EMCOR Slides 12% After Beat-and-Raise Q4 Results With Mixed 2026 Guide
EMCOR’s Q4 2025 adjusted EPS of $7.19 and revenues of $4.51 billion topped consensus by 7.6% and 5.4%, driving 13.8% and 19.7% year-over-year growth. The company projected 2026 revenues of $17.75–18.5 billion with a 9–9.4% operating margin, sparking a 12% stock plunge.
1. Q4 Earnings Highlights
In Q4 2025 EMCOR reported adjusted EPS of $7.19 and revenue of $4.51 billion, topping estimates by 7.6% and 5.4% and delivering 13.8% and 19.7% year-over-year growth.
2. 2026 Guidance and Market Reaction
The company forecast 2026 revenue of $17.75–18.5 billion, operating margin of 9–9.4% and EPS of $27.25–29.25, prompting a 12% stock drop on cautious outlook.
3. Backlog and Strategic Acquisitions
As of Dec. 31, 2025, remaining performance obligations hit a record $13.25 billion, up 31% year-over-year, while EMCOR acquired Miller Electric for $868.6 million and nine other firms totaling $182.1 million and divested UK operations for $250 million.