Latest analysis
Updated Jul 30, 2026
EMCOR Q2 2026: Record $17.1B Backlog and 10.6% Operating Margin Signal Accelerating Data Center Demand Absorption
EMCOR delivered a Q2 2026 quarterly revenue record of $5.15 billion, up 19.8% from Q2 2025, with consolidated operating margin expanding 100 basis points to 10.6% — both records for a second quarter. The decisive driver is data center construction: network and communications is now 58% of US electrical segment revenue and 35% of US mechanical segment revenue, with remaining performance obligations surging to a record $17.14 billion, up $3.89 billion from year-end 2025, predominantly from data center contract awards. A post-period announcement of four electrical contractor acquisitions at an aggregate $700 million purchase price signals EMCOR is accelerating its electrical capacity build-out to capture an order book it cannot yet fully staff organically.
Tone: bullishRevenue
$17B
EME 10-K · FY 2025
Employees
44,000
Revenue growth YoY
+16.6%
Headquarters
Norwalk, CT
Profile
EME 10-K Item 1 · Feb 26, 2026EMCOR Group is one of the largest specialty contractors in the United States, providing electrical and mechanical construction, building services, and industrial services to commercial, technology, manufacturing, healthcare, and government customers. The company operates through approximately 100 subsidiaries organized into four reportable segments. In 2025, EMCOR generated revenues of $16.99 billion, a new annual record.
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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. In 2025, we had revenues of $16.99 billion. Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries, which specialize principally in providing construction services relating to electrical and mechanical systems in all types of facilities and in providing various services relating to the operation, maintenance, and management of those facilities. Such operating subsidiaries are organized into the following reportable segments: 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 operating subsidiaries offer comprehensive and diverse solutions on a broad scale and have many long-standing customer relationships. We provide construction services and building services directly to corporations, municipalities and federal and state governmental entities, owners/developers, and tenants of buildings. We also provide our construction services indirectly by acting as a subcontractor to general contractors, systems suppliers, construction managers, developers, property managers, and other subcontractors. We generally provide industrial services directly to refineries and petrochemical plants. We derive revenues from many different customers in numerous industries, which have operations in several different geographical areas. Of our 2025 revenues, approximately 97% were generated in the United States and approximately 3% were generated in the United Kingdom.
Primary products
- electrical construction and facilities services
- mechanical construction and facilities services
- building services
- industrial services
- refinery turnaround planning and engineering services
- specialty welding services
Business segments
End markets
Geographies
Named customers
Named competitors
“We believe our financial position, operating results, access to bank credit and surety bonding, technical expertise including prefabrication, VDC, and BIM capabilities, and safety record, among other factors, give us an advantage over many of our competitors.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Consolidated revenues for 2025 increased 16.6% year-over-year, setting a new annual record for the company, driven by broad-based demand across most market sectors and approximately $1.27 billion of incremental acquisition contribution.
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