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EMCOR vs IES: revenue, profit, margins and growth compared

EMCOR brought in $17B of revenue in fiscal 2025, IES $3.4B in fiscal 2024. Revenue changed by +16.6% at EMCOR and +16.9% at IES on the year before, so IES grew faster. EMCOR kept 7.5% of its revenue as net profit, IES 9.1%. Free cash flow was $1.2B at EMCOR and $218.8M at IES.

Open the EME pageOpen the IESC page

Side by side, latest fiscal year

EMEIESC
Fiscal year endedFY2025 (December 31, 2025)FY2024 (September 30, 2025)
Revenue$17B$3.4B
Revenue growth+16.6%+16.9%
Net income$1.3B$306M
Net margin7.5%9.1%
Free cash flow$1.2B$218.8M
Free cash flow margin7.0%6.5%
Earnings per share (diluted)$28.19$15.02
Cash$1.1B$127.2M
Debtn/a$0
Price to earnings27.021.6
Market value$33.6B$6.5B
Dividend yield0.13%n/a
Rank by revenue in sector#37 of 451 · Industrials#166 of 451 · Industrials

Over the years

Revenue
EME FY2018: $8.1BEME FY2019: $9.2BEME FY2020: $8.8BEME FY2021: $9.9BEME FY2022: $11.1BEME FY2023: $12.6BEME FY2024: $14.6BEME FY2025: $17BIESC FY2018: $876.8MIESC FY2019: $1.1BIESC FY2020: $1.2BIESC FY2021: $1.5BIESC FY2022: $2.2BIESC FY2023: $2.4BIESC FY2024: $2.9BIESC FY2024: $3.4BFY18FY19FY20FY21FY22FY23FY24FY25
EME $17BIESC $3.4B
Net income
EME FY2018: $283.5MEME FY2019: $325.1MEME FY2020: $132.9MEME FY2021: $383.5MEME FY2022: $406.1MEME FY2023: $633MEME FY2024: $1BEME FY2025: $1.3BIESC FY2018: -$14.2MIESC FY2019: $33.2MIESC FY2020: $41.6MIESC FY2021: $66.7MIESC FY2022: $34.8MIESC FY2023: $108.3MIESC FY2024: $219.1MIESC FY2024: $306MFY18FY19FY20FY21FY22FY23FY24FY25
EME $1.3BIESC $306M
Net margin
EME FY2018: 3.5%EME FY2019: 3.5%EME FY2020: 1.5%EME FY2021: 3.9%EME FY2022: 3.7%EME FY2023: 5.0%EME FY2024: 6.9%EME FY2025: 7.5%IESC FY2018: -1.6%IESC FY2019: 3.1%IESC FY2020: 3.5%IESC FY2021: 4.3%IESC FY2022: 1.6%IESC FY2023: 4.6%IESC FY2024: 7.6%IESC FY2024: 9.1%FY18FY19FY20FY21FY22FY23FY24FY25
EME 7.5%IESC 9.1%
Revenue growth
EME FY2019: +12.8%EME FY2020: -4.1%EME FY2021: +12.6%EME FY2022: +11.8%EME FY2023: +13.6%EME FY2024: +15.8%EME FY2025: +16.6%IESC FY2019: +22.8%IESC FY2020: +10.6%IESC FY2021: +29.0%IESC FY2022: +41.0%IESC FY2023: +9.7%IESC FY2024: +21.3%IESC FY2024: +16.9%FY19FY20FY21FY22FY23FY24FY25
EME +16.6%IESC +16.9%
Free cash flow
EME FY2018: $227.5MEME FY2019: $307.3MEME FY2020: $758.4MEME FY2021: $282.6MEME FY2022: $448.6MEME FY2023: $821.3MEME FY2024: $1.3BEME FY2025: $1.2BIESC FY2018: $7.7MIESC FY2019: $32.4MIESC FY2020: $72MIESC FY2021: $30.5MIESC FY2022: -$13MIESC FY2023: $136.2MIESC FY2024: $189.2MIESC FY2024: $218.8MFY18FY19FY20FY21FY22FY23FY24FY25
EME $1.2BIESC $218.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about EMCOR and IES

Which is bigger by revenue, EMCOR or IES?

EMCOR is bigger by revenue: $17B in fiscal 2025, against $3.4B for IES in fiscal 2024.

Which keeps more of its revenue as profit, EMCOR or IES?

EMCOR had a net margin of 7.5% in fiscal 2025; IES had 9.1% in fiscal 2024.

Which grew revenue faster, EMCOR or IES?

In their latest fiscal years revenue changed by +16.6% at EMCOR and +16.9% at IES.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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