What is the primary revenue source for EMCOR Group (EME)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze EME's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out EMCOR Group's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How EMCOR Group Makes Money: EME Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Steady

Revenue and operating profit grew together, indicating healthy core operations.

Operating margin improved by 0.74 percentage points year over year.

Revenue: USD 9.78B
Largest revenue segment share (United States Mechanical Construction And Facilities Services): 44.23%
Cost of revenue: USD 7.90B
Selling, general and administrative: USD 935.14M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

RevenueRevenues from unrelated entities · RevenueFromContractWithCustomerIncludingAssessedTax
Cost of revenueCost of sales · CostOfGoodsAndServicesSold
Selling, general and administrativeSelling, general and administrative expenses · SellingGeneralAndAdministrativeExpense
Largest revenue segment share (United States Mechanical Construction And Facilities Services)United States Mechanical Construction And Facilities Services · segment_value / revenue * 100
Operating marginOperating income (loss) · operating_income / revenue * 100

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Accounts receivable: USD 5.10B
Goodwill: USD 1.46B
Cash and cash equivalents: USD 924.41M
Total liabilities: USD 6.08B
Shareholder equity: USD 4.08B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Shareholder equityTotal equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts receivable, less allowance for credit losses of $25,008 and $22,757, respectively · AccountsReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Neutral

Operating cash flow is positive, but profit-to-cash conversion is relatively weak.

Operating cash flow equals 40.88% of net income.

Free cash flow remains positive after capital expenditure.

Net income: USD 709.18M
Operating cash flow: USD 289.91M
Cash conversion: 40.88%
Free cash flow: USD 230.05M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Free cash flowcfo - capex
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: USD 35.59M
Share repurchases: USD 268.52M
Net shareholder return: USD 304.11M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?