What changed in this filing

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Item 1. Financial Statements

2026-07-30 compared with 2026-04-29 · 309 added, 83 removed, 711 unchanged (36% of the section changed)

50 unchanged sentences

Three months ended

June 30, Six months ended

2026 2025 2026 2025

Revenues $ 5,154,892 $ 4,304,400 $ 9,783,125 $ 8,171,772

4 unchanged sentences

Net periodic pension income

Interest income, net

Interest income (expense), net 4,322 ( 3,240 ) 10,549 2,147

Income before income taxes 551,662 412,027 961,734 736,224

10 unchanged sentences

Three months ended

June 30, Six months ended

2026 2025 2026 2025

$ 403,694 $ 302,160 $ 709,178 $ 542,837

Other comprehensive (loss) income, net of tax:

1 unchanged sentence

Changes in post-retirement plans (1)

( 4 ) 506 ( 8 ) 983

Other comprehensive (loss) income

( 4 ) 11,696 ( 8 ) 17,515

Comprehensive income

$ 403,690 $ 313,856 $ 709,170 $ 560,352

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

(1) Net of tax of $ 0.2 million and $ 0.3 million for the three and six months ended June 30, 2025, respectively.

See Notes to Consolidated Financial Statements.

3 unchanged sentences

(In thousands)(Unaudited)

Three months ended

Six months ended

Cash flows - operating activities:

19 unchanged sentences

Proceeds from revolving credit facility

Repayments of revolving credit facility — ( 275,000 )

Repayments of finance lease liabilities ( 1,327 ) ( 1,433 )

12 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 $ 0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of March 31, 2025.

(2) Includes $ 1.2 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of June 30, 2025.

See Notes to Consolidated Financial Statements.

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the three months ended March 31, 2026 and 2025

For the three months ended June 30, 2026 and 2025

(In thousands)(Unaudited)

4 unchanged sentences

stock Noncontrolling

Balance, December 31, 2024

$ 2,938,694 $ 612 $ 97,475 $ ( 85,527 ) $ 4,778,061 $ ( 1,852,964 ) $ 1,037

Balance, March 31, 2025 $ 2,951,928 $ 612 $ 93,424 $ ( 79,708 ) $ 5,007,257 $ ( 2,071,628 ) $ 1,971

302,160 — — — 302,160 — —

4 unchanged sentences

Repurchases of common stock ( 204,655 ) — — — — ( 204,655 ) —

Acquisition of noncontrolling interests 934 — — — — — 934

Share-based compensation expense 3,822 — 3,822 — — — —

Balance, June 30, 2025 $ 3,053,572 $ 612 $ 97,079 $ ( 68,012 ) $ 5,298,205 $ ( 2,276,283 ) $ 1,971

Balance, March 31, 2026 $ 3,867,576 $ 613 $ 93,977 $ ( 1,920 ) $ 6,293,411 $ ( 2,519,542 ) $ 1,037

403,694 — — — 403,694 — —

Other comprehensive loss

( 4 ) — — ( 4 ) — — —

Tax withholding for common stock issued under share-based compensation plans ( 301 ) — ( 301 ) — — — —

Common stock dividends ( 17,776 ) — 24 — ( 17,800 ) — —

Repurchases of common stock ( 177,662 ) — — — — ( 177,662 ) —

Share-based compensation expense 4,417 — 4,417 — — — —

Balance, June 30, 2026 $ 4,079,944 $ 613 $ 98,117 $ ( 1,924 ) $ 6,679,305 $ ( 2,697,204 ) $ 1,037

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

See Notes to Consolidated Financial Statements.

EMCOR Group, Inc.

and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

For the six months ended June 30, 2026 and 2025

(In thousands)(Unaudited)

EMCOR Group, Inc.

stock Capital

surplus Accumulated other comprehensive loss (1)

earnings Treasury

stock Noncontrolling

Balance, December 31, 2024 $ 2,938,694 $ 612 $ 97,475 $ ( 85,527 ) $ 4,778,061 $ ( 1,852,964 ) $ 1,037

542,837 — — — 542,837 — —

Other comprehensive income

17,515 — — 17,515 — — —

Tax withholding for common stock issued under share-based compensation plans ( 13,541 ) — ( 13,541 ) — — — —

Common stock dividends ( 22,640 ) — 53 — ( 22,693 ) — —

Repurchases of common stock ( 423,319 ) — — — — ( 423,319 ) —

Acquisition of noncontrolling interests 934 — — — — — 934

Share-based compensation expense 13,092 — 13,092 — — — —

Balance, June 30, 2025

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

Balance, December 31, 2025 $ 3,674,981 $ 613 $ 101,336 $ ( 1,916 ) $ 6,005,772 $ ( 2,431,861 ) $ 1,037

709,178 — — — 709,178 — —

Other comprehensive loss

4 unchanged sentences

Share-based compensation expense 15,007 — 15,007 — — — —

Balance, March 31, 2026

Balance, June 30, 2026

$ 4,079,944 $ 613 $ 98,117 $ ( 1,924 ) $ 6,679,305 $ ( 2,697,204 ) $ 1,037

14 unchanged sentences

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.

The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026.

NOTE 2 - New Accounting Pronouncements

91 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 months ended March 31, 2026 and 2025, 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 and six months ended June 30, 2026 and 2025, as summarized in the following table (in thousands):

For the three months ended

June 30, For the six months ended

2026 2025 2026 2025

United States electrical construction and facilities services $ 2,670 $ 2,373 $ 9,713 $ 2,512

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 months ended March 31, 2026 and 2025, 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 and six months ended June 30, 2026 and 2025, as summarized in the following table (in thousands):

For the three months ended

June 30, For the six months ended

2026 2025 2026 2025

United States electrical construction and facilities services $ 14,193 $ 14,878 $ 20,562 $ 24,520

United States mechanical construction and facilities services 20,957 20,587 23,101 25,831

United States building services 2,259 — 3,467 —

Total impact $ 37,409 $ 35,465 $ 47,130 $ 50,351

2 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 months ended March 31, 2026 and 2025 (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 and six months ended June 30, 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 March 31,

For the three months ended June 30,

Total 2025 % of

20 unchanged sentences

NOTE 3 - Revenue from Contracts with Customers (Continued)

For the three months ended March 31,

For the three months ended June 30,

Total 2025 % of

16 unchanged sentences

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

For the three months ended March 31,

For the three months ended June 30,

Total 2025 % of

4 unchanged sentences

Total segment revenues $ 837,706 $ 793,259

For the three months ended March 31,

For the three months ended June 30,

Total 2025 % of

4 unchanged sentences

Total United States operations $ 5,154,892 $ 4,169,836

For the three months ended March 31,

For the three months ended June 30,

Total 2025 % of

9 unchanged sentences

NOTE 3 - Revenue from Contracts with Customers (Continued)

For the six months ended June 30,

Total 2025 % of

United States electrical construction and facilities services:

Network and communications market sector $ 1,730,417 56 % $ 1,186,303 49 %

Commercial market sector 221,679 7 % 215,094 9 %

Manufacturing and industrial market sector 224,599 7 % 209,633 8 %

Healthcare market sector 229,822 7 % 241,416 10 %

High-tech manufacturing market sector 56,206 2 % 81,124 3 %

Institutional market sector 187,745 6 % 119,081 5 %

Transportation market sector 98,638 3 % 128,556 5 %

Water and wastewater market sector 14,101 1 % 20,286 1 %

Hospitality and entertainment market sector 95,218 3 % 49,625 2 %

Short-duration projects (1)

190,374 6 % 139,682 6 %

Service work 62,431 2 % 41,033 2 %

3,111,230 2,431,833

Less intersegment revenues ( 1,315 ) ( 3,742 )

Total segment revenues $ 3,109,915 $ 2,428,091

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

For the six months ended June 30,

Total 2025 % of

United States mechanical construction and facilities services:

Network and communications market sector $ 1,413,117 33 % $ 720,037 21 %

Commercial market sector 512,643 12 % 396,910 12 %

Manufacturing and industrial market sector 510,051 12 % 407,523 12 %

Healthcare market sector 319,758 7 % 293,615 9 %

High-tech manufacturing market sector 433,126 10 % 563,805 17 %

Institutional market sector 370,361 8 % 197,567 6 %

Transportation market sector 18,954 1 % 24,169 1 %

Water and wastewater market sector 173,724 4 % 166,687 5 %

Hospitality and entertainment market sector 63,723 1 % 66,067 2 %

Short-duration projects (1)

162,062 4 % 194,729 6 %

Service work 362,797 8 % 299,144 9 %

4,340,316 3,330,253

Less intersegment revenues ( 13,102 ) ( 2,393 )

Total segment revenues $ 4,327,214 $ 3,327,860

(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 six months ended June 30,

Total 2025 % of

United States building services:

Mechanical services $ 1,242,505 77 % $ 1,178,002 77 %

Commercial site-based services 289,544 18 % 276,869 18 %

Government site-based services 78,306 5 % 81,011 5 %

Total segment revenues $ 1,610,355 $ 1,535,882

For the six months ended June 30,

Total 2025 % of

United States industrial services:

Field services $ 669,188 91 % $ 559,597 87 %

Shop services 66,453 9 % 80,477 13 %

Total segment revenues $ 735,641 $ 640,074

Total United States operations $ 9,783,125 $ 7,931,907

For the six months ended June 30,

Total 2025 % of

United Kingdom building services:

Service work $ — — $ 117,692 49 %

Project work — — 122,173 51 %

Total segment revenues $ — $ 239,865

Consolidated revenues

$ 9,783,125 $ 8,171,772

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

At June 30, 2026 and December 31, 2025, our allowance for credit losses was $ 25.0 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 three months ended March 31, 2026 was as follows (in thousands):

The change in the allowance for credit losses for the six months ended June 30, 2026 was as follows (in thousands):

Balance at December 31, 2025

1 unchanged sentence

Amounts written off against the allowance, net of recoveries ( 2,351 )

Balance at March 31, 2026

Balance at June 30, 2026 $ 25,008

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 3 - Revenue from Contracts with Customers (Continued)

The increase in our allowance for credit losses was due to the provision for credit losses recorded during the six months ended June 30, 2026, partially offset by the write-off of specific receivables, which were deemed uncollectable.

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.

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):

Net contract liabilities in the accompanying Consolidated Balance Sheets consisted of the following amounts as of June 30, 2026 and December 31, 2025 (in thousands):

2026 December 31, 2025

4 unchanged sentences

Net contract liabilities $ ( 2,209,502 ) $ ( 1,990,480 )

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.

Contract assets and contract liabilities increased by approximately $ 2.0 million and $ 1.7 million, respectively, as a result of acquisitions made by us during the first half of 2026.

Excluding the impact of acquisitions, net contract liabilities increased by $ 219.3 million during the six months ended June 30, 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 March 31, 2026 (in thousands, except for percentages):

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 June 30, 2026 (in thousands, except for percentages):

2026 % of Total

5 unchanged sentences

Total operations $ 17,143,101 100 %

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

Our remaining performance obligations at June 30, 2026 were $ 17.14 billion.

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

9 unchanged sentences

Such claim and other variable consideration amounts were immaterial for all periods presented.

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 3 - Revenue from Contracts with Customers (Continued)

Refer to the table below for additional information regarding our remaining performance obligations, including an estimate of when we expect to recognize such remaining performance obligations as revenue (in thousands):

6 unchanged sentences

Total operations $ 13,023,427 $ 4,119,674

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 4 - Acquisitions and Dispositions of Businesses

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.

During the first half of 2026, we acquired four companies for upfront consideration of $ 99.8 million, inclusive of customary working capital adjustments.

These acquisitions are comprised of:

(a) two companies in the Western region of the United States that have been included in our United States mechanical construction and facilities services segment, including:

(i) a provider of mechanical and sheet metal fabrication services, and (ii) a commercial and industrial HVAC contractor, (b) an electrical contractor in the Midwestern region of the United States that has been included in our United States electrical construction and facilities services segment, and (c) a company that has been included in our United States building services segment, which provides building automation and controls solutions in the Southeastern region of the United States.

In connection with these acquisitions, we acquired working capital of $ 13.5 million and other net assets of $ 2.7 million and have preliminarily ascribed $ 45.3 million to goodwill and $ 38.3 million to identifiable intangible assets.

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.

17 unchanged sentences

(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.

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 4 - Acquisitions and Dispositions of Businesses (Continued)

Accounts payable $ 68,147

8 unchanged sentences

Net assets acquired

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 4 - Acquisitions and Dispositions of Businesses (Continued)

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

12 unchanged sentences

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 purchase price allocations for the businesses acquired in 2026 and one 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.

2 unchanged sentences

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.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 5 - Earnings Per Share

Calculation of Basic and Diluted Earnings per Common Share

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):

The following tables summarize our calculation of Basic and Diluted Earnings per Common Share (“EPS”) for the three and six months ended June 30, 2026 and 2025 (in thousands, except share and per share data):

For the three months ended

5 unchanged sentences

Diluted earnings per common share $ 9.06 $ 6.72

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 .

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 5 - Earnings Per Share (Continued)

For the six months ended

$ 709,178 $ 542,837

Weighted average shares outstanding used to compute basic earnings per common share 44,492,543 45,227,690

Effect of dilutive securities—Share-based awards 126,899 153,054

Shares used to compute diluted earnings per common share 44,619,442 45,380,744

Basic earnings per common share $ 15.94 $ 12.00

Diluted earnings per common share $ 15.89 $ 11.96

The number of share-based awards excluded from the computation of diluted EPS for the three and six months ended June 30, 2026 because they would be anti-dilutive were 1,365 and 3,427 , respectively.

The number of share-based awards excluded from the computation of diluted EPS for both the three and six months ended June 30, 2025 because they would be anti-dilutive were 3,635 .

NOTE 6 - Inventories

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

Inventories in the accompanying Consolidated Balance Sheets consisted of the following amounts as of June 30, 2026 and December 31, 2025 (in thousands):

2026 December 31,

2 unchanged sentences

Inventories $ 153,679 $ 126,252

The increase in inventories as of June 30, 2026, compared to December 31, 2025, was a result of:

(a) advanced purchases of materials and equipment for use on specific construction projects, partially in an effort to mitigate the impact of long lead times, (b) an increase in raw materials on hand to support our fabrication facilities, and (c) higher levels of work in process inventory within our United States industrial services segment due to greater new build heat exchanger orders.

NOTE 7 - Debt

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.

Excluding finance lease liabilities of $ 6.1 million at June 30, 2026 and $ 6.3 million at December 31, 2025, we had no outstanding debt as of June 30, 2026 and December 31, 2025.

The current portion of our finance lease liabilities of $ 2.5 million and $ 2.4 million at June 30, 2026 and December 31, 2025, respectively, were included in “Other accrued expenses and liabilities,” and the non-current portion of our finance lease liabilities of $ 3.6 million and $ 3.9 million at June 30, 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 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.

There were no direct borrowings outstanding under the 2023 Revolving Credit Facility as of June 30, 2026 and December 31, 2025.

However, outstanding letters of credit reduce the available capacity under this facility and, as of June 30, 2026 and December 31, 2025, we had $ 73.4 million and $ 73.1 million of letters of credit outstanding, respectively.

EMCOR Group, Inc.

7 unchanged sentences

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 March 31, 2026 and December 31, 2025.

The fee was 0.125 % of the unused amount as of June 30, 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 March 31, 2026 and December 31, 2025.

We were in compliance with all such covenants as of June 30, 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 March 31, 2026 and December 31, 2025 (in thousands):

Assets at Fair Value as of March 31, 2026

The following tables summarize the assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands):

Assets at Fair Value as of June 30, 2026

Asset Category Level 1 Level 2 Level 3 Total

13 unchanged sentences

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

At June 30, 2026 and December 31, 2025, we had $ 556.4 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.

21 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 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.

Although there were no outstanding borrowings under our 2023 Credit Agreement as of June 30, 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 months ended March 31, 2026 and 2025 (in thousands, except percentages):

The following table presents our income tax provision and our income tax rate for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages):

For the three months ended

June 30, For the six months ended

2026 2025 2026 2025

Income tax provision $ 147,968 $ 109,867 $ 252,556 $ 193,387

1 unchanged sentence

The difference between the U.S.

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.

statutory tax rate of 21 % and our effective income tax rate for both the three and six months ended June 30, 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 and six months ended June 30, 2026, when compared to the three and six months ended June 30, 2025, was primarily due to greater income before income taxes.

As of June 30, 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.

6 unchanged sentences

NOTE 10 - Common Stock

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.

As of June 30, 2026 and December 31, 2025, there were 44,240,047 and 44,520,367 shares of our common stock outstanding, respectively.

During the three months ended June 30, 2026 and 2025, we issued 10,268 and 5,106 shares of common stock, respectively.

During the six months ended June 30, 2026 and 2025, we issued 51,847 and 57,381 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.

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.

Since the inception of the repurchase program, through June 30, 2026, the Board has authorized us to repurchase up to $ 3.65 billion of our outstanding common stock.

During the three months ended June 30, 2026, we repurchased 0.2 million shares of our common stock for $ 177.7 million.

During the six months ended June 30, 2026, we repurchased 0.3 million shares of our common stock for $ 265.3 million.

Since the inception of the repurchase program through June 30, 2026, we have repurchased 28.8 million shares of our common stock for $ 3.23 billion.

As of June 30, 2026, there remained authorization for us to repurchase $ 415.2 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.

9 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 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.

As of June 30, 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 $ 4.30 billion, which represents approximately 25 % 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 March 31, 2026, we satisfied $ 105.5 million of the collateral requirements of our insurance programs by utilizing surety bonds.

As of June 30, 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.

37 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 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.

As of June 30, 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 $ 95.1 million and $ 84.0 million, respectively.

The estimated non-current portion of such undiscounted insurance liabilities included in “Other long-term obligations” as of June 30, 2026 and December 31, 2025 were $ 298.9 million and $ 274.1 million, respectively.

The current portion of anticipated insurance recoveries of $ 15.0 million and $ 15.5 million as of June 30, 2026 and December 31, 2025, respectively, were included in “Prepaid expenses and other,” and the non-current portion of anticipated insurance recoveries of $ 48.6 million and $ 51.7 million as of June 30, 2026 and December 31, 2025, respectively, were included in “Other assets” in the accompanying Consolidated Balance Sheets.

EMCOR Group, Inc.

2 unchanged sentences

NOTE 12 - Additional Cash Flow Information

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

The following table presents additional cash flow information for the six months ended June 30, 2026 and 2025 (in thousands):

For the six months ended

Cash paid for:

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

The following tables present the revenues and operating income for each of our reportable segments for the three and six months ended June 30, 2026 and 2025 (in thousands):

For the three months ended

23 unchanged sentences

$ 5,154,892 $ 4,304,400

For the six months ended

Revenues from unrelated entities:

United States electrical construction and facilities services $ 3,109,915 $ 2,428,091

United States mechanical construction and facilities services 4,327,214 3,327,860

United States building services 1,610,355 1,535,882

United States industrial services 735,641 640,074

Total United States operations 9,783,125 7,931,907

United Kingdom building services — 239,865

Consolidated revenues

$ 9,783,125 $ 8,171,772

For the six months ended

Total revenues:

United States electrical construction and facilities services $ 3,116,437 $ 2,478,353

United States mechanical construction and facilities services 4,408,664 3,364,985

United States building services 1,636,248 1,557,587

United States industrial services 736,218 651,743

Less intersegment revenues ( 114,442 ) ( 120,761 )

Total United States operations 9,783,125 7,931,907

United Kingdom building services — 239,865

Consolidated revenues

$ 9,783,125 $ 8,171,772

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 13 - Segment Information (Continued)

For the three months ended

10 unchanged sentences

Net periodic pension income

Interest income (expense), net 4,322 ( 3,240 )

Income before income taxes $ 551,662 $ 412,027

For the six months ended

Operating income (loss):

United States electrical construction and facilities services $ 405,898 $ 293,701

United States mechanical construction and facilities services 508,282 425,484

United States building services 103,824 86,468

United States industrial services 22,379 6,341

Total United States operations 1,040,383 811,994

United Kingdom building services — 13,412

Corporate administration ( 89,198 ) ( 91,438 )

Consolidated operating income

951,185 733,968

Net periodic pension income

Interest income, net

Income before income taxes $ 961,734 $ 736,224

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):

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 13 - Segment Information (Continued)

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 six months ended June 30, 2026 and 2025 (in thousands):

For the three months ended

8 unchanged sentences

$ 4,132,513 $ 3,470,629

For the six months ended

Cost of sales:

United States electrical construction and facilities services $ 2,473,484 $ 1,956,431

United States mechanical construction and facilities services 3,505,032 2,661,229

United States building services 1,283,355 1,236,199

United States industrial services 634,925 550,338

Total United States operations 7,896,796 6,404,197

United Kingdom building services — 211,086

Consolidated cost of sales

$ 7,896,796 $ 6,615,283

For the three months ended

Selling, general and administrative expenses:

United States electrical construction and facilities services $ 123,363 $ 102,415

United States mechanical construction and facilities services 158,120 121,002

United States building services 110,036 108,524

United States industrial services 39,830 39,248

Total United States operations 431,349 371,189

United Kingdom building services — 8,150

Corporate administration

43,690 39,220

Consolidated selling, general and administrative expenses $ 475,039 $ 418,559

EMCOR Group, Inc.

2 unchanged sentences

NOTE 13 - Segment Information (Continued)

For the three months ended

For the six months ended

Selling, general and administrative expenses:

8 unchanged sentences

Consolidated selling, general and administrative expenses $ 935,144 $ 822,521

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):

The following tables present other financial information for each of our reportable segments for the three and six months ended June 30, 2026 and 2025 (in thousands):

For the three months ended

8 unchanged sentences

Total depreciation and amortization of property, plant, and equipment $ 19,391 $ 16,557

For the three months ended

Amortization of identifiable intangible assets:

For the six months ended

Depreciation and amortization of property, plant, and equipment:

United States electrical construction and facilities services $ 6,653 $ 4,769

2 unchanged sentences

United States industrial services 7,162 6,469

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

Total United States operations 36,952 29,562

United Kingdom building services — 2,000

Corporate administration

Total depreciation and amortization of property, plant, and equipment $ 37,753 $ 32,139

EMCOR Group, Inc.

3 unchanged sentences

For the three months ended

Amortization of identifiable intangible assets:

United States electrical construction and facilities services $ 14,402 $ 12,950

United States mechanical construction and facilities services 9,459 5,978

United States building services 5,108 5,240

United States industrial services 5,902 5,921

Total amortization of identifiable intangible assets $ 34,871 $ 30,089

For the six months ended

Amortization of identifiable intangible assets:

United States electrical construction and facilities services $ 27,992 $ 22,430

United States mechanical construction and facilities services 18,918 11,375

United States building services 10,350 10,805

United States industrial services 11,823 11,842

Total amortization of identifiable intangible assets $ 69,083 $ 56,452

For the three months ended

Capital expenditures:

7 unchanged sentences

Total capital expenditures $ 31,148 $ 28,043

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

For the six months ended

Capital expenditures:

United States electrical construction and facilities services $ 13,677 $ 8,809

United States mechanical construction and facilities services 31,608 23,346

United States building services 5,562 8,113

United States industrial services 6,825 6,526

Total United States operations 57,672 46,794

United Kingdom building services — 4,384

Corporate administration

Total capital expenditures $ 59,860 $ 54,174

EMCOR Group, Inc.

and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

NOTE 13 - Segment Information (Continued)

The following table presents the total assets for each of our reportable segments as of June 30, 2026 and December 31, 2025 (in thousands):

2026 December 31,

8 unchanged sentences

Total assets $ 10,157,082 $ 9,291,399

NOTE 14 - Subsequent Events

In July 2026, we acquired two electrical contractors that expand our service offerings in the Midwestern and Southeastern regions of the United States.

In June and July 2026, we also entered into definitive agreements to acquire two additional electrical contractors, one in Texas and one in the Midwestern region of the United States.

Such pending transactions are expected to close in the third quarter of 2026, subject to customary closing conditions.

Together, these four acquisitions, which have an aggregate upfront purchase price of approximately $ 700 million, will be included within our United States electrical construction and facilities services segment.

We intend to finance these acquisitions through a combination of cash on hand and, to the extent necessary, borrowings under our revolving credit facility.

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