EMCOR Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EMCOR Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,552	7,687	8,131	9,175	8,797	9,904	11,076	12,583	14,566	16,986
Cost of revenue	6,514	6,540	6,925	7,819	7,402	8,402	9,473	10,494	11,801	13,703
Gross profit	1,038	1,147	1,205	1,356	1,395	1,502	1,604	2,089	2,765	3,283
Selling, general and administrative	727	759	799	893	904	971	1,039	1,211	1,420	1,714
Operating income	307	329	403	461	257	531	565	876	1,345	1,713
Interest expense	12.6	12.8	13.5	13.8	9.01	6.07	13.2	17.2	3.78	12
Interest income	0.66	0.97	2.75	2.27	1.52	0.95	2.76	15.4	35.4	20
Pre-tax income	296	319	395	451	252	529	559	873	1,377	1,722
Income tax	111	90.7	109	126	119	146	153	240	370	449
Income from continuing operations	185	228	286	325	133
Net income to minority interests	0.22	-0	0.05	0	0	0.17	0	0.34	0	0
Net income	182	227	284	325	133	384	406	633	1,007	1,273
EBITDA	346	369	442	505	304	579	612	928	1,402	1,781
EPS, basic	3.00	3.84	4.88	5.78	2.41	7.09	8.13	13.37	21.61	28.30
EPS, diluted	2.97	3.82	4.85	5.75	2.40	7.06	8.10	13.31	21.52	28.19
Shares, basic (weighted)	60.8	59.3	58.1	56.2	55.2	54.1	49.9	47.4	46.6	45
Shares, diluted (weighted)	61.2	59.6	58.4	56.5	55.4	54.3	50.1	47.6	46.8	45.1
Dividend per share	0.32	0.32	0.32	0.32	0.32	0.52	0.54	0.69	0.93	1.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	465	467	364	359	903	821	456	790	1,340	1,112
Receivables	1,495	1,608	1,774	2,031	1,922	2,205	2,567	3,203	3,578	4,241
Other current assets	40.9	43.8	48.1	52	70.7	80.9	79.3	73.1	91.6	120
Total current assets	2,169	2,285	2,386	2,660	3,121	3,391	3,462	4,447	5,389	5,937
Property, plant and equipment	128	127	134	156	158	152	158	179	207	253
Lease right-of-use assets			0	245	242	261	268	310	316	439
Goodwill	980	965	991	1,064	852	890	919	957	1,018	1,412
Intangible assets	487	495	488	611	583	589	594	586	648	1,109
Other non-current assets	79.6	92	89.1	93.5	108	158	124	130	137	141
Total assets	3,852	3,966	4,089	4,830	5,064	5,441	5,525	6,610	7,716	9,291
Accounts payable	501	568	652	665	672	734	849	936	937	1,227
Accrued liabilities	311	323	343	383	451	491	465	597	751	870
Deferred revenue	489	524	552	624	722	788	1,098	1,595	2,048	2,327
Short-term debt		15.4	16		16.9	16.2	15.6	2.47
Total current liabilities	1,512	1,651	1,734	1,939	2,163	2,362	2,754	3,518	4,154	4,865
Long-term debt	408	295	280	294	260	245	232	2.84
Lease liabilities			0	205	205	221	221	259	262	369
Other non-current liabilities	394	346	333	335	382	360	344	361	362	382
Total liabilities	2,314	2,292	2,347	2,773	3,011	3,188	3,550	4,139	4,778	5,616
Total debt	423	310	296	312	277	262	247	5.3	6.1
Paid-in capital	52.2	8.01	21.1	32.3	47.5	61.9	74.8	91.8	97.5	101
Retained earnings	1,596	1,797	2,060	2,367	2,480	2,836	3,214	3,814	4,778	6,006
Treasury stock	-10.3	-37.7	-254	-254	-366	-562	-1,223	-1,351	-1,853	-2,432
Other comprehensive income	-102	-94.2	-87.7	-89.3	-109	-83.6	-93.5	-85.7	-85.5	-1.92
Shareholders' equity	1,537	1,673	1,741	2,057	2,053	2,252	1,974	2,470	2,938	3,674
Minority interests	0.85	0.85	0.9	0.65	0.58	0.7	0.7	1.04	1.04	1.04
Total equity	1,538	1,674	1,741	2,058	2,053	2,253	1,974	2,471	2,939	3,675
Total liabilities and equity	3,852	3,966	4,089	4,830	5,064	5,441	5,525	6,610	7,716	9,291
Shares outstanding	59.9	58.8	56	56.2	54.8	53.3	47.7	47	45.8	44.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	182	227	284	325	133	384	406	633	1,007	1,273
Depreciation and amortization	38.9	39.9	38.5	43.9	46.7	48.3	47.3	51.8	56.7	67.4
Deferred income tax	-8.11	-53.4	4.25	1.7	-36.4	9.52	10.5	-16.7	-29.1	-16.1
Change in receivables	-98.8	-80.5	-146	-136	139	-247	-340	-626	-312	-438
Change in inventory	0.95	-4.94	-3.92	4.35	-12.7	-0.12	-31.5	-23.4	18	-27
Change in payables	13.1	54.9	78.6	-34	-9.02	54.8	111	82.2	-15.4	189
Cash from operations	262	366	271	356	806	319	498	900	1,408	1,302
Capital expenditures	-39.6	-34.7	-43.5	-48.4	-48	-36.2	-49.3	-78.4	-75	-113
Acquisitions	-233	-107	-72.1	-301	-50.4	-118	-98.7	-96.5	-228	-1,022
Cash from investing	-271	-138	-118	-345	-94.9	-153	-141	-161	-299	-874
Debt issued	400	0	0	0	300	0	0
Debt repaid	-418	-15.2	-15.2	-15.2	-287	-13.9	-13.9	-246	0	0
Stock issued	0.74	0	0
Share buybacks	-94.2	-93.2	-216	0	-113	-196	-661	-128	-490	-586
Dividends paid	-19.5	-19	-18.6	-18	-17.7	-28.2	-27.2	-32.7	-43.4	-45
Cash from financing	-9.43	-228	-253	-19.2	-172	-245	-710	-412	-555	-664
Exchange rate effect	-6.68	3.24
Net change in cash	-24.4	2.73	-103	-6.29	544	-81	-366	333	551	-228
Free cash flow	223	331	228	307	758	283	449	821	1,333	1,189
Interest paid	11	11.5	12.4	12.7	8.29	5.26	11.7	16.2	2.85	11.1
Income taxes paid	130	130	124	126	145	131	169	230	409	483

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $762.21 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	19.4%	Gross profit / revenue.
Operating margin	10.4%	Operating income / revenue.
EBITDA margin	10.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.5%	Pre-tax income / revenue.
Net margin	7.7%	Net income / revenue.
FCF margin	6.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.9%	Cash from operations / revenue.
Effective tax rate	26.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	35.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	14.2%	Net income / average total assets.
Return on invested capital (ROIC)	45.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.8%	Selling, general and administrative expense / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	27.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	27.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	44.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	46.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	27.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	42.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	42.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	26.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	46.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	57.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	31.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	51.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	63.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	37.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-10.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	38.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	22.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	25.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	25.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	23.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	20.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.28x	Current assets / current liabilities.
Quick ratio	1.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	59.8%	Total liabilities / total assets.
Working capital	$1.45B	Current assets - current liabilities.
Goodwill and intangibles / assets	25.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.54B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.83x	Revenue / average total assets.
Fixed asset turnover	66.8x	Revenue / average property, plant and equipment.
Receivables turnover	3.65x	Revenue / average receivables.
Days sales outstanding	100 days	365 x average receivables / revenue.
Days payables	30 days	365 x average accounts payable / cost of revenue.
FCF conversion	81.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$32.30	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$417.43	Revenue / diluted weighted shares.
FCF per share	$26.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$28.95	Cash from operations / diluted weighted shares.
Book value per share	$92.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$34.88	Tangible book value / shares outstanding.
Cash per share	$20.90	(Cash + short-term investments) / shares outstanding.
Payout ratio	4.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	4.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	36.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$33.62B	Share price x shares outstanding.
Enterprise value	$32.70B	Market cap + total debt - cash - short-term investments.
P/E	23.4x	Market cap / net income. Only when net income is positive.
P/S	1.81x	Market cap / revenue.
P/B	8.24x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	21.8x	Market cap / tangible book value, when positive.
P/FCF	28.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	26.1x	Market cap / cash from operations, when positive.
EV/Sales	1.76x	Enterprise value / revenue.
EV/EBIT	16.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.2%	Dividends paid over the period / market cap.
Shareholder yield	1.4%	(Dividends paid + share buybacks) / market cap.
PEG	0.45x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was EMCOR Group, Inc.'s revenue in fiscal 2025?

EMCOR Group, Inc. reported revenue of $16.99B for fiscal 2025, 16.6% higher than the year before.

Was EMCOR Group, Inc. profitable in fiscal 2025?

Yes. Net income was $1.27B, a net margin of 7.5%.

How much free cash flow did EMCOR Group, Inc. generate in fiscal 2025?

Cash from operations of $1.30B minus capital expenditures of $112.8M left free cash flow of $1.19B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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