EMCOR
EME · NYSEElectrical Work · Fiscal year ends Dec 31
EMCOR reported revenue of $17B in the fiscal year ended Dec 2025, up 16.6% from the year before. Operating income was $1.7B, an operating margin of 10.1%, and net income was $1.3B. Operating cash flow of $1.3B less capital expenditure of $113M left free cash flow of $1.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $9.9B | $11.1B | $12.6B | $14.6B | $17B |
| Cost of revenue | $8.4B | $9.5B | $10.5B | $11.8B | $13.7B |
| Gross profit | $1.5B | $1.6B | $2.1B | $2.8B | $3.3B |
| Selling, general & admin | $971M | $1B | $1.2B | $1.4B | $1.7B |
| Operating income | $531M | $565M | $876M | $1.3B | $1.7B |
| Interest expense | $6M | $13M | $17M | $4M | $12M |
| Pre-tax income | $529M | $559M | $873M | $1.4B | $1.7B |
| Income tax | $146M | $153M | $240M | $370M | $449M |
| Net income | $384M | $406M | $633M | $1B | $1.3B |
| Diluted EPS | 7.06 | 8.10 | 13.31 | 21.52 | 28.19 |
| Diluted shares | 54M | 50M | 48M | 47M | 45M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $821M | $456M | $790M | $1.3B | $1.1B |
| Receivables | $2.2B | $2.6B | $3.2B | $3.6B | $4.2B |
| Current assets | $3.4B | $3.5B | $4.4B | $5.4B | $5.9B |
| Net PP&E | $152M | $158M | $179M | $207M | $253M |
| Goodwill | $890M | $919M | $957M | $1B | $1.4B |
| Total assets | $5.4B | $5.5B | $6.6B | $7.7B | $9.3B |
| Payables | $734M | $849M | $936M | $937M | $1.2B |
| Deferred revenue | $788M | $1.1B | $1.6B | $2B | $2.3B |
| Current liabilities | $2.4B | $2.8B | $3.5B | $4.2B | $4.9B |
| Long-term debt | $245M | $232M | $3M | – | – |
| Total liabilities | $3.2B | $3.6B | $4.1B | $4.8B | $5.6B |
| Shareholders' equity | $2.3B | $2B | $2.5B | $2.9B | $3.7B |
| Backlog (remaining obligations) | $5.6B | $7.5B | $8.8B | $10.1B | $13.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $319M | $498M | $900M | $1.4B | $1.3B |
| Capital expenditure | $36M | $49M | $78M | $75M | $113M |
| Free cash flow | $283M | $449M | $821M | $1.3B | $1.2B |
| Depreciation & amortisation | $48M | $47M | $52M | $57M | $67M |
| Acquisitions | $118M | $99M | $96M | $228M | $1B |
| Share buybacks | $196M | $661M | $128M | $490M | $586M |
| Dividends paid | $28M | $27M | $33M | $43M | $45M |
| Dividend per share | 0.52 | 0.54 | 0.69 | 0.93 | 1.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.8% | 13.6% | 15.8% | 16.6% |
| Operating income growth (YoY) | – | 6.4% | 55.0% | 53.6% | 27.4% |
| EPS growth (YoY) | – | 14.7% | 64.3% | 61.7% | 31.0% |
| Gross margin | 15.2% | 14.5% | 16.6% | 19.0% | 19.3% |
| Operating margin | 5.4% | 5.1% | 7.0% | 9.2% | 10.1% |
| Net margin | 3.9% | 3.7% | 5.0% | 6.9% | 7.5% |
| Return on equityBlank when equity is negative | 17.0% | 20.6% | 25.6% | 34.3% | 34.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.2% | 20.4% | 28.3% | 37.7% | 38.7% |
| Free cash flow margin | 2.9% | 4.1% | 6.5% | 9.2% | 7.0% |
| Cash conversion (CFO ÷ net income) | 0.83x | 1.23x | 1.42x | 1.40x | 1.02x |
| Receivable days | 81 | 85 | 93 | 90 | 91 |
| Payable days | 32 | 33 | 33 | 29 | 33 |
| Interest cover | 87.4x | 42.8x | 50.9x | 356x | 143x |
| Debt ÷ equity | 0.11x | 0.12x | 0.00x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$576M | −$225M | −$787M | – | – |
| Current ratio | 1.44x | 1.26x | 1.26x | 1.30x | 1.22x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.