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SEC filingEMCOR's Notes show $655M cash, $12.6B backlog, $336M buyback remaining, and UK disposal pending.
Cash and equivalents stood at $655.1 million as of September 30, 2025, down from $1.34 billion at year-end 2024, primarily due to $900.5 million in acquisition payments and $432.2 million in share repurchases. The company had no outstanding debt under its $1.3 billion revolving credit facility, with only $6.2 million in finance lease liabilities. Shareholders' equity increased to $3.34 billion from $2.94 billion, driven by net income of $838.2 million, partially offset by buybacks and dividends.
Remaining performance obligations (backlog) totaled $12.6 billion, with 35% in US electrical, 51% in US mechanical, and 2% in UK building services. Approximately $9.8 billion is expected to be recognized within one year. The company also has surety bond exposure of $3.0 billion (24% of backlog) and insurance liabilities of $345 million (current and long-term). No other material purchase commitments were disclosed.
EMCOR repurchased 1.1 million shares for $423.3 million during the nine months, with $336.2 million remaining under the board's $3.15 billion authorization (including a $500 million increase in February 2025). Dividends totaled $33.8 million ($0.25 per share quarterly). Capital expenditures were $80.8 million, or 0.65% of revenues. The company drew and repaid $525 million on its revolver, ending with no net debt change.
All five reportable segments showed operating income, with US mechanical (12.8% margin) and US electrical (11.8%) leading. US industrial had a thin 1.4% margin due to contract losses. The UK building services segment is held for sale, with assets of $161 million and liabilities of $137 million, expected to close by end of 2025. Revenue growth was strongest in US electrical (+54% YoY) driven by the Miller Electric acquisition, while US building and industrial declined slightly.