EME US S&P 500Russell 1000 Earnings call
Emcor (EME) · Q2 2026 results and valuation
Share price: $666.74 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 29 Apr 2026
Net income up 32.1% on the previous quarter, guidance raised. Management sounded very upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+32.1%
Net income vs Q1 2026
Guidance raised
Net income 403.7M vs 305.5M
Revenue +11.4%
Against the same quarter last year (Q2 2025) it is +33.6%, so it is not just seasonal.
2 · How management spoke
Very upbeat
More upbeat than 91% of company calls
Answers to analysts: typical, but clearly less so than the script.
Similar to last call.
3 · What stood out
Guidance ↑
EME raised full-year 2026 guidance because strong first-half performance and record RPO provide greater visibility into future performance.
Valuation
Is Emcor undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 15.3% growth a year (3-year revenue growth), the model's fair value is $964.66 a share — the stock trades 31% below it. Today's price assumes 10.2% growth a year.
Current price
$666.74
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+10.2% for 10 yrs
Fair value / share
$964.66
Buy below
$723.50
Price vs fair value
Undervalued 31%
Price vs buy-below price
Undervalued 8%
Read between the lines
-
Guidance
EME's second-quarter revenues grew 19.8% over the prior year to $5.15 billion.
Source quote
“In the second quarter, revenues were $5.15 billion, an increase of 19.8% over the prior year.”
-
Guidance
Emcor now expects to earn revenue of between $20 million and $20.5 billion and diluted earnings per share of between $32 and $33.25.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 93% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“EMCOR delivered another outstanding quarter, highlighted by exceptional organic growth, strong conversion of revenue into operating income and cash flow, continued booking strength and record remaining pro forma obligations or...”
“Gross profit of $1.02 billion increased by 22.6% and our gross profit margin of 19.8% increased by 40 basis points.”
“Operating income of electrical construction increased by 46.8% and to a quarterly record of $231.4 million due to the revenue growth I previously mentioned, coupled with 210 basis points of...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 5.15B | 4.63B | +11.4% | 4.30B | +19.8% |
| Gross profit | 1.02B | 864.0M | +18.3% | 833.8M | +22.6% |
| Operating income | 547.3M | 403.8M | +35.5% | 415.2M | +31.8% |
| Net income | 403.7M | 305.5M | +32.1% | 302.2M | +33.6% |
| EPS | 9.06 | 6.84 | +32.5% | 6.72 | +34.8% |
| P/E today 24.3 | 25.8 | 24.8 | +1.0 | 22.2 | +3.6 |
Topics
Most discussed now
- New These businesses will all be included in its Electrical Construction segment, and Emcor does anticipate funding the acquisitions through…
- New Emcor is finding creative ways to serve Texas, whether it's through more prefabrication on the job and then subcontracting some of...
- Over the next 2 slides, I will cover the operating performance for each of Emcor's segments as well as some...
- Operating income reached $547 million, resulting in an operating margin of 10.6%, while diluted earnings per share increased by 35%...
- EMCOR delivered another outstanding quarter, highlighted by exceptional organic growth, strong conversion of revenue into operating income…
Faded since Q1 2026
- Fading It also takes into account increased customer scope and Emcor's reputation as one of the premier specialty contractors for complex,...
- Fading While this accounted for 2/3 of the segment's growth, Emcor did experience notable revenue increases across a number of other...
- Fading Emcor is increasing its revenue and diluted earnings per share guidance to a range that reflects its confidence in the...
Latest announcements
Official filings, newest first.
- 1.04 · SEC 8-K
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K