EME · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

EMCOR Group

26 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. federal government

earns from · approximately 5%named as a risk

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 for convenience by the government prior to the expiration of the applicable term.Business (Item 1)

Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CBRE, CI and 25 more

Oil and gas industry (refineries and petrochemical plants)

earns from · approximately 7% of our 2025 total revenuesnamed as a risk

Our industrial services business, which generated approximately 7% of our 2025 total revenues, is a recognized leader in the refinery turnaround market and has a presence in the petrochemical and upstream markets.Business (Item 1)

Also named by POWL, PWR, RPM, XEL

Data centers

earns fromnamed as a risk

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.Risk factors (Item 1A)

Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more

Suppliers

Surety bonds

depends onnamed as a risk

A material portion of our business depends on our ability to provide surety bonds.Risk factors (Item 1A)

Also named by ARLP, DHI, ECG, FIX, LEN, PRIM, PWR, WCN

Other companies

Labor unions (collective bargaining agreements)

depends on · approximately 62% of our employeesnamed as a risk

As of December 31, 2025, approximately 62% of our employees were covered by collective bargaining agreements.Risk factors (Item 1A)

Also named by ECG, HCA, JLL, LUV, MAR, NSC, NYT, SGI and 2 more

Miller Electric Company

named as a risk

Further, realization of the anticipated benefits of an 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 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.Risk factors (Item 1A)

Competitors

Quanta Services, Inc.

competes with

In addition, there are a number of larger 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.Business (Item 1)

Also named by ECG, PRIM

Comfort Systems USA, Inc.

competes with

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.Business (Item 1)

Also named by ECG

APi Group Corporation

competes with

CBRE Group, Inc.

competes with

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.Business (Item 1)

Places

United Kingdom

operates in · approximately 3% of our revenuesnamed as a risk

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 were exposed to the effects (both positive and negative) that fluctuating exchange rates had on the process of translating the financial statements of our United Kingdom operations, which were denominated in the British pound, into the U.S. dollar.Risk factors (Item 1A)

Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more

United States

concentrated in · approximately 97%

Of our 2025 revenues, approximately 97% were generated in the United States and approximately 3% were generated in the United Kingdom.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Venezuela

named as a risk

Volatility within these markets, including the impact of geopolitical instability (such as disruption of shipping 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.Risk factors (Item 1A)

Also named by BKR, CL, COP, CRC, CVX, FLS, JNJ, PBF and 3 more

Iran

named as a risk

Also named by DKS, LNTH

Hazards

Wildfires

named as a risk

Unsafe outdoor air quality, such as that resulting from large wildfires in the United States or Canada, could have a similar adverse effect.Risk factors (Item 1A)

Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP and 17 more

Winter weather / snow

named as a risk

However, the absence of snow in certain regions of the United States during the winter could also cause us to experience reduced revenues and profitability in our United States building services segment, as a portion of their revenues is generated from snow removal contracts.Risk factors (Item 1A)

Commodities and inputs

Gasoline

exposed to its price · approximately 14,400 vehiclesnamed as a risk

We are also exposed to increases in energy prices, particularly as they relate to gasoline prices for our fleet of approximately 14,400 vehicles.Risk factors (Item 1A)

Also named by ADM, APG, BJ, CART, COST, DRVN, FIX, GPC and 2 more

Crude oil

exposed to its pricenamed as a risk

These risks, which are not subject to our control, include volatility in the price and production of crude oil, the development of and consumer demand for alternative energy sources, including as a result of a change in consumer preference, or in an effort to reduce greenhouse gas emissions or combat climate change, and legislative and regulatory actions.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Copper

exposed to its pricenamed as a risk

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.Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Steel

exposed to its pricenamed as a risk

In addition, we are exposed to market risk of fluctuations in certain commodity prices of materials, such as copper and steel, which are used as components of supplies or materials utilized in our construction, building services, and industrial services operations.Market risk (Item 7A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Electricity

exposed to its pricenamed as a risk

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.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

Laws and programs

Employee Retirement Income Security Act (ERISA) multiemployer pension plans

subject to · approximately 200 multiemployer pension plansnamed as a risk

Under the Employee Retirement Income Security Act, we may become liable for our proportionate share of a multiemployer pension plan’s underfunding if we cease to contribute to that pension plan or significantly reduce the employees in respect of which we make contributions to that pension plan.Risk factors (Item 1A)

Also named by APG, URI

U.S. tariffs

subject tonamed as a risk

Changes in U.S. foreign trade policies could lead to the imposition of additional trade barriers and tariffs.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Inflation Reduction Act

subject tonamed as a risk

Our business may be adversely affected by significant reductions in government spending, delays or disruptions in the government appropriations process or the failure to fully fund or implement legislation such as the CHIPS and Science Act of 2022 and the Inflation Reduction Act.Risk factors (Item 1A)

Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more

Fair Labor Standards Act

subject tonamed as a risk

In addition, we have been, and may in the future be, subject to class action claims alleging violations of the Fair Labor Standards Act and state wage and hour laws.Risk factors (Item 1A)

Also named by APG, CVLG, DPZ, DY, FIX, FLO, SBUX

CHIPS and Science Act of 2022

subject tonamed as a risk

Also named by ADI