EMCOR (EME) financial statements
EMCOR reported revenue of $17.0B in fiscal 2025, up 9.4% a year over 9 years.
Net income was $1.3B and the operating margin 10.1%, against 4.1% in 2016.
Free cash flow was $1.2B, and the company returned $45M in dividends and $586M in net buybacks.
The diluted share count fell 26% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from EMCOR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.6B | $7.7B | $8.1B | $9.2B | $8.8B | $9.9B | $11.1B | $12.6B | $14.6B | $17.0B |
| Cost of revenue | $6.5B | $6.5B | $6.9B | $7.8B | $7.4B | $8.4B | $9.5B | $10.5B | $11.8B | $13.7B |
| Gross profit | $1.0B | $1.1B | $1.2B | $1.4B | $1.4B | $1.5B | $1.6B | $2.1B | $2.8B | $3.3B |
| Selling, general and admin | $727M | $759M | $799M | $893M | $904M | $971M | $1.0B | $1.2B | $1.4B | $1.7B |
| Operating income | $307M | $329M | $403M | $461M | $257M | $531M | $565M | $876M | $1.3B | $1.7B |
| Interest expense | $13M | $13M | $14M | $14M | $9M | $6M | $13M | $17M | $4M | $12M |
| Pre-tax income | $296M | $319M | $395M | $451M | $252M | $529M | $559M | $873M | $1.4B | $1.7B |
| Income tax | $111M | $91M | $109M | $126M | $119M | $146M | $153M | $240M | $370M | $449M |
| Net income | $182M | $227M | $284M | $325M | $133M | $384M | $406M | $633M | $1.0B | $1.3B |
| EPS (diluted) | $2.97 | $3.82 | $4.85 | $5.75 | $2.40 | $7.06 | $8.10 | $13.31 | $21.52 | $28.19 |
| Diluted shares | 61M | 60M | 58M | 57M | 55M | 54M | 50M | 48M | 47M | 45M |
| Gross margin | 13.7% | 14.9% | 14.8% | 14.8% | 15.9% | 15.2% | 14.5% | 16.6% | 19.0% | 19.3% |
| Operating margin | 4.1% | 4.3% | 5.0% | 5.0% | 2.9% | 5.4% | 5.1% | 7.0% | 9.2% | 10.1% |
| Net margin | 2.4% | 3.0% | 3.5% | 3.5% | 1.5% | 3.9% | 3.7% | 5.0% | 6.9% | 7.5% |
Balance sheet
Fiscal years, from EMCOR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $465M | $467M | $364M | $359M | $903M | $821M | $456M | $790M | $1.3B | $1.1B |
| Receivables | $1.5B | $1.6B | $1.8B | $2.0B | $1.9B | $2.2B | $2.6B | $3.2B | $3.6B | $4.2B |
| Total current assets | $2.2B | $2.3B | $2.4B | $2.7B | $3.1B | $3.4B | $3.5B | $4.4B | $5.4B | $5.9B |
| Property, plant and equipment | $128M | $127M | $134M | $156M | $158M | $152M | $158M | $179M | $207M | $253M |
| Goodwill | $980M | $965M | $991M | $1.1B | $852M | $890M | $919M | $957M | $1.0B | $1.4B |
| Total assets | $3.9B | $4.0B | $4.1B | $4.8B | $5.1B | $5.4B | $5.5B | $6.6B | $7.7B | $9.3B |
| Total current liabilities | $1.5B | $1.7B | $1.7B | $1.9B | $2.2B | $2.4B | $2.8B | $3.5B | $4.2B | $4.9B |
| Long-term debt | $408M | $295M | $280M | $294M | $260M | $245M | $232M | $3M | — | — |
| Total liabilities | $2.3B | $2.3B | $2.3B | $2.8B | $3.0B | $3.2B | $3.6B | $4.1B | $4.8B | $5.6B |
| Shareholders' equity | $1.5B | $1.7B | $1.7B | $2.1B | $2.1B | $2.3B | $2.0B | $2.5B | $2.9B | $3.7B |
| Net debt | -$56M | -$173M | -$84M | -$65M | -$643M | -$576M | -$225M | -$787M | -$1.3B | -$1.1B |
Cash flow
Fiscal years, from EMCOR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $262M | $366M | $271M | $356M | $806M | $319M | $498M | $900M | $1.4B | $1.3B |
| Capital spending | $40M | $35M | $43M | $48M | $48M | $36M | $49M | $78M | $75M | $113M |
| Free cash flow | $223M | $331M | $228M | $307M | $758M | $283M | $449M | $821M | $1.3B | $1.2B |
| Dividends paid | $19M | $19M | $19M | $18M | $18M | $28M | $27M | $33M | $43M | $45M |
| Share buybacks (net) | -$94M | -$93M | -$216M | $0 | -$113M | -$196M | -$661M | -$128M | -$490M | -$586M |
| Net borrowing | -$18M | -$15M | -$15M | -$15M | $13M | -$14M | -$14M | -$246M | $0 | $0 |
| Free cash flow margin | 2.9% | 4.3% | 2.8% | 3.3% | 8.6% | 2.9% | 4.1% | 6.5% | 9.2% | 7.0% |
| Dividends per share | $0.32 | $0.32 | $0.32 | $0.32 | $0.32 | $0.52 | $0.54 | $0.69 | $0.93 | $1.00 |
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Open EME in InvestinglyQuestions
What was EMCOR's revenue in 2025?
$17.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does EMCOR generate?
$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From EMCOR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.