Analyst Consensus ?
ConsensusBuy12 ratings
Bullish975.0%
Neutral325.0%
Bearish00.0%
1 unmapped firm rating excluded from the percentages.
EMCOR Group, Inc. · EME · FY2026 Q3 · Calendar Q4 2026
EMCOR raises 2026 outlook as data-center demand lifts RPO
The current analysis supports a constructive operating trajectory for EMCOR: data-center and infrastructure demand is expanding the backlog, acquisitions are broadening capacity, and management raised its full-year outlook. The key test is whether the record RPO converts into cash while margins hold through mix, fuel-cost and execution pressures.
Reported Before market openNYSEIndustrials
$29.93B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $8.37
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $5.19B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.6%
Event window
SPY move
-0.4%
Same window
Abnormal move
+2.0%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
EMESPY benchmark
Ask FN2 about EME FY2026 Q3
Transcript, numbers and history already loaded
What drove EME's +1.6% move after FY2026 Q3 earnings?What changed in EME's guidance and outlook in FY2026 Q3?Give me the bull and bear case for EME after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the analysis shows stronger scale and visibility: RPO rose from $17.14 billion to a record $18.57 billion, guidance was raised again, and management highlighted record operating cash flow. Data-center RPO more than doubled, while recent acquisitions added incremental revenue; risks now center on conversion, mix, regulation and integration.
Guidance delta
Management raised full-year 2026 guidance to $20.6-$21.0 billion of revenue and $34.5-$35.5 of EPS.
Key takeaways
- Management described a record Q3, with adjusted operating margin at 10.5%.
- RPO reached a record $18.57 billion, up 47% year over year; data-center RPO more than doubled to $8.74 billion.
- Management cited record operating cash flow of $796.7 million and $775 million of cash on hand.
- Schmidt Electric and Connelly Electric added more than $300 million of incremental revenue, according to the analysis.
- The board approved an additional $500 million share-repurchase authorization.
Management priorities
- Expand prefabrication capacity and build additional shops serving multiple EMCOR units.
- Scale VDC and automation tools.
- Continue targeted acquisitions while maintaining disciplined pricing and contract selection.
- Invest in training, recruitment, and leadership development.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$689.32Current
$713Low
$964.4Average
$1,200High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Goldman Sachs | Neutral | Neutral | Maintain | Oct 20, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 10, 2026 |
| UBS | Buy | Buy | Maintain | Jul 31, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 31, 2026 |
| Stifel | Buy | Buy | Maintain | Mar 3, 2026 |
| DA Davidson | Buy | Buy | Maintain | Feb 27, 2026 |
| Baird | Outperform | Outperform | Maintain | Feb 27, 2026 |
| Keybanc | Overweight | Downgrade | Jan 17, 2023 | |
| Sidoti & Co. | Buy | Neutral | Upgrade | May 16, 2022 |
| Stifel Nicolaus | Buy | Buy | Maintain | Aug 1, 2019 |
| Imperial Capital | In Line | In Line | Maintain | Feb 27, 2013 |
| Gilford Securities | Buy | Buy | Maintain | Jan 10, 2013 |
| FBR Capital | Market Perform | Outperform | Downgrade | Jul 27, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $689.32. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Analyst unavailable | $795 | $716.79 | +15.3% | Oct 20, 2026 |
| D.A. Davidson | Analyst unavailable | $1,047 | $818.18 | +51.9% | Aug 10, 2026 |
| Cantor Fitzgerald | Manish Somaiya | $1,047 | $816.9 | +51.9% | Aug 10, 2026 |
| UBS | Analyst unavailable | $1,065 | $809.83 | +54.5% | Jul 31, 2026 |
| Oppenheimer | Analyst unavailable | $1,200 | $819.85 | +74.1% | Jul 31, 2026 |
| Oppenheimer | Brent Thielman | $1,100 | $855.26 | +59.6% | May 28, 2026 |
| Stifel Nicolaus | Analyst unavailable | $918 | $876.17 | +33.2% | Apr 30, 2026 |
| Stifel Nicolaus | Analyst unavailable | $901 | $793.35 | +30.7% | Apr 16, 2026 |
| UBS | Avinatan Jaroslawicz | $945 | $708.49 | +37.1% | Mar 6, 2026 |
| Stifel Nicolaus | Brian Brophy | $814 | $744.86 | +18.1% | Mar 2, 2026 |
| Stifel Nicolaus | Brian Brophy | $754 | $694.21 | +9.4% | Jan 26, 2026 |
| D.A. Davidson | Analyst unavailable | $800 | $648 | +16.1% | Oct 31, 2025 |
| Robert W. Baird | Analyst unavailable | $713 | $648 | +3.4% | Oct 31, 2025 |
| UBS | Avinatan Jaroslawicz | $750 | $625 | +8.8% | Aug 5, 2025 |
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Start freeCompany context
Snapshot as of publicationEMCOR Group, Inc. specializes in delivering comprehensive electrical and mechanical construction services, alongside integrated facilities management solutions, primarily serving clients across the United States and the United Kingdom. The company's construction expertise spans the entire project lifecycle, encompassing initial design and integration through installation, commissioning, operation, and ongoing maintenance. This includes vital electrical infrastructure such as power transmission, distribution, and generation systems, advanced energy efficiency solutions, and premise-specific electrical and lighting systems. They also implement sophisticated process instrumentation for critical industries like refining, chemical processing, and food production, in addition to low-voltage networks covering fire alarms, security, process controls, and voice/data communications. Furthermore, EMCOR handles public infrastructure projects involving roadway and transit lighting, signaling, and fiber optic lines.…
Historical context
All EME earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| LHX L3Harris Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +6.8% | L3Harris lifts guidance as backlog and cash flow accelerate |
| AOS A. O. Smith Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +2.9% | A. O. Smith refocuses on North America as boilers lead growth |
| STRL Sterling Infrastructure, Inc. | FY2026 Q3 · Calendar Q4 2026 | +22.3% | -0.4% | Sterling raises 2026 outlook as E-Infrastructure demand accelerates |
| XPO XPO Logistics, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -3.6% | XPO pairs strong Q3 growth with AI-led efficiency gains |
| APG APi Group Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +6.5% | APi Group posts 23% growth, raises 2026 guidance |
| TXT Textron Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +14.2% | Textron raises outlook as Aviation and Systems deliver double-digit growth |
Latest beats and misses
Who reports nextBeat on EPS
- ARFY2026 Q3 · October 28, 2026+22.3% EPS-2.2% move
- INVHFY2026 Q3 · October 28, 2026+49.5% EPS-0.4% move
- AEMFY2026 Q3 · October 28, 2026+5.7% EPS-3.9% move
- ORLYFY2026 Q3 · October 28, 2026+4.3% EPS-2.7% move
- STRLFY2026 Q3 · October 28, 2026+22.3% EPS-0.4% move
- KGCFY2026 Q3 · October 28, 2026+8.7% EPS-6.1% move
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Sources
- Earnings call transcript and parsed analysis · 2026-10-29T20:04:33.639561+00:00
- FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
- Polygon adjusted daily market bars · 2026-10-29T21:00:45.605470+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-29T21:00:45.602859+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-29. For educational purposes only; not investment advice.