EMCOR Q2 FY2026: revenue up 19.8% to $5.15 billion, EPS $9.06, guidance raised
EMCOR's second quarter beat on every line and management raised full-year revenue, margin and EPS guidance. Revenue rose 19.8% to $5.15 billion, diluted EPS jumped 34.8% to $9.06, and operating margin reached 10.6%. The one thing to watch is cash: first-half operating cash flow of $289.9 million came in slightly below last year's despite far higher revenue. Read the rest through that lens.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $9.06 beat the $7.30 consensus estimate by about 24.2% and was 34.8% above the $6.72 earned a year ago. Operating margin of 10.6% versus 9.6% did most of the work, helped by SG&A falling to 9.2% of revenue from 9.7%. GAAP and non-GAAP EPS are the same $9.06, so there is nothing to add back.
Revenue rose 19.8% year over year to a record $5.15 billion, from $4.30 billion in the prior-year quarter. Organic growth, which strips out acquisitions and the disposed UK business, was 19.6%, so this was not a deal-driven number. Mechanical construction was the largest segment at $2.30 billion, or 45% of the total.
Management lifted full-year 2026 revenue guidance to $20.00–$20.50 billion from $18.50–$19.25 billion, and EPS guidance to $32.00–$33.25 from $28.25–$29.75. Operating margin guidance also rose, to 9.5%–9.8% from 9.0%–9.4%, which is the part that matters most: the company is promising more profit per dollar, not just more dollars. The revenue band is only about 1.2% wide around its midpoint, an unusually tight promise.
Log in to read 5 analyses a week for free
Create a free account to read 5 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.