Emcor (EME) FY2025 10-K Annual Report
Emcor (EME) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Emcor FY2025 10-K Analysis
Business Overview
- • Specialty contractor providing electrical/mechanical construction and facilities services; $16.99B revenue in FY2025
- • Sold UK operations December 1, 2025; UK previously ~13% of building services revenue, now fully exited
- • AI/data center buildout and domestic supply chain re-shoring explicitly cited as primary growth drivers for construction demand
- • ~44,000 employees, all US-based post-UK sale; 62% unionized across ~450 collective bargaining agreements
- • Total Recordable Incident Rate just under 1.0 in 2025 — ~60% below industry average of 2.4, 17th consecutive year below half the industry benchmark
Management Discussion & Analysis
- • Revenue $16.99B, up 16.6% YoY; $1.27B from acquisitions including Miller Electric ($876.8M deal)
- • Operating margin 10.1% vs 9.2%; gross margin 19.3% vs 19.0%; $144.9M UK sale gain added ~85bps to operating margin
- • Best segment: US Mechanical at $905M operating income, margin 12.8% vs 12.5%; worst: US Industrial at $25M, margin 2.0% vs 3.5%
- • Operating cash flow $1.30B vs $1.41B; financing outflows $663.8M driven by higher buybacks; quarterly dividend raised to $0.40/share from $0.25
- • Backlog $13.25B, up $3.15B YoY; data center demand key growth driver; macro risks include project deferrals and labor availability in new geographies
Risk Factors
- • CHIPS Act/IRA funding risk — DOGE-style federal budget cuts, government shutdowns, or executive branch fund freezes could cancel projects EMCOR anticipated pursuing
- • Commodity/tariff exposure — fleet of ~14,400 vehicles and reliance on copper/steel vulnerable to tariff-driven price spikes; no guaranteed contract price pass-through
- • Geopolitical supply chain risk — sanctions on Russian exports, Red Sea/Gulf of Aden shipping disruptions, and Iran/Venezuela instability directly threaten materials availability
- • Labor concentration — ~62% of ~44,000 employees under collective bargaining agreements; contributions to ~200 multiemployer pension plans carry potentially material unfunded liability
- • Cybersecurity via SEC/state privacy law — California Consumer Privacy Act, California Privacy Rights Act, and state biometric laws create escalating compliance costs; AI-enabled attacks cited as emerging threat vector
Emcor FY2025 Key Financial MetricsXBRL
Revenue
$17.0B
▲ +16.6% YoY
Net Income
$1.3B
▲ +26.4% YoY
Gross Margin
19.3%
▲ +34bp YoY
Operating Margin
10.1%
▲ +85bp YoY
Net Margin
7.5%
▲ +58bp YoY
ROE
34.6%
▲ +36bp YoY
Total Assets
$9.3B
▲ +20.4% YoY
EPS (Diluted)
$28.19
▲ +31.0% YoY
Operating Cash Flow
$1.3B
▼ -7.5% YoY
Source: XBRL data from Emcor FY2025 10-K filing on SEC EDGAR. All figures in USD.
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