EMCOR Group Reports Record Q3 2026 Results, Hikes Full-Year Guidance & Adds $500M to Buyback

Executive Summary

On October 29, 2026, EMCOR Group, Inc. (NYSE: EME) filed a Form 8-K under Item 2.02 reporting record financial performance for the third quarter ended September 30, 2026. Alongside significant top- and bottom-line growth, EMCOR raised its full-year 2026 revenue and earnings guidance and increased its share repurchase authorization by $500 million.

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Third Quarter 2026 Financial Highlights

• Revenues: $5.54 billion, up 28.8% year-over-year compared to $4.30 billion in Q3 2025. Organic revenue growth reached 25.5% (adjusting for acquisitions and the 2025 divestiture of UK operations).
• Operating Income: $545.8 million (9.8% margin), up from $405.7 million (9.4% margin) in Q3 2025.
  • Non-GAAP operating income was $579.8 million (10.5% margin), adjusting for a $34.0 million non-cash impairment loss on identifiable intangible assets.
• Net Income & Diluted EPS:
  • GAAP Net Income: $399.9 million ($9.04 per diluted share), up 37.6% YoY from $295.4 million ($6.57 per share).
  • Non-GAAP Net Income: $424.7 million ($9.60 per diluted share), up 46.1% YoY.
• Remaining Performance Obligations (RPOs): Reached a record $18.57 billion, up 47.2% (+$5.96 billion) YoY, led by massive expansion in Network and Communications infrastructure (mission-critical facilities, electrical infrastructure, and advanced cooling).

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Full-Year 2026 Guidance Update

EMCOR raised its FY 2026 outlook across all headline metrics:

Metric	Updated Guidance (10/29/26)	Prior Guidance (07/30/26)
Revenue	$20.6B – $21.0B	$20.0B – $20.5B
Non-GAAP Operating Margin	~10.0%	9.5% – 9.8%
Non-GAAP Diluted EPS	$34.50 – $35.50	$32.00 – $33.25

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Capital Allocation

• Share Repurchase Program: The Board of Directors authorized an additional $500 million for common stock repurchases under the existing program, funded via operating cash flow.