EMCOR Group, Inc. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

EMCOR Group Q2 2026 Earnings Summary

  • Revenue: $5.15 billion, +19.8% YoY vs. Q2 2025 (+19.6% organic, excluding acquisitions and EMCOR U.K. divestiture). Record quarterly revenue.
  • Operating Income: $547.3 million (+32% YoY vs. Q2 2025), operating margin 10.6% (+100 bps YoY). Record for Q2.
  • Diluted EPS: $9.06 (+35% YoY vs. $6.72 in Q2 2025).
  • Gross Profit: $1.02 billion (+22.6% YoY), margin 19.8% (+40 bps YoY vs. Q2 2025).
  • SG&A: $475 million (9.2% of revenue, -50 bps YoY vs. 9.7% in Q2 2025) despite ~20% revenue growth, showing operating leverage.

Segment Performance (Q2 2026 vs. Q2 2025)

  • Electrical Construction: Revenue $1.66B (+24% YoY), operating margin 13.9% (+210 bps YoY to record). Strong data center growth in network/communications (+45%).
  • Mechanical Construction: Revenue $2.3B (+31% YoY), operating margin 12.5% (down 110 bps but in line with 12-24 month average). Growth led by network/communications (revenue more than doubled); also institutional (+77%), commercial (+26%), manufacturing/industrial (+18%).
  • Combined Construction: Revenue $3.96B (+28% YoY), operating margin 13.1% (+30 bps YoY).

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Operator: Good morning. My name is Dave, and I will be your conference operator today. At this time, I would like to welcome everyone to the EMCOR Group Second Quarter 2026 Earnings Conference Call. . I will now turn the call over to Lucas Sullivan, Director, Financial Planning and Analysis. Mr. Sullivan, you may begin. Lucas Sullivan: Thank you, Dave. Good morning, everyone, and welcome to EMCOR's Second Quarter 2026 Earnings Conference Call. For those of you joining us by webcast, we are at the beginning of our slide presentation that will accompany our remarks today. This presentation will be archived in the Investor Relations section of our website at emcorgroup.com. With me today are Tony Guzzi, our Chairman, President and Chief Executive Officer; Jason Nalbandian, Senior Vice President and EMCOR's Chief Financial Officer; and Maxine Mauricio, Executive Vice President, Chief Administrative Officer and General Counsel. For today's call, Tony will provide comments on our second quarter and discuss our RPOs. Jason will then review the second quarter numbers, then turn it back to Tony to discuss our guidance before we open it up for Q&A. Before we begin, a quick reminder that this presentation and discussion contains certain forward-looking statements and may contain certain non-GAAP financial information. Slide 2 of our presentation describes in detail these forward-looking statements and the non-GAAP financial information disclosures. I encourage everyone to review both d

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