EMCOR's fourth quarter 2025 revenue beat estimates by 13% as record backlog surged over 31% to $13.25 billion.

EMCOR Group reported fourth quarter 2025 revenue of $4.51 billion, a 19.7% year-over-year increase, and diluted EPS of $9.68. These results significantly exceeded analyst estimates for both revenue and earnings. For the full year 2025, revenues grew 16.6% to $16.99 billion.

Key Highlights

• The company's backlog, or Remaining Performance Obligations (RPOs), reached a record $13.25 billion, an increase of 31.2% year-over-year, indicating strong future demand.
• Fourth quarter organic revenue, which excludes acquisitions, grew by a robust 9.5%, demonstrating underlying business strength.
• EMCOR issued strong initial full-year 2026 guidance with revenues projected between $17.75 billion and $18.50 billion and diluted EPS in the range of $27.25 to $29.25.
• The Electrical and Mechanical Construction segments were noted as key drivers for the full year, with combined revenue growth of 24.4% and an operating margin of 12.5%.