EMCOR Group (EME) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $5.15 billion for Q2 2026, up 19.8% year-over-year, with strong organic growth and broad-based demand across all segments.

• Operating income reached $547.3 million (10.6% margin), up 31.8% year-over-year, with diluted EPS rising 35% to $9.06.

• Net income for Q2 2026 was $403.7 million, a 33.6% increase year-over-year.

• Remaining performance obligations (RPOs) hit a record $17.14 billion, up 44% year-over-year and 10% sequentially, indicating robust demand.

• Raised full-year 2026 guidance for revenue to $20.00–$20.50 billion and diluted EPS to $32.00–$33.25.

Financial highlights

• Gross profit for Q2 2026 was $1.02 billion (19.8% margin), up 22.6% year-over-year.

• SG&A expenses for Q2 2026 were $475 million (9.2% of revenue), down from 9.7% in Q2 2025, reflecting operating leverage.

• First six months 2026 revenues totaled $9.78 billion, up 19.7% year-over-year; diluted EPS was $15.89, up 32.9%.

• Cash and cash equivalents at June 30, 2026 were $924.4 million.

• No direct borrowings outstanding under the $1.3 billion revolving credit facility; $73.4 million in letters of credit issued.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $20.00–$20.50 billion; diluted EPS to $32.00–$33.25; operating margin guidance now 9.5%–9.8%.

• Guidance reflects strong demand, robust RPOs, and continued margin discipline.

• Acquisitions expected to contribute $250–$275 million in revenue in the second half, with limited near-term EPS impact.

• Management expects continued strong demand across most market sectors, with a focus on efficient conversion of operating income into cash and balanced capital allocation.

• Macro uncertainties remain, including trade policy, supply chain, commodity prices, interest rates, and global conflicts.