Emcor Shares Plunge 9.8% After Record $4.51B Q4 and Tepid $28.25 EPS Guidance
Emcor reported record fourth-quarter 2025 revenue of $4.51 billion and adjusted EPS of $7.19, topping estimates by 5.4% and 7.6% respectively. Shares fell 9.8% after management guided 2026 EPS of $27.25–29.25 (midpoint $28.25), signaling slower growth and margin moderation.
1. Q4 Results Beat Estimates
Emcor delivered record fourth-quarter 2025 revenue of $4.51 billion, up 19.7% year-over-year, and posted adjusted EPS of $7.19, beating consensus by 5.4% and 7.6% respectively. Strong demand across core end markets and a remaining performance obligations balance of $13.25 billion supported the quarter’s performance.
2. 2026 Outlook and Guidance
The company forecast 2026 revenue of $17.75 billion to $18.5 billion and EPS of $27.25–29.25, with an operating margin range of 9.0%–9.4%. While the midpoint EPS of $28.25 narrowly exceeds analyst expectations, it suggests a moderation from late-2025 margin peaks.
3. Market Reaction
Shares plunged 9.8% in morning trading as investors weighed the strong quarter against tempered growth projections. This nearly 10% move marks one of only seven swings over 5% in the past year, underlining market sensitivity to forward guidance.