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EMCOR

EMCOR (EME) Q2 2026 Earnings

Reported Jul 30, 2026 at 9:03 AM ET · SEC Source

Q2 26 EPS

$9.06

BEAT +25.29%

Est. $7.23

Q2 26 Revenue

$5.15B

BEAT +9.44%

Est. $4.71B

vs S&P Since Q2 26

+18.5%

BEATING MARKET

EME +21.8% vs S&P +3.4%

Market Reaction

Did EME Beat Earnings? Q2 2026 Results

EMCOR Group, Inc. Delivered a blowout second quarter of 2026, posting diluted EPS of $9.06 against a consensus estimate of $7.23, a beat of 25.29% that extended the company's streak of topping Wall Street expectations to five consecutive quarters. Re… Read more EMCOR Group, Inc. Delivered a blowout second quarter of 2026, posting diluted EPS of $9.06 against a consensus estimate of $7.23, a beat of 25.29% that extended the company's streak of topping Wall Street expectations to five consecutive quarters. Revenue of $5.15 billion rose 19.8% year-over-year and cleared the $4.71 billion consensus by 9.44%, powered by broad-based strength across all four U.S. Segments, with the Electrical Construction segment generating a segment-leading 13.9% operating margin and the Mechanical Construction segment contributing $2.30 billion in revenue alone. Operating margins expanded to 10.6% from 9.6% a year ago, reflecting improved cost leverage as SG&A declined as a percentage of revenues. Remaining performance obligations surged 43.9% year-over-year to a record $17.14 billion, with particularly sharp growth in network, communications, and data center-related work, a trend analysts have highlighted as EMCOR remains well-positioned to capture AI infrastructure buildout spending. Management responded to the momentum by substantially raising full-year 2026 guidance, now targeting revenues of $20.00 billion to $20.50 billion, operating margins of 9.5% to 9.8%, and diluted EPS of $32.00 to $33.25.

Key Takeaways

  • • Strong performance across all four U.S. reportable segments
  • • 19.8% revenue growth year-over-year, with 19.6% organic growth
  • • Operating margin expansion to 10.6% from 9.6% year-over-year
  • • SG&A expenses declined as a percentage of revenues to 9.2% from 9.7%
  • • Record remaining performance obligations of $17.14 billion, up 43.9% year-over-year
  • • Significant RPO growth in Network and Communications, Water and Wastewater, Institutional, and Healthcare sectors

EME Forward Guidance & Outlook

EMCOR raised its full-year 2026 guidance significantly. Revenue guidance increased to $20.00 billion–$20.50 billion from $18.50 billion–$19.25 billion. Operating margin guidance was raised to 9.5%–9.8% from 9.0%–9.4%. Diluted EPS guidance was increased to $32.00–$33.25 from $28.25–$29.75. The company cited strong momentum year-to-date and visibility into the remainder of the year as the basis for the raised outlook. Remaining performance obligations reached a record $17.14 billion, up 43.9% year-over-year, providing substantial backlog visibility.

24/7 Wall St

EME YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

EME Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
24/7 Wall St

EME Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“We had an exceptional second quarter, growing revenues nearly 20% and earning an impressive 10.6% operating margin. Our results were driven by strong performance across each of our reportable segments, which demonstrates the consistent execution, discipline, and customer focus that have defined EMCOR's success over many years. Our Remaining Performance Obligations are once again at a record level reflecting sustained demand across several key market sectors and our success in winning new business across multiple customers, geographies, and skilled trades.”

— Tony Guzzi, Q2 2026 Earnings Press Release

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