EMCOR Group (EME) 10-K Summary — Year Ended Dec 31, 2023
EMCOR Group provides electrical, mechanical, and building services through its operations. The company reported higher revenue and operating income for the period, with operating cash flow exceeding net income.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
EMCOR Group provides electrical, mechanical, and building services through its operations. The company reported higher revenue and operating income for the period, with operating cash flow exceeding net income.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$12.6B
Revenue reported for the fiscal year.
Operating income
$875.8M
Income from operations reported for the year.
Net income
$633M
Net income reported for the year.
Operating cash flow
$899.7M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $9.9B | n/a |
| Dec 31, 2022 | $11.1B | +11.8% |
| Dec 31, 2023 | $12.6B | +13.6% |
Business overview
EMCOR Group operates in the electrical, mechanical, and building services sectors, serving commercial, industrial, and institutional customers. The company competes in a fragmented market and emphasizes human capital as a key resource. Its business overview covers operations, competition, and available information.
Financial performance
Revenue increased over the prior year, and operating income also rose. Net income and operating cash flow were both reported, with cash flow from operations exceeding net income. The trend shows revenue growth in each of the last two periods.
Material risks
Material risks include delays in receivable payments, increased credit losses, and significant price increases for commodities or materials used in projects. Economic downturns may reduce private-sector discretionary projects and intensify competition for public-sector contracts. The company also faces risks from macroeconomic trends affecting liquidity.
Liquidity and capital
The company focuses on converting operating income into cash to fund working capital, acquisitions, capital expenditures, debt payments, and shareholder returns through dividends and share repurchases. It monitors financial markets and adjusts its capital allocation strategy in response to economic conditions.
What to watch
Monitor changes in the company's operating cash flow relative to net income, as it is a key indicator of cash conversion efficiency.