The strong beat and significant guidance raise confirm accelerating demand in network/communications, water/wastewater, institutional, and healthcare sectors. Traders should watch for continued RPO conversion and margin expansion; the raised guidance implies H2 2026 revenue of ~$10.2B-$10.7B and EPS of ~$16.11-$17.36, suggesting further upside potential.
Price Chart
Executive Summary
EMCOR Group reported a record Q2 2026 with revenues of $5.15B (+19.8% YoY) and diluted EPS of $9.06 (+34.8% YoY), both significantly beating consensus estimates of $4.71B and $7.23. The company raised full-year 2026 guidance for revenue to $20.0B-$20.5B and EPS to $32.00-$33.25, reflecting sustained momentum across key sectors and record remaining performance obligations of $17.14B.
Key Financial Metrics
Key Facts
- Record Q2 revenues of $5.15B, up 19.8% YoY (organic growth 19.6%)
- Record Q2 diluted EPS of $9.06, up 34.8% YoY, beating consensus of $7.23 by 25.3%
- Record Q2 operating income of $547.3M and operating margin of 10.6% (vs 9.6% a year ago)
- Record remaining performance obligations of $17.14B, up 43.9% YoY
- Full-year 2026 revenue guidance raised to $20.0B-$20.5B (from $18.5B-$19.25B)
- Full-year 2026 diluted EPS guidance raised to $32.00-$33.25 (from $28.25-$29.75)
- Strong performance across all U.S. segments, led by electrical and mechanical construction
Financial Impact
Revenue beat consensus by ~$440M (9.4%); EPS beat by $1.83 (25.3%). Guidance midpoint raised by $1.5B for revenue and $3.625 for EPS.
Risk Factors
- Scarcity of skilled labor and productivity challenges could pressure margins
- Supply chain disruptions and material cost inflation (including tariff impacts) remain headwinds
- Forward-looking statements caution about economic conditions and project mix
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000105634-26-000112 |
| Document: eme-20260730.htm | 0000105634-26-000112 |
| Document: 0000105634-26-000112-index-headers.html | 0000105634-26-000112 |
| Document: 0000105634-26-000112-index.html | 0000105634-26-000112 |
| Document: 0000105634-26-000112.txt | 0000105634-26-000112 |
| 8-K Data (Synthetic) | 0000105634-26-000112 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 9w ago | 8-K | $802.37 $775.04 | ▼ −3.41% | ▼ −7.37% | $792.91 (−1.18%) |
Apr 30, 2026 22w ago | Insider Cluster | $891.67 $848.45 | ▼ −4.85% | ▼ −9.81% | $792.91 (−11.08%) |
Apr 30, 2026 22w ago | Insider Cluster | $891.67 $848.45 | ▼ −4.85% | ▼ −9.81% | $792.91 (−11.08%) |
Apr 29, 2026 22w ago | 8-K | $833.37 $855.26 | ▲ +2.63% | ▼ −2.83% | $792.91 (−4.86%) |
Apr 21, 2026 23w ago | DEFA14A | $838.01 $877.19 | ▲ +4.68% | ▼ −0.24% | $792.91 (−5.38%) |
Mar 2, 2026 30w ago | Insider Cluster | $735.41 $700.75 | ▲ +4.71% | ▼ −3.22% | $792.91 (−7.82%) |
Feb 28, 2026 30w ago | Institutional Cluster | $735.41 $700.75 | ▼ −4.71% | ▲ +3.22% | $792.91 (+7.82%) |
US Market Status
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