A U.S. specialty contractor behind big electrical and mechanical projects—data centers, high-tech factories, and commercial buildings—plus ongoing maintenance, HVAC retrofits, and industrial work like refinery turnarounds and specialty welding. Its roots go back to 1966, when it started as the Jamaica Water Supply Company, a New York water utility that grew into the sprawling JWP Inc. before emerging from a 1990s restructuring under the name EMCOR—a brand hinting at electrical and mechanical construction.
EMCOR Q2 revenue rose 19.8% to a record $5.15B with operating margin at 10.6%
reached a record 10.6% this quarter. rose 19.8% to a record $5.15B and rose 34.8% to $9.06 as broad-based demand and improved project mix lifted to 19.8%, with climbing to $17.14B. The company carries $924.4M cash and a record entering the second half.
Key takeaways
expanded to 10.6% from 9.6% a year earlier and 8.7% in Q1, as fell to 9.2% from 9.7% and improved to 19.8% from 19.4%.
rose 19.8% to a record $5.15B, including $169.2M from acquisitions, with all U.S. segments contributing and U.S. mechanical construction revenue up 31% to $2.30B.
U.S. electrical construction rose 24% to $1.66B and expanded to 13.9%, led by data center demand in network and communications.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 revenue rose 19.8% to a record $5.15B, with operating margin expanding to 10.6% on broad-based demand and improved project mix.
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Consolidated Q2 grew 19.8% to $5.15B, driven by strength across all U.S. segments and $169.2M in incremental acquisition contribution.
improved to 19.8% from 19.4%, while fell to 9.2% from 9.7%, lifting to 10.6% from 9.6%.
U.S. mechanical construction contracted 110 to 12.5% due to a shift toward lower-margin .
reached a record $17.14B, up $3.89B from year-end 2025, on new data center, healthcare, and institutional awards.
was $289.9M for the first half, down slightly as growth offset higher ; cash held was $924.4M with $1.23B available under the .
What changed
Q2 2026 followed the $0.6M Q1 figure with H1 flow of $289.9M, up from the $108.5M Q1 2025 comparison base but down slightly versus the prior H1 as receivable and builds continued.
The $15.62B at Q1 2026 converted into Q2 and grew to $17.14B, confirming continued conversion and award growth.
U.S. electrical construction rose to 13.9% in Q2 after the 2025 and productivity pressures that pulled it to 12.1% for the year, indicating stabilization.
No drawdown was reported; the company held $924.4M cash and $1.23B available, leaving the facility unused as built.
U.S. industrial services improved to 3.3% margin in Q1 from the 1.9% prior-year level and was not flagged as a Q2 concern, reversing the 2025 weakness.
What to watch
U.S. mechanical construction next quarter after it contracted 110 to 12.5% on contract mix shift
Q3 2026 as from continue to be collected
Conversion of the $17.14B into H2 2026 , particularly U.S. mechanical construction share
Any drawdown of the as builds on construction projects
U.S. electrical construction rose 24% to $1.66B and expanded to 13.9%, led by data center demand in the network and communications sector.
U.S. mechanical construction grew 31% to $2.30B, but contracted 110 to 12.5% due to a shift toward lower-margin construction-manager and GMP contracts.
reached a record $17.14B, up $3.89B from year-end 2025, fueled by new data center, healthcare, and institutional contract awards.
was $289.9M for H1 2026, down slightly as higher was offset by growth; the company held $924.4M in cash and had $1.23B available under its .
Quantitative and Qualitative Disclosures About Market Risk
The company uses no derivatives and faces interest-rate, commodity-price, and customer-credit risks, managing them through monitoring and contract pricing.
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No derivative financial instruments were used for trading or hedging during the six months ended June 30, 2026.
Variable-rate borrowings under the expose the company to interest-rate risk, with uncertainty around the pace of future federal funds rate changes.
Construction market risk may affect collectability of and ; the company monitors customer creditworthiness and contract status.
Commodity price risk arises from materials like copper and steel, with tariffs potentially affecting supply costs.
Energy price exposure includes gasoline for a fleet of approximately 15,000 vehicles.
Fixed-price contracts limit the ability to pass through material cost increases, which could reduce project profitability.
The information required by this Item is incorporated by reference from Note 11 - Commitments and Contingencies of the notes to consolidated financial statements.
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The information required by this Item is incorporated by reference from Note 11 - Commitments and Contingencies of the notes to consolidated financial statements.