Electrical Segment Revenues Surge 45.8% to $1.36B with $4.46B Backlog
EMCOR’s Electrical Construction segment posted record Q4 revenues of $1.36 billion, up 45.8% year over year, and full-year revenues jumped 51.8% as higher volumes and a favorable project mix drove performance. Remaining performance obligations reached a record‐high $4.46 billion, supported by Miller Electric acquisition and diversified end markets.
1. Record Q4 Revenue Growth
The Electrical Construction segment delivered $1.36 billion in revenues during Q4 2025, marking a 45.8% increase year over year while full-year revenues rose 51.8%. Growth was driven by higher volumes and an improved project mix emphasizing complex, large-scale contracts.
2. Backlog Strength and Acquisitions
Remaining performance obligations in the network and communications sector reached $4.46 billion, offering two to three years of revenue visibility. The integration of Miller Electric reinforced the platform in the Southeast and Texas, boosting capacity and market reach.
3. Diversified End Markets and Margins
Approximately half of quarterly revenue growth stemmed from healthcare, institutional and hospitality projects rather than data centers, enhancing margin quality. Operating margins held at 12.7%, well above historical averages, reflecting disciplined risk management and technical expertise.
4. Outlook Supported by Secular Trends
Strategic focus on onshoring, digitalization and grid modernization positions the segment for sustained elevated profitability. Continued execution in technically complex sectors is expected to underpin structural upside beyond cyclical surges.