spending slows, growth and margin can fall.
Costs can rise on fixed price work. EMCOR lists scarcity of skilled labor, productivity, supply chain disruption, inflation and tariffs among its risks, and some of its construction projects have a fixed price.
Acquisitions can fail to earn their cost. The nine acquisitions of 2026 added operating income of $6.4 million after amortization of $11.9 million in nine months, and EMCOR booked an impairment of $34.0 million in Q3 2026.
Commodity prices can change. EMCOR is exposed to prices of copper and steel, and tariffs can change the price of materials.
- Balance sheet
- Cash: $775M
Debt: $0.0M
Net cash: $775M
At September 30, 2026, EMCOR had cash and cash equivalents of $774.8 million, against $1,112.0 million at December 31, 2025. It had no direct borrowings under its $1.30 billion revolving credit facility, and letters of credit of $73.4 million reduced the capacity. Contract liabilities were $2,969 million. Goodwill was $1,711.9 million and identifiable intangible assets were $1,441.1 million. Payments for acquisitions were $797.4 million in nine months. The board added $500 million to its repurchase program on October 26, 2026.
As of Sep 30, 2026.
- Checkpoints
- Feb 25, 2027 (estimate): Q4 2026 results and 2027 outlook. Pending. Watch: Non-GAAP earnings per share for 2026 are in the guided range of $34.50 to $35.50 and remaining performance obligations stay above $18 billion, and this passes; a miss on either fails.
Apr 2027 (estimate): Q1 2027 results. Pending. Watch: The operating margin stays near 10% while revenue grows 10% or more, and this passes; a lower margin or slower growth fails.
- Recent events
- Oct 29, 2026: EMCOR reported Q3 2026 results and filed its Form 10-Q. Revenue rose 28.8% to $5.54 billion, and non-GAAP earnings per share rose 46.1% to $9.60. It booked a non-cash impairment loss of $34.0 million on identifiable intangible assets. It raised the guidance for 2026 revenue to $20.6 billion to $21.0 billion and for non-GAAP earnings per share to $34.50 to $35.50.
Oct 26, 2026: The board of directors of EMCOR authorized an additional $500 million for share repurchases under its existing program.
Sep 30, 2026: EMCOR had acquired nine companies in the first nine months of 2026 for upfront consideration of $809.9 million. They include five electrical contractors, two companies in mechanical construction and two in building services. They added revenue of $160.6 million in the period.
Jul 30, 2026: EMCOR reported Q2 2026 results. It guided 2026 revenue to $20.0 billion to $20.5 billion, non-GAAP operating margin to 9.5% to 9.8% and non-GAAP earnings per share to $32.00 to $33.25. It raised these figures on October 29, 2026.