Earnings release
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– MORE – EXHIBIT 99.1 FOR: EMCOR GROUP, INC. News Release CONTACT : Lucas Sullivan Director Financial Planning & Analysis (203) 849-7938 FTI Consulting, Inc. Investors: Blake Mueller (718) 578-3706 EMCOR GROUP, INC. REPORTS RECORD THIRD QUARTER 2026 RESULTS Revenues of $5.54 billion, 28.8% Increase Year-over-Year Operating Income of $545.8 million and Operating Margin of 9.8% Non-GAAP Operating Income of $579.8 million and Non-GAAP Operating Margin of 10.5% Diluted EPS of $9.04, 37.6% Increase Year-over-Year Non-GAAP Diluted EPS of $9.60, 46.1% Increase Year-over-Year Remaining Performance Obligations of $18.57 billion, 47.2% Increase Year-over-Year Increases 2026 Revenue Guidance Range to $20.6 billion - $21.0 billion from $20.0 billion - $20.5 billion Increases 2026 Non-GAAP Diluted EPS Guidance Range to $34.50 - $35.50 from $32.00 - $33.25 Increases Share Repurchase Program $500 million NORWALK, CONNECTICUT, October 29, 2026 - EMCOR Group, Inc. (NYSE: EME) today reported results for the quarter ended September 30, 2026. Third Quarter 2026 Results of Operations For the third quarter of 2026, revenues totaled a quarterly record of $5.54 billion, an increase of 28.8%, compared to revenues of $4.30 billion for the third quarter of 2025. On an organic basis, when adjusting for incremental acquisition contribution and the impact of the sale of the Company's United Kingdom operations in 2025, third quarter revenues increased by 25.5%. Net income for the third quarter of 2026 was $399.9 million, or $9.04 per diluted share, compared to net income of $295.4 million, or $6.57 per diluted share, for the third quarter of 2025. Net income for the third quarter of 2026 included a non -cash impairment loss on identifiable intangible assets of $34.0 million, or $24.7 million after taxes. Excluding such impairment, non -GAAP net income for the third quarter of 2026 was $424.7 million, or $9.60 per diluted share. Operating income for the third quarter of 2026 was $545.8 million, or 9.8% of revenues, compared to operating income of $405.7 million, or 9.4% of revenues, for the third quarter of 2025. Excluding the previously referenced impairment loss, non -GAAP operating income for the third quarter of 2026 was $579.8 million, or 10.5% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $57.3 million and $47.8 million for the third quarter of 2026 and 2025, respectively.
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– MORE – EMCOR Reports Third Quarter 2026 Results Page 2 Refer to the attached tables for a reconciliation of organic revenue growth, non -GAAP operating income, non-GAAP operating margin, non -GAAP net income, and non -GAAP diluted earnings per share to the comparable GAAP measures. Selling, general and administrative expenses for the third quarter of 2026 totaled $528.4 million, or 9.5% of revenues, compared to $429.6 million, or 10.0% of revenues, for the third quarter of 2025. The Company's income tax rate for the third quarter of 2026 was 27.2%, compared to 27.5% for the third quarter of 2025. Remaining performance obligations (“RPOs”) as of September 30, 2026 were a record $18.57 billion, compared to $12.61 billion as of September 30, 2025, an increase of $5.96 billion year -over-year, due to new contract awards across the majority of the sectors in which the Company operates. The most significant RPO growth occurred within the Network and Communications market sector as mission critical facilities continue to require substantial electrical infrastructure and increasingly sophisticated cooling systems. The Company also benefited from a broad range of customer investments across other large end markets, including the Healthcare, Water and Wastewater, Institutional, and Manufacturing and Industrial sectors. Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, commented, “EMCOR delivered another quarter of exceptional growth, margin performance, operating cash flow, and capital allocation. Our strong revenue growth, coupled with excellent field execution and improved SG&A leverage, resulted in meaningful expansion of our operating margin. We continued to outgrow the broader non-residential construction market, reinforcing the depth of demand for our services." First Nine Months 2026 Results of Operations Revenues for the first nine months of 2026 totaled $15.32 billion, an increase of 22.9%, compared to revenues of $12.47 billion for the first nine months of 2025. On an organic basis, when adjusting for incremental acquisition contribution and the impact of the sale of the Company's United Kingdom operations in 2025, revenues for the first nine months of 2026 increased by 20.8%. Net income for the first nine months of 2026 was $1.11 billion, or $24.93 per diluted share, compared to net income of $838.2 million, or $18.53 per diluted share, for the first nine months of 2025. Net income for the first nine months of 2026 included a non -cash impairment loss on identifiable intangible assets of $34.0 million, or $24.7 million after taxes. Net income for the first nine months of 2025 included $9.4 million, or $6.9 million after taxes, of transaction related costs associated with the acquisition of Miller Electric Company. Excluding these items, non -GAAP net income for the first nine months of 2026 was $1.13 billion, or $25.48 per diluted share, and non -GAAP net income for the first nine months of 2025 was $845.2 million, or $18.68 per diluted share. Operating income for the first nine months of 2026 was $1.50 billion, or 9.8% of revenues, compared to operating income of $1.14 billion, or 9.1% of revenues, for the first nine months of 2025. Excluding the previously referenced impairment loss in 2026 and transaction costs in 2025, non -GAAP operating income for the first nine months of 2026 was $1.53 billion, or 10.0% of revenues, and non -GAAP operating income for the first nine months of 2025 was $1.15 billion, or 9.2% of revenues. Operating income included depreciation and amortization expense (inclusive of amortization of identifiable intangible assets) of $164.1 million and $136.4 million for the first nine months of 2026 and 2025, respectively.
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– MORE – EMCOR Reports Third Quarter 2026 Results Page 3 Refer to the attached tables for a reconciliation of organic revenue growth, non -GAAP operating income, non-GAAP operating margin, non -GAAP net income, and non -GAAP diluted earnings per share to the comparable GAAP measures. Selling, general and administrative expenses totaled $1.46 billion, or 9.6% of revenues, for the first nine months of 2026, compared to $1.25 billion, or 10.0% of revenues, for the first nine months of 2025. The Company's income tax rate was 26.6% for the first nine months of 2026, compared to 26.7% for the first nine months of 2025. Mr. Guzzi continued, “We performed extremely well during the first nine months of 2026, demonstrating the value of our differentiated technical capabilities and strength of our operating model. Our field leaders continued to exhibit discipline and precision while executing some of the industry's largest and most technically complex projects. The expertise of our foremen, superintendents, project managers, and operating leaders drives safe, reliable execution and supports repeat business with our customers. As we close 2026, we remain well -positioned to capitalize on the long -term demand trends supporting our business, while creating further value for our shareholders." Full-Year 2026 Guidance Based on the momentum the Company has experienced year -to-date, along with near -term visibility, EMCOR now expects the following for full year 2026: Current Guidance (10/29/26) Previous Guidance (7/30/26) Revenues $20.6 billion – $21.0 billion $20.0 billion – $20.5 billion Non-GAAP Operating Margin* ~10% 9.5% – 9.8% Non-GAAP Diluted EPS* $34.50 – $35.50 $32.00 – $33.25 * Excludes impairment loss on identifiable intangible assets. Increases Share Repurchase Program The Company also announced that its Board of Directors has authorized an additional $500 million for the purchase of shares of its outstanding common stock under its existing share repurchase program. Tony Guzzi, Chairman, President, and Chief Executive Officer of EMCOR, remarked, “The increase in our share repurchase authorization reflects our strong financial position, confidence in the long -term prospects of our business, and commitment to balanced and disciplined capital allocation. Our capital allocation strategy supports long -term value creation and has provided the foundation for our compounding record of success." Repurchases under the program will be funded by the Company’s operations. Shares will be repurchased from time to time on the open market or through privately negotiated transactions at the Company’s discretion, subject to market conditions, and in accordance with applicable regulatory requirements. The share repurchase program has no expiration date and does not obligate the Company to acquire any particular amount of common stock and may be suspended, recommenced, or discontinued at any time or from time to time without prior notice.
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– MORE – EMCOR Reports Third Quarter 2026 Results Page 4 Third Quarter 2026 Earnings Conference Call Information EMCOR Group's third quarter conference call will be broadcast live via the internet today, Thursday, October 29, at 10:30 AM Eastern Daylight Time and can be accessed through the Company's website at www.emcorgroup.com. About EMCOR A Fortune 500 company and a member of the S&P 500, EMCOR Group, Inc. is a leader in mechanical and electrical construction services, industrial and energy infrastructure, and building services. This press release and other press releases may be viewed at the Company’s website at www.emcorgroup.com. EMCOR routinely posts information that may be important to investors on the landing page of the Company's website and in the “Investor Relations” section of the website at www.emcorgroup.com/investor-relations. Investors and potential investors are encouraged to consult the EMCOR website regularly for important information about EMCOR. Forward Looking Statements: This release and related presentation contain forward-looking statements. Such statements speak only as of October 29, 2026, and EMCOR assumes no obligation to update any such forward -looking statements, unless required by law. These forward - looking statements include statements regarding anticipated future operating and financial performance; financial guidance and projections underlying that guidance; the nature and impact of our remaining performance obligations; the timing of future projects; our ability to support organic growth and balanced capital allocation, including the anticipated impact of our stra tegic investments; the financial and operational impact of acquisitions and/or dispositions; our competitiveness, market opportunities, and growth prospects; customer trends; and project mix. These forward -looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward -looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; domestic and international political developments and/or conflicts; changes in the specific markets for EMCOR’s services; weakness of the sectors from which we generate revenues; adverse business conditions; scarcity of skilled labor; productivity challenges; the nature and extent of supply ch ain disruptions impacting availability and pricing of materials; inflationary trends, including fluctuations in energy costs; the impact of legislation, government regulations, permitting requirements, moratoriums, or other governmental actions; changes in foreign trade policy including the effect of tariffs; changes in interest rates; the lack of availability of adequate levels of suret y bonding; increased competition; the impact of legal proceedings, claims, lawsuits, or governmental investigations; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2025 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating our business, including any forward-looking statements. Non-GAAP Measures: This release and related presentation also include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of those non -GAAP financial measures to the most directly comparable GAAP financial measures are included in this release. The Company uses these non -GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non -GAAP measures provide investors with useful information with respect to our ongoing operations. Any non -GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP , have no standardized meaning prescribed by GAAP , and may not be comparable to the calculation of similar measures of other companies. In addition, forecast non-GAAP diluted earnings per share and non-GAAP operating margin for full-year 2026 are forward-looking non-GAAP financial measures. The Company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP on a forward -looking basis because such reconciliations are not accessible with reasonable effort, due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of adjustments such as impairments that impact comparability and the periods i n which such items may be recognized.
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EMCOR GROUP, INC. FINANCIAL HIGHLIGHTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share information) (Unaudited) For the quarters ended September 30, For the nine months ended September 30, 2026 2025 2026 2025 Revenues $ 5,541,520 $ 4,301,529 $ 15,324,645 $ 12,473,301 Cost of sales 4,433,302 3,466,216 12,330,098 10,081,499 Gross profit 1,108,218 835,313 2,994,547 2,391,802 Selling, general and administrative expenses 528,426 429,617 1,463,570 1,252,138 Impairment loss on identifiable intangible assets 34,000 — 34,000 — Operating income 545,792 405,696 1,496,977 1,139,664 Net periodic pension income — 56 — 165 Interest income, net 3,766 1,838 14,315 3,985 Income before income taxes 549,558 407,590 1,511,292 1,143,814 Income tax provision 149,628 112,217 402,184 305,604 Net income $ 399,930 $ 295,373 $ 1,109,108 $ 838,210 Basic earnings per common share $ 9.06 $ 6.59 $ 25.00 $ 18.59 Diluted earnings per common share $ 9.04 $ 6.57 $ 24.93 $ 18.53 Weighted average shares of common stock outstanding: Basic 44,118,989 44,794,790 44,364,696 45,078,735 Diluted 44,245,706 44,968,308 44,491,534 45,238,610 Dividends declared per common share $ 0.40 $ 0.25 $ 1.20 $ 0.75
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EMCOR GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) September 30, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 774,752 $ 1,111,968 Accounts receivable, net 5,529,343 4,241,177 Contract assets 465,548 337,717 Inventories 194,549 126,252 Prepaid expenses and other 106,274 120,231 Total current assets 7,070,466 5,937,345 Property, plant, and equipment, net 303,334 253,277 Operating lease right-of-use assets 526,027 439,029 Goodwill 1,711,905 1,412,414 Identifiable intangible assets, net 1,441,074 1,108,828 Other assets 183,354 140,506 Total assets $ 11,236,160 $ 9,291,399 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 1,411,866 $ 1,227,428 Contract liabilities 2,968,666 2,327,360 Accrued payroll and benefits 1,103,452 870,154 Other accrued expenses and liabilities 450,865 340,785 Operating lease liabilities, current 110,543 99,213 Total current liabilities 6,045,392 4,864,940 Operating lease liabilities, long-term 449,971 368,996 Other long-term obligations 463,870 382,482 Total liabilities 6,959,233 5,616,418 Equity: Total EMCOR Group, Inc. stockholders’ equity 4,275,890 3,673,944 Noncontrolling interests 1,037 1,037 Total equity 4,276,927 3,674,981 Total liabilities and equity $ 11,236,160 $ 9,291,399
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EMCOR GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Nine Months Ended September 30, 2026 and 2025 (In thousands) (Unaudited) 2026 2025 Cash flows - operating activities: Net income $ 1,109,108 $ 838,210 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 57,962 49,426 Amortization of identifiable intangible assets 106,164 86,967 Provision for credit losses 6,183 5,402 Deferred income taxes (19,236) 8,930 Excess tax benefits from share-based compensation (8,011) (4,250) Non-cash expense for impairment of identifiable intangible assets 34,000 — Non-cash share-based compensation expense 19,695 16,742 Other reconciling items 1,392 (2,038) Changes in operating assets and liabilities, excluding the effect of businesses acquired (220,626) (221,730) Net cash provided by operating activities 1,086,631 777,659 Cash flows - investing activities: Payments for acquisitions of businesses, net of cash acquired (797,375) (900,496) Proceeds from sale or disposal of property, plant, and equipment 2,469 3,608 Purchases of property, plant, and equipment (97,014) (80,831) Net cash used in investing activities (891,920) (977,719) Cash flows - financing activities: Proceeds from revolving credit facility 150,000 525,000 Repayments of revolving credit facility (150,000) (525,000) Repayments of finance lease liabilities (2,016) (2,082) Dividends paid to stockholders (53,251) (33,832) Repurchases of common stock (456,501) (432,165) Taxes paid related to net share settlements of equity awards (18,401) (14,054) Payments for contingent consideration arrangements (1,758) (12,038) Distributions to noncontrolling interests — (856) Net cash used in financing activities (531,927) (495,027) Effect of exchange rate changes on cash, cash equivalents, and restricted cash — 11,009 Decrease in cash, cash equivalents, and restricted cash (337,216) (684,078) Cash, cash equivalents, and restricted cash at beginning of year (1) 1,111,968 1,340,395 Cash, cash equivalents, and restricted cash at end of period (2) $ 774,752 $ 656,317 _________ (1) Includes $0.8 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheet as of December 31, 2024. (2) Includes $1.2 million of restricted cash classified as “Assets held for sale” in the Consolidated Balance Sheet as of September 30, 2025.
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EMCOR GROUP, INC. SEGMENT INFORMATION (In thousands, except for percentages) (Unaudited) For the quarters ended September 30, 2026 % of Total 2025 % of Total Revenues from unrelated entities: United States electrical construction and facilities services $ 1,854,963 34 % $ 1,285,269 30 % United States mechanical construction and facilities services 2,546,679 46 % 1,779,279 41 % United States building services 852,369 15 % 813,879 19 % United States industrial services 287,509 5 % 286,914 7 % Total United States operations 5,541,520 100 % 4,165,341 97 % United Kingdom building services — — % 136,188 3 % Consolidated revenues $ 5,541,520 100 % $ 4,301,529 100 % For the nine months ended September 30, 2026 % of Total 2025 % of Total Revenues from unrelated entities: United States electrical construction and facilities services $ 4,964,878 32 % $ 3,713,360 30 % United States mechanical construction and facilities services 6,873,893 45 % 5,107,139 41 % United States building services 2,462,724 16 % 2,349,761 19 % United States industrial services 1,023,150 7 % 926,988 7 % Total United States operations 15,324,645 100 % 12,097,248 97 % United Kingdom building services — — % 376,053 3 % Consolidated revenues $ 15,324,645 100 % $ 12,473,301 100 %
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EMCOR GROUP, INC. SEGMENT INFORMATION (In thousands, except for percentages) (Unaudited) For the quarters ended September 30, 2026 % of Segment Revenues 2025 % of Segment Revenues Operating income (loss): United States electrical construction and facilities services $ 247,003 13.3 % $ 145,200 11.3 % United States mechanical construction and facilities services 308,238 12.1 % 229,296 12.9 % United States building services 66,193 7.8 % 59,390 7.3 % United States industrial services 5,120 1.8 % 6,292 2.2 % Total United States operations 626,554 11.3 % 440,178 10.6 % United Kingdom building services — — 7,563 5.6 % Corporate administration (46,762) — (42,045) — Impairment loss on identifiable intangible assets (34,000) — — — Consolidated operating income 545,792 9.8 % 405,696 9.4 % Other items: Net periodic pension income — 56 Interest income, net 3,766 1,838 Income before income taxes $ 549,558 $ 407,590 For the nine months ended September 30, 2026 % of Segment Revenues 2025 % of Segment Revenues Operating income (loss): United States electrical construction and facilities services $ 652,901 13.2 % $ 438,901 11.8 % United States mechanical construction and facilities services 816,520 11.9 % 654,780 12.8 % United States building services 170,017 6.9 % 145,858 6.2 % United States industrial services 27,499 2.7 % 12,633 1.4 % Total United States operations 1,666,937 10.9 % 1,252,172 10.4 % United Kingdom building services — — 20,975 5.6 % Corporate administration (135,960) — (133,483) — Impairment loss on identifiable intangible assets (34,000) — — — Consolidated operating income 1,496,977 9.8 % 1,139,664 9.1 % Other items: Net periodic pension income — 165 Interest income, net 14,315 3,985 Income before income taxes $ 1,511,292 $ 1,143,814
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EMCOR GROUP, INC. RECONCILIATION OF ORGANIC REVENUE GROWTH (In thousands, except for percentages) (Unaudited) The following table provides a reconciliation between organic revenue growth, a non -GAAP measure, and total revenue growth for the quarter and nine months ended September 30, 2026. For the quarter ended September 30, 2026 For the nine months ended September 30, 2026 $ % $ % GAAP revenue growth $ 1,239,991 28.8 % $ 2,851,344 22.9 % Incremental revenues from acquisitions (313,275) (7.3) % (716,608) (5.7) % Impact of lost revenues resulting from sale of United Kingdom operations 136,188 4.0 % 376,053 3.6 % Organic revenue growth, a non-GAAP measure $ 1,062,904 25.5 % $ 2,510,789 20.8 %
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EMCOR GROUP, INC. RECONCILIATION OF OTHER NON-GAAP MEASURES (In thousands, except for percentages and per share data) (Unaudited) In our press release, we provide non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted earnings per common share for the quarter and nine months ended September 30, 2026 and 2025. The following tables provide a reconciliation between these amounts determined on a non -GAAP basis and the most directly comparable GAAP measures. For the quarter ended September 30, For the nine months ended September 30, 2026 2025 2026 2025 GAAP operating income $ 545,792 $ 405,696 $ 1,496,977 $ 1,139,664 Impairment loss on identifiable intangible assets 34,000 — 34,000 — Transaction expenses related to the acquisition of Miller Electric — — — 9,353 Non-GAAP operating income $ 579,792 $ 405,696 $ 1,530,977 $ 1,149,017 For the quarter ended September 30, For the nine months ended September 30, 2026 2025 2026 2025 GAAP operating margin 9.8 % 9.4 % 9.8 % 9.1 % Impairment loss on identifiable intangible assets 0.6 % — % 0.2 % — % Transaction expenses related to the acquisition of Miller Electric — % — % — % 0.1 % Non-GAAP operating margin 10.5 % 9.4 % 10.0 % 9.2 % ________________________ Amounts presented in this table may not foot due to rounding. For the quarter ended September 30, For the nine months ended September 30, 2026 2025 2026 2025 GAAP net income $ 399,930 $ 295,373 $ 1,109,108 $ 838,210 Impairment loss on identifiable intangible assets 34,000 — 34,000 — Tax effect of impairment loss on identifiable intangible assets (9,257) — (9,257) — Transaction expenses related to the acquisition of Miller Electric — — — 9,353 Tax effect of transaction expenses related to the acquisition of Miller Electric — — — (2,410) Non-GAAP net income $ 424,673 $ 295,373 $ 1,133,851 $ 845,153 For the quarter ended September 30, For the nine months ended September 30, 2026 2025 2026 2025 GAAP diluted earnings per common share $ 9.04 $ 6.57 $ 24.93 $ 18.53 Impairment loss on identifiable intangible assets 0.77 — 0.76 — Tax effect of impairment loss on identifiable intangible assets (0.21) — (0.21) — Transaction expenses related to the acquisition of Miller Electric — — — 0.20 Tax effect of transaction expenses related to the acquisition of Miller Electric — — — (0.05) Non-GAAP diluted earnings per common share $ 9.60 $ 6.57 $ 25.48 $ 18.68 # # #