EMCOR Group (EME) 10-K risk factor changes: FY2025 vs FY2024

A number of economic factors, including financing conditions, the prices of commodities, and energy [removed: prices,] [added: prices] have, in the past, adversely affected the industries we serve and our ultimate customers’ ability or willingness to fund expenditures.

We are exposed to market risk for changes in interest rates for any borrowings under our [added: revolving] credit facility, which bear interest at variable rates.

Although the Federal Reserve Board [removed: began to decrease] [added: lowered] the federal funds rate in 2024 [removed: after increases in 2022] and [removed: much of 2023,] [added: 2025,] the pace and extent of additional decreases are uncertain.

Volatility within these markets, including the impact of geopolitical instability (such as disruption of shipping [removed: lanes),] [added: lanes or armed conflict or instability in oil-producing nations, including Iran and Venezuela),] could negatively impact our financial position, results of operations, and cash flows.

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*Our business is vulnerable to the cyclical nature of the [removed: markets] [added: sectors] in which our clients operate and is dependent upon the timing and funding of new awards.* We provide construction and maintenance services to ultimate customers operating in a number of [removed: markets] [added: sectors] which have been, and we expect will continue to be, cyclical and subject to significant fluctuations due to a variety of factors beyond our control, including economic [removed: conditions] [added: conditions, consumer demand, technology advancements,] and changes in client spending.

Some of our businesses derive a [removed: significant] portion of their revenues from [removed: federal, state, and local] governmental agencies.

Significant reductions in spending aimed at reducing federal, state, or local budget deficits, the absence of a bipartisan agreement on the federal government's budget or raising the debt ceiling (and any disruption caused by a federal government shutdown as a result thereof), personnel reductions, elimination of government agencies or programs, the closure of government facilities and offices, [added: the freezing] or [added: sequestration by the executive branch of congressionally-appropriated funds, or] other changes in budget priorities could result in the deferral, delay, disruption, or cancellation of projects or contracts that we might otherwise have sought to perform.

*Volatility in the prices or availability of certain [removed: materials] [added: materials, equipment,] and [removed: equipment] [added: commodities] used in our businesses and those of our customers, including as a result of inflation, supply chain disruptions, geopolitical instability, and protectionist trade measures, could adversely affect our businesses.* We are exposed to market risk of increases in certain commodity prices of materials, such as copper and steel, which are used as components of supplies or materials utilized in our operations.

We are also exposed to increases in energy prices, particularly as they relate to gasoline prices for our fleet of approximately [removed: 14,000] [added: 14,400] vehicles.

Further, the timing of our price increases may lag the timing of the underlying increases in commodity or material prices and [added: certain of] our [removed: fixed price] contracts [removed: generally] do not allow us to adjust our prices.

Disruptions, shortages, or delays in the availability of such materials and equipment have [added: had] and may [removed: continue to adversely impact] [added: have adverse impacts on] our [removed: result] [added: results] of operations, cash flows, and reputation with our customers.

Fluctuations in the price of energy and commodity materials, whether resulting from fluctuations in market supply or demand, geopolitical conditions (including supply chain disruptions, sanctions on Russian exports as a result of Russia’s invasion of Ukraine, armed conflict between Israel and [removed: Iran,] [added: Iran or between the United States] and [added: Iran or Venezuela, and] shipping lane disruptions following maritime attacks in the Gulf of Aden and the Red Sea), an increase in trade protection measures such as tariffs, or the disruption, modification, or cancellation of multilateral trade agreements, may adversely affect our customers and as a result cause them to curtail the use of our services.

On the other hand, because certain of our construction and service offerings are designed to improve energy efficiency in our clients’ operations, or to assist in the generation of new sources of renewable energy, such as wind, solar, and geothermal generation, decreases in the costs of traditional energy sources such as [removed: oil] [added: electricity, oil,] and natural gas, including as a result of recessionary pressure and reduced demand, may lower our customers’ demand for efficiency improvements and alternative energy sources, which could have an adverse effect on our financial position, results of operations, and cash flows.

*Changes in U.S. foreign trade [removed: policies, including as a result of the new presidential administration,] [added: policies] could lead to the imposition of additional trade barriers and tariffs*.

[removed: These changes] [added: Changes] in U.S. trade policy or in laws and policies governing foreign trade, and any resulting negative sentiments towards the United States as a result of such changes, could have an adverse impact on our business, financial position, results of operations, and liquidity.

*We are a decentralized [removed: company,] [added: company] which presents certain risks.* While we believe decentralization has enhanced our growth and enabled us to remain responsive to opportunities and to our customers’ needs, it necessarily places significant control and decision-making powers in the hands of local management.

*Our dependence upon fixed price [added: and similar] contracts could adversely affect our business.* We currently generate, and expect to continue to generate, a significant portion of our revenues from fixed price [added: and similar] contracts.

We must estimate the total costs of a particular project to bid for fixed [removed: price] [added: price, guaranteed maximum price, and similar] contracts.

Cost and scheduling estimates are based on a number of assumptions, including those about future economic conditions, commodity and other materials pricing, [added: job-site productivity,] cost and availability of labor, equipment, and materials, and supply chain efficiency, among other factors.

[removed: The] [added: However, the] actual cost of labor and materials, [removed: however,] [added: as well as the level of labor productivity achieved,] may vary from [removed: the costs we originally estimated,] [added: our original estimates,] something which we have experienced and may continue to experience due to inflationary pressures, supply chain challenges, [added: labor market tightness,] and elevated interest rates.

These [removed: variations, along with other] risks, inherent in the execution of projects subject to fixed [removed: price] [added: price, guaranteed maximum price, and similar] contracts, may cause actual gross profits from projects to differ from those we originally estimated and could result in reduced profitability or losses on projects.

*We could incur additional costs to cover certain guarantees or other contractual requirements.* In some instances, we guarantee completion of a project by a specific date or [removed: price, cost savings, achievement of certain performance standards, or performance of our services at] [added: for] a [removed: certain standard of quality.][added: maximum price.]

*Many of our contracts, especially our building and industrial services contracts, may be canceled or delayed on short notice, and we may be unsuccessful in replacing such contracts if they are canceled or as they are completed or expire.* For example, in [removed: 2024 and 2023, our United States building services segment and] [added: recent years,] our [removed: United Kingdom] building services [removed: segment] [added: operations] were unsuccessful in retaining certain contracts upon [removed: rebid.][added: rebid and our industrial services operations were adversely impacted by the deferral or delay of several projects.]

[removed: Our] [added: *Fluctuating foreign currency exchange rates could impact our financial results.* Until the sale of our United Kingdom operations on December 1, 2025, which in 2025 accounted for approximately 3% of our revenues, our] reported financial position and results of operations [removed: are] [added: were] exposed to the effects (both positive and negative) that fluctuating exchange rates [removed: have] [added: had] on the process of translating the financial statements of our United Kingdom operations, which [removed: are] [added: were] denominated in the British pound, into the U.S. dollar.

Although we have adopted a range of insurance, risk management, and risk avoidance programs designed to reduce potential liabilities, a catastrophic event at one of our project sites or a completed project, resulting from the services we have performed, could result in significant [removed: professional or product liability and] [added: professional, product, and/or personal injury liability, as well as] warranty or other claims against [removed: us, as well as] [added: us and] reputational harm.

*Our business strategy relies, in part, on acquisitions to sustain our growth, and these transactions present certain [removed: risk] [added: risks] and uncertainties.* As part of our growth strategy, we acquire companies that expand, complement, and/or diversify our businesses.

We may also face increased competition from other potential [removed: acquirers] [added: acquirers, including those] who may have greater financial resources available to them or who may be in a position to offer more favorable terms to the target company.

Further, realization of the anticipated benefits of an [removed: acquisition] [added: acquisition,] such as our acquisition of Miller Electric Company, and avoiding or mitigating the potential risks associated with an acquisition, will depend, among other things, upon our ability to: (a) effectively conduct due diligence to identify and mitigate potential [removed: problems] [added: issues] at companies we propose to acquire, (b) recognize incompatibilities or other obstacles to the successful integration of the acquired business with our other operations, and (c) gain greater efficiencies and scale that will translate into reduced costs or anticipated synergies in a timely manner.

Accordingly, [removed: there is no assurance that] revenue from remaining performance obligations [removed: will actually] [added: may not] be realized.

Threats are continually evolving and threat actors may adopt new or different means of breaching our information technology systems and data, including the potential use of [removed: artificial intelligence (“AI”)] [added: AI] tools to engage in automated, targeted, and coordinated attacks.

Unsettled regulations and case law regarding the ownership of intellectual property generated or [added: used by AI could also expose us to claims of copyright or license infringement or other liability resulting from our use of such tools.]

In addition, laws and regulations governing data privacy and the unauthorized disclosure of confidential information, including the [removed: European Union General Data Protection Regulation ("GDPR"), the] California Consumer Privacy Act, the California Privacy Rights Act, state biometric laws, and other emerging U.S. state privacy laws pose increasingly complex compliance challenges and could potentially elevate our compliance costs.

[removed: There can be no assurance that our] [added: Our] estimates and assumptions [removed: will] [added: could] prove to be [removed: accurate] [added: inaccurate] predictions of the future.

Many of our non-public competitors [removed: and competitors operating solely in the U.S.] are not subject to these laws and regulations and the related costs and expenses of compliance.

*Our failure to comply with anti-bribery statutes, such as the Foreign Corrupt Practices [removed: Act and the U.K. Bribery Act of 2010,] [added: Act,] or sanction regulations, could result in fines, criminal penalties, and other sanctions that could have an adverse effect on our business.* The U.S. Foreign Corrupt Practices Act (the “FCPA”), [removed: the U.K. Bribery Act of 2010 (the “Bribery Act”),] and similar anti-bribery laws in other [removed: jurisdictions] [added: jurisdictions,] generally prohibit companies and their intermediaries from making improper payments to foreign officials for the purpose of obtaining or retaining business or securing an improper advantage.

However, there is no assurance that our policies and procedures to ensure compliance with the [removed: FCPA, the Bribery Act,] [added: FCPA] and similar anti-bribery and sanction [removed: laws,] [added: laws] will eliminate the possibility of liability under such laws for actions taken by our employees, agents, and intermediaries.

If we were found to be liable for violations under the FCPA, [removed: the Bribery Act,] or similar anti-bribery or sanction laws, either due to our own acts or omissions or due to the acts or omissions of others, we could incur substantial legal expenses and suffer civil and criminal penalties, which could have a material adverse effect on our business, financial condition, and results of operations, as well as our reputation.

In addition, whether or not such expenses, penalties, or sanctions are actually incurred, the actual or alleged violation of the FCPA, [removed: the Bribery Act,] or any similar anti-bribery or sanction [removed: laws] [added: laws,] could have a negative impact on our reputation.

If government agencies determine that we are engaged in improper activity, [added: or if] we [added: are found to have violated laws or regulations, we] may be subject to civil and criminal penalties and debarment or suspension from doing business with the government.

For example, capital spending on data center infrastructure to support cloud storage and artificial intelligence (“AI”) is rapidly expanding, which has increased demand for our services in recent years.

If such spending were to decrease, demand for our services could decline as we transition our resources to other sectors.

At the same time, the availability or price of electricity may adversely impact the buildout of certain of our customers’ projects, including data centers, which could adversely impact our business, financial position, and results of operations.

Judicial review of certain trade policies and the potential consequences of court decisions on challenges to such policies, including tariffs imposed by executive order, could result in

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additional changes to, or reversal of, such trade policies and practices.

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In addition, certain of our contractual arrangements guarantee the achievement of agreed upon cost savings, certain performance standards, or a certain standard of quality.

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These disruptions resulted in declines in gross profit and gross profit margin for certain of our operations.

*Fluctuating foreign currency exchange rates impact our financial results.* We have operations in the United Kingdom, which in 2024 accounted for approximately 3% of our revenues.

used by AI could also expose us to claims of copyright or license infringement or other liability resulting from our use of such tools.

In addition, our United Kingdom operations are subject to laws and regulations that are in some cases different from those of the United States, including labor laws such as the U.K. Modern Slavery Act and laws and regulations governing information collected from employees, customers and others, specifically the GDPR.

These laws and regulations could increase the cost and complexity of doing business in the U.K. and negatively impact our financial position and results of operations.

negatively impact our and our customers’ offices, facilities, or job sites.

- United States building services; [added: and]

- United States industrial [removed: services; and][added: services.]

[removed: -] [added: |] United Kingdom building [removed: services.][added: services | | | — | | | | | | — | | % | | | | 185,466 | | | | | | 2 | | % |]

The following table presents selected financial data for the fiscal years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] (in thousands, except percentages and per share data):

| | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| Revenues | | | $ | [removed: 14,566,116] [added: 16,986,422] | | | | | $ | [removed: 12,582,873] [added: 14,566,116] | |

| Revenues increase from prior year | | | [removed: 15.8] [added: 16.6] | | % | | | | [removed: 13.6] [added: 15.8] | | % |

| Gross profit | | | $ | [removed: 2,765,051] [added: 3,282,988] | | | | | $ | [removed: 2,089,339] [added: 2,765,051] | |

| Gross profit as a percentage of revenues | | | [removed: 19.0] [added: 19.3] | | % | | | | [removed: 16.6] [added: 19.0] | | % |

| Operating income | | | $ | [removed: 1,344,863] [added: 1,713,418] | | | | | $ | [removed: 875,756] [added: 1,344,863] | |

| Operating income as a percentage of revenues | | | [removed: 9.2] [added: 10.1] | | % | | | | [removed: 7.0] [added: 9.2] | | % |

| Net income attributable to EMCOR Group, Inc. | | | $ | [removed: 1,007,145] [added: 1,272,817] | | | | | $ | [removed: 632,994] [added: 1,007,145] | |

| Diluted earnings per common share | | | $ | [removed: 21.52] [added: 28.19] | | | | | $ | [removed: 13.31] [added: 21.52] | |

Revenues of [removed: $14.57] [added: $16.99] billion for the year ended December 31, [removed: 2024] [added: 2025] set a new annual record for the Company and represent an increase of [removed: 15.8%] [added: 16.6%] from revenues of [removed: $12.58] [added: $14.57] billion for the year ended December 31, [removed: 2023.][added: 2024.]

Revenues for the year ended December 31, [removed: 2024] [added: 2025] included incremental acquisition contribution of approximately [removed: $251.5 million.][added: $1.27 billion.]

[removed: The $469.1 million increase in operating income, and corresponding 220 basis point expansion in] [added: Excluding the impact of such gain,] operating [removed: margin, were] [added: income increased by $223.7 million,] predominantly [added: as] a result of [removed: improved operating performance within] [added: greater contribution from] our United States construction segments, as described in further detail below.

Operating income for the year ended December 31, [removed: 2024] [added: 2025] included incremental acquisition contribution of [removed: $13.4] [added: $24.4] million, net of amortization expense attributable to identifiable intangible assets of [removed: $15.3] [added: $50.6] million.

Net income of [removed: $1,007.1 million,] [added: $1.27 billion,] or [removed: $21.52] [added: $28.19] per diluted share, for the year ended December 31, [removed: 2024,] [added: 2025,] compares favorably to net income of [removed: $633.0 million,] [added: $1.01 billion,] or [removed: $13.31] [added: $21.52] per diluted share, for the year ended December 31, [removed: 2023.][added: 2024.]

While the majority of the increase in our net income and diluted earnings per share was a result of the increased operating income referenced above, [removed: these amounts] [added: diluted earnings per share for the year ended December 31, 2025] additionally benefited from [removed: greater interest income and] a [removed: reduction in interest expense in 2024.][added: reduced weighted average share count given the impact of common stock repurchases made by us throughout 2024 and 2025.]

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For further discussion regarding our acquisitions, refer to Note 4 - Acquisitions [added: and Dispositions] of Businesses of the notes to consolidated financial statements included in Item 8.

During 2024, we acquired seven companies for upfront consideration of $231.1 [removed: million, inclusive of customary working capital adjustments.][added: million.]

The following table presents our revenues for each of our operating segments and the approximate percentages that each segment’s revenues were of total revenues for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] (in thousands, except for percentages):

| | | | [removed: 2024] [added: 2025] | | | | | | % of Total | | | | | | [removed: 2023] [added: 2024] | | | | | | % of Total | | |

| United States electrical construction and facilities services | | | $ | [removed: 3,342,927] [added: 5,074,252] | | | | | [removed: 23] [added: 30] | | % | | | | $ | [removed: 2,783,723] [added: 3,342,927] | | | | | [removed: 22] [added: 23] | | % |

| United States mechanical construction and facilities services | | | [removed: 6,405,657] [added: 7,050,481] | | | | | | [removed: 44] [added: 42] | | % | | | | [removed: 5,074,803] [added: 6,405,657] | | | | | | [removed: 41] [added: 44] | | % |

| United States building services | | | [removed: 3,114,817] [added: 3,122,242] | | | | | | [removed: 21] [added: 18] | | % | | | | [removed: 3,120,134] [added: 3,114,817] | | | | | | [removed: 25] [added: 21] | | % |

| United States industrial services | | | [removed: 1,277,190] [added: 1,268,099] | | | | | | [removed: 9] [added: 7] | | % | | | | [removed: 1,167,790] [added: 1,277,190] | | | | | | 9 | | % |

| Total United States operations | | | [removed: 14,140,591] [added: 16,515,074] | | | | | | 97 | | % | | | | [removed: 12,146,450] [added: 14,140,591] | | | | | | 97 | | % |

| United Kingdom building services | | | [removed: 425,525] [added: 471,348] | | | | | | 3 | | % | | | | [removed: 436,423] [added: 425,525] | | | | | | 3 | | % |

| Consolidated revenues | | | $ | [removed: 14,566,116] [added: 16,986,422] | | | | | 100 | | % | | | | $ | [removed: 12,582,873] [added: 14,566,116] | | | | | 100 | | % |

As [added: described in more detail below, as] a result of strong demand for our services across most of the market sectors we serve, [added: consolidated] revenues for the year ended December 31, [removed: 2024] [added: 2025] increased to [removed: $14.57] [added: $16.99] billion compared to [added: consolidated] revenues of [removed: $12.58] [added: $14.57] billion for the year ended December 31, [removed: 2023.][added: 2024.]

[removed: Additionally, revenues] [added: Revenues] for [removed: 2024] [added: 2025] included incremental acquisition contribution of approximately [removed: $251.5 million.][added: $1.27 billion.]

Revenues of our United States electrical construction and facilities services segment were [removed: $3,342.9 million] [added: $5.07 billion] for the year ended December 31, [removed: 2024,] [added: 2025,] a [removed: $559.2 million] [added: $1.73 billion] increase compared to revenues of [removed: $2,783.7 million] [added: $3.34 billion] for the year ended December 31, [removed: 2023.][added: 2024.]

This segment’s results for [removed: 2024] [added: 2025] included [removed: $2.7] [added: $145.2] million of incremental acquisition revenues.

[removed: Excluding the impact of acquisitions,] [added: Similar to our United States electrical construction and facilities services segment, this segment experienced] the [added: most significant] increase in [removed: this segment’s] revenues [removed: was primarily a result of growth] within the network and communications market [removed: sector, predominantly] [added: sector] due to [added: greater demand for] data center construction projects.

Our United States mechanical construction and facilities services segment revenues for the year ended December 31, [removed: 2024] [added: 2025] were [removed: $6,405.7 million,] [added: $7.05 billion,] a [removed: $1,330.9] [added: $644.8] million increase compared to revenues of [removed: $5,074.8 million] [added: $6.41 billion] for the year ended December 31, [removed: 2023.][added: 2024.]

[removed: This segment’s results included $172.5 million] [added: Revenues] of [removed: incremental acquisition revenues] [added: this segment] for the [added: applicable 2025 period were $471.3 million compared to $425.5 million for the] year ended December 31, 2024.

Revenues of our United States building services segment were [removed: $3,114.8 million] [added: $3.12 billion] for the year ended December 31, [removed: 2024] [added: 2025] compared to [removed: $3,120.1 million] [added: $3.11 billion] for the year ended December 31, [removed: 2023.][added: 2024.]

[removed: Excluding incremental acquisition contribution of $31.0 million, this segment’s revenues decreased by $36.3 million as] [added: Offsetting] the strength of [removed: its] [added: the] mechanical services division [removed: was more than offset by] [added: were] revenue declines within [removed: its] [added: this segment’s] commercial site-based [removed: services] and government site-based services divisions due to the loss of certain facilities maintenance contracts [added: that were] not renewed [removed: pursuant to rebid.][added: upon rebid in a prior period.]

On December 1, 2025, we sold our United Kingdom operations, the results of which are reported within our United Kingdom building services segment through the date of sale.

2025 versus 2024

| | | | 2025 | | | | | | 2024 | | |

| Gain on sale of United Kingdom operations | | | $ | 144,876 | | | | | $ | — | |

Demand for our services continues to be broad-based with strength across most of the market sectors we serve.

As described in further detail below, we experienced revenue growth within all of our reportable segments, except for our United States industrial services segment, which saw a modest reduction in revenues year-over-year.

Operating income for 2025 was $1.71 billion, or 10.1% of revenues, compared to operating income of $1.34 billion, or 9.2% of revenues, in 2024.

Our operating results for the year ended December 31, 2025 included a $144.9 million gain on the sale of our United Kingdom operations, which positively impacted operating margin by 85 basis points.

Excluding the impact of such gain, operating income increased by $223.7 million and established a new annual record for the Company.

As described in further detail below, such increase in operating income was predominantly driven by greater contribution from our United States construction segments.

On February 3, 2025, we completed the acquisition of Miller Electric Company (“Miller Electric”), a leading electrical contractor, for total cash consideration of approximately $876.8 million.

In addition to Miller Electric, during 2025, we acquired nine companies for upfront consideration of $182.1 million.

This segment’s results for 2025 included $1.11 billion of incremental acquisition revenues, almost entirely from Miller Electric.

From a market sector perspective, increased revenues were generated from nearly all of the sectors we serve.

While the largest increase in revenues was seen within the network and communications market sector, predominantly driven by greater demand for data center construction projects, this segment also experienced notable revenue growth within: (a) the healthcare market sector, as a result of greater project activity across several of the geographies in which we operate, (b) the commercial market sector, inclusive of certain tenant fit-out and warehousing and distribution projects, (c) the institutional market sector, primarily given an increase in revenues from public sector projects, (d) the hospitality and entertainment market sector, due to select project opportunities, and (e) the transportation market sector, stemming from certain infrastructure projects currently underway.

Revenues of this segment for the year ended December 31, 2025 additionally benefited from greater levels of short-duration projects and service work.

Partially offsetting these increases was a reduction in high-tech manufacturing revenues as we completed or reached substantial completion on various semiconductor, bio-tech, and life sciences construction projects.

In addition to data centers, notable revenue growth was generated from: (a) the manufacturing and industrial market sector, primarily driven by certain food processing projects, (b) the hospitality and entertainment market sector, given increased project activity, and (c) the water and wastewater market sector as a result of greater opportunities in the Southeast region of the United States.

Further contributing to the revenue increase within this segment were greater levels of short-duration projects and service work.

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increases were partially offset by revenue declines from: (a) the high-tech manufacturing market sector, largely as we completed certain semiconductor manufacturing construction projects, and (b) the commercial market sector, as a result of: (i) the completion or substantial completion of several tenant fit-out or office projects, and (ii) fewer active warehousing and distribution projects for some of our e-commerce customers during the year.

Revenues of this segment for 2025 included incremental acquisition contribution of $2.6 million.

Revenues of our United States industrial services segment for the year ended December 31, 2025 were $1.27 billion, a slight decrease compared to revenues of $1.28 billion for the year ended December 31, 2024 given: (a) lower turnaround project demand when compared to the prior year, which benefited from scope growth on certain projects, (b) the deferral, delay, or cancellation of previously planned turnaround projects, and (c) the completion of a renewable fuel project, which was active throughout 2024.

This segment’s results for 2025 included $19.7 million of incremental acquisition revenues.

On December 1, 2025, we sold our United Kingdom operations, the results of which are reported within our United Kingdom building services segment through the date of sale.

The period-over-period increase was due to: (a) greater service revenues, as a result of: (i) the award of new facilities maintenance contracts and (ii) scope expansion on previously existing contracts, and (b) an increase in project work, largely within the manufacturing and industrial and network and communications market sectors.

| | | | 2025 | | | | | | 2024 | | |

| Gross profit | | | $ | 3,282,988 | | | | | $ | 2,765,051 | |

| | | | 2025 | | | | | | 2024 | | |

Additionally included in selling, general and administrative expenses for 2025 were $9.4 million of transaction related costs incurred in connection with the acquisition of Miller Electric and $10.7 million of transaction related costs incurred in connection with the sale of our United Kingdom operations.

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The 40 basis point increase in our SG&A margin for the year ended December 31, 2025 was primarily due to: (a) improved gross profit and gross profit margin, which resulted in the above-referenced increase in incentive compensation expense across certain of our operating subsidiaries, and (b) the impact of the transaction related costs referenced above.

| Gain on sale of United Kingdom operations | | | 144,876 | | | | | | | | | | | | — | | | | | | | | |

Our operating results for the year ended December 31, 2025 included a $144.9 million gain on the sale of our United Kingdom operations, which positively impacted operating margin by 85 basis points.

The year-over-year increase in operating income of this segment resulted from greater gross profit given its growth in revenues.

Although the most significant increase in gross profit was experienced within the network and communications market sector, increased gross profit was generated within the majority of the other market sectors in which we operate, generally in line with the revenue trends described above.

While below the record 13.4% operating margin earned in 2024, operating margin of our United States electrical construction and facilities services segment for 2025 of 12.1% remained above its historical average and reflects the overall strength of our project portfolio.

Operating margin for the year ended December 31, 2025 was negatively impacted by: (a) lower profitability on certain projects in new geographies where we encountered reduced labor productivity or availability while investing in the development of a workforce and (b) the incremental intangible asset amortization expense resulting from the acquisition of Miller Electric, which reduced operating margin by approximately 80 basis points.

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

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Demand for our services continues to be strong across most of the market sectors we serve and, as described in further detail below, we experienced revenue growth within the majority of our reportable segments.

Operating income for 2024 was $1,344.9 million, or 9.2% of revenues, establishing new annual records for the Company with respect to both operating income and operating margin.

This compares to operating income of $875.8 million, or 7.0% of revenues, in 2023.

Further, our diluted earnings per share for the year ended December 31, 2024 was positively impacted by a reduced weighted average share count due to common stock repurchases made by us throughout 2023 and 2024.

These acquisitions are comprised of: (a) an electrical contractor in the Southeast region of the United States, that has been included in our United States electrical construction and facilities services segment, (b) two companies that have been included within our United States mechanical construction and facilities services segment, including: (i) a leading plumbing services provider in the Southeast region of the United States and (ii) a full service provider of mechanical construction and maintenance services in Central Texas, (c) three companies that have been included in our United States building services segment, including: (i) a provider of building automation and controls solutions in the Northeast region of the United States, (ii) a mechanical services company in the Western region of the United States, and (iii) a mechanical services company in the Eastern region of the United States, and (d) an instrumentation and electrical contractor, that has been included in our United States industrial services segment, which provides electrical, automation, digital integration, and fabrication services to various energy sector and process equipment customers.

During 2023, we acquired eight companies for total consideration of $99.6 million.

Such acquisitions include: (a) a national energy efficiency specialty services firm, the results of operations of which have been included in our United States building services segment, and (b) seven companies, the results of operations of which were de minimis, consisting of: (i) three companies that have been included within our United States mechanical construction and facilities services segment, one of which provides mechanical and pipe fabrication services in the Midwestern region of the United States, and two of which add capabilities to our national fire protection services, and (ii) four mechanical services companies in the Western and Midwestern regions of the United States that have been included within our United States building services segment and enhance our presence in geographies where we have existing operations.

During 2022, we acquired six companies for total consideration of $100.8 million.

Such acquisitions include: (a) a company that provides electrical construction services in the Greater Boston area, the results of operations of which have been included in our United States electrical construction and facilities services segment, and (b) five companies that enhance our presence in geographies where we have existing operations, the results of operations of which were de minimis, consisting of: (i) two companies that provide fire protection services in the Northeastern and Southern regions of the United States, respectively, and that have been included within our United States mechanical construction and facilities services segment, (ii) two companies that specialize in either building automation and controls or mechanical services in the Southwestern and Southern regions of the United States, respectively, and that have been included within our United States building services segment, and (iii) a company that provides electrical construction services in the Midwestern region of the United States and that has been included within our United States electrical construction and facilities services segment.

As described in more detail below, we experienced increases in revenues from the majority of our reportable segments.

Increased demand for cloud computing and data storage, driven in part by the emergence of artificial intelligence, has resulted in a greater number of project opportunities for us in several of the geographies in which we operate.

In addition, this segment benefited from revenue growth within a number of the other market sectors we serve, such as: (a) the high-tech manufacturing market sector, inclusive of construction projects for customers engaged in the design and manufacturing of semiconductors, (b) the manufacturing and industrial market sector, driven by increased activity with various energy sector customers, (c) the transportation market sector, due to certain infrastructure projects currently underway, and (d) the institutional market sector, given increased project revenues from certain schools and universities.

These increases were partially offset by a reduction in revenues within the commercial market sector due in part to reduced demand across the commercial real estate industry.

Excluding the impact of acquisitions, the increase in this segment’s revenues was attributable to revenue growth within the majority of the market sectors in which we operate, as well as greater levels of service work.

This segment experienced notable increases in revenues within: (a) the high-tech manufacturing market sector, as a result of stronger demand for our mechanical construction and/or fire protection services by certain customers: (i) engaged in either the design and manufacturing of semiconductors or the production and development of electric vehicles and/or lithium batteries and (ii) within the biotech, life-sciences, and pharmaceutical industries, (b) the network and communications market sector, due to increased data center project activity as this segment benefited from the same market demand described above within our United States electrical construction and facilities services segment, (c) the institutional market sector, given several public sector or university projects which were active during 2024, (d) the manufacturing and industrial market sector largely as a result of the re-shoring of critical supply chain by certain of our customers, (e) the water and wastewater market sector, driven by several projects within the Southeast region of the United States, and (f) the healthcare market sector, due to an increase in projects throughout several of the regions in which we operate.

Partially offsetting these increases was a reduction in revenues within the commercial market sector, largely as a result of the completion of various warehouse and distribution projects, that were active in 2023.

This segment’s results included $45.3 million of incremental revenues from an acquired company.

Excluding such acquisition contribution, the increase in this segment’s revenues resulted from greater demand, including turnarounds of a larger size and scope growth on certain projects, in its field services division.

The decrease in this segment’s revenues for 2024 was primarily a result of the loss of certain facilities maintenance contracts not renewed pursuant to rebid.

Refer to the operating income section below for further discussion regarding the operating performance of each of our reportable segments.

| Impairment loss on long-lived assets | | | — | | | | | | — | | | | | | (2,350) | | | | | | — | | |

The $216.5 million increase in operating income and 510 basis point improvement in operating margin of this segment were a result of greater gross profit and gross profit margin from projects within the majority of the market sectors in which we operate, due to both an increase in revenues as well as a more favorable mix of work.

While the most significant increase in gross profit was experienced within the network and communications market sector, this segment additionally benefited from greater gross profit recognized on projects within the manufacturing and industrial, transportation, institutional, and high-tech manufacturing market sectors.

Operating margin of this segment for the year ended December 31, 2024 was 12.5%, a 200 basis point improvement over its operating margin for the year ended December 31, 2023 of 10.5%.

Excluding the impact of acquisitions, the increases in operating income and operating margin of this segment were primarily a result of contribution from projects within: (a) the high-tech manufacturing market sector, including certain mechanical construction or fire protection projects for customers engaged in either the design or manufacturing of semiconductors or the production and development of electric vehicles and/or lithium batteries, and (b) the network and communications market sector.

While the most significant increases in gross profit were seen within the above referenced market sectors, this segment also experienced increases in gross profit across all of the other market sectors in which we operate, with notable increases generated within institutional, manufacturing and industrial, and commercial.

Operating income of our United States building services segment for the year ended December 31, 2024 was $176.7 million, or 5.7% of revenues, compared to operating income of $183.0 million, or 5.9% of revenues, for the year ended December 31, 2023.

Increased gross profit from this segment’s mechanical services division, due primarily to greater profitability across its portfolio of HVAC and building automation and controls projects and retrofits, was partially offset by reductions in gross profit from its commercial site-based services and government site-based services divisions, given the loss of certain facilities maintenance contracts not renewed pursuant to rebid.

Such reserve negatively impacted the operating margin of this segment for 2024 by approximately 30 basis points.

Our United States industrial services segment’s operating income for the year ended December 31, 2024 was $44.2 million, or 3.5% of revenues, compared to operating income of $35.4 million, or 3.0% of revenues, for the year ended December 31, 2023.

Operating income of this segment benefited from greater gross profit generated within its: (a) field services division due to the increase in revenues referenced above, and (b) shop services division as a result of an improvement in gross profit margin given favorable pricing.

The increase in operating margin of this segment was attributable to the increased gross profit margin within the shop services division.

The decrease in operating income and operating margin was due to a decline in gross profit and gross profit margin.

In addition to the impact of lower facilities maintenance revenues, gross profit and gross profit margin were negatively affected by a less favorable mix of work when compared to the prior year, which included a greater number of higher margin projects.

The increase in corporate expenses was primarily due to: (a) greater employment compensation and related costs, including salaries and benefits, incentive compensation, and share-based compensation, (b) certain severance expenses which were recorded during the first quarter of the year, and (c) higher computer hardware and software costs, due to various information technology and cybersecurity initiatives currently in process.

The year-over-year decrease in interest expense was a result of the repayment, in December of 2023, of all previously outstanding direct borrowings under our credit facility.

The increase in annual interest income resulted from greater returns on our invested cash, due to an increase in our average daily invested cash balance.

| United Kingdom building services | | | 185,466 | | | | | | 2 | | % | | | | 140,949 | | | | | | 2 | | % |

We have not used any derivative financial instruments during the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] including trading or speculating on changes in interest rates or commodity prices of materials used in our business.

Although the Federal Reserve Board [removed: began to decrease] [added: lowered] the federal funds rate in 2024 [removed: after increases in 2022] and [removed: much of 2023,] [added: 2025,] the pace and extent of additional [removed: decreases] [added: rate cuts] are uncertain.

We are also exposed to increases in energy prices, particularly as they relate to gasoline prices for our fleet of approximately [removed: 14,000] [added: 14,400] vehicles.

Additionally, [added: certain of] our fixed price contracts [removed: generally] do not allow us to adjust our prices and, as a result, increases in material costs could reduce our profitability with respect to projects in progress.

[Table of [removed: Contents](#iff155233dd944a23b1f9264cd2aff3a6_7)][added: Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)]

Trade and sanction policies (including tariffs) may also affect the pricing of such supplies and materials.

Amounts invested in our foreign operations are translated into U.S. dollars at the exchange rates in effect at the end of the period.

The resulting translation adjustments are recorded as accumulated other comprehensive (loss) income, a component of equity, in the Consolidated Balance Sheets.

We believe our exposure to the effects that fluctuating foreign currencies may have on our consolidated results of operations is limited because our foreign operations primarily invoice customers and collect obligations in their respective local currencies.

Additionally, expenses associated with these transactions are generally contracted and paid for in their same local currencies.

- United States building services; [added: and]

- United States industrial [removed: services; and][added: services.]

Of our [removed: 2024] [added: 2025] revenues, approximately 97% were generated in the United States and approximately 3% were generated in [removed: foreign countries, substantially all in] the United Kingdom.

In [removed: 2024,] [added: 2025,] we derived approximately [removed: 67%] [added: 72%] of our revenues from our construction operations, approximately [removed: 24%] [added: 21%] of our revenues from our building services operations, and approximately [removed: 9%] [added: 7%] of our revenues from our industrial services operations.

We believe that our range of service offerings, technical capability, skilled workforce, and strong project execution, along with our safety culture and financial resources, differentiate us from our competition and position us to benefit from future capital and maintenance spending by our [added: existing and potential] customers.

Our strategies of expanding our portfolio of service offerings [removed: for existing] and [removed: potential customers and] increasing or enhancing our presence in core end markets and geographies, along with our commitment to industry-leading best practices and technological and training capabilities, place us in the position to capitalize on opportunities and trends in the industries we serve and continue to grow our business.

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[removed: *United States electrical] [added: *Electrical] and mechanical construction and facilities services operations:*

The electrical and mechanical construction services industry has experienced growth principally due to the increased content, complexity, and sophistication of electrical and mechanical systems resulting, in part, from growth in digital processing, cloud computing, data storage, and the emergence of artificial [removed: intelligence.][added: intelligence (“AI”).]

Moreover, the need for substantial environmental controls within a building, due to the heightened need to maintain extensive [removed: computer systems] [added: servers] at optimal temperatures, and the demand for increased energy efficiency, have continued to expand opportunities for our electrical and mechanical services businesses.

The demand for these services is typically driven by non-residential construction and renovation activity and, in recent years, has benefited from the [added: expansion of data centers to power AI and cloud computing, the] re-shoring of the supply chain, the need for additional high-tech manufacturing facilities, and the energy transition/expansion throughout the United States.

Our United States electrical and mechanical construction operations accounted for approximately [removed: 67%] [added: 72%] of our [removed: 2024] [added: 2025] total revenues.

Of such revenues, approximately [removed: 34%] [added: 42%] were generated by our electrical construction operations and approximately [removed: 66%] [added: 58%] were generated by our mechanical construction operations.

Our largest projects include those within: (a) the network and communications market sector (including data centers, data and fiber projects, and cabling); (b) the high-tech manufacturing market sector (including semiconductor, biotech, life-sciences, and pharmaceutical facilities, as well as projects across the electric vehicle value chain); (c) the [removed: commercial market sector (including warehousing and distribution facilities and office or mixed-use buildings); (d) the] manufacturing and industrial market sector (including [removed: steel, pulp and paper mills,] food processing and traditional automotive manufacturing facilities, [added: steel, pulp and paper mills,] power generation (including sustainable energy solutions such as solar and wind), oil and gas refineries, and chemical processing plants); [added: (d) the commercial market sector (including warehousing and distribution facilities and office or mixed-use buildings);] (e) the healthcare market sector (including hospitals, surgical centers, rehabilitation and nursing facilities, and medical offices); (f) the institutional market sector (including educational and correctional facilities and research laboratories); (g) the water and wastewater market sector; (h) the transportation market sector (including highways, bridges, airports, and transit systems); and (i) the hospitality and entertainment market sector (including resorts, hotels, gaming facilities, convention centers, and sports [added: arenas and] stadiums).

Our largest projects, which typically range in size from $10 million up to and occasionally exceeding $200 million, represented approximately [removed: 54%] [added: 58%] of our electrical and mechanical construction services revenues in [removed: 2024.][added: 2025.]

Our projects of less than $10 million accounted for approximately [removed: 46%] [added: 42%] of our electrical and mechanical construction services revenues in [removed: 2024.][added: 2025.]

[removed: *United States and United Kingdom building] [added: *Building] services operations:*

- Vendor management and call center services; [added: and]

Our building services operations, which generated approximately [removed: 24%] [added: 21%] of our [removed: 2024] [added: 2025] total revenues, provide services to owners, operators, tenants, and managers of all types of [removed: facilities both on a contractual basis for a specified period of time and on an individual task order basis.][added: facilities.]

Of our building services revenues for [removed: 2024,] [added: 2025,] approximately [removed: 88%] [added: 87%] were generated in the United States and approximately [removed: 12%] [added: 13%] were generated in the United Kingdom.

[removed: We] [added: Within our government site-based services division, we] provide building services at a number of prominent buildings in the United States, including those that house the National Archives and Records Administration, the Federal Deposit Insurance Corporation, the Government Accountability Office, and the Departments of Transportation, Education, Health and Human Services, Energy, and Homeland Security, as well as other government facilities.

We also provide building services, as a prime contractor or a subcontractor, to U.S. [removed: military bases] [added: government] and [removed: various other governmental] [added: intelligence] agencies.

The agreements pursuant to which this division provides services to the federal government are frequently for a base period and a number of option years exercisable at the sole discretion of the government, are often subject to modification or renegotiation by the government in terms of scope of services, and are subject to termination [added: for convenience] by the government prior to the expiration of the applicable term.

[removed: *United States industrial] [added: *Industrial] services operations:*

Our industrial services business, which generated approximately [removed: 9%] [added: 7%] of our [removed: 2024] [added: 2025] total revenues, is a recognized leader in the refinery turnaround market and has a presence in the petrochemical and upstream markets.

In addition, there are a number of larger [removed: public] companies focused on providing electrical and/or mechanical construction services, such as APi Group Corporation, Comfort Systems USA, Inc., Dycom Industries, Inc., Everus Construction Group, Inc., IES Holdings, Inc., MasTec, Inc., MYR Group Inc., Quanta Services, Inc., and Tutor Perini Corporation.

While the building services industry is also highly fragmented, with most competitors operating in a specific geographic region, a number of large corporations [removed: such as Amentum Services, Inc., IAP Worldwide Services, Inc., Fluor Corporation, Cushman & Wakefield plc, CBRE Group, Inc., Jones Lang LaSalle Incorporated, Sodexo, Inc., Aramark,] and [removed: ABM Industries Incorporated] [added: original equipment manufacturers] are engaged in this [removed: field, as are large original equipment manufacturers such as Carrier Global Corporation and Trane Technologies plc.][added: field.]

[added: In addition, we compete with several regional firms serving all or portions of the markets we target, such as BrightView Holdings, Inc., Kellermeyer Bergensons Services, LLC, and SMS Assist, L.L.C.] The key competitive factors in the building services industry include: (a) availability of qualified personnel and managers; (b) service quality and technical expertise; (c) the use of technology tools and data analytics; (d) cost structure and the ability to control project costs; (e) price; and (f) geographic diversity.

Due to our [removed: size,] [added: financial strength, scope of service offerings,] our technical capability and management experience, and our geographic presence, we believe our building services operations are in a strong competitive position.

Competitors within this industry include JVIC, Universal Plant Services, Inc., Turner Industries Group, LLC, Team, Inc., [added: Specialty Welding and Turnarounds, LLC,] Cust-O-Fab, Inc., Dunn Heat Exchangers, Inc., Turn2 Specialty Companies, and Wyatt Field Service Company, LLC, among others.

At December 31, [removed: 2024,] [added: 2025,] we employed approximately [removed: 40,400] [added: 44,000] people, [removed: approximately 37,500] [added: all] of whom were located within the United [removed: States and approximately 2,900 of whom were located in the United Kingdom.][added: States.]

Based on the most recent information available from our latest filing with the U.S. Equal Employment Opportunity Commission, the gender demographic of our [removed: U.S.] employees was [removed: 89%] [added: 90%] male and [removed: 11%] [added: 10%] female.

Additionally, based on such information, our [removed: U.S.] employees had the following race and ethnicity demographics:

Approximately [removed: 63%] [added: 62%] of our employees are represented by various unions pursuant to approximately [removed: 425] [added: 450] collective bargaining agreements between our individual subsidiaries or trade associations and local unions, as well as two collective bargaining agreements that are national or regional in scope.

In addition, to develop and reinforce our values company-wide, and empower our leaders to perform at the highest levels, senior leaders are invited to our Leadership for Results course [added: at the Georgia Tech Scheller College of Business] and our Leading with Character program at the Thayer Leadership Development Group at West Point.

In addition, identified front line [removed: leaders] [added: supervisors] such as project [removed: managers, superintendents] [added: managers] and [removed: supervisors] [added: superintendents] are invited to our Leader Development Program, which focuses on the development of skills to enhance their growth as leaders and emphasizes the importance of our EMCOR Values.

During a year in which our people worked [removed: over 89] [added: nearly 100] million hours, the Company’s Total Recordable Incident Rate in [removed: 2024] [added: 2025] was just under 1.0, which was approximately 60% lower than the U.S. Bureau of Labor Statistics’ most recently available industry average of 2.4 for NAICS Code 2382, Building Equipment Contractors.

This represents our [removed: sixteenth] [added: seventeenth] consecutive year with a Total Recordable Incident Rate which was less than half the industry average.

Campaign, (b) incident and injury prevention planning, including in-person and online training tools and best practice guides available through our company [removed: intranet,] [added: intranet as well as to all field employees through their mobile devices,] (c) enterprise level reporting and analysis of leading and lagging indicators, (d) a 24-hour incident reporting hotline, and (e) a company-wide program to share and champion best safety practices across our range of businesses.

These tools [removed: are evolving] [added: have evolved] with the way our people [removed: work, including employees in the field.][added: work.]

In 2025, we had revenues of $16.99 billion.

On December 1, 2025, we sold our United Kingdom operations, the results of which are reported within our United Kingdom building services segment through the date of sale.

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

- HVAC projects, including installation, modification and retrofits;

As noted above, in December 2025, we sold our operations in the United Kingdom.

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

Of the building services revenues generated in the United States during 2025, approximately 77% was generated from our mechanical services division, approximately 18% was generated from our commercial site-based services division, and approximately 5% was generated from our government site-based services division.

Our mechanical services division has benefited, in recent years, from increased demand for HVAC project and retrofit work, greater service repair and maintenance volumes, and the expansion of our building automation and controls solutions.

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

Within our mechanical services division, we compete with entities such as APi Group Corporation, Comfort Systems USA, Inc., and Service Logic LLC, as well as Carrier Global Corporation and Trane Technologies plc.

Within our commercial and government site-based divisions, competition includes companies such as Amentum Services, Inc., IAP Worldwide Services, Inc., Fluor Corporation, Cushman & Wakefield plc, CBRE Group, Inc., Jones Lang LaSalle Incorporated, Sodexo, Inc., Aramark, and ABM Industries Incorporated.

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

In 2024, we had revenues of approximately $14.6 billion.

- United Kingdom building services.

- Crane and rigging services;

- Modification and retrofit projects;

- Other building services, including reception, security, and catering services;

- Military base operations support services; and

While not all of the above services are performed in both countries, we provide building services throughout the United States and United Kingdom.

In addition, we compete with several regional firms serving all or portions of the markets we target, such as BrightView Holdings, Inc., Kellermeyer Bergensons Services, LLC, and SMS Assist, L.L.C. Our principal competitors in the United Kingdom include CBRE Group, Inc., ISS UK Ltd., Equans Services Limited, OCS Group UK Limited, and Mitie Group PLC.

For example, we have deployed an online safety training program available to any employee on a mobile device.

[Table of [removed: Contents](#iff155233dd944a23b1f9264cd2aff3a6_7)][added: Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)]

For the fiscal year ended December 31, [removed: 2024][added: 2025]

The aggregate market value of the common stock held by non-affiliates of the registrant was approximately [removed: $10,817,000,000] [added: $17.258 billion] as of the last business day of the registrant’s most recently completed second fiscal quarter, based upon the closing sale price on the New York Stock Exchange reported for such date.

Number of shares of the registrant’s common stock outstanding as of the close of business on February [removed: 24, 2025: 45,472,621] [added: 20, 2026: 44,532,566] shares.

Portions of the definitive proxy statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders, which document will be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year to which this Form 10-K relates, are incorporated by reference into Items 10 through 14 of Part III of this Form 10-K.

| Item 1. | | | [removed: [Business](#iff155233dd944a23b1f9264cd2aff3a6_22)] [added: [Business](#ifa55a702cc7b442ea9eba3e3d3a4e233_22)] | | | [removed: [1](#iff155233dd944a23b1f9264cd2aff3a6_22)] [added: [1](#ifa55a702cc7b442ea9eba3e3d3a4e233_22)] | | |

| | | | [Human [removed: Capital](#iff155233dd944a23b1f9264cd2aff3a6_34)] [added: Capital](#ifa55a702cc7b442ea9eba3e3d3a4e233_34)] | | | [removed: [5](#iff155233dd944a23b1f9264cd2aff3a6_34)] [added: [5](#ifa55a702cc7b442ea9eba3e3d3a4e233_34)] | | |

| | | | [Available [removed: Information](#iff155233dd944a23b1f9264cd2aff3a6_37)] [added: Information](#ifa55a702cc7b442ea9eba3e3d3a4e233_37)] | | | [removed: [7](#iff155233dd944a23b1f9264cd2aff3a6_37)] [added: [7](#ifa55a702cc7b442ea9eba3e3d3a4e233_37)] | | |

| Item 1A. | | | [Risk [removed: Factors](#iff155233dd944a23b1f9264cd2aff3a6_40)] [added: Factors](#ifa55a702cc7b442ea9eba3e3d3a4e233_40)] | | | [removed: [8](#iff155233dd944a23b1f9264cd2aff3a6_40)] [added: [8](#ifa55a702cc7b442ea9eba3e3d3a4e233_40)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#iff155233dd944a23b1f9264cd2aff3a6_43)] [added: Comments](#ifa55a702cc7b442ea9eba3e3d3a4e233_43)] | | | [removed: [19](#iff155233dd944a23b1f9264cd2aff3a6_43)] [added: [19](#ifa55a702cc7b442ea9eba3e3d3a4e233_43)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#iff155233dd944a23b1f9264cd2aff3a6_46)] [added: [Cybersecurity](#ifa55a702cc7b442ea9eba3e3d3a4e233_46)] | | | [removed: [19](#iff155233dd944a23b1f9264cd2aff3a6_46)] [added: [19](#ifa55a702cc7b442ea9eba3e3d3a4e233_46)] | | |

| Item 2. | | | [removed: [Properties](#iff155233dd944a23b1f9264cd2aff3a6_49)] [added: [Properties](#ifa55a702cc7b442ea9eba3e3d3a4e233_49)] | | | [removed: [20](#iff155233dd944a23b1f9264cd2aff3a6_49)] [added: [20](#ifa55a702cc7b442ea9eba3e3d3a4e233_49)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#iff155233dd944a23b1f9264cd2aff3a6_52)] [added: Proceedings](#ifa55a702cc7b442ea9eba3e3d3a4e233_52)] | | | [removed: [20](#iff155233dd944a23b1f9264cd2aff3a6_52)] [added: [20](#ifa55a702cc7b442ea9eba3e3d3a4e233_52)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#iff155233dd944a23b1f9264cd2aff3a6_55)] [added: Disclosures](#ifa55a702cc7b442ea9eba3e3d3a4e233_55)] | | | [removed: [20](#iff155233dd944a23b1f9264cd2aff3a6_55)] [added: [20](#ifa55a702cc7b442ea9eba3e3d3a4e233_55)] | | |

| | | | [Executive Officers of the [removed: Registrant](#iff155233dd944a23b1f9264cd2aff3a6_58)] [added: Registrant](#ifa55a702cc7b442ea9eba3e3d3a4e233_58)] | | | [removed: [21](#iff155233dd944a23b1f9264cd2aff3a6_58)] [added: [21](#ifa55a702cc7b442ea9eba3e3d3a4e233_58)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#iff155233dd944a23b1f9264cd2aff3a6_64)] [added: Securities](#ifa55a702cc7b442ea9eba3e3d3a4e233_64)] | | | [removed: [22](#iff155233dd944a23b1f9264cd2aff3a6_64)] [added: [22](#ifa55a702cc7b442ea9eba3e3d3a4e233_64)] | | |

| Item 6. | | | [removed: [\[Reserved\]](#iff155233dd944a23b1f9264cd2aff3a6_67)] [added: [\[Reserved\]](#ifa55a702cc7b442ea9eba3e3d3a4e233_67)] | | | [removed: [22](#iff155233dd944a23b1f9264cd2aff3a6_67)] [added: [22](#ifa55a702cc7b442ea9eba3e3d3a4e233_67)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#iff155233dd944a23b1f9264cd2aff3a6_70)] [added: Operations](#ifa55a702cc7b442ea9eba3e3d3a4e233_70)] | | | [removed: [23](#iff155233dd944a23b1f9264cd2aff3a6_70)] [added: [23](#ifa55a702cc7b442ea9eba3e3d3a4e233_70)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#iff155233dd944a23b1f9264cd2aff3a6_91)] [added: Risk](#ifa55a702cc7b442ea9eba3e3d3a4e233_91)] | | | [removed: [36](#iff155233dd944a23b1f9264cd2aff3a6_91)] [added: [36](#ifa55a702cc7b442ea9eba3e3d3a4e233_91)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#iff155233dd944a23b1f9264cd2aff3a6_94)] [added: Data](#ifa55a702cc7b442ea9eba3e3d3a4e233_94)] | | | [removed: [37](#iff155233dd944a23b1f9264cd2aff3a6_94)] [added: [37](#ifa55a702cc7b442ea9eba3e3d3a4e233_94)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#iff155233dd944a23b1f9264cd2aff3a6_184)] [added: Disclosure](#ifa55a702cc7b442ea9eba3e3d3a4e233_184)] | | | [removed: [81](#iff155233dd944a23b1f9264cd2aff3a6_184)] [added: [81](#ifa55a702cc7b442ea9eba3e3d3a4e233_184)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#iff155233dd944a23b1f9264cd2aff3a6_187)] [added: Procedures](#ifa55a702cc7b442ea9eba3e3d3a4e233_187)] | | | [removed: [81](#iff155233dd944a23b1f9264cd2aff3a6_187)] [added: [81](#ifa55a702cc7b442ea9eba3e3d3a4e233_187)] | | |

| Item 9B. | | | [Other [removed: Information](#iff155233dd944a23b1f9264cd2aff3a6_190)] [added: Information](#ifa55a702cc7b442ea9eba3e3d3a4e233_190)] | | | [removed: [81](#iff155233dd944a23b1f9264cd2aff3a6_190)] [added: [82](#ifa55a702cc7b442ea9eba3e3d3a4e233_190)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#iff155233dd944a23b1f9264cd2aff3a6_193)] [added: Inspections](#ifa55a702cc7b442ea9eba3e3d3a4e233_193)] | | | [removed: [81](#iff155233dd944a23b1f9264cd2aff3a6_193)] [added: [82](#ifa55a702cc7b442ea9eba3e3d3a4e233_193)] | | |

| [PART [removed: III](#iff155233dd944a23b1f9264cd2aff3a6_196)] [added: III](#ifa55a702cc7b442ea9eba3e3d3a4e233_196)] | | | | | | | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#iff155233dd944a23b1f9264cd2aff3a6_199)] [added: Governance](#ifa55a702cc7b442ea9eba3e3d3a4e233_199)] | | | [removed: [82](#iff155233dd944a23b1f9264cd2aff3a6_199)] [added: [83](#ifa55a702cc7b442ea9eba3e3d3a4e233_199)] | | |

| Item 11. | | | [Executive [removed: Compensation](#iff155233dd944a23b1f9264cd2aff3a6_202)] [added: Compensation](#ifa55a702cc7b442ea9eba3e3d3a4e233_202)] | | | [removed: [82](#iff155233dd944a23b1f9264cd2aff3a6_202)] [added: [83](#ifa55a702cc7b442ea9eba3e3d3a4e233_202)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#iff155233dd944a23b1f9264cd2aff3a6_205)] [added: Matters](#ifa55a702cc7b442ea9eba3e3d3a4e233_205)] | | | [removed: [82](#iff155233dd944a23b1f9264cd2aff3a6_205)] [added: [83](#ifa55a702cc7b442ea9eba3e3d3a4e233_205)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#iff155233dd944a23b1f9264cd2aff3a6_208)] [added: Independence](#ifa55a702cc7b442ea9eba3e3d3a4e233_208)] | | | [removed: [82](#iff155233dd944a23b1f9264cd2aff3a6_208)] [added: [83](#ifa55a702cc7b442ea9eba3e3d3a4e233_208)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#iff155233dd944a23b1f9264cd2aff3a6_211)] [added: Services](#ifa55a702cc7b442ea9eba3e3d3a4e233_211)] | | | [removed: [82](#iff155233dd944a23b1f9264cd2aff3a6_211)] [added: [83](#ifa55a702cc7b442ea9eba3e3d3a4e233_211)] | | |

| [PART [removed: IV](#iff155233dd944a23b1f9264cd2aff3a6_214)] [added: IV](#ifa55a702cc7b442ea9eba3e3d3a4e233_214)] | | | | | | | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#iff155233dd944a23b1f9264cd2aff3a6_217)] [added: Schedules](#ifa55a702cc7b442ea9eba3e3d3a4e233_217)] | | | [removed: [83](#iff155233dd944a23b1f9264cd2aff3a6_217)] [added: [84](#ifa55a702cc7b442ea9eba3e3d3a4e233_217)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#iff155233dd944a23b1f9264cd2aff3a6_223)] [added: Summary](#ifa55a702cc7b442ea9eba3e3d3a4e233_223)] | | | [removed: [86](#iff155233dd944a23b1f9264cd2aff3a6_223)] [added: [87](#ifa55a702cc7b442ea9eba3e3d3a4e233_223)] | | |

Forward-looking statements in this report include discussions of our future operating or financial performance and other forward-looking commentary regarding aspects of our business, including market share growth, gross profit, remaining performance obligations, project mix, projects with varying profit margins and contractual terms, [added: the financial impact and integration of acquisitions,] selling, general and administrative expenses, [added: anticipated dividend payments,] our ability to maintain a strong safety record, and trends in our business, and other characterizations of future events or circumstances, such as the effects of supply chain [removed: disruptions] [added: disruptions, delays,] and [removed: delays.][added: price fluctuations, including those potentially caused by tariffs.]

- adverse business conditions, including the [removed: continued strength or] weakness of the sectors from which we generate revenues, scarcity of skilled labor, productivity challenges, the nature and extent of supply chain disruptions impacting availability and pricing of materials, and inflationary trends more generally, including fluctuations in energy costs;

- the [added: lack of] availability of adequate levels of surety bonding;

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| [PART I](#ifa55a702cc7b442ea9eba3e3d3a4e233_19) | | | | | | | | |

| | | | [Overview](#ifa55a702cc7b442ea9eba3e3d3a4e233_25) | | | [1](#ifa55a702cc7b442ea9eba3e3d3a4e233_25) | | |

| | | | [Operations](#ifa55a702cc7b442ea9eba3e3d3a4e233_28) | | | [2](#ifa55a702cc7b442ea9eba3e3d3a4e233_28) | | |

| | | | [Competition](#ifa55a702cc7b442ea9eba3e3d3a4e233_31) | | | [5](#ifa55a702cc7b442ea9eba3e3d3a4e233_31) | | |

| [PART II](#ifa55a702cc7b442ea9eba3e3d3a4e233_61) | | | | | | | | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| [PART I](#iff155233dd944a23b1f9264cd2aff3a6_19) | | | | | | | | |

| | | | [Overview](#iff155233dd944a23b1f9264cd2aff3a6_25) | | | [1](#iff155233dd944a23b1f9264cd2aff3a6_25) | | |

| | | | [Operations](#iff155233dd944a23b1f9264cd2aff3a6_28) | | | [2](#iff155233dd944a23b1f9264cd2aff3a6_28) | | |

| | | | [Competition](#iff155233dd944a23b1f9264cd2aff3a6_31) | | | [5](#iff155233dd944a23b1f9264cd2aff3a6_31) | | |

| [PART II](#iff155233dd944a23b1f9264cd2aff3a6_61) | | | | | | | | |

[Table of [removed: Contents](#iff155233dd944a23b1f9264cd2aff3a6_7)][added: Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)]

- On an annual basis, conduct [added: external and internal] penetration testing to evaluate the susceptibility of our information systems to cybersecurity threats and the effectiveness of our cybersecurity program;

As applicable, on an annual basis we review System and Organization Controls (SOC) 1 reports [added: and similar reports or security controls questionnaires] for all significant third-party vendors.

In 2020, for example, we publicly announced that we were the target of a systems intrusion in which a third party infected certain of [removed: the Company’s] [added: our] systems with malware.

We own a limited number of facilities; however, the majority of our operations are conducted at leased properties, which are located throughout the United [removed: States and United Kingdom.][added: States.]

[Table of [removed: Contents](#iff155233dd944a23b1f9264cd2aff3a6_7)][added: Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)]

Guzzi, Age [removed: 60;] [added: 61;] President since October 2004, Chief Executive Officer since January 2011 and Chairman of the Board since June 2018.

Nalbandian, Age [removed: 37;] [added: 38;] Chief Financial Officer of the Company since April 2024 and Senior Vice President and Chief Accounting Officer of the Company since January 2022.

Mauricio, Age [removed: 53;] [added: 54;] General Counsel and Secretary of the Company since January 2016, Executive Vice President since February 2021, and Chief Administrative Officer since December 2023.

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

*Holders.* As of February [removed: 24, 2025,] [added: 20, 2026,] there were approximately [removed: 1,300] [added: 1,200] stockholders of record.

[removed: We currently pay] [added: During 2025, we paid] a regular quarterly dividend of $0.25 per share.

The following table summarizes repurchases of our common stock made by us during the quarter ended December 31, [removed: 2024:][added: 2025:]

Since the inception of the repurchase program, through December 31, [removed: 2024,] [added: 2025,] the Board has authorized us to repurchase up to [removed: $2.65] [added: $3.65] billion of our outstanding common stock.

As of December 31, [removed: 2024,] [added: 2025,] there remained authorization for us to repurchase approximately [removed: $259.5] [added: $680.6] million of our shares.

(2) Excludes [removed: 7,111] [added: 4,426] shares surrendered to the Company by participants in our share-based compensation plans to satisfy minimum tax withholdings for common stock issued under such plans.

In December 2025, our Board of Directors announced its intention to increase the regular quarterly dividend to $0.40 per share commencing with the dividend to be paid in January 2026.

| October 1, 2025 to October 31, 2025 | | | 10,377 | | | $669.69 | | | 10,377 | | | $329,119,607 | | |

| November 1, 2025 to November 30, 2025 | | | 134,792 | | | $611.95 | | | 134,792 | | | $245,849,432 | | |

| December 1, 2025 to December 31, 2025 | | | 106,370 | | | $607.79 | | | 106,370 | | | $680,584,373 | | |

| Total | | | 251,539 | | | $612.58 | | | 251,539 | | | | | |

| October 1, 2024 to October 31, 2024 | | | — | | | — | | | — | | | $351,825,754 | | |

| November 1, 2024 to November 30, 2024 | | | 65,315 | | | $455.43 | | | 65,315 | | | $321,792,898 | | |

| December 1, 2024 to December 31, 2024 | | | 132,265 | | | $466.69 | | | 132,265 | | | $259,481,704 | | |

| Total | | | 197,580 | | | $462.97 | | | 197,580 | | | | | |

[Table of [removed: Contents](#iff155233dd944a23b1f9264cd2aff3a6_7)][added: Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)]

| | | | December 31, [removed: 2024] [added: 2025] | | | | | | December 31, [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents | | | $ | [removed: 1,339,550] [added: 1,111,968] | | | | | $ | [removed: 789,750] [added: 1,339,550] | |

| Accounts receivable, less allowance for credit losses of [removed: $34,957] [added: $22,757] and [removed: $22,502,] [added: $34,957,] respectively | | | [removed: 3,577,537] [added: 4,241,177] | | | | | | [removed: 3,203,490] [added: 3,577,537] | | |

| Contract assets | | | [removed: 284,791] [added: 337,717] | | | | | | [removed: 269,885] [added: 284,791] | | |

| Prepaid expenses and other | | | [removed: 91,644] [added: 120,231] | | | | | | [removed: 73,072] [added: 91,644] | | |

| Total current assets | | | [removed: 5,389,189] [added: 5,937,345] | | | | | | [removed: 4,446,971] [added: 5,389,189] | | |

| Property, plant, and equipment, net | | | [removed: 207,489] [added: 253,277] | | | | | | [removed: 179,378] [added: 207,489] | | |

| Operating lease right-of-use assets | | | [removed: 316,128] [added: 439,029] | | | | | | [removed: 310,498] [added: 316,128] | | |

| Goodwill | | | [removed: 1,018,415] [added: 1,412,414] | | | | | | [removed: 956,549] [added: 1,018,415] | | |

| Identifiable intangible assets, net | | | [removed: 648,180] [added: 1,108,828] | | | | | | [removed: 586,032] [added: 648,180] | | |

| Other assets | | | [removed: 137,072] [added: 140,506] | | | | | | [removed: 130,293] [added: 137,072] | | |

| [removed: Total assets] [added: Total assets] | | | $ | [added: 9,291,399 | | | | | $ |] 7,716,473 | | | | | $ | 6,609,721 | |

| Accounts payable | | | $ | [removed: 937,087] [added: 1,227,428] | | | | | $ | [removed: 935,967] [added: 937,087] | |

| Contract liabilities | | | [removed: 2,047,540] [added: 2,327,360] | | | | | | [removed: 1,595,109] [added: 2,047,540] | | |

| Accrued payroll and benefits | | | [removed: 751,434] [added: 870,154] | | | | | | [removed: 596,936] [added: 751,434] | | |

| Other accrued expenses and liabilities | | | [removed: 336,555] [added: 340,785] | | | | | | [removed: 315,107] [added: 336,555] | | |

| Operating lease liabilities, current | | | [removed: 81,247] [added: 99,213] | | | | | | [removed: 75,236] [added: 81,247] | | |

| Total current liabilities | | | [removed: 4,153,863] [added: 4,864,940] | | | | | | [removed: 3,518,355] [added: 4,153,863] | | |

| Operating lease liabilities, long-term | | | [removed: 261,575] [added: 368,996] | | | | | | [removed: 259,430] [added: 261,575] | | |

| Other long-term obligations | | | [removed: 362,341] [added: 382,482] | | | | | | [removed: 361,121] [added: 362,341] | | |

| Total liabilities | | | [removed: 4,777,779] [added: 5,616,418] | | | | | | [removed: 4,138,906] [added: 4,777,779] | | |

| Common stock, $0.01 par value, 200,000,000 shares authorized, [removed: 61,186,088] [added: 61,252,599] and [removed: 61,094,042] [added: 61,186,088] shares issued, respectively | | | [removed: 612] [added: 613] | | | | | | [removed: 611] [added: 612] | | |

| Capital surplus | | | [removed: 97,475] [added: 101,336] | | | | | | [removed: 91,813] [added: 97,475] | | |

| Accumulated other comprehensive loss | | | [removed: (85,527)] [added: (1,916)] | | | | | | [removed: (85,704)] [added: (85,527)] | | |

| Retained earnings | | | [removed: 4,778,061] [added: 6,005,772] | | | | | | [removed: 3,814,439] [added: 4,778,061] | | |

| Treasury stock, at cost [removed: 15,375,963] [added: 16,732,232] and [removed: 14,046,777] [added: 15,375,963] shares, respectively | | | [removed: (1,852,964)] [added: (2,431,861)] | | | | | | [removed: (1,351,381)] [added: (1,852,964)] | | |

| Total EMCOR Group, Inc. stockholders’ equity | | | [removed: 2,937,657] [added: 3,673,944] | | | | | | [removed: 2,469,778] [added: 2,937,657] | | |

| Total equity | | | [removed: 2,938,694] [added: 3,674,981] | | | | | | [removed: 2,470,815] [added: 2,938,694] | | |

| Total liabilities and equity | | | $ | [removed: 7,716,473] [added: 9,291,399] | | | | | $ | [removed: 6,609,721] [added: 7,716,473] | |

[Table of [removed: Contents](#iff155233dd944a23b1f9264cd2aff3a6_7)][added: Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)]

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Revenues | | | $ | [removed: 14,566,116] [added: 16,986,422] | | | | | $ | [removed: 12,582,873] [added: 14,566,116] | | | | | $ | [removed: 11,076,120] [added: 12,582,873] | |

| Cost of sales | | | [removed: 11,801,065] [added: 13,703,434] | | | | | | [removed: 10,493,534] [added: 11,801,065] | | | | | | [removed: 9,472,526] [added: 10,493,534] | | |

| Gross profit | | | [removed: 2,765,051] [added: 3,282,988] | | | | | | [removed: 2,089,339] [added: 2,765,051] | | | | | | [removed: 1,603,594] [added: 2,089,339] | | |

| Selling, general and administrative expenses | | | [removed: 1,420,188] [added: 1,714,446] | | | | | | [removed: 1,211,233] [added: 1,420,188] | | | | | | [removed: 1,038,717] [added: 1,211,233] | | |

| Impairment loss on long-lived assets | | | — | | | | | | [removed: 2,350] [added: —] | | | | | | [removed: —] [added: 2,350] | | |

| Operating income | | | [removed: 1,344,863] [added: 1,713,418] | | | | | | [removed: 875,756] [added: 1,344,863] | | | | | | [removed: 564,877] [added: 875,756] | | |

| Net periodic pension income (cost) | | | [removed: 894] [added: 211] | | | | | | [removed: (1,119)] [added: 894] | | | | | | [removed: 4,311] [added: (1,119)] | | |

| Interest expense | | | [removed: (3,779)] [added: (12,020)] | | | | | | [removed: (17,199)] [added: (3,779)] | | | | | | [removed: (13,199)] [added: (17,199)] | | |

| Interest income | | | [removed: 35,404] [added: 20,015] | | | | | | [removed: 15,415] [added: 35,404] | | | | | | [removed: 2,761] [added: 15,415] | | |

| Inventories | | | 126,252 | | | | | | 95,667 | | |

| Gain on sale of United Kingdom operations | | | 144,876 | | | | | | — | | | | | | — | | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| Release of accumulated other comprehensive loss from sale of United Kingdom operations | | | 73,540 | | | | | | — | | | | | | — | | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| Gain on sale of United Kingdom operations | | | (144,876) | | | | | | — | | | | | | — | | |

| Net proceeds from sale of United Kingdom operations | | | 256,622 | | | | | | — | | | | | | — | | |

| Distributions to noncontrolling interests | | | (934) | | | | | | — | | | | | | — | | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| Other comprehensive income | | | 83,611 | | | | | | — | | | | | | — | | | | | | 83,611 | | | | | | — | | | | | | — | | | | | | — | | |

| Common stock dividends | | | (45,023) | | | | | | — | | | | | | 83 | | | | | | — | | | | | | (45,106) | | | | | | — | | | | | | — | | |

| Acquisition of noncontrolling interests | | | 934 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 934 | | |

| Distributions to noncontrolling interests | | | (934) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (934) | | |

| Balance, December 31, 2025 | | | $ | 3,674,981 | | | | | $ | 613 | | | | | $ | 101,336 | | | | | $ | (1,916) | | | | | $ | 6,005,772 | | | | | $ | (2,431,861) | | | | | $ | 1,037 | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

On December 1, 2025, we sold our United Kingdom operations, the results of which are reported within our United Kingdom building services segment through the date of sale.

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| Balance at December 31, 2025 | | | $ | 22,757 | |

The decrease in our allowance for credit losses was due to the write-off of specific receivables which were previously reserved for within our United States building services segment, partially offset by the provision for credit losses recorded during 2025.

Refer to Note 7 - Property, Plant, and Equipment of the notes to consolidated financial statements for additional information.

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

These balances increased from December 31, 2024 as a result greater potential exposures, including the impact of acquired companies, and an increase in certain of our deductibles or self-insured retentions.

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| | | | 2025 | | | | | | % of Total | | | | | | 2024 | | | | | | % of Total | | | | | | 2023 | | | | | | % of Total | | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| | | | 2025 | | | | | | % of Total | | | | | | 2024 | | | | | | % of Total | | | | | | 2023 | | | | | | % of Total | | |

| | | | 2025 | | | | | | % of Total | | | | | | 2024 | | | | | | % of Total | | | | | | 2023 | | | | | | % of Total | | |

| | | | 2025 | | | | | | % of Total | | | | | | 2024 | | | | | | % of Total | | | | | | 2023 | | | | | | % of Total | | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| | | | 28,506,342 | | | | | | 21,655,297 | | |

| | | | $ | (1,922,129) | | | | | $ | (1,690,994) | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| | | | December 31, 2025 | | | | | | % of Total | | |

| United States building services | | | 1,080,633 | | | | | | 107,904 | | |

| Total operations | | | $ | 10,811,917 | | | | | $ | 2,441,747 | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Inventories | | | 95,667 | | | | | | 110,774 | | |

_________________

| Balance, December 31, 2021 | | | $ | 2,253,089 | | | | | $ | 607 | | | | | $ | 61,874 | | | | | $ | (83,562) | | | | | $ | 2,835,504 | | | | | $ | (562,036) | | | | | $ | 702 | |

| Other comprehensive loss | | | (9,889) | | | | | | — | | | | | | — | | | | | | (9,889) | | | | | | — | | | | | | — | | | | | | — | | |

| Common stock issued under employee stock purchase plan | | | 8,177 | | | | | | — | | | | | | 8,177 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Common stock dividends | | | (27,187) | | | | | | — | | | | | | 158 | | | | | | — | | | | | | (27,345) | | | | | | — | | | | | | — | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| Balance at December 31, 2023 | | | $ | 22,502 | |

The increase in our allowance for credit losses was primarily due to a reserve taken in the first quarter of 2024 for a specific customer bankruptcy within the commercial site-based services division of our United States building services segment.

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued an Accounting Standards Update (“ASU”), which expands the required disclosure for reportable segments.

This guidance requires entities to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all segment disclosures which are currently required annually.

This ASU additionally requires entities to disclose the title and position of the individual or the name of the group or committee identified as its chief operating decision-maker.

Such guidance, which is required to be applied retrospectively, is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

While the adoption of this ASU will not have an impact on our financial position and/or results of operations, we are currently evaluating the impact on our income tax disclosures, including the processes and controls around the collection of this information.

NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)

There were no significant amounts of revenue recognized during the year ended December 31, 2022 related to performance obligations satisfied in prior periods.

(1)Represents those projects which generally are completed within three months or less.

| | | | 21,655,297 | | | | | | 17,481,878 | | |

| | | | $ | (1,690,994) | | | | | $ | (1,261,056) | |

| Total United States operations | | | 8,015,986 | | | | | | 1,900,747 | | |

| Total operations | | | $ | 8,153,401 | | | | | $ | 1,948,798 | |

During 2022, we acquired six companies for total consideration of $100.8 million.

Such acquisitions include: (a) a company that provides electrical construction services in the Greater Boston area, the results of operations of which have been included in our United States electrical construction and facilities services segment, and (b) five companies that enhance our presence in geographies where we have existing operations, the results of operations of which were de minimis, consisting of: (i) two companies that provide fire protection services in the Northeastern and Southern regions of the United States, respectively, and that have been included within our United States mechanical construction and facilities services segment, (ii) two companies that specialize in either building automation and controls or mechanical services in the Southwestern and Southern regions of the United States, respectively, and that have been included within our United States building services segment, and (iii) a company that provides electrical construction services in the Midwestern region of the United States and that has been included within our United States electrical construction and facilities services segment.

As we finalize such purchase price allocations, adjustments may be recorded relating to finalization of intangible asset valuations, tax matters, or other items.

Although not expected to be significant, such adjustments may result in changes in the valuation of assets and liabilities acquired.

| Inventories | | | $ | 95,667 | | | | | $ | 110,774 | |

| | | | 644,706 | | | | | | 591,602 | | |

| | | | $ | 207,489 | | | | | $ | 179,378 | |

| Balance at December 31, 2022 | | | $ | 178,013 | | | | | $ | 315,329 | | | | | $ | 311,721 | | | | | $ | 114,088 | | | | | $ | 919,151 | |

| Acquisitions | | | — | | | | | | 4,524 | | | | | | 32,874 | | | | | | — | | | | | | 37,398 | | |

| Intersegment transfers | | | — | | | | | | (1,500) | | | | | | 1,500 | | | | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | December 31, 2023 | | | | | | | | | | | | | | | | | | | | |

| Customer relationships | | | $ | 807,766 | | | | | $ | (482,594) | | | | | $ | (4,834) | | | | | $ | 320,338 | |

| Trade names (indefinite-lived) | | | 299,271 | | | | | | — | | | | | | (58,933) | | | | | | 240,338 | | |

| Contract backlog | | | 84,845 | | | | | | (84,553) | | | | | | — | | | | | | 292 | | |

As of December 31, [removed: 2024,] [added: 2025,] our management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework established in *Internal Control*\-*Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this evaluation, management has determined that EMCOR’s internal control over financial reporting was effective as of December 31, [removed: 2024.][added: 2025.]

The effectiveness of our internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in its report appearing in Item 8 of this Form 10-K, which such report expressed an unqualified opinion on the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

In addition, our management with the participation of our principal executive officer and principal financial officer or persons performing similar functions has determined that no change in our internal control over financial reporting (as that term is defined in Rules 13(a)-15(f) and 15(d)-15(f) of the Securities Exchange Act of 1934) occurred during the fourth quarter of our fiscal year ended December 31, [removed: 2024] [added: 2025] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

On February 3, 2025, we acquired Miller Electric Company (“Miller Electric”).

As of December 31, 2025, we had not fully incorporated the internal controls and procedures of Miller Electric into EMCOR’s internal control over financial reporting.

As such, management excluded this business from our assessment of the effectiveness of internal control over financial reporting, as permitted by applicable regulations.

Our internal control procedures surrounding the valuation of goodwill and identifiable intangible assets related to this acquisition were, however, included in management’s assessment of the effectiveness of internal control over financial reporting.

Excluding goodwill and identifiable intangible assets recorded in connection with this acquisition, Miller Electric accounted for $405.1 million, or 4.4%, of EMCOR’s total assets as of December 31, 2025.

Miller Electric accounted for approximately $1.09 billion, or 6.4%, of EMCOR’s total revenues for the year then ended.

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

During the quarter ended December 31, [removed: 2024, none of the Company’s] [added: 2025, no other] directors or executive officers [added: of the Company] adopted or terminated any: (a) contract, instruction, or written plan for the purchase or sale of Company securities intended to satisfy the affirmative defense conditions of Rule 10b5-1 or (b) non 10b5-1 trading arrangement, each as defined in Item 408(a) of Regulation S-K.

On December 2, 2025, Anthony J.

Guzzi, our Chairman, President, and Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement providing for the potential sale of an aggregate amount of up to 36,000 shares of our common stock, with the exact number of shares to be sold to be determined based on market prices of our common stock.

The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c).

The duration of the trading arrangement is from March 5, 2026 until May 28, 2027, or earlier if all transactions under the trading arrangement are completed.

[Table of [removed: Contents](#iff155233dd944a23b1f9264cd2aff3a6_7)][added: Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)]

The information required by this Item 10 with respect to directors is incorporated herein by reference to the section of our definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders entitled “Election of Directors,” which Proxy Statement is to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year to which this Form 10-K relates (the “Proxy Statement”).

*Securities Authorized for Issuance Under Equity Compensation Plans.* The following table summarizes, as of December 31, [removed: 2024,] [added: 2025,] certain information regarding equity compensation plans that were approved by stockholders and equity compensation plans that were not approved by stockholders.

| Equity Compensation Plans Approved by Security Holders | | | | | | [removed: 292,780] [added: 234,436] | | | | | | $ | — | | | | | [removed: 599,493] [added: 555,142] (1) | | |

| Total | | | | | | 234,436 | | | | | | $ | — | | | | | 555,142 (1) | | |

| Total | | | | | | 292,780 | | | | | | $ | — | | | | | 599,493 (1) | | |

[Table of [removed: Contents](#iff155233dd944a23b1f9264cd2aff3a6_7)][added: Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)]

| | | | Consolidated Balance Sheets - December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] | | |

| | | | Consolidated Statements of Operations - Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022] [added: 2023] | | |

| | | | Consolidated Statements [added: of] Comprehensive Income - Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022] [added: 2023] | | |

| | | | Consolidated Statements of Cash Flows - Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022] [added: 2023] | | |

| | | | Consolidated Statements of Equity - Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022] [added: 2023] | | |

[Table of [removed: Contents](#iff155233dd944a23b1f9264cd2aff3a6_7)][added: Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)]

| 10(e) | | | | | | Form of Indemnification Agreement between EMCOR and each of its officers and directors | | | | | | [Exhibit [removed: F to the Guzzi Letter Agreement](https://www.sec.gov/Archives/edgar/data/105634/000010563404000084/a8k1004.txt)] [added: 10.1 to](https://www.sec.gov/Archives/edgar/data/105634/000010563425000073/eme-ex101_20251027x8k.htm) [EMCOR](https://www.sec.gov/Archives/edgar/data/105634/000010563425000073/eme-ex101_20251027x8k.htm)[’](https://www.sec.gov/Archives/edgar/data/105634/000010563425000073/eme-ex101_20251027x8k.htm)[s Report on](https://www.sec.gov/Archives/edgar/data/105634/000010563425000073/eme-ex101_20251027x8k.htm) [](https://www.sec.gov/Archives/edgar/data/105634/000010563425000073/eme-ex101_20251027x8k.htm)[Form](https://www.sec.gov/Archives/edgar/data/105634/000010563425000073/eme-ex101_20251027x8k.htm) [8-K (Date of Report Oc](https://www.sec.gov/Archives/edgar/data/105634/000010563425000073/eme-ex101_20251027x8k.htm)[tober 27, 2025)](https://www.sec.gov/Archives/edgar/data/105634/000010563425000073/eme-ex101_20251027x8k.htm)] | | |

| 10(h) | | | | | | Amendment dated as of March 29, 2010 to Severance Agreement with Anthony J. Guzzi, R. Kevin Matz and Mark A. Pompa | | | | | | [Exhibit 10.1 [removed: to Form] [added: to](https://www.sec.gov/Archives/edgar/data/105634/000010563410000056/a8k040110ltip.txt) [EMCOR](https://www.sec.gov/Archives/edgar/data/105634/000010563410000056/a8k040110ltip.txt)[’](https://www.sec.gov/Archives/edgar/data/105634/000010563410000056/a8k040110ltip.txt)[s Report on](https://www.sec.gov/Archives/edgar/data/105634/000010563410000056/a8k040110ltip.txt) [Form] 8-K (Date of Report March 29, 2010) (“March 2010 Form 8-K”)](https://www.sec.gov/Archives/edgar/data/105634/000010563410000056/a8k040110ltip.txt) | | |

| 10(j-1) | | | | | | Severance Agreement dated as of May 8, 2024 between EMCOR and Jason R. Nalbandian | | | | | | [removed: [E](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm)[xhibit](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm) [10(a-1)] [added: [Exhibit 10(a-1)] to [removed: E](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm)[MCOR](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm)[’](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm)[s] [added: EMCOR’s] Quarterly Report on Form [removed: 10-Q](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm) [for] [added: 10-Q for] the quarter ended June 30, 2024 [removed: (](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm)[“](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm)[June] [added: (“June] 2024 [removed: Fo](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm)[rm 10-Q](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm)[”](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm)[)](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm)] [added: Form 10-Q”)](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax1_2024630xq2.htm)] | | |

| 10(j-2) | | | | | | Continuity Agreement dated as of May 8, 2024 between EMCOR and Jason R. Nalbandian | | | | | | [removed: [E](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax2_2024630xq2.htm)[xhibit] [added: [Exhibit] 10(a-2) [removed: to](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax2_2024630xq2.htm) [the Ju](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax2_2024630xq2.htm)[ne] [added: to the June] 2024 Form 10-Q](https://www.sec.gov/Archives/edgar/data/105634/000010563424000029/eme-ex10ax2_2024630xq2.htm) | | |

| 10(k-1) | | | | | | EMCOR Group, Inc. Long-Term Incentive Plan (“LTIP”) | | | | | | [Exhibit 10 [removed: to Form] [added: to](https://www.sec.gov/Archives/edgar/data/105634/000010563405000135/a1205ltip.txt) [EMCOR](https://www.sec.gov/Archives/edgar/data/105634/000010563405000135/a1205ltip.txt)[’](https://www.sec.gov/Archives/edgar/data/105634/000010563405000135/a1205ltip.txt)[s Report on](https://www.sec.gov/Archives/edgar/data/105634/000010563405000135/a1205ltip.txt) [Form] 8-K (Date of Report December 15, 2005)](https://www.sec.gov/Archives/edgar/data/105634/000010563405000135/a1205ltip.txt) | | |

| [removed: 10(m)] [added: 10(m-1)] | | | | | | Amended and Restated 2010 Incentive Plan | | | | | | [Exhibit 10.1 [removed: to Form] [added: to](https://www.sec.gov/Archives/edgar/data/105634/000010563420000100/eme-ex10120200611.htm) [](https://www.sec.gov/Archives/edgar/data/105634/000010563420000100/eme-ex10120200611.htm)[EMCOR](https://www.sec.gov/Archives/edgar/data/105634/000010563420000100/eme-ex10120200611.htm)[’](https://www.sec.gov/Archives/edgar/data/105634/000010563420000100/eme-ex10120200611.htm)[s Report on](https://www.sec.gov/Archives/edgar/data/105634/000010563420000100/eme-ex10120200611.htm) [Form] 8-K (Date of Report June 11, 2020)](https://www.sec.gov/Archives/edgar/data/105634/000010563420000100/eme-ex10120200611.htm) | | |

| 19 | | | | | | Insider Trading Policies and Procedures | | | | | | [removed: [F](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm)[iled](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm) [herewith](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm)] [added: [Exhibit 19 to EMC](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm)[OR](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm)[’](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm)[s Annua](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm)[l](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm) [Report on Form 10-K for the year ende](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm)[d](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm) [December 31,](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm) [2024](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex19_20241231xq4.htm)] | | |

| 21 | | | | | | List of Significant Subsidiaries | | | | | | [Filed [removed: herewith](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex21_20241231xq4.htm)] [added: herewith](https://www.sec.gov/Archives/edgar/data/105634/000010563426000025/eme-ex21_20251231xq4.htm)] | | |

| 23.1 | | | | | | Consent of Ernst & Young LLP | | | | | | [Filed [removed: herewith](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex231_20241231xq4.htm)] [added: herewith](https://www.sec.gov/Archives/edgar/data/105634/000010563426000025/eme-ex231_20251231xq4.htm)] | | |

| 31.1 | | | | | | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Anthony J. Guzzi, the Chairman, President, and Chief Executive Officer | | | | | | [Filed [removed: herewith](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex311_20241231xq4.htm)] [added: herewith](https://www.sec.gov/Archives/edgar/data/105634/000010563426000025/eme-ex311_20251231xq4.htm)] | | |

| 31.2 | | | | | | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Jason R. Nalbandian, the Senior Vice President, Chief Financial Officer and Chief Accounting Officer | | | | | | [Filed [removed: herewith](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex312_20241231xq4.htm)] [added: herewith](https://www.sec.gov/Archives/edgar/data/105634/000010563426000025/eme-ex312_20251231xq4.htm)] | | |

| 32.1 | | | | | | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by the Chairman, President, and Chief Executive Officer | | | | | | [removed: [Furnished](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex321_20241231xq4.htm)] [added: [Furnished](https://www.sec.gov/Archives/edgar/data/105634/000010563426000025/eme-ex321_20251231xq4.htm)] | | |

| 32.2 | | | | | | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by the Senior Vice President, Chief Financial Officer and Chief Accounting Officer | | | | | | [removed: [Furnished](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex322_20241231xq4.htm)] [added: [Furnished](https://www.sec.gov/Archives/edgar/data/105634/000010563426000025/eme-ex322_20251231xq4.htm)] | | |

| 95.1 | | | | | | Information concerning mine safety violations or other regulatory matters | | | | | | [Filed [removed: herewith](https://www.sec.gov/Archives/edgar/data/105634/000010563425000015/eme-ex951_20241231xq4.htm)] [added: herewith](https://www.sec.gov/Archives/edgar/data/105634/000010563426000025/eme-ex951_20251231xq4.htm)] | | |

| 97 | | | | | | Policy Relating to Recovery of Erroneously Awarded Compensation | | | | | | [removed: [Exhibit](https://www.sec.gov/Archives/edgar/data/105634/000010563424000006/eme-ex97_20231231xq4.htm) [97](https://www.sec.gov/Archives/edgar/data/105634/000010563424000006/eme-ex97_20231231xq4.htm) [to] [added: [Exhibit 97 to] 2023 Form 10-K](https://www.sec.gov/Archives/edgar/data/105634/000010563424000006/eme-ex97_20231231xq4.htm) | | |

| 101 | | | | | | The following materials from EMCOR Group, Inc.’s Annual Report on Form 10-K for the year ended December 31, [removed: 2024,] [added: 2025,] formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Equity and (vi) the Notes to Consolidated Financial Statements. | | | | | | Filed | | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| 10(m-2) | | | | | | First Amendment to the Amended and Restated 2010 Incentive Plan | | | | | | [E](https://www.sec.gov/Archives/edgar/data/105634/000010563425000036/eme-ex101x20250605x8k.htm)[xhibit 10.1 to](https://www.sec.gov/Archives/edgar/data/105634/000010563425000036/eme-ex101x20250605x8k.htm) [](https://www.sec.gov/Archives/edgar/data/105634/000010563425000036/eme-ex101x20250605x8k.htm)[EMCOR](https://www.sec.gov/Archives/edgar/data/105634/000010563425000036/eme-ex101x20250605x8k.htm)[’](https://www.sec.gov/Archives/edgar/data/105634/000010563425000036/eme-ex101x20250605x8k.htm)[s Report on](https://www.sec.gov/Archives/edgar/data/105634/000010563425000036/eme-ex101x20250605x8k.htm) [F](https://www.sec.gov/Archives/edgar/data/105634/000010563425000036/eme-ex101x20250605x8k.htm)[orm 8-K (Date of Report June 5, 2025)](https://www.sec.gov/Archives/edgar/data/105634/000010563425000036/eme-ex101x20250605x8k.htm) | | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

[Table of [removed: Contents](#iff155233dd944a23b1f9264cd2aff3a6_7)][added: Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)]

Date: February 26, [removed: 2025][added: 2026]

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on February 26, [removed: 2025.][added: 2026.]

| /s/ PATRICK ROCHE | | | Director | | |

| Patrick Roche | | | | | |

| | | | | | |

[Table of Contents](#ifa55a702cc7b442ea9eba3e3d3a4e233_7)

| Year Ended December 31, 2025 | | | | | | $ | 34,957 | | | | | 7,671 | | | | | | (19,871) | | | | | | $ | 22,757 | |

| Year Ended December 31, 2022 | | | | | | $ | 23,534 | | | | | 5,166 | | | | | | (6,318) | | | | | | $ | 22,382 | |