埃姆科 2026年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐ AcceleratedfilerSmallerreportingcompanyEmerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Applicable Only To Corporate Issuers Number of shares of Common Stock outstanding as of the close of business on April23, 2026: 44,440,278 shares. EMCOR Group, Inc.TABLE OF CONTENTS PART I. - Financial Information.Item1.Financial Statements.Consolidated Balance Sheets - as of March 31, 2026 and December 31, 20251Condensed Consolidated Statements of Operations - three months ended March 31, 2026 and 20252Condensed Consolidated Statements of Comprehensive Income - three months ended March 31, 2026 and 20253Condensed Consolidated Statements of Cash Flows - three months ended March 31, 2026 and 20254Condensed Consolidated Statements of Equity - three months ended March 31, 2026 and 20255Notes to Consolidated Financial Statements6Item2.Management's Discussion and Analysis of Financial Condition and Results of Operations.25Item3.Quantitative and Qualitative Disclosures about Market Risk.34Item4.Controls and Procedures.35PART II. - Other Information.Item 1.Legal Proceedings.36Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.36Item 4.Mine Safety Disclosures.36Item 5.Other Information.36Item6.Exhibits.37 FORWARD-LOOKING STATEMENTS This report contains forward-looking statements. You can identify these statements by the fact that they do not relate strictly tohistorical or current facts. They generally contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”“believe,” “may,” “can,” “could,” “might,” variations of such wording and other words or phrases of similar meaning. Forward-looking statements in this report include discussions of our future operating or financial performance and other forward-lookingcommentary regarding aspects of our business, including market share growth, gross profit, remaining performance obligations,project mix, projects with varying profit margins and contractual terms, the financial impact and integration of acquisitions, selling,general and administrative expenses, anticipated dividend payments, our ability to maintain a strong safety record, and trends in ourbusiness, and other characterizations of future events or circumstances, such as the effects of supply chain disruptions, delays, andprice fluctuations, including those potentially caused by tariffs. Each forward-looking statement included in this report is subject torisks and uncertainties, including those identified in the “Management’s Discussion and Analysis of Financial Condition and Results ofOperations” section, and other sections of this report, and in our Form 10-K for the year ended December 31, 2025, including, withoutlimitation, the “Risk Factors” section of such Form 10-K. Applicable risks and uncertainties include, but are not limited to: • adverse effects of general economic conditions;• domestic and international political developments and/or conflicts;• changes in the specific markets for EMCOR’s services;• adverse business conditions, including the weakness of the sectors from which we generate revenues, scarcity of skilled labor,productivity challenges, the nature and extent of supply chain disruptions impacting availability and pricing of materials, andinflationary trends more generally, including fluctuations in energy costs;• the impact of legislation and/or government regulations;• changes in foreign trade policy, including the effect of tariffs;• changes in interest rates;• the lack of availability of adequate levels of surety bonding;• increased competition;• the impact of legal proceedings, claims, lawsuits, or govern