EMCOR : First Quarter 2026 Earnings Call (1Q26 Earnings Presentation FINAL)

Published: 2026-04-29 07:44:11 ET EME

Published on 04/29/2026 at 07:44 am EDT

FIRST QUARTER 2026 FINANCIAL RESULTS

Tony Guzzi Chairman, President, & Chief Executive Officer

Jason Nalbandian SVP & Chief Financial Officer

Maxine Mauricio EVP, Chief Administrative Officer, & General Counsel

Lucas Sullivan Director, Financial Planning & Analysis

($ Millions, except per share information) (Unaudited)

Q1 2026

Q1 2025

Change

$ %

Revenues

$ 4,628

$ 3,867

$ 761

19.7%

Operating Income

$ 404

$ 319

$ 85

26.7%

Operating Margin

8.7%

8.2%

Non-GAAP Operating Income1

$ 404

$ 328

$ 76

23.1%

Non-GAAP Operating Margin1

8.7%

8.5%

Diluted EPS

$ 6.84

$ 5.26

$ 1.58

30.0%

Non-GAAP Diluted EPS1

$ 6.84

$ 5.41

$ 1.43

26.4%

» Record quarterly revenues, driven by strong demand, led to increases in operating income, operating margin, and diluted EPS

» Performance reflects our strategic positioning in high-growth sectors and operational excellence across our construction and services platforms

» Results demonstrate our customers' continued confidence in EMCOR as a partner of choice for complex and mission-critical projects

» Record Remaining Performance Obligations of $15.62 billion reflect diverse demand across key market sectors

» Fundamentals of our business remain strong, and we are well-positioned for the remainder of 2026

» Balance sheet remains strong and liquid, supporting organic growth as well as balanced capital allocation model

1 Excludes transaction expenses related to the acquisition of Miller Electric in Q1 2025.

» Diverse RPOs of $15.62B; +$3.87B year-over-year and +$2.37B from Dec. 2025

$16,000

$15,621

$16,000

$15,000

$14,000

$13,254

$14,000

$13,254

$17,000

By Market Sector ($ Millions) (Unaudited)

$17,000

By Segment ($ Millions) (Unaudited)

$13,000

$12,000

$11,000

$10,000

$9,000

$8,000

$7,000

$6,000

$5,000

$4,000

$3,000

$2,000

$1,000

$11,750

3/31/25 12/31/25 3/31/26

$13,000

$12,000

$11,000

$10,000

$9,000

$8,000

$7,000

$6,000

$5,000

$4,000

$3,000

$2,000

$1,000

$15,621

$11,750

3/31/25 12/31/25 3/31/26

Mechanical

Industrial Services

Electrical

EMCOR UK

Building Services

Commercial Healthcare

Water & Wastewater

Short Duration Projects

Network & Communications Institutional

Hospitality & Entertainment

High-Tech Manufacturing Manufacturing & Industrial

Transportation

» Record quarterly revenues of $4.63 billion

Variance from

First Quarter 2025

($ Millions) (Unaudited)

Q1 2026

United States Electrical Construction & Facilities Services

$ 1,447.4

$ 359.6

33.1%

United States Mechanical Construction & Facilities Services

2,026.4

453.7

28.9%

Total U.S. Construction

3,473.8

813.3

30.6%

United States Building Services

772.6

30.0

4.0%

United States Industrial Services

381.8

22.9

6.4%

Total U.S. Operations

4,628.2

866.2

23.0%

United Kingdom Building Services1

─

(105.3)

N/M

Total EMCOR

$ 4,628.2

$ 760.9

19.7%

1 EMCOR sold its United Kingdom operations on December 1, 2025.

» Operating Income of $403.8 million or 8.7% of revenues; +$85.1 million year-over-year

Variance from

First Quarter 2025

($ Millions) (Unaudited)

Q1 2026

United States Electrical Construction & Facilities Services

$ 174.5

$ 38.4

28.2%

United States Mechanical Construction & Facilities Services

221.6

34.9

18.7%

Total U.S. Construction

396.1

73.3

22.7%

United States Building Services

40.4

4.0

11.1%

United States Industrial Services

12.8

6.0

89.1%

United Kingdom Building Services 1

(5.0)

N/M

Operating Margin by Segment

12.5% 12.1%

11.9%

12.1%

10.9%

11.4%

1Q 2025 1Q 2026

8.2%

8.7%

8.5% 8.7%

4.9%

5.2%

3.3%

1.9%

U.S. Electrical

U.S. Mechanical

Total U.S.

U.S. Building

U.S. Industrial

Total EMCOR

Construction &

Construction

Services

(Non-GAAP)2

Facilities Services

1 EMCOR sold its United Kingdom operations on December 1, 2025.

2 Excludes transaction expenses related to the acquisition of Miller Electric in Q1 2025.

($ Thousands, except per share information) (unaudited)

For the Quarter Ended

March 31, Variance

2026

2025

Revenues

$ 4,628,233

$ 3,867,372

$ 760,861

19.7%

Gross Profit

863,950

722,718

141,232

19.5%

18.7%

Selling, General & Administrative Expenses

460,105

403,962

56,143

13.9%

9.9%

10.4%

Operating Income

$ 403,845

$ 318,756

$ 85,089

26.7%

8.7%

8.2%

Diluted Earnings per Common Share

$ 6.84

$ 5.26

$ 1.58

30.0%

Non-GAAP Operating Income1

$ 403,845

$ 328,109

$ 75,736

23.1%

8.7%

8.5%

Non-GAAP Diluted Earnings per Common Share1

$ 6.84

$ 5.41

$ 1.43

26.4%

1 Excludes transaction expenses related to the acquisition of Miller Electric in Q1 2025.

($ Thousands)

(unaudited)

March 31,

2026

December 31,

2025

Cash

916,420

1,111,968

Working Capital

1,252,994

1,072,405

Goodwill

1,433,937

1,412,414

Identifiable Intangible Assets, Net

1,089,866

1,108,828

Total Debt

6,051

6,348

Stockholders' Equity

3,867,576

3,674,981

Total Debt / Total Capitalization

0.2%

Revenues Operating Margin

Diluted EPS

Current Guidance (4/29/26)

$18.50 billion - $19.25 billion 9.0% - 9.4%

$28.25 - $29.75

Previous Guidance (2/26/26)

$17.75 billion - $18.50 billion 9.0% - 9.4%

$27.25 - $29.25

» Record Remaining Performance Obligations of $15.62 billion coupled with diverse pipeline and operational capabilities provides us with visibility and momentum supporting our outlook for the remainder of 2026

» Customer investments in AI infrastructure and digital transformation are driving unprecedented activity within the Network and Communications market sector

» Other large, attractive end markets, including Water & Wastewater; Institutional; Healthcare; Manufacturing & Industrial; and

High-Tech Manufacturing continue to have strong demand

» Robust demand for fire life safety projects and aftermarket services across most sectors with resumption in warehousing, distribution, and logistics projects

» HVAC retrofit projects, building controls installations and upgrades, and energy efficiency / Indoor Air Quality (IAQ) services continue to create aftermarket opportunities

» Macro uncertainties persist, including trade policy impacts (such as tariffs), supply chain disruption, rising commodity prices, elevated interest rates, legislative trends, energy and tax policy, and global conflicts; however, our teams have consistently demonstrated the ability to navigate complexity and deliver results

» We continue to execute with discipline, share knowledge across our organization, and leverage our workforce training and development programs, Virtual Design and Construction capabilities, prefabrication facilities, and advanced project planning methodologies

10 » Our disciplined approach to capital allocation, focused on organic investment, strategic acquisitions, and returning capital to shareholders has provided the foundation for our compounding record of success

EMCOR Capital Allocation by Year (%)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

4.8%

2.5%

6.4%

23.4%

57.9%

9.7%

21.0%

7.7%

7.4%

10.0%

4.9%

81.9%

13.2%

46.5%

49.1%

33.2%

58.5%

38.1%

79.0%

61.7%

51.7%

49.3%

27.3%

42.2%

13.6%

7.5%

36.7%

~50%

11.8%

5.9%

3.3%

20.6%

22.0%

24.7%

5.2%

~50

28.8%

31.3%

12.4%

38.7%

16.2%

9.0%

9.6%

5.3%

2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 2017 -

YTD 20261

Business Reinvestment

Acquisitions Capex

Shareholder Return

Dividends Share Repurchases

1 YTD through March 31, 2026.

Disclaimer

EMCOR Group Inc. published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2026 at 11:43 UTC.