Short answer
Emcor (EME) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $17.0B (+16.6% year over year) and net income of $1.3B.
- Top risk flagged: CHIPS Act/IRA funding risk: DOGE-style federal budget cuts, government shutdowns, or executive branch fund freezes could cancel projects EMCOR anticipated pursuing
FY2025 key financial metrics · XBRL
- Revenue
- $17.0B
- +16.6% YoY
- Net income
- $1.3B
- +26.4% YoY
- Operating margin
- 10.1%
- +0.9 pp YoY
- Gross margin
- 19.3%
- +0.3 pp YoY
- EPS (diluted)
- $28.19
- +31.0% YoY
- ROE
- 34.6%
- +0.4 pp YoY
- Operating cash flow
- $1.3B
- −7.5% YoY
Source: XBRL data from the Emcor (EME) FY2025 10-K on SEC EDGAR. USD.
Emcor FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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