EMCOR delivered a record Q2 with 19.8% top-line growth and 10.6% operating margin, driving a substantial raise to FY2026 guidance. RPOs hit a record $17.14B, up 44% y/y, dominated by data center demand, while management also announced five bolt-on acquisitions in electrical construction. Record RPOs of $17.14B, up 44% y/y, with 95% organic growth; data center demand remains exceptionally strong with no change in profile.
EMCOR delivered a record Q2 with 19.8% top-line growth and 10.6% operating margin, driving a substantial raise to FY2026 guidance. RPOs hit a record $17.14B, up 44% y/y, dominated by data center demand, while management also announced five bolt-on acquisitions in electrical construction. Record RPOs of $17.14B, up 44% y/y, with 95% organic growth; data center demand remains exceptionally strong with no change in profile.
Tony Guzzi expressed strong confidence in sustained demand, record RPOs, and raised guidance, while welcoming new acquisitions and emphasizing disciplined execution.
Guidance · revenue to $20.25B
Management highlighted exceptionally strong demand for data centers driven by AI infrastructure investment, with record RPOs and significant growth in networking/communications. They noted AI data centers are larger and more complex, with higher mechanical and electrical…
Mechanical construction margin dipped to 12.5% on mix shift toward GMP/Cost Plus contracts (9-10% shift), but remains within historical average bands.
Management highlighted exceptionally strong demand for data centers driven by AI infrastructure investment, with record RPOs and significant growth in networking/communications. They noted AI data centers are larger and more complex, with higher mechanical and electrical content, and they expect continued demand in this sector.
Record RPOs up 44% year-over-year on strong demand. Tony Guzzi expressed strong confidence in sustained demand, record RPOs, and raised guidance, while welcoming new acquisitions and emphasizing disciplined execution.
Management discussed capital allocation, including strategic acquisitions and returning capital to shareholders. They also mentioned ongoing investments in workforce development, prefabrication, and VDC technologies, but did not provide specific capex guidance.
Tony Guzzi expressed strong confidence in sustained demand, record RPOs, and raised guidance, while welcoming new acquisitions and emphasizing disciplined execution.
“It's probably shifted mechanical 9% to 10%, which can be meaningful because they're large contracts.”
“Historically, we would say that 85% or so of our RPOs burn in 12 months. where we're sitting today, it's more like 75% or 76%.”
“Short answer, none. The demand profile remains the same.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $32.00–$33.25 | $32.62 | RAISED |
| Revenue | FY2026 | $20B–$20.5B | $20.25B | RAISED |