The raised guidance and record RPOs ($18.57B, +47% YoY) signal sustained demand across data center, healthcare, and water infrastructure end markets. The $500M buyback authorization adds capital return flexibility. Monitor Q4 for margin trajectory and any impact from the $34M intangible impairment charge.
Price Chart
Executive Summary
EMCOR Group reported record Q3 2026 revenue of $5.54 billion (+28.8% YoY) and non-GAAP diluted EPS of $9.60 (+46.1% YoY), both well above consensus estimates of $5.19B and $8.35. The company raised full-year 2026 revenue guidance to $20.6B-$21.0B and non-GAAP EPS guidance to $34.50-$35.50, and authorized an additional $500M share repurchase program.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $5.54 billion, up 28.8% YoY, a quarterly record
- Non-GAAP diluted EPS of $9.60, up 46.1% YoY, a record
- GAAP diluted EPS of $9.04, up 37.6% YoY
- Non-GAAP operating margin of 10.5%, up from 9.4% YoY
- Record remaining performance obligations of $18.57 billion, up 47.2% YoY
- Full-year 2026 revenue guidance raised to $20.6B-$21.0B from $20.0B-$20.5B
- Full-year 2026 non-GAAP diluted EPS guidance raised to $34.50-$35.50 from $32.00-$33.25
- Board authorized an additional $500 million share repurchase program
- Organic revenue growth of 25.5% in Q3 2026
- Operating cash flow of $1.09 billion for the first nine months of 2026, up 39.7% YoY
Financial Impact
Record revenue and EPS, raised guidance, and $500M buyback authorization. Revenue beat consensus by ~$350M (6.7%) and non-GAAP EPS beat by $1.25 (15.0%).
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| United States electrical construction and facilities services | $1.9B | +44.3% |
| United States mechanical construction and facilities services | $2.5B | +43.1% |
| United States building services | $852.4M | +4.7% |
| United States industrial services | $287.5M | +0.2% |
Risk Factors
- Non-cash impairment loss on identifiable intangible assets of $34.0 million in Q3 2026
- Acquisition integration risk given $797M in cash used for acquisitions YTD
- Potential impact of tariffs, labor shortages, and supply chain disruptions on future margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000105634-26-000132 |
| Document: eme-20261029.htm | 0000105634-26-000132 |
| Document: 0000105634-26-000132-index-headers.html | 0000105634-26-000132 |
| Document: 0000105634-26-000132-index.html | 0000105634-26-000132 |
| Document: 0000105634-26-000132.txt | 0000105634-26-000132 |
| 8-K Data (Synthetic) | 0000105634-26-000132 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $689.32 | awaiting T+5 | awaiting T+5 | $679.55 (−1.42%) |
Oct 23, 2026 9d ago | Institutional Cluster | $647.66 $679.55 | ▲ +4.92% | ▲ +5.48% | $679.55 (+4.92%) |
Oct 19, 2026 13d ago | Insider Cluster | $702.48 $666.36 | ▼ −5.14% | ▼ −5.22% | $679.55 (−3.26%) |
Jul 30, 2026 13w ago | 8-K | $802.37 $808.43 | ▲ +0.76% | ▼ −2.87% | $679.55 (−15.31%) |
Apr 30, 2026 26w ago | Insider Cluster | $891.67 $943.75 | ▲ +5.84% | ▲ +4.11% | $679.55 (−23.79%) |
Apr 30, 2026 26w ago | Insider Cluster | $891.67 $943.75 | ▲ +5.84% | ▲ +4.11% | $679.55 (−23.79%) |
Apr 29, 2026 26w ago | 8-K | $833.37 $933.27 | ▲ +11.99% | ▲ +8.88% | $679.55 (−18.46%) |
Apr 21, 2026 27w ago | DEFA14A | $838.01 $863.78 | ▲ +3.08% | ▲ +1.99% | $679.55 (−18.91%) |
Mar 2, 2026 35w ago | Insider Cluster | $735.41 $718.82 | ▲ +2.26% | ▲ +1.05% | $679.55 (+7.60%) |
Feb 28, 2026 35w ago | Institutional Cluster | $735.41 $718.82 | ▼ −2.26% | ▼ −1.05% | $679.55 (−7.60%) |
US Market Status
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