Income StatementBalance SheetCash FlowSegments
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EMCOR Group Business Segments

Business, geographic, and product segment breakdowns

EMCOR Group generates $17.7B in annual revenue across 4 key segments: Commercial Market Sector (0.2), Commercial Site-Based Services (0.2), Field Services (0.9), and Government Site-Based Services (0.1). The company-wide operating margin is 10.13%. Based on the Q1 2026 filing.

Commercial Market Sector19.0%Commercial Site-Based Services18.0%Field Services91.0%Government Site-Based Services5.0%Healthcare Market Sector16.0%High-Tech Manufacturing Market Sector12.0%Hospitality and Entertainment Market Sector5.0%Institutional Market Sector13.0%
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$41.0B
P/E Ratio30.67
ROE39.25%

Products & Services

Percent of total segment revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Field Services—88.0%86.0%85.0%—91.0%
Network and Communications Market Sector—68.0%72.0%72.0%—82.0%
Mechanical Services—75.0%78.0%78.0%—77.0%
Manufacturing and Industrial Market Sector—20.0%21.0%21.0%—20.0%
Commercial Market Sector—21.0%20.0%21.0%—19.0%
Commercial Site-Based Services—19.0%17.0%17.0%—18.0%
Healthcare Market Sector—19.0%19.0%15.0%—16.0%
Institutional Market Sector—10.0%11.0%14.0%—13.0%
High-Tech Manufacturing Market Sector—22.0%19.0%16.0%—12.0%
Short-Duration Projects—12.0%11.0%13.0%—12.0%
Service Work—57.0%63.0%64.0%—11.0%
Shop Services—12.0%14.0%15.0%—9.0%
Government Site-Based Services—6.0%5.0%5.0%—5.0%
Hospitality and Entertainment Market Sector—4.0%4.0%5.0%—5.0%
Transportation Market Sector—7.0%6.0%6.0%—5.0%
Water and Wastewater Market Sector—6.0%6.0%6.0%—5.0%
Project Work—54.0%48.0%47.0%—0.0%

Percentage of total segment revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Commercial Market Sector6.0%5.0%5.0%5.0%5.0%—
Commercial Site-Based Services5.3%4.5%4.5%4.5%4.5%—
Field Services21.8%21.8%21.8%21.8%21.8%—
Government Site-Based Services1.5%1.3%1.3%1.3%1.3%—
Healthcare Market Sector4.0%4.3%4.3%4.3%4.3%—
High-Tech Manufacturing Market Sector7.3%4.3%4.3%4.3%4.3%—
Hospitality and Entertainment Market Sector0.8%1.3%1.3%1.3%1.3%—
Institutional Market Sector3.0%3.3%3.3%3.3%3.3%—
Manufacturing and Industrial Market Sector6.3%5.5%5.5%5.5%5.5%—
Mechanical Services18.3%19.3%19.3%19.3%19.3%—
Network and Communications Market Sector14.0%17.8%17.8%17.8%17.8%—
Project Work13.3%12.3%12.3%12.3%12.3%—
Service Work14.5%15.5%15.5%15.5%15.5%—
Shop Services3.3%3.3%3.3%3.3%3.3%—
Short Duration Projects2.8%3.0%3.0%3.0%3.0%—
Transportation Market Sector1.7%1.5%1.5%1.5%1.5%—
Water and Wastewater Market Sector1.5%1.5%1.5%1.5%1.5%—

Revenues from unrelated entities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Network and Communications Market Sector$732.3M$846.7M$1.1B$1.1B$1.2B$1.4B
Mechanical Services—$558.5M$619.5M$634.2M—$592.8M
Manufacturing and Industrial Market Sector—$276.4M$340.8M$344.3M—$351.7M
Field Services$276.4M$317.7M$241.9M$245.0M$295.8M$349.1M
Commercial Market Sector$290.6M$278.5M$333.5M$333.3M$355.0M$345.4M
Healthcare Market Sector$219.8M$251.3M$283.7M$242.2M$276.6M$265.3M
Institutional Market Sector$141.3M$136.6M$180.1M$211.9M$227.4M$252.9M
High-Tech Manufacturing Market Sector$431.2M$327.4M$317.5M$259.0M$228.1M$230.6M
Service Work$230.8M$213.5M$244.3M$258.6M$252.7M$207.9M
Short-Duration Projects$111.5M$163.5M$170.9M$197.5M$189.6M$207.4M
Commercial Site-Based Services$147.2M$143.3M$133.6M$141.7M$145.2M$141.6M
Water and Wastewater Market Sector$87.8M$89.2M$97.8M$92.1M$106.7M$95.2M
Hospitality and Entertainment Market Sector—$52.4M$63.3M$67.1M—$86.4M
Transportation Market Sector$75.3M$76.1M$76.6M$85.8M$72.2M$65.4M
Government Site-Based Services$43.0M$40.8M$40.2M$38.0M$37.2M$38.3M
Shop Services$36.3M$41.3M$39.1M$41.9M$45.3M$32.8M
Project Work$58.8M$57.3M$64.9M$64.5M$45.9M$0.0

Geographic

CapEx

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES$17.8M$22.2M$24.5M$24.0M$28.9M$27.2M
UNITED KINGDOM$1.0M$2.5M$1.9M$1.1M$1.5M$0.0

Cost of Sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES$2.9B$3.1B$3.4B$3.3B$3.5B$3.8B
UNITED KINGDOM$95.9M$93.1M$118.0M$120.9M$86.5M$0.0

Depreciation and amortization of property, plant, and equipment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES$13.7M$14.4M$15.2M$15.8M$16.8M$18.0M
UNITED KINGDOM$939.0K$932.0K$1.1M$1.1M$755.0K$0.0

Long-Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED KINGDOM$14.4M———$0.0—
UNITED STATES$509.2M———$692.3M—

Operating income (loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES$419.6M$366.0M$446.0M$440.2M$477.3M$449.4M
UNITED KINGDOM$4.8M$5.0M$8.4M$7.6M$0.0$0.0

Revenues from unrelated entities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES$3.7B$3.8B$4.2B$4.2B$4.4B$4.6B
UNITED KINGDOM$107.9M$105.3M$134.6M$136.2M$95.3M$0.0

Selling, general and administrative expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES$325.4M$344.5M$371.2M$379.8M$405.1M$414.6M
UNITED KINGDOM$7.1M$7.2M$8.2M$7.8M$8.8M$0.0

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES$3.7B$3.8B$4.2B$4.2B$4.4B$4.6B
UNITED KINGDOM$107.9M$105.3M$134.6M$136.2M$95.3M$0.0

Amortization of identifiable intangible assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES$20.4M$26.4M$30.1M$30.5M$32.1M$34.2M

Change in total estimated cost or anticipated contract value

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES$27.1M$15.1M$35.5M$34.6M$822.0K$9.0M

Performance obligation satisfied in previous period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES—$3.1M$6.2M$44.2M—$16.7M

Remaining performance obligations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES—$11.5B$11.7B$12.4B$13.3B$15.6B

Remaining performance obligations, percent

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES—98.0%98.0%98.0%100.0%100.0%

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES————$0.0$0.0

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES$6.0B$7.1B$7.5B$7.5B$7.9B$8.3B

Business Segments

Weighted average cost of capital used in annual testing, percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States Building Services———11.0%——

Perpetual growth rate used for annual testing, percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Domestic Segments———2.5%——

Effect of 50 Basis Point Decrease in the Perpetual Growth Rate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States Building Services———$49.2M——
United States Electrical Construction And Facilities Services———$242.3M——
United States Industrial Services———$9.9M——
United States Mechanical Construction And Facilities Services———$342.4M——

Effect of 50 Basis Point Increase in the Weighted Average Costs of Capital

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States Building Services———$99.5M——
United States Electrical Construction And Facilities Services———$445.2M——
United States Industrial Services———$25.3M——
United States Mechanical Construction And Facilities Services———$609.5M——

Goodwill allocated, percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
United States Building Services35.2%———26.0%—
United States Electrical Construction And Facilities Services18.8%———36.7%—
United States Industrial Services12.2%———8.8%—
United States Mechanical Construction And Facilities Services33.8%———28.5%—