What changed in this filing

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Item 1. Financial Statements

2026-04-29 compared with 2025-10-30 · 105 added, 442 removed, 689 unchanged (44% of the section changed)

4 unchanged sentences

(In thousands, except share and per share data)

September 30,

2026 December 31,

6 unchanged sentences

Prepaid expenses and other 100,577 120,231

Assets held for sale

Total current assets 6,074,493 5,937,345

12 unchanged sentences

Operating lease liabilities, current 102,296 99,213

Liabilities held for sale

Total current liabilities 4,821,499 4,864,940

22 unchanged sentences

Three months ended

September 30,

Nine months ended

September 30,

2025 2024 2025 2024

Revenues $ 4,628,233 $ 3,867,372

4 unchanged sentences

Net periodic pension income

56 227 165 670

Interest income, net

1,838 8,312 3,985 21,959

Income before income taxes 410,072 324,197

10 unchanged sentences

Three months ended

September 30, Nine months ended

September 30,

$ 305,484 $ 240,677

$ 295,373 $ 270,263 $ 838,210 $ 714,984

Other comprehensive (loss) income, net of tax:

Foreign currency translation adjustments — 5,342

Post-retirement plans, amortization of actuarial

loss included in net income (1)

511 497 1,494 1,463

Changes in post-retirement plans (1)

Other comprehensive (loss) income

( 3,532 ) 9,430 13,983 9,425

Comprehensive income

$ 305,480 $ 246,496

(1) Net of tax of $ 0.2 million for each of the three months ended September 30, 2025 and 2024, and net of tax of $ 0.5 million for each of the nine months ended September 30, 2025 and 2024.

(1) Net of tax of $ 0.2 million for the three months ended March 31, 2025.

See Notes to Consolidated Financial Statements.

3 unchanged sentences

(In thousands)(Unaudited)

Nine months ended

September 30,

Three months ended

Cash flows - operating activities:

4 unchanged sentences

Provision for credit losses 395 4,718

Deferred income taxes

( 6,954 ) 2,777

Excess tax benefits from share-based compensation

( 6,042 ) ( 3,496 )

Non-cash share-based compensation expense 10,590 9,270

9 unchanged sentences

Proceeds from revolving credit facility

Repayments of revolving credit facility

( 525,000 ) —

Repayments of finance lease liabilities ( 646 ) ( 775 )

2 unchanged sentences

Taxes paid related to net share settlements of equity awards ( 17,984 ) ( 13,351 )

Issuances of common stock under employee stock purchase plan — 943

Payments for contingent consideration arrangements ( 809 ) ( 420 )

Distributions to noncontrolling interests

Net cash used in financing activities ( 124,356 ) ( 829 )

Effect of exchange rate changes on cash, cash equivalents, and restricted cash — 4,869

(Decrease) increase in cash, cash equivalents, and restricted cash

Decrease in cash, cash equivalents, and restricted cash

( 195,548 ) ( 762,930 )

4 unchanged sentences

(1) Includes $ 0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of December 31, 2024.

(2) Includes $ 1.2 million of restricted cash classified as "Assets held for sale" in the Consolidated Balance Sheet as of September 30, 2025 and $ 1.3 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of September 30, 2024.

See Notes to Consolidated Financial Statements.

EMCOR Group, Inc.

and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the three months ended September 30, 2024 and 2025

(In thousands)(Unaudited)

EMCOR Group, Inc.

stock Capital

surplus Accumulated other comprehensive loss (1)

earnings Treasury

stock Noncontrolling

Balance, June 30, 2024

$ 2,745,597 $ 612 $ 92,434 $ ( 85,709 ) $ 4,238,867 $ ( 1,501,644 ) $ 1,037

270,263 — — — 270,263 — —

Other comprehensive income

9,430 — — 9,430 — — —

Tax withholding for common stock issued under share-based compensation plans ( 329 ) — ( 329 ) — — — —

Common stock dividends ( 11,665 ) — 35 — ( 11,700 ) — —

Repurchases of common stock ( 258,976 ) — — — — ( 258,976 ) —

Share-based compensation expense 4,799 — 4,799 — — — —

Balance, September 30, 2024

$ 2,759,119 $ 612 $ 96,939 $ ( 76,279 ) $ 4,497,430 $ ( 1,760,620 ) $ 1,037

Balance, June 30, 2025

$ 3,053,572 $ 612 $ 97,079 $ ( 68,012 ) $ 5,298,205 $ ( 2,276,283 ) $ 1,971

295,373 — — — 295,373 — —

Other comprehensive loss

( 3,532 ) — — ( 3,532 ) — — —

Tax withholding for common stock issued under share-based compensation plans ( 513 ) — ( 513 ) — — — —

Common stock dividends ( 11,192 ) — 16 — ( 11,208 ) — —

Repurchases of common stock (2)

11 — — — — 11 —

Distributions to noncontrolling interests

( 856 ) — — — — — ( 856 )

Share-based compensation expense 3,650 — 3,650 — — — —

Balance, September 30, 2025

$ 3,336,513 $ 612 $ 100,232 $ ( 71,544 ) $ 5,582,370 $ ( 2,276,272 ) $ 1,115

(1) Represents cumulative foreign currency translation adjustments and post-retirement liability adjustments.

(2) Represents adjustment to estimate of excise tax on net share repurchases.

Estimates of excise tax are subject to change in subsequent reporting periods, particularly if the amount of our share issuances exceed our share repurchases, thereby reducing the estimated excise tax due for the annual period.

(2) Includes $ 0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of March 31, 2025.

See Notes to Consolidated Financial Statements.

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the nine months ended September 30, 2024 and 2025

For the three months ended March 31, 2026 and 2025

(In thousands)(Unaudited)

9 unchanged sentences

5,819 — — 5,819 — — —

Common stock issued under share-based compensation plans — 1 ( 1 ) — — — —

Tax withholding for common stock issued under share-based compensation plans ( 13,351 ) — ( 13,351 ) — — — —

Common stock issued under employee stock purchase plan 943 — 943 — — — —

Common stock dividends ( 11,451 ) — 30 — ( 11,481 ) — —

Repurchases of common stock ( 218,664 ) — — — — ( 218,664 ) —

Acquisition of noncontrolling interests 934 — — — — — 934

Share-based compensation expense 9,270 — 9,270 — — — —

Balance, September 30, 2024

Balance, March 31, 2025

$ 2,951,928 $ 612 $ 93,424 $ ( 79,708 ) $ 5,007,257 $ ( 2,071,628 ) $ 1,971

2 unchanged sentences

305,484 — — — 305,484 — —

Other comprehensive income

Other comprehensive loss

( 4 ) — — ( 4 ) — — —

2 unchanged sentences

Repurchases of common stock ( 87,681 ) — — — — ( 87,681 ) —

Acquisition of noncontrolling interests

934 — — — — — 934

Distributions to noncontrolling interests

( 856 ) — — — — — ( 856 )

Share-based compensation expense 10,590 — 10,590 — — — —

Balance, September 30, 2025

Balance, March 31, 2026

$ 3,867,576 $ 613 $ 93,977 $ ( 1,920 ) $ 6,293,411 $ ( 2,519,542 ) $ 1,037

12 unchanged sentences

In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of those of a normal recurring nature) necessary to present fairly our financial position and the results of our operations.

The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025.

The results of operations of companies acquired have been included in our results of operations from the date of their respective acquisition by us.

On December 1, 2025, we sold EMCOR (UK) Limited and EMCOR Group (UK) plc, which collectively represented our United Kingdom building services segment (collectively, “EMCOR UK”).

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026.

NOTE 2 - New Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued an Accounting Standards Update (“ASU”) intended to enhance the transparency and decision-usefulness of income tax disclosures.

Such guidance requires entities to provide additional information within their income tax rate reconciliation, including further disclosure of federal, state, and foreign income taxes and to provide more details about these reconciling items if a quantitative threshold is met.

This guidance additionally requires expanded disclosure of income taxes paid, including amounts paid for federal, state, and foreign taxes.

This ASU, which is required to be applied prospectively, is effective for fiscal years beginning after December 15, 2024, although early adoption and retrospective application is permitted.

While the adoption of this ASU will not have an impact on our financial position and/or results of operations, we are currently implementing the processes and controls to collect and report on the information required to be disclosed.

In November 2024, the FASB issued an ASU, which requires disaggregated disclosures, in the notes to the financial statements, about certain income statement expense line items on an interim and annual basis.

In November 2024, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), which requires disaggregated disclosures, in the notes to the financial statements, about certain income statement expense line items on an interim and annual basis.

This guidance requires entities to provide more detailed information about purchases of inventory, employee compensation, depreciation expense, intangible asset amortization, and selling expenses.

89 unchanged sentences

When the current estimate of total costs for a performance obligation indicates a loss, a provision for the entire estimated loss on the unsatisfied performance obligation is made in the period in which the loss becomes evident.

Based on an evaluation of individual projects that were substantially complete in prior periods but had revisions to total estimated costs or anticipated contract value (inclusive of the settlement of previously outstanding change orders and claims) that resulted in an increase to profitability in excess of $ 1.0 million, we recognized revenue during the three and nine months ended September 30, 2025 and 2024, as summarized in the following table (in thousands):

Based on an evaluation of individual projects that were substantially complete in prior periods but had revisions to total estimated costs or anticipated contract value (inclusive of the settlement of previously outstanding change orders and claims) that resulted in an increase to profitability in excess of $ 1.0 million, we recognized revenue during the three months ended March 31, 2026 and 2025, as summarized in the following table (in thousands):

For the three months ended

September 30,

For the nine months ended

September 30,

2025 2024 2025 2024

United States electrical construction and facilities services $ 7,394 $ —

5 unchanged sentences

NOTE 3 - Revenue from Contracts with Customers (Continued)

Based on an evaluation of individual projects that had revisions to total estimated costs or anticipated contract value that resulted in a reduction of profitability in excess of $ 1.0 million, our operating results were negatively impacted during the three and nine months ended September 30, 2025 and 2024, as summarized in the following table (in thousands):

Based on an evaluation of individual projects that had revisions to total estimated costs or anticipated contract value that resulted in a reduction of profitability in excess of $ 1.0 million, our operating results were negatively impacted during the three months ended March 31, 2026 and 2025, as summarized in the following table (in thousands):

For the three months ended

September 30,

For the nine months ended

September 30,

2025 2024 2025 2024

United States electrical construction and facilities services $ 3,440 $ 7,783

4 unchanged sentences

Our contracts are with many different customers in numerous industries.

The following tables provide further disaggregation of our revenues, by categories we use to evaluate our financial performance within each of our reportable segments, for the three and nine months ended September 30, 2025 and 2024 (in thousands, except for percentages).

The following tables provide further disaggregation of our revenues, by categories we use to evaluate our financial performance within each of our reportable segments, for the three months ended March 31, 2026 and 2025 (in thousands, except for percentages).

Refer to Note 13 - Segment Information of the notes to consolidated financial statements for additional information on how we disaggregate our revenues by reportable segment.

For the three months ended September 30,

For the three months ended March 31,

Total 2025 % of

20 unchanged sentences

NOTE 3 - Revenue from Contracts with Customers (Continued)

For the three months ended September 30,

For the three months ended March 31,

Total 2025 % of

16 unchanged sentences

(1) Represents those projects which generally are completed within three months or less.

For the three months ended September 30,

For the three months ended March 31,

Total 2025 % of

4 unchanged sentences

Total segment revenues $ 772,649 $ 742,623

For the three months ended September 30,

For the three months ended March 31,

Total 2025 % of

4 unchanged sentences

Total United States operations $ 4,628,233 $ 3,762,071

For the three months ended September 30,

For the three months ended March 31,

Total 2025 % of

9 unchanged sentences

NOTE 3 - Revenue from Contracts with Customers (Continued)

For the nine months ended September 30,

Total 2024 % of

United States electrical construction and facilities services:

Network and communications market sector $ 1,807,953 49 % $ 1,002,116 42 %

Commercial market sector 325,471 9 % 233,365 10 %

Manufacturing and industrial market sector 317,528 9 % 313,454 13 %

Healthcare market sector 337,735 9 % 177,059 7 %

High-tech manufacturing market sector 114,356 3 % 137,306 6 %

Institutional market sector 203,857 5 % 128,075 5 %

Transportation market sector 198,769 5 % 147,701 6 %

Water and wastewater market sector 29,155 1 % 23,337 1 %

Hospitality and entertainment market sector 84,930 2 % 55,143 2 %

Short-duration projects (1)

232,082 6 % 150,508 6 %

Service work 66,247 2 % 44,789 2 %

3,718,083 2,412,853

Less intersegment revenues ( 4,723 ) ( 3,118 )

Total segment revenues $ 3,713,360 $ 2,409,735

(1) Represents those projects which generally are completed within three months or less.

For the nine months ended September 30,

Total 2024 % of

United States mechanical construction and facilities services:

Network and communications market sector $ 1,152,175 22 % $ 527,404 11 %

Commercial market sector 619,863 12 % 775,767 16 %

Manufacturing and industrial market sector 643,922 13 % 568,502 12 %

Healthcare market sector 439,497 9 % 426,275 9 %

High-tech manufacturing market sector 789,606 15 % 1,075,890 23 %

Institutional market sector 324,652 6 % 360,602 8 %

Transportation market sector 39,729 1 % 43,496 1 %

Water and wastewater market sector 249,916 5 % 224,921 5 %

Hospitality and entertainment market sector 97,848 2 % 49,902 1 %

Short-duration projects (1)

299,833 6 % 253,916 5 %

Service work 460,780 9 % 443,055 9 %

5,117,821 4,749,730

Less intersegment revenues ( 10,682 ) ( 4,673 )

Total segment revenues $ 5,107,139 $ 4,745,057

(1) Represents those projects which generally are completed within three months or less.

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 3 - Revenue from Contracts with Customers (Continued)

For the nine months ended September 30,

Total 2024 % of

United States building services:

Mechanical services $ 1,812,248 77 % $ 1,695,254 72 %

Commercial site-based services 418,521 18 % 522,353 22 %

Government site-based services 118,992 5 % 141,584 6 %

Total segment revenues $ 2,349,761 $ 2,359,191

For the nine months ended September 30,

Total 2024 % of

United States industrial services:

Field services $ 804,630 87 % $ 837,224 87 %

Shop services 122,358 13 % 127,286 13 %

Total segment revenues $ 926,988 $ 964,510

Total United States operations $ 12,097,248 $ 10,478,493

For the nine months ended September 30,

Total 2024 % of

United Kingdom building services:

Service work $ 189,394 50 % $ 150,534 47 %

Project work 186,659 50 % 167,070 53 %

Total segment revenues $ 376,053 $ 317,604

Consolidated revenues

$ 12,473,301 $ 10,796,097

Accounts Receivable and Allowance for Credit Losses

5 unchanged sentences

In addition to monitoring delinquent accounts, management reviews the credit quality of its receivables by, among other things, obtaining credit ratings of significant customers, assessing economic and market conditions, and evaluating material changes to a customer’s business, cash flows, and financial condition.

At September 30, 2025 and December 31, 2024, our allowance for credit losses was $ 21.9 million and $ 35.0 million, respectively.

At March 31, 2026 and December 31, 2025, our allowance for credit losses was $ 22.1 million and $ 22.8 million, respectively.

Allowances for credit losses are based on the best facts available and are reassessed and adjusted on a regular basis as additional information is received.

Should anticipated collections fail to materialize, or if future economic conditions compare unfavorably to our forecasts, we could experience an increase in our credit losses.

The change in the allowance for credit losses for the nine months ended September 30, 2025 was as follows (in thousands):

The change in the allowance for credit losses for the three months ended March 31, 2026 was as follows (in thousands):

Balance at December 31, 2025

1 unchanged sentence

Amounts written off against the allowance, net of recoveries ( 1,096 )

Balance at September 30, 2025

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 3 - Revenue from Contracts with Customers (Continued)

The decrease in our allowance for credit losses was due to the write-off of specific receivables which were previously reserved for within our United States building services segment, partially offset by the provision for credit losses recorded during the nine months ended September 30, 2025.

Balance at March 31, 2026

Contract Assets and Contract Liabilities

10 unchanged sentences

The long-term portion of contract liabilities is included in “Other long-term obligations” in the Consolidated Balance Sheets.

Net contract liabilities in the accompanying Consolidated Balance Sheets consisted of the following amounts as of September 30, 2025 and December 31, 2024 (in thousands):

September 30,

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 3 - Revenue from Contracts with Customers (Continued)

Net contract liabilities in the accompanying Consolidated Balance Sheets consisted of the following amounts as of March 31, 2026 and December 31, 2025 (in thousands):

2026 December 31, 2025

4 unchanged sentences

Net contract liabilities $ ( 2,040,482 ) $ ( 1,990,480 )

Contract assets and contract liabilities increased by approximately $ 33.8 million and $ 128.3 million, respectively, as a result of acquisitions made by us in 2025.

Excluding the impact of acquisitions, net contract liabilities decreased by approximately $ 27.9 million during the nine months ended September 30, 2025, as we recognized revenue on a number of construction projects for which we were previously billed ahead.

Net contract liabilities increased by $ 50.0 million during the three months ended March 31, 2026, primarily due to an increase in net contract liabilities on our uncompleted construction projects, partially as a result of the timing of invoicing to our customers, including advanced billings on several projects in the earlier stages of completion, as we continue to effectively manage our working capital.

There was no significant impairment of contract assets recognized during the periods presented.

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 3 - Revenue from Contracts with Customers (Continued)

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

The following table presents the transaction price allocated to remaining unsatisfied performance obligations (“remaining performance obligations”) for each of our reportable segments and their respective percentages of total remaining performance obligations as of September 30, 2025 (in thousands, except for percentages):

September 30,

The following table presents the transaction price allocated to remaining unsatisfied performance obligations (“remaining performance obligations”) for each of our reportable segments and their respective percentages of total remaining performance obligations as of March 31, 2026 (in thousands, except for percentages):

2026 % of Total

4 unchanged sentences

United States industrial services 136,076 1 %

Total United States operations 12,402,065 98 %

United Kingdom building services 211,828 2 %

Total operations $ 15,620,670 100 %

Our remaining performance obligations at September 30, 2025 were approximately $ 12.61 billion.

Our remaining performance obligations at March 31, 2026 were $ 15.62 billion.

Remaining performance obligations increase with awards of new contracts and decrease as we perform work and recognize revenue on existing contracts.

20 unchanged sentences

United States industrial services 136,076 —

Total United States operations 9,655,250 2,746,815

United Kingdom building services 179,979 31,849

Total operations $ 12,166,170 $ 3,454,500

1 unchanged sentence

Acquisitions are accounted for utilizing the acquisition method of accounting and the prices paid for them are allocated to their respective assets and liabilities based upon the estimated fair value of such assets and liabilities at the dates of their respective acquisition by us.

During the first quarter of 2026, we acquired a company for an immaterial amount.

This company provides mechanical and sheet metal fabrication services in the Western region of the United States, and its results have been included in our United States mechanical construction and facilities services segment.

On February 3, 2025, we completed the acquisition of Miller Electric Company (“Miller Electric”), a leading electrical contractor that operates predominantly across the Southeastern United States.

Under the terms of the transaction, we acquired 100 % of Miller Electric's capital stock for total cash consideration of approximately $ 868.6 million.

Under the terms of the transaction, we acquired 100 % of Miller Electric's capital stock for total cash consideration of $ 876.8 million, inclusive of working capital and other customary adjustments.

This acquisition complements our existing electrical construction capabilities in high-growth end markets and expands our geographic presence.

The results of operations of Miller Electric have been included within our United States electrical construction and facilities services segment.

For the period from February 3, 2025 to September 30, 2025, such acquisition contributed revenues of $ 794.4 million and operating income of $ 21.2 million, net of amortization expense attributable to identifiable intangible assets of $ 29.4 million.

During the first quarter of 2025, we incurred $ 9.4 million of transaction related costs in connection with this acquisition.

In connection with this acquisition, we incurred $ 9.4 million of transaction related costs during the first quarter of 2025.

These expenses were included in "Selling, general and administrative expenses" in the accompanying Consolidated Statement of Operations.

11 unchanged sentences

_________________________

(1) The fair value of accounts receivable acquired was $ 222.4 million, with the gross contractual amount being $ 224.4 million.

We expect $ 2.0 million to be uncollectible.

(1) Goodwill is calculated as the excess of the consideration transferred over the fair value of the net assets acquired and represents the projected future economic benefits from this strategic acquisition.

13 unchanged sentences

Net assets acquired

The following table summarizes the preliminary fair values of identifiable intangible assets (in thousands) and their estimated useful lives (in years).

The following table summarizes the estimated fair values of identifiable intangible assets (in thousands) and their estimated useful lives (in years).

Refer to Note 8 - Fair Value Measurements of the notes to consolidated financial statements for additional information on the valuation methodologies utilized to determine fair value.

Miller Electric

Fair Value Estimated

Customer relationships $ 280,000 16.0

3 unchanged sentences

Total identifiable intangible assets $ 475,000

In addition to Miller Electric, during the first nine months of 2025, we acquired five companies, for upfront consideration of $ 50.9 million, inclusive of customary working capital adjustments.

In addition to Miller Electric, during calendar year 2025, we acquired nine companies, for upfront consideration of $ 182.1 million, inclusive of customary working capital adjustments.

These acquisitions are comprised of:

(a) three companies that have been included in our United States mechanical construction and facilities services segment, including:

(i) a company in the Midwestern region of the United States that provides building automation controls and solutions to commercial, institutional, and industrial customers, (ii) a company that adds capabilities to our national fire protection offerings, and (iii) a provider of mechanical construction and maintenance services in the Western region of the United States, and (b) two companies that have been included in our United States building services segment, which enhance our building automation and controls or energy efficiency offerings.

(a) five companies that have been included in our United States mechanical construction and facilities services segment, including:

(i) two companies in the Midwestern region of the United States that provide building automation controls and solutions to commercial, institutional, and industrial customers, (ii) a company that adds capabilities to our national fire protection offerings, (iii) a provider of mechanical construction and maintenance services in the Western region of the United States, and (iv) a full service mechanical contractor in the Northeast region of the United States, and (b) four companies that have been included in our United States building services segment, which enhance our building automation and controls or energy efficiency offerings.

In connection with these acquisitions, we acquired working capital of $ 2.0 million and other net assets of $ 8.2 million and have preliminarily ascribed $ 67.2 million to goodwill and $ 104.7 million to identifiable intangible assets.

We expect that all of the goodwill and identifiable intangible assets acquired in connection with the acquisitions we completed during the first nine months of 2025 will be deductible for tax purposes.

The purchase price allocations for the businesses acquired in 2025 are preliminary and subject to change during their respective measurement periods as we finalize asset valuations and certain tax matters, among other items.

We expect that all of the goodwill and identifiable intangible assets acquired in connection with these acquisitions will be deductible for tax purposes.

The purchase price allocations for the business acquired in 2026 and two of the businesses acquired in 2025 are preliminary and subject to change during their respective measurement periods as we finalize asset valuations and certain tax matters, among other items.

The finalization of these items may result in changes in the valuation of assets acquired or liabilities assumed.

During calendar year 2024, we acquired seven companies for upfront consideration of $ 231.1 million, inclusive of customary working capital adjustments.

These acquisitions are comprised of:

(a) an electrical contractor in the Southeast region of the United States, that has been included in our United States electrical construction and facilities services segment, (b) two companies that have been included within our United States mechanical construction and facilities services segment, including:

(i) a leading plumbing services provider in the Southeast region of the United States and (ii) a full service provider of mechanical construction and maintenance services in Central Texas, (c) three companies that have been included in our United States building services segment, including:

(i) a provider of building automation and controls solutions in the Northeast region of the United States, (ii) a mechanical services company in the Western region of the United States, and (iii) a mechanical services company in the Eastern region of the United States, and (d) an instrumentation and electrical contractor, that has been included in our United States industrial services segment, which provides electrical, automation, digital integration, and fabrication services to various energy sector and process equipment customers.

In connection with these acquisitions, we acquired working capital of $ 29.0 million and other net assets of $ 1.1 million and have ascribed $ 61.9 million to goodwill and $ 139.1 million to identifiable intangible assets.

The purchase price allocations for the other businesses acquired in 2025 have been finalized during their respective measurement periods with an insignificant impact.

On December 1, 2025, we completed the sale of EMCOR UK.

Given the size of EMCOR UK, this transaction did not represent a strategic shift that had a major effect on the Company’s operations and financial results and, therefore, is not presented as discontinued operations.

EMCOR Group, Inc.

1 unchanged sentence

Notes to Consolidated Financial Statements (Unaudited)

NOTE 4 - Acquisitions and Dispositions of Businesses (Continued)

On September 22, 2025, we entered into a definitive agreement to sell EMCOR (UK) Limited and EMCOR Group (UK) plc, which collectively represent our United Kingdom building services segment.

The transaction is expected to close by the end of 2025, subject to U.K.

regulatory approval.

In connection with this pending sale, we determined that certain assets and liabilities met the criteria for classification as held for sale.

The fair value of these net assets, less the costs to sell, exceed the carrying value and therefore, no loss was recognized during the nine months ended September 30, 2025.

The following table summarizes the major classes of assets and liabilities that have been classified as held for sale in the Consolidated Balance Sheet as of September 30, 2025 (in thousands):

Accounts receivable

Contract assets 21,988

Prepaid expenses and other 6,966

Property, plant, and equipment 14,330

Operating lease right-of-use assets 3,115

Other assets 28,787

Assets held for sale

Accounts payable $ 23,406

Contract liabilities 34,341

Accrued payroll and benefits 12,472

Other accrued expenses and liabilities 50,477

Operating lease liabilities, current 1,103

Operating lease liabilities, long-term 2,445

Other long-term obligations 12,521

Liabilities held for sale

NOTE 5 - Earnings Per Share

Calculation of Basic and Diluted Earnings per Common Share

The following tables summarize our calculation of Basic and Diluted Earnings per Common Share (“EPS”) for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share data):

The following table summarizes our calculation of Basic and Diluted Earnings per Common Share (“EPS”) for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):

For the three months ended

September 30,

$ 305,484 $ 240,677

4 unchanged sentences

Diluted earnings per common share $ 6.84 $ 5.26

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 5 - Earnings Per Share (Continued)

For the nine months ended

September 30,

$ 838,210 $ 714,984

Weighted average shares outstanding used to compute basic earnings per common share 45,078,735 46,829,458

Effect of dilutive securities—Share-based awards 159,875 186,614

Shares used to compute diluted earnings per common share 45,238,610 47,016,072

Basic earnings per common share $ 18.59 $ 15.27

Diluted earnings per common share $ 18.53 $ 15.21

The number of share-based awards excluded from the computation of diluted EPS for the three and nine months ended September 30, 2025 because they would be anti-dilutive were 1,000 and 1,150 , respectively.

There were no anti-dilutive share-based awards for the three months ended September 30, 2024.

The number of share-based awards excluded from the computation of diluted EPS for the nine months ended September 30, 2024 because they would be anti-dilutive were 8,950 .

There were no anti-dilutive share-based awards for the three months ended March 31, 2026.

However, the number of share-based awards excluded from the computation of diluted EPS for the three months ended March 31, 2025 because they would be anti-dilutive was 21,080 .

NOTE 6 - Inventories

Inventories in the accompanying Consolidated Balance Sheets consisted of the following amounts as of September 30, 2025 and December 31, 2024 (in thousands):

September 30,

Inventories in the accompanying Consolidated Balance Sheets consisted of the following amounts as of March 31, 2026 and December 31, 2025 (in thousands):

2026 December 31,

3 unchanged sentences

NOTE 7 - Debt

Excluding finance lease liabilities of $ 6.2 million at September 30, 2025 and $ 6.1 million at December 31, 2024, we had no outstanding debt as of September 30, 2025 and December 31, 2024.

The current portion of our finance lease liabilities of $ 2.4 million and $ 2.2 million at September 30, 2025 and December 31, 2024, respectively, were included in “Other accrued expenses and liabilities,” and the non-current portion of our finance lease liabilities of $ 3.9 million and $ 3.8 million at September 30, 2025 and December 31, 2024, respectively, were included in “Other long-term obligations” in the accompanying Consolidated Balance Sheets.

Excluding finance lease liabilities of $ 6.1 million at March 31, 2026 and $ 6.3 million at December 31, 2025, we had no outstanding debt as of March 31, 2026 and December 31, 2025.

The current portion of our finance lease liabilities of $ 2.4 million at March 31, 2026 and December 31, 2025 was included in “Other accrued expenses and liabilities,” and the non-current portion of our finance lease liabilities of $ 3.7 million and $ 3.9 million at March 31, 2026 and December 31, 2025, respectively, were included in “Other long-term obligations” in the accompanying Consolidated Balance Sheets.

We have a credit agreement dated December 20, 2023 (the “2023 Credit Agreement”), which provides for a $ 1.30 billion revolving credit facility (the “2023 Revolving Credit Facility”) expiring December 20, 2028 .

2 unchanged sentences

We may allocate up to $ 600.0 million of available capacity under the 2023 Revolving Credit Facility to letters of credit for our account or for the account of any of our subsidiaries.

There were no direct borrowings outstanding under the 2023 Revolving Credit Facility as of September 30, 2025 and December 31, 2024.

However, outstanding letters of credit reduce the available capacity under this facility and, as of September 30, 2025 and December 31, 2024, we had $ 71.5 million and $ 71.2 million of letters of credit outstanding, respectively.

At the Company’s election, borrowings under the 2023 Revolving Credit Facility bear interest at either:

(1) a base rate plus a margin of 0.125 % to 0.875 %, depending on the Company’s Leverage Ratio (as such term is defined in the 2023 Credit Agreement), or (2) a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York for the applicable tenor plus 0.10 % (“Adjusted Term SOFR”) plus a margin of 1.125 % to 1.875 %, depending on the Company’s Leverage Ratio.

The base rate is determined by the greater of:

(a) the prime commercial lending rate announced by Bank of Montreal from time to time, (b) the federal funds effective rate, plus ½ of 1.00%, (c) Adjusted Term SOFR for a one-month tenor, plus 1.00 %, or (d) 0.00 %.

There were no direct borrowings outstanding under the 2023 Revolving Credit Facility as of March 31, 2026 and December 31, 2025.

However, outstanding letters of credit reduce the available capacity under this facility and, as of March 31, 2026 and December 31, 2025, we had $ 73.1 million of letters of credit outstanding.

EMCOR Group, Inc.

2 unchanged sentences

NOTE 7 - Debt (Continued)

At the Company’s election, borrowings under the 2023 Revolving Credit Facility bear interest at either:

The base rate is determined by the greater of:

A commitment fee is payable on the average daily unused amount of the 2023 Revolving Credit Facility, which ranges from 0.125 % to 0.25 %, depending on the Company’s Leverage Ratio.

The fee was 0.125 % of the unused amount as of September 30, 2025 and December 31, 2024.

The fee was 0.125 % of the unused amount as of March 31, 2026 and December 31, 2025.

Fees for letters of credit issued under the 2023 Revolving Credit Facility range from 0.85 % to 1.875 % of the respective face amounts of outstanding letters of credit, depending on the nature of the letter of credit, and are computed depending on the Company’s Leverage Ratio.

1 unchanged sentence

The 2023 Credit Agreement contains customary covenants providing for, among other things, the maintenance of certain financial ratios and certain limitations on the payment of dividends, common stock repurchases, investments, acquisitions, indebtedness, and capital expenditures.

We were in compliance with all such covenants as of September 30, 2025 and December 31, 2024.

We were in compliance with all such covenants as of March 31, 2026 and December 31, 2025.

NOTE 8 - Fair Value Measurements

7 unchanged sentences

Recurring Fair Value Measurements

The following tables summarize the assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):

Assets at Fair Value as of September 30, 2025

The following tables summarize the assets and liabilities carried at fair value measured on a recurring basis as of March 31, 2026 and December 31, 2025 (in thousands):

Assets at Fair Value as of March 31, 2026

Asset Category Level 1 Level 2 Level 3 Total

3 unchanged sentences

84,031 — — 84,031

Restricted cash (3)

1,213 — — 1,213

Total $ 1,000,451 $ — $ — $ 1,000,451

5 unchanged sentences

75,627 — — 75,627

Restricted cash (3)

Total $ 1,187,595 $ — $ — $ 1,187,595

1 unchanged sentence

(1) Cash and cash equivalents consist of deposit accounts and money market funds with original maturity dates of three months or less, which are Level 1 assets.

At September 30, 2025 and December 31, 2024, we had $ 464.6 million and $ 1,088.0 million, respectively, in money market funds.

From time to time, we have cash balances in certain of our domestic bank accounts that exceed federally insured limits.

At March 31, 2026 and December 31, 2025, we had $ 653.8 million and $ 870.5 million, respectively, in money market funds.

From time to time, we have cash balances in certain of our bank accounts that exceed federally insured limits.

(2) Deferred compensation plan assets are classified as “Other assets” in the Consolidated Balance Sheets.

(3) Restricted cash is classified as “Assets held for sale” in the Consolidated Balance Sheet as of September 30, 2025 and as “Prepaid expenses and other” in the Consolidated Balance Sheet as of December 31, 2024.

Restricted cash represents cash held in account for use on customer contracts.

EMCOR Group, Inc.

19 unchanged sentences

We believe that the carrying values of our financial instruments, which include accounts receivable and other financing commitments, approximate their fair values due primarily to their short-term maturities and low risk of counterparty default.

Although there were no outstanding borrowings under our 2023 Credit Agreement as of September 30, 2025 and December 31, 2024, the carrying value of any debt associated with this agreement would approximate its fair value due to the variable rate on such debt.

Although there were no outstanding borrowings under our 2023 Credit Agreement as of March 31, 2026 and December 31, 2025, the carrying value of any debt associated with this agreement would approximate its fair value due to the variable rate on such debt.

NOTE 9 - Income Taxes

The following table presents our income tax provision and our income tax rate for the three and nine months ended September 30, 2025 and 2024 (in thousands, except percentages):

The following table presents our income tax provision and our income tax rate for the three months ended March 31, 2026 and 2025 (in thousands, except percentages):

For the three months ended

September 30,

For the nine months ended

September 30,

2025 2024 2025 2024

Income tax provision $ 104,588 $ 83,520

1 unchanged sentence

The difference between the U.S.

statutory tax rate of 21 % and our effective income tax rate for both the three and nine months ended September 30, 2025 and 2024 was primarily a result of state and local income taxes and other permanent book-to-tax differences.

The increase in our income tax provision for the three and nine months ended September 30, 2025, when compared to the three and nine months ended September 30, 2024, was primarily due to greater income before income taxes.

The 30 basis point decrease in our effective income tax rate for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was primarily attributable to a decrease in the state and local effective tax rate due to changes in the mix of our earnings.

As of September 30, 2025 and December 31, 2024, we had no unrecognized income tax benefits.

statutory tax rate of 21 % and our effective income tax rate for both the three months ended March 31, 2026 and 2025 was primarily a result of state and local income taxes and other permanent book-to-tax differences.

The increase in our income tax provision for the three months ended March 31, 2026, when compared to the three months ended March 31, 2025, was primarily due to greater income before income taxes.

The decrease in our effective income tax rate for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was attributable to the impact of favorable discrete tax items during the first quarter of 2026.

As of March 31, 2026 and December 31, 2025, we had no unrecognized income tax benefits.

We file a consolidated federal income tax return including all of our U.S.

1 unchanged sentence

We additionally file income tax returns with various state, local, and foreign tax agencies.

Our income tax returns are subject to audit by various taxing authorities and are currently under examination for the years 2020 through 2023.

On July 4, 2025, the U.S.

government enacted The One Big Beautiful Bill Act of 2025 (“OBBBA”).

The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including accelerated bonus depreciation.

The enactment of this legislation did not have a material impact on our annual effective tax rate for 2025.

Our income tax returns are subject to audit by various taxing authorities and are currently under examination by certain states for the years 2021 through 2024.

EMCOR Group, Inc.

2 unchanged sentences

NOTE 10 - Common Stock

As of September 30, 2025 and December 31, 2024, there were 44,764,843 and 45,810,125 shares of our common stock outstanding, respectively.

During the three months ended September 30, 2025 and 2024, we issued 2,067 and 1,190 shares of common stock, respectively.

During the nine months ended September 30, 2025 and 2024, we issued 59,448 and 81,769 shares of common stock, respectively.

As of March 31, 2026 and December 31, 2025, there were 44,439,940 and 44,520,367 shares of our common stock outstanding, respectively.

During the three months ended March 31, 2026 and 2025, we issued 41,579 and 52,275 shares of common stock, respectively.

These shares were issued upon the satisfaction of required conditions under our share-based compensation plans.

3 unchanged sentences

Subsequently, the Board has from time to time increased the amount authorized for repurchases under such program.

In February 2025, our Board increased such amount by $ 500 million.

Since the inception of the repurchase program, through September 30, 2025, the Board has authorized us to repurchase up to $ 3.15 billion of our outstanding common stock.

During the nine months ended September 30, 2025, we repurchased approximately 1.1 million shares of our common stock for approximately $ 423.3 million, inclusive of the applicable excise tax.

Since the inception of the repurchase program through September 30, 2025, we have repurchased approximately 28.2 million shares of our common stock for approximately $ 2.81 billion.

As of September 30, 2025, there remained authorization for us to repurchase approximately $ 336.2 million of our shares.

Since the inception of the repurchase program, through March 31, 2026, the Board has authorized us to repurchase up to $ 3.65 billion of our outstanding common stock.

During the three months ended March 31, 2026, we repurchased 0.1 million shares of our common stock for $ 87.7 million, inclusive of the applicable excise tax.

Since the inception of the repurchase program through March 31, 2026, we have repurchased 28.6 million shares of our common stock for $ 3.06 billion.

As of March 31, 2026, there remained authorization for us to repurchase $ 592.9 million of our shares.

The repurchase program has no expiration date, does not obligate the Company to acquire any particular amount of common stock, and may be suspended, recommenced, or discontinued at any time or from time to time without prior notice.

We may repurchase our shares from time to time to the extent permitted by securities laws and other legal requirements, including provisions in our 2023 Credit Agreement placing limitations on such repurchases.

NOTE 11 - Retirement Plans

The funded status of our defined benefit plans, which represents the difference between the fair value of plan assets and the projected benefit obligations, is recognized in the Consolidated Balance Sheets with a corresponding adjustment to accumulated other comprehensive income (loss).

Gains and losses for the differences between actuarial assumptions and actual results are recognized through accumulated other comprehensive income (loss).

These amounts will be subsequently recognized as net periodic pension income within the Consolidated Statements of Operations.

Our United Kingdom subsidiary has a defined benefit pension plan covering all eligible employees (the “UK Plan”);

however, no individual joining the company after October 31, 2001 may participate in the UK Plan.

On May 31, 2010, we curtailed the future accrual of benefits for active employees under such plan.

We also sponsor three domestic retirement plans in which participation by new individuals is frozen.

Amounts related to these domestic retirement plans were de minimis for all periods presented.

Components of Net Periodic Pension Income

The components of net periodic pension income of the UK Plan for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

For the three months ended

September 30,

For the nine months ended

September 30,

2025 2024 2025 2024

Interest cost $ 2,573 $ 2,435 $ 7,541 $ 7,173

Expected return on plan assets ( 3,296 ) ( 3,311 ) ( 9,658 ) ( 9,756 )

Amortization of unrecognized loss 696 668 2,039 1,969

Net periodic pension income

$ ( 27 ) $ ( 208 ) $ ( 78 ) $ ( 614 )

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 11 - Commitments and Contingencies

7 unchanged sentences

We have agreed to indemnify the surety companies for amounts, if any, paid by them in respect of surety bonds issued on our behalf.

As of September 30, 2025, based on the percentage-of-completion of our projects covered by surety bonds, our aggregate estimated exposure, assuming defaults on all our then existing contractual obligations, was approximately $ 3.0 billion, which represents approximately 24 % of our total remaining performance obligations.

As of March 31, 2026, based on the percentage-of-completion of our projects covered by surety bonds, our aggregate estimated exposure, assuming defaults on all our then existing contractual obligations, was $ 4.19 billion, which represents approximately 27 % of our total remaining performance obligations.

Surety bonds are sometimes provided to secure obligations for wages and benefits payable to or for certain of our employees, at the request of labor unions representing such employees.

In addition, surety bonds may be issued as collateral for certain insurance obligations.

As of September 30, 2025, we satisfied approximately $ 61.7 million of the collateral requirements of our insurance programs by utilizing surety bonds.

As of March 31, 2026, we satisfied $ 105.5 million of the collateral requirements of our insurance programs by utilizing surety bonds.

We are not aware of any losses in connection with surety bonds that have been posted on our behalf, and we do not expect to incur significant losses in the foreseeable future.

2 unchanged sentences

Our practice is to avoid participation in projects principally involving the remediation or removal of such materials.

However, when remediation is required as part of our contract performance, we believe we comply with all applicable regulations governing the discharge of hazardous materials into the environment or otherwise relating to the protection of the environment.

However, when remediation is required as part of our contract performance, we believe we comply with all applicable regulations governing hazardous materials or otherwise relating to the protection of the environment.

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 11 - Commitments and Contingencies (Continued)

Government Contracts

14 unchanged sentences

A litigation matter for which liabilities have not been recorded could be decided unfavorably to us, and any such unfavorable decision could have a material adverse effect on our financial position, results of operations, or liquidity.

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 12 - Commitments and Contingencies (Continued)

On October 10, 2024, a chemical release occurred at the PEMEX Deer Park Refinery in Deer Park, Texas.

12 unchanged sentences

To the extent that the amount required to settle claims covered by insurance continues to increase, the cost of our insurance coverage, including premiums and deductibles, is likely to increase.

As of September 30, 2025 and December 31, 2024, the estimated current portion of such undiscounted insurance liabilities, included in “Other accrued expenses and liabilities” in the accompanying Consolidated Balance Sheets, were $ 75.6 million and $ 50.8 million, respectively.

The estimated non-current portion of such undiscounted insurance liabilities included in “Other long-term obligations” as of September 30, 2025 and December 31, 2024 were $ 269.4 million and $ 237.3 million, respectively.

The current portion of anticipated insurance recoveries of $ 13.5 million and $ 9.2 million as of September 30, 2025 and December 31, 2024, respectively, were included in “Prepaid expenses and other,” and the non-current portion of anticipated insurance recoveries of $ 47.8 million and $ 38.7 million as of September 30, 2025 and December 31, 2024, respectively, were included in “Other assets” in the accompanying Consolidated Balance Sheets.

As of March 31, 2026 and December 31, 2025, the estimated current portion of such undiscounted insurance liabilities, included in “Other accrued expenses and liabilities” in the accompanying Consolidated Balance Sheets, were $ 90.2 million and $ 84.0 million, respectively.

The estimated non-current portion of such undiscounted insurance liabilities included in “Other long-term obligations” as of March 31, 2026 and December 31, 2025 were $ 298.9 million and $ 274.1 million, respectively.

The current portion of anticipated insurance recoveries of $ 16.7 million and $ 15.5 million as of March 31, 2026 and December 31, 2025, respectively, were included in “Prepaid expenses and other,” and the non-current portion of anticipated insurance recoveries of $ 56.6 million and $ 51.7 million as of March 31, 2026 and December 31, 2025, respectively, were included in “Other assets” in the accompanying Consolidated Balance Sheets.

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 12 - Additional Cash Flow Information

The following table presents additional cash flow information for the nine months ended September 30, 2025 and 2024 (in thousands):

For the nine months ended

September 30,

The following table presents additional cash flow information for the three months ended March 31, 2026 and 2025 (in thousands):

For the three months ended

Cash paid for:

3 unchanged sentences

Right-of-use assets obtained in exchange for new finance lease liabilities $ 299 $ 1,668

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 13 - Segment Information

1 unchanged sentence

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:

Such operating subsidiaries are organized into the following reportable segments , which additionally reflect the nature of the services offered:

• United States electrical construction and facilities services;

2 unchanged sentences

• United States industrial services.

• United Kingdom building services.

On December 1, 2025, we sold EMCOR UK, the results of which were previously reported within our United Kingdom building services segment.

Our chief operating decision maker (“CODM”) is our Chairman, President, and Chief Executive Officer.

3 unchanged sentences

The accounting policies of our reportable segments are the same as those applied at the consolidated financial statement level.

The following tables present the revenues and operating income for each of our reportable segments for the three and nine months ended September 30, 2025 and 2024 (in thousands):

The following tables present the revenues and operating income for each of our reportable segments for the three months ended March 31, 2026 and 2025 (in thousands):

For the three months ended

September 30,

Revenues from unrelated entities:

7 unchanged sentences

$ 4,628,233 $ 3,867,372

Total revenues:

United States electrical construction and facilities services $ 1,290,797 $ 850,587

United States mechanical construction and facilities services 1,794,666 1,676,341

United States building services 827,715 806,448

United States industrial services 288,334 286,611

Less intersegment revenues ( 36,171 ) ( 29,413 )

Total United States operations 4,165,341 3,590,574

United Kingdom building services 136,188 106,350

Consolidated revenues

$ 4,301,529 $ 3,696,924

EMCOR Group, Inc.

2 unchanged sentences

NOTE 13 - Segment Information (Continued)

For the nine months ended

September 30,

Revenues from unrelated entities:

United States electrical construction and facilities services $ 3,713,360 $ 2,409,735

United States mechanical construction and facilities services 5,107,139 4,745,057

United States building services 2,349,761 2,359,191

United States industrial services 926,988 964,510

Total United States operations 12,097,248 10,478,493

United Kingdom building services 376,053 317,604

Consolidated revenues

$ 12,473,301 $ 10,796,097

For the three months ended

Total revenues:

9 unchanged sentences

For the three months ended

September 30,

Operating income (loss):

11 unchanged sentences

Income before income taxes $ 410,072 $ 324,197

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 14 - Segment Information (Continued)

For the nine months ended

September 30,

Operating income (loss):

United States electrical construction and facilities services $ 438,901 $ 299,284

United States mechanical construction and facilities services 654,780 578,991

United States building services 145,858 135,860

United States industrial services 12,633 34,004

Total United States operations 1,252,172 1,048,139

United Kingdom building services 20,975 16,651

Corporate administration ( 133,483 ) ( 108,491 )

Consolidated operating income

1,139,664 956,299

Net periodic pension income

Interest income, net

Income before income taxes $ 1,143,814 $ 978,928

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 three and nine months ended September 30, 2025 and 2024 (in thousands):

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 three months ended March 31, 2026 and 2025 (in thousands):

For the three months ended

September 30,

Cost of sales:

7 unchanged sentences

$ 3,764,283 $ 3,144,654

For the nine months ended

September 30,

Cost of sales:

United States electrical construction and facilities services $ 2,989,033 $ 1,943,088

United States mechanical construction and facilities services 4,079,382 3,833,025

United States building services 1,882,102 1,910,264

United States industrial services 799,042 821,207

Total United States operations 9,749,559 8,507,584

United Kingdom building services 331,940 280,477

Consolidated cost of sales

$ 10,081,499 $ 8,788,061

EMCOR Group, Inc.

3 unchanged sentences

For the three months ended

September 30,

Selling, general and administrative expenses:

8 unchanged sentences

Consolidated selling, general and administrative expenses $ 460,105 $ 403,962

For the nine months ended

September 30,

Selling, general and administrative expenses:

United States electrical construction and facilities services $ 285,426 $ 167,363

United States mechanical construction and facilities services 372,977 333,041

United States building services 321,801 313,067

United States industrial services 115,313 109,299

Total United States operations 1,095,517 922,770

United Kingdom building services 23,138 20,476

Corporate administration

133,483 108,491

Consolidated selling, general and administrative expenses $ 1,252,138 $ 1,051,737

The following tables present other financial information for each of our reportable segments for the three and nine months ended September 30, 2025 and 2024 (in thousands):

The following tables present other financial information for each of our reportable segments for the three months ended March 31, 2026 and 2025 (in thousands):

For the three months ended

September 30,

Depreciation and amortization of property, plant, and equipment:

7 unchanged sentences

Total depreciation and amortization of property, plant, and equipment $ 18,362 $ 15,582

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 14 - Segment Information (Continued)

For the nine months ended

September 30,

Depreciation and amortization of property, plant, and equipment:

United States electrical construction and facilities services $ 7,333 $ 5,875

United States mechanical construction and facilities services 16,037 11,616

United States building services 12,178 11,775

United States industrial services 9,813 9,047

Total United States operations 45,361 38,313

United Kingdom building services 3,118 2,811

Corporate administration

Total depreciation and amortization of property, plant, and equipment $ 49,426 $ 41,799

For the three months ended

September 30,

Amortization of identifiable intangible assets:

3 unchanged sentences

United States industrial services 5,921 5,921

Total United States operations 30,515 20,147

United Kingdom building services — —

Total amortization of identifiable intangible assets $ 34,212 $ 26,363

For the nine months ended

September 30,

Amortization of identifiable intangible assets:

United States electrical construction and facilities services $ 35,381 $ 4,854

United States mechanical construction and facilities services 17,696 18,156

United States building services 16,128 16,167

United States industrial services 17,762 17,382

Total United States operations 86,967 56,559

United Kingdom building services — —

Total amortization of identifiable intangible assets $ 86,967 $ 56,559

EMCOR Group, Inc.

3 unchanged sentences

For the three months ended

September 30,

Capital expenditures:

7 unchanged sentences

Total capital expenditures $ 28,712 $ 26,131

For the nine months ended

September 30,

Capital expenditures:

United States electrical construction and facilities services $ 14,911 $ 7,599

United States mechanical construction and facilities services 34,185 23,303

United States building services 11,486 13,571

United States industrial services 10,192 7,162

Total United States operations 70,774 51,635

United Kingdom building services 5,524 4,604

Corporate administration

Total capital expenditures $ 80,831 $ 57,244

The following table presents the total assets for each of our reportable segments as of September 30, 2025 and December 31, 2024 (in thousands):

September 30,

The following table presents the total assets for each of our reportable segments as of March 31, 2026 and December 31, 2025 (in thousands):

2026 December 31,

4 unchanged sentences

United States industrial services 629,816 524,883

Total United States operations 7,534,219 5,976,858

United Kingdom building services 332,719 283,897

Total operations

8,295,203 7,855,266

Corporate administration 1,212,904 1,436,133

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements