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▼ FY 2025 Summary Analysis
Annual report ending Dec 31, 2025Overview and Growth
EMCOR Group, Inc. generated $16.99B of revenue in fiscal 2025, with net income of $1.27B and an operating cash inflow of $1.30B. Revenue of $16.99B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $14.57B in fiscal 2024, revenue recorded a 16.6% year-over-year increase. On a per-share basis, diluted EPS was $28.19, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 31.0% from $21.52 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Revenue equaled 1.83x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.Profitability
The first profit layer was $3.28B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 19.3% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced $1.71B of income after the reported operating expense base, before the remaining non-operating and tax effects. Relative to revenue, operating income represented 10.1%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $1.27B for the fiscal year. The final earnings result represented 7.5% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $1.72B of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 10.1% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $448.81M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 26.1%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 34.6%, indicating the profitability achieved on book capital.Liquidity and Capital Structure
The company held $9.29B of assets against $5.62B of liabilities and $3.67B of equity, revealing how the asset base was financed. At period end, current assets of $5.94B compared with current liabilities of $4.86B, defining the company’s short-term resource position. At 1.22x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $1.11B, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 22.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The liabilities-to-assets relationship was 60.4%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 12.0% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 20.4% from $7.72B in fiscal 2024, leaving current total assets higher year over year.Cash Flow and Earnings Quality
Cash flow from operations was $1.30B, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 1.02x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $112.75M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 8.7% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $1.19B, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 7.0%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 12.8%, showing the cash productivity of the company’s assets.
Based on the annual report for the fiscal year ending Dec 31, 2025.
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