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EMCOR Group Cash Flow Statement

Operating, investing, and financing cash movements

EMCOR Group generated $1.2B in operating cash flow over the trailing twelve months. After $115.3M in capital expenditures, free cash flow was $1.1B. Free cash flow decreased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.2BNet Cash From Investing (TTM)-$1.0BNet Cash From Financing (TTM)-$787.3MCapital Expenditures (TTM)$115.3MNet Change In Cash (TTM)-$321.0M
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$36.1B
P/E Ratio26.96
ROE39.25%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$39M$850.6M$36.6M$13.3M$121.6M$43.7M
Capital expenditures$17.7M$26.1M$28M$26.7M$31.9M$28.7M
Proceeds from disposals of property, plant and equipment$1.1M$1.3M$1.3M$1M$1M$636K
Net cash from investing activities-$55.6M-$875.4M-$63.4M-$38.9M—-$71.8M
Proceeds from sale of businesses$0$64.2M$64.2M$64.2M$64.2M—

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable-$3.8M$47.3M$47.3M$47.3M$47.3M—
Change in accounts receivable$77.9M$109.4M$109.4M$109.4M$109.4M—
Change in accrued liabilities$37.1M$35.3M$35.3M$35.3M$35.3M—
Change in deferred revenue$106.7M$38.9M$38.9M$38.9M$38.9M—
Change in inventories-$4.5M$6.7M$6.7M$6.7M$6.7M—
Other working capital changes$48.3K-$896K-$896K-$896K-$896K—
Deferred income taxes-$7.3M$2.8M———-$7M
Gain (loss) on sale of assets$253K$557.3K$557.3K$557.3K$557.3K—
Net cash from operating activities$469.5M$108.5M$193.7M$475.5M$524.4M$558K
Net income$292.2M$240.7M$302.2M$295.4M$434.6M$305.5M
Amortization expense related to capitalized debt issuance costs$205.5K$205.5K$205.5K$205.5K$205.5K—
Amortization of capitalized software and acquired intangible assets$20.4M$26.4M$30.1M$30.5M$32.1M$34.2M
Depreciation$14.9M$15.6M$16.6M$17.3M$17.9M$18.4M
Excess tax benefit from share-based compensation$994.5K$1.3M$1.3M$1.3M$1.3M—
Excess Tax Benefits From Share-Based Compensation—$3.5M———$6M
Gain on sale of business and assets$0$36.2M$36.2M$36.2M$36.2M—
Increase (Decrease) in Contract with Customer, Asset$3.3M$10.7M$10.7M$10.7M$10.7M—
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital—$186.6M$160.3M——$354.8M
Non-cash (income) expense from contingent consideration arrangements$2.2M-$133.5K-$133.5K-$133.5K-$133.5K—
Non-cash share-based compensation expense$5M$5.1M$5.1M$5.1M$5.1M—
Non-cash share-based compensation expense—$9.3M$3.8M$3.7M—$10.6M
Other Noncash Income (Expense)—$798K$3.6M-$7.1M—$650K
Accounts Receivable, Credit Loss Expense (Reversal)$4.7M$4.7M$4.3M—$2.3M$395K

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$0$250M$275M——$0
Dividends paid$11.5M$11.5M$11.2M$11.2M$11.2M$17.8M
Finance Lease, Principal Payments$711K$775K$658K$649K$610K$646K
Payments for Contingent Consideration Arrangements$425K$420K$10.9M$692K$0$809K
Net cash from financing activities-$100.3M-$829K-$230.3M-$263.9M-$168.7M-$124.4M
Repurchases of common stock$84.4M$224.8M$207.3M$0$154.1M$87.1M
Taxes paid for net share settlement$3.3M$13.4M$190K$513K$2.8M$18M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$451.8M$82.3M$165.6M$448.8M$492.5M-$28.2M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$10M$4.9M$9.7M——$0
Net increase (decrease) in cash$303.6M-$762.9M-$90.3M——-$195.5M