Financial Analysis

"ACQUISITIONS AND DISPOSITIONS OF BUSINESSES Acquisitions are accounted for utilizing the acquisition method of accounting and the prices paid for them are allocated to their respective assets and liabilities based upon the estimated fair value of such assets and liabilities at the dates of their respective acquisition by us. On February 3, 2025, we completed the acquisition of Miller Electric Company (Miller Electric), a leading electrical contractor that operates predominantly across the Southeastern United States. Under the terms of the transaction, we acquired 100% of Miller Electric's capital stock for total cash consideration of approximately $876.8 million, inclusive of working capital and other customary adjustments. This acquisition complements our existing electrical construction capabilities in high-growth end markets and expands our geographic presence. The results of operations of Miller Electric have been included within our United States electrical construction and facilities services segment. For the period from February 3, 2025 to December 31, 2025, such acquisition contributed revenues of $1.09 billion and operating income of $21.3 million, net of amortization expense attributable to identifiable intangible assets of $40.5 million. In connection with this acquisition, we incurred $9.4 million of transaction related costs. These expenses were included in ""Selling, general and administrative expenses"" in the accompanying Consolidated Statement of Operations. …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

COMMITMENTS AND CONTINGENCIES Severance Agreements We have agreements with our executive officers and certain other key management personnel providing for severance benefits for such employees upon termination of their employment under certain circumstances. Guarantees In the ordinary course of business, we, at times, guarantee obligations of our subsidiaries under certain contracts. Generally, we are liable under such an arrangement only if our subsidiary fails to perform its obligations under the contract. Historically, we have not incurred any substantial liabilities as a consequence of these guarantees. Surety Bonds The terms of our construction contracts frequently require that we obtain from surety companies, and provide to our customers, surety bonds as a condition to the award of such contracts. These surety bonds are issued in return for premiums, which vary depending on the size and type of the bond, and secure our payment and performance obligations under such contracts. We have agreed to indemnify the surety companies for amounts, if any, paid by them in respect of surety bonds issued on our behalf. As of December 31, 2025, based on the percentage-of-completion of our projects covered by surety bonds, our aggregate estimated exposure, assuming defaults on all our then existing contractual obligations, was approximately $3.03 billion, which represents approximately 23% of our total remaining performance obligations. Surety bonds are sometimes provided to secure obl …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT Excluding finance lease liabilities, we had no outstanding debt as of December 31, 2025 and 2024. Refer to Note 16 - Leases of the notes to consolidated financial statements for additional information regarding our finance leases, including outstanding balances. Credit Agreement We have a credit agreement dated December 20, 2023 (the 2023 Credit Agreement), which provides for a $1.30 billion revolving credit facility (the 2023 Revolving Credit Facility) expiring December 20, 2028. If additional lenders are identified and/or existing lenders are willing to increase their current commitments, we may increase the 2023 Revolving Credit Facility by an amount equal to the greater of: (a) $900 million or (b) the Companys Adjusted EBITDA (as such term is defined in the 2023 Credit Agreement) for the twelve-month period ending immediately prior to the increase in commitment. We may allocate up to $600.0 million of available capacity under the 2023 Revolving Credit Facility to letters of credit for our account or for the account of any of our subsidiaries. There were no direct borrowings outstanding under the 2023 Revolving Credit Facility as of December 31, 2025 and 2024. However, outstanding letters of credit reduce the available capacity under this facility and, as of December 31, 2025 and 2024, we had $73.1 million and $71.2 million of letters of credit outstanding, respectively. At the Companys election, borrowings under the 2023 Revolving Credit Facility bear interest at eit …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables provide further disaggregation of our revenues by categories we use to evaluate our financial performance within each of our reportable segments (in thousands, except for percentages). Refer to Note 18 - Segment Information of the notes to consolidated financial statements for additional information on how we disaggregate our revenues by reportable segment. 2025 % of Total 2024 % of Total 2023 % of Total United States electrical construction and facilities services: Network and communications market sector $ 2,461,883 48 % $ 1,442,877 43 % $ 934,455 34 % Commercial market sector 430,083 8 % 310,730 9 % 402,886 14 % Manufacturing and industrial market sector 467,621 9 % 439,450 13 % 394,804 14 % Healthcare market sector 463,075 9 % 242,458 7 % 242,931 9 % High-tech manufacturing market sector 134,310 3 % 190,992 6 % 140,471 5 % Institutional market sector 283,518 6 % 174,073 5 % 147,375 5 % Transportation market sector 261,703 5 % 210,835 6 % 167,976 6 % Water and wastewater market sector 39,231 1 % 27,751 1 % 21,234 1 % Hospitality and entertainment market sector 128,940 3 % 66,982 2 % 81,815 3 % Short duration projects (1) 314,357 6 % 180,020 6 % 186,722 7 % Service work 95,357 2 % 62,947 2 % 65,338 2 % 5,080,078 3,349,115 2,786,007 Less intersegment revenues (5,826) (6,188) (2,284) Total segment revenues $ 5,074,252 $ 3,342,927 $ 2,783,723 2025 % of Total 2024 % of Total 2023 % of Total United States mechanical construction and facilities services: Netw …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

SHARE-BASED COMPENSATION PLANS We have an incentive plan under which stock awards, stock units, and other share-based compensation may be granted to officers, non-employee directors, and key employees of the Company. Under the terms of this plan, 3,250,000 shares were authorized, and 555,142 shares remain available for grant or issuance as of December 31, 2025. Any issuances under this plan are valued at the fair market value of our common stock on the grant date. Forfeitures are recognized as they occur. The following table summarizes activity regarding restricted stock units since December 31, 2022: Shares Weighted Average Price Balance, December 31, 2022 317,594 $ 100.83 Granted 103,024 $ 156.06 Forfeited (3,018) $ 118.59 Vested (122,751) $ 90.38 Balance, December 31, 2023 294,849 $ 124.30 Granted 93,636 $ 279.05 Forfeited (409) $ 185.51 Vested (139,262) $ 105.65 Balance, December 31, 2024 248,814 $ 192.87 Granted 48,150 $ 483.10 Forfeited (3,799) $ 227.60 Vested (94,564) $ 148.91 Balance, December 31, 2025 198,601 $ 283.51 An aggregate of 30,566 restricted stock units granted to current and former non-employee directors vested as of December 31, 2025, but, at the election of such directors, issuance has been deferred for up to 10 years from the date of vest. In addition, an aggregate of 5,269 restricted stock units granted to former employees vested as of December 31, 2025 but, in accordance with plan documents, were not issued until January 2026. We recognized approximat …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS For disclosure purposes, we utilize a fair value hierarchy to categorize qualifying assets and liabilities into three broad levels based on the priority of the inputs used to determine their fair values. The hierarchy, which gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs, is comprised of the following three levels: Level 1 Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 Observable inputs, other than Level 1 inputs, that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 Significant unobservable inputs that reflect the reporting entitys own assumptions. Recurring Fair Value Measurements The following tables summarize the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2025 and 2024 (in thousands): Assets at Fair Value as of December 31, 2025 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents (1) $ 1,111,968 $ $ $ 1,111,968 Deferred compensation plan assets (2) 75,627 75,627 Total $ 1,187,595 $ $ $ 1,187,595 Assets at Fair Value as of December 3 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL, IDENTIFIABLE INTANGIBLE ASSETS, AND OTHER LONG-LIVED ASSETS Goodwill In connection with our acquisition of businesses, we have recorded goodwill, which represents the excess of the consideration transferred over the fair value of the net tangible and identifiable intangible assets acquired. Our goodwill balance at December 31, 2025 and 2024 was $1.41 billion and $1.02 billion, respectively, with goodwill attributable to companies acquired in 2025 and 2024 valued at $394.0 million and $61.9 million, respectively. Goodwill is not amortized but instead allocated to its respective reporting unit and evaluated for impairment annually, or more frequently if events or circumstances indicate that the carrying amount of goodwill may be impaired. We have determined that our reporting units are consistent with the reportable segments identified in Note 18 - Segment Information of the notes to consolidated financial statements. As of December 31, 2025, approximately 36.7% of our goodwill related to our United States electrical construction and facilities services segment, approximately 28.5% of our goodwill related to our United States mechanical construction and facilities services segment, approximately 26.0% of our goodwill related to our United States building services segment and approximately 8.8% of our goodwill related to our United States industrial services segment. Absent any earlier identified impairment indicators, we perform our annual goodwill impairment assessme …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES For the years ended December 31, 2025, 2024, and 2023, our income tax provision was calculated based on income before income taxes as follows (in thousands): 2025 2024 2023 United States $ 1,695,149 $ 1,349,469 $ 844,002 Foreign 26,475 27,913 28,851 $ 1,721,624 $ 1,377,382 $ 872,853 Foreign income for each of the years presented was earned in the United Kingdom. The income tax provision for the years ended December 31, 2025, 2024, and 2023 consisted of the following (in thousands): 2025 2024 2023 Current provision: Federal $ 356,795 $ 299,203 $ 187,463 State and local 102,560 94,647 62,316 Foreign 5,507 5,502 6,396 464,862 399,352 256,175 Deferred provision (benefit): Federal $ (11,596) $ (24,024) $ (13,764) State and local (5,604) (6,483) (3,190) Foreign 1,145 1,392 303 (16,055) (29,115) (16,651) Income tax provision $ 448,807 $ 370,237 $ 239,524 NOTE 11 - INCOME TAXES (Continued) For the year ended December 31, 2025, our income tax provision was $448.8 million compared to $370.2 million for the year ended December 31, 2024 and $239.5 million for the year ended December 31, 2023. The increase in the income tax provision year-over-year was primarily due to increased income before income taxes, including a $144.9 million pre-tax gain on the sale of our United Kingdom operations, which resulted in $25.1 million of income taxes. The income tax rates on income before income taxes for the years ended December 31, 2025, 2024, and 2023 were 26.1%, 26.9%, and 27.5%, resp …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES We lease real estate, vehicles, and equipment under various arrangements which are classified as either operating or finance leases. A lease exists when a contract or part of a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In determining whether a lease exists, we consider whether a contract provides us with both: (a) the right to obtain substantially all of the economic benefits from the use of the identified asset and (b) the right to direct the use of the identified asset. Many of our leases include base rental periods coupled with options to renew or terminate the lease, generally at our discretion. Certain leases additionally include options to purchase the leased asset. In evaluating the lease term, we consider whether we are reasonably certain to exercise such options. To the extent a significant economic incentive exists to exercise an option, that option is included within the lease term. However, based on the nature of our lease arrangements, options generally do not provide us with a significant economic incentive and are therefore excluded from the lease term for the majority of our arrangements. Our leases typically include a combination of fixed and variable payments. Fixed payments are generally included when measuring the right-of-use asset and lease liability. Variable payments, which primarily represent payments based on usage of the underlying asset, are generally excluded fro …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the FASB) issued an Accounting Standards Update (ASU) intended to enhance the transparency and decision-usefulness of income tax disclosures. Such guidance requires entities to provide additional information within their income tax rate reconciliation, including further disclosure of federal, state, and foreign income taxes and to provide more details about these reconciling items if a quantitative threshold is met. This guidance additionally requires expanded disclosure of income taxes paid, including amounts paid for federal, state, and foreign taxes. This ASU is effective for fiscal years beginning after December 15, 2024. While the adoption of this ASU did not have an impact on our financial position and/or results of operations, we have provided the additional required disclosures within Note 11 - Income Taxes of the notes to consolidated financial statements. In November 2024, the FASB issued an ASU, which requires disaggregated disclosures, in the notes to the financial statements, about certain income statement expense line items on an interim and annual basis. This guidance requires entities to provide more detailed information about purchases of inventory, employee compensation, depreciation expense, intangible asset amortization, and selling expenses. Such guidance, which is required to be applied prospectively, is effective for fiscal years beginning after December 15, 2026, …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

RETIREMENT PLANS Defined Benefit Plans The funded status of our defined benefit plans, which represents the difference between the fair value of plan assets and the projected benefit obligations, is recognized in the Consolidated Balance Sheets with a corresponding adjustment to accumulated other comprehensive income (loss). Gains and losses for the differences between actuarial assumptions and actual results are recognized through accumulated other comprehensive income (loss). United Kingdom Retirement Plan Prior to the sale of our United Kingdom operations on December 1, 2025, we sponsored a defined benefit pension plan in the United Kingdom (the UK Plan). In connection with such sale, all obligations, as well as the associated assets and liabilities of the UK Plan, transferred to the buyer. Refer to Note 4 - Acquisitions and Dispositions of Businesses of the notes to consolidated financial statements for additional information. The change in the benefit obligation and plan assets of the UK Plan for the year ended December 31, 2024 consisted of the following components (in thousands): 2024 Change in pension benefit obligation Benefit obligation at beginning of year $ 204,097 Interest cost 9,569 Actuarial gain (19,602) Benefits paid (11,522) Foreign currency exchange rate changes (3,075) Benefit obligation at end of year 179,467 Change in pension plan assets Fair value of plan assets at beginning of year 223,077 Actual loss on plan assets (5,240) Employer contributions 816 B …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

REVENUE FROM CONTRACTS WITH CUSTOMERS The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services by applying the following five step model: (1) Identify the contract with a customer A contract with a customer exists when: (a) the parties have approved the contract and are committed to perform their respective obligations, (b) the rights of the parties can be identified, (c) payment terms can be identified, (d) the arrangement has commercial substance, and (e) collectability of consideration is probable. Judgment is required when determining if the contractual criteria are met, specifically in the earlier stages of a project when a formally executed contract may not yet exist. In these situations, the Company evaluates all relevant facts and circumstances, including the existence of other forms of documentation or historical experience with our customers that may indicate a contractual agreement is in place and revenue should be recognized. In determining if the collectability of consideration is probable, the Company considers the customers ability and intention to pay such consideration through an evaluation of several factors, including an assessment of the creditworthiness of the customer and our prior collection history with such customer. (2) Identify the performance obligations in the contract At contract inception, the Com …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. Such operating subsidiaries are organized into the following reportable segments, which additionally reflect the nature of the services offered and their geographical location: United States electrical construction and facilities services; United States mechanical construction and facilities services; United States building services; and United States industrial services. On December 1, 2025, we sold our United Kingdom operations, the results of which are reported within our United Kingdom building services segment through the date of sale. Our chief operating decision maker (CODM) is our Chairman, President, and Chief Executive Officer. Our CODM is responsible for assessing the performance of the Company and each of our reportable segments as well as allocating resources, including personnel and capital resources. The measure of segment profit or loss utilized by our CODM is operating income. Our CODM evaluates segment performance by comparing historical, actual, and forecasted operating income on a regular basis. The accounting policies of our reportable segments …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of the Company and the subsidiaries and joint ventures it controls. All intercompany accounts and transactions have been eliminated. Investments over which we exercise significant influence, but do not control, are accounted for using the equity method of accounting. For joint ventures that have been accounted for using the consolidation method of accounting, noncontrolling interests represent the allocation of earnings to our joint venture partners who either have a minority-ownership interest in the joint venture or are not the primary beneficiary of the joint venture. The results of operations of companies acquired have been included in our results of operations from the date of their respective acquisition by us. On December 1, 2025, we sold our United Kingdom operations, the results of which are reported within our United Kingdom building services segment through the date of sale. Principles of Preparation The preparation of the consolidated financial statements, in conformity with accounting principles generally accepted in the United States, requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Revenue Recognition …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

COMMON STOCK As of December 31, 2025 and 2024, there were 44,520,367 and 45,810,125 shares of our common stock outstanding, respectively. We have paid quarterly dividends since October 25, 2011. During 2025, we paid a regular quarterly dividend of $0.25 per share. In December 2025, our Board of Directors (the Board) announced its intention to increase the regular quarterly dividend to $0.40 per share commencing with the dividend to be paid in January 2026. In September 2011, the Board authorized a share repurchase program allowing us to begin repurchasing shares of our outstanding common stock. Subsequently, the Board has from time to time increased the amount authorized for repurchases under such program. Since the inception of the repurchase program, through December 31, 2025, the Board has authorized us to repurchase up to $3.65 billion of our outstanding common stock. During the year ended December 31, 2025, we repurchased approximately 1.4 million shares of our common stock for approximately $578.9 million, inclusive of the applicable excise tax. Since the inception of the repurchase program through December 31, 2025, we have repurchased approximately 28.5 million shares of our common stock for approximately $2.97 billion. As of December 31, 2025, there remained authorization for us to repurchase approximately $680.6 million of our shares. The repurchase program has no expiration date, does not obligate the Company to acquire any particular amount of common stock, and ma …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

"Acquisitions and Dispositions of Businesses Acquisitions are accounted for utilizing the acquisition method of accounting and the prices paid for them are allocated to their respective assets and liabilities based upon the estimated fair value of such assets and liabilities at the dates of their respective acquisition by us. During the first half of 2026, we acquired four companies for upfront consideration of $99.8 million, inclusive of customary working capital adjustments. These acquisitions are comprised of: (a) two companies in the Western region of the United States that have been included in our United States mechanical construction and facilities services segment, including: (i) a provider of mechanical and sheet metal fabrication services, and (ii) a commercial and industrial HVAC contractor, (b) an electrical contractor in the Midwestern region of the United States that has been included in our United States electrical construction and facilities services segment, and (c) a company that has been included in our United States building services segment, which provides building automation and controls solutions in the Southeastern region of the United States. In connection with these acquisitions, we acquired working capital of $13.5 million and other net assets of $2.7 million and have preliminarily ascribed $45.3 million to goodwill and $38.3 million to identifiable intangible assets. On February 3, 2025, we completed the acquisition of Miller Electric Company (Mill …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Severance Agreements We have agreements with our executive officers and certain other key management personnel providing for severance benefits for such employees upon termination of their employment under certain circumstances. Guarantees In the ordinary course of business, we, at times, guarantee obligations of our subsidiaries under certain contracts. Generally, we are liable under such an arrangement only if our subsidiary fails to perform its obligations under the contract. Historically, we have not incurred any substantial liabilities as a consequence of these guarantees. Surety Bonds The terms of our construction contracts frequently require that we obtain from surety companies, and provide to our customers, surety bonds as a condition to the award of such contracts. These surety bonds are issued in return for premiums, which vary depending on the size and type of the bond, and secure our payment and performance obligations under such contracts. We have agreed to indemnify the surety companies for amounts, if any, paid by them in respect of surety bonds issued on our behalf. As of June 30, 2026, based on the percentage-of-completion of our projects covered by surety bonds, our aggregate estimated exposure, assuming defaults on all our then existing contractual obligations, was $4.30 billion, which represents approximately 25% of our total remaining performance obligations. Surety bonds are sometimes provided to secure obligations for wages …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Excluding finance lease liabilities of $6.1 million at June 30, 2026 and $6.3 million at December 31, 2025, we had no outstanding debt as of June 30, 2026 and December 31, 2025. The current portion of our finance lease liabilities of $ 2.5 million and $ 2.4 million at June 30, 2026 and December 31, 2025, respectively, were included in Other accrued expenses and liabilities, and the non-current portion of our finance lease liabilities of $ 3.6 million and $ 3.9 million at June 30, 2026 and December 31, 2025, respectively, were included in Other long-term obligations in the accompanying Consolidated Balance Sheets. We have a credit agreement dated December 20, 2023 (the 2023 Credit Agreement), which provides for a $1.30 billion revolving credit facility (the 2023 Revolving Credit Facility) expiring December 20, 2028. If additional lenders are identified and/or existing lenders are willing to increase their current commitments, we may increase the 2023 Revolving Credit Facility by an amount equal to the greater of: (a) $900 million or (b) the Companys Adjusted EBITDA (as such term is defined in the 2023 Credit Agreement) for the twelve-month period ending immediately prior to the increase in commitment. We may allocate up to $600.0 million of available capacity under the 2023 Revolving Credit Facility to letters of credit for our account or for the account of any of our subsidiaries. There were no direct borrowings outstanding under the 2023 Revolving Credit Facility as of …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables provide further disaggregation of our revenues, by categories we use to evaluate our financial performance within each of our reportable segments, for the three and six months ended June 30, 2026 and 2025 (in thousands, except for percentages). Refer to Note 13 - Segment Information of the notes to consolidated financial statements for additional information on how we disaggregate our revenues by reportable segment. For the three months ended June 30, 2026 % of Total 2025 % of Total United States electrical construction and facilities services: Network and communications market sector $ 973,046 58 % $ 669,966 50 % Commercial market sector 114,728 7 % 116,536 8 % Manufacturing and industrial market sector 111,754 7 % 111,158 8 % Healthcare market sector 116,177 7 % 133,680 10 % High-tech manufacturing market sector 31,111 2 % 36,114 3 % Institutional market sector 105,169 6 % 67,372 5 % Transportation market sector 41,835 3 % 66,528 5 % Water and wastewater market sector 6,460 1 % 7,527 1 % Hospitality and entertainment market sector 36,497 2 % 26,401 2 % Short-duration projects (1) 91,171 5 % 84,705 6 % Service work 35,432 2 % 21,896 2 % 1,663,380 1,341,883 Less intersegment revenues (879) (1,636) Total segment revenues $ 1,662,501 $ 1,340,247 ________ (1) Represents those projects which generally are completed within three months or less. NOTE 3 - Revenue from Contracts with Customers (Continued) For the three months ended June 30, 2026 % of Total 2025 % …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value Measurements For disclosure purposes, we utilize a fair value hierarchy to categorize qualifying assets and liabilities into three broad levels based on the priority of the inputs used to determine their fair values. The hierarchy, which gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs, is comprised of the following three levels: Level 1 Unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 Observable inputs, other than Level 1 inputs, that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 Significant unobservable inputs that reflect the reporting entitys own assumptions. Recurring Fair Value Measurements The following tables summarize the assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2026 and December 31, 2025 (in thousands): Assets at Fair Value as of June 30, 2026 Asset Category Level 1 Level 2 Level 3 Total Cash and cash equivalents (1) $ 924,411 $ $ $ 924,411 Deferred compensation plan assets (2) 85,972 85,972 Total $ 1,010,383 $ $ $ 1,010,383 Assets at Fair Value as of December …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The following table presents our income tax provision and our income tax rate for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages): For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Income tax provision $ 147,968 $ 109,867 $ 252,556 $ 193,387 Income tax rate 26.8 % 26.7 % 26.3 % 26.3 % The difference between the U.S. statutory tax rate of 21% and our effective income tax rate for both the three and six months ended June 30, 2026 and 2025 was primarily a result of state and local income taxes and other permanent book-to-tax differences. The increase in our income tax provision for the three and six months ended June 30, 2026, when compared to the three and six months ended June 30, 2025, was primarily due to greater income before income taxes. As of June 30, 2026 and December 31, 2025, we had no unrecognized income tax benefits. We file a consolidated federal income tax return including all of our U.S. subsidiaries with the Internal Revenue Service. We additionally file income tax returns with various state, local, and foreign tax agencies. Our income tax returns are subject to audit by various taxing authorities and are currently under examination by certain states for the years 2021 through 2024.

IncomeTaxDisclosureTextBlock

Revenue from Contracts with Customers The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services by applying the following five step model: (1) Identify the contract with a customer A contract with a customer exists when: (a) the parties have approved the contract and are committed to perform their respective obligations, (b) the rights of the parties can be identified, (c) payment terms can be identified, (d) the arrangement has commercial substance, and (e) collectability of consideration is probable. Judgment is required when determining if the contractual criteria are met, specifically in the earlier stages of a project when a formally executed contract may not yet exist. In these situations, the Company evaluates all relevant facts and circumstances, including the existence of other forms of documentation or historical experience with our customers that may indicate a contractual agreement is in place and revenue should be recognized. In determining if the collectability of consideration is probable, the Company considers the customers ability and intention to pay such consideration through an evaluation of several factors, including an assessment of the creditworthiness of the customer and our prior collection history with such customer. NOTE 3 - Revenue from Contracts with Customers (Continued) (2) Identify the performance …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. Such operating subsidiaries are organized into the following reportable segments, which additionally reflect the nature of the services offered: United States electrical construction and facilities services; United States mechanical construction and facilities services; United States building services; and United States industrial services. On December 1, 2025, we sold EMCOR UK, the results of which were previously reported within our United Kingdom building services segment. Our chief operating decision maker (CODM) is our Chairman, President, and Chief Executive Officer. Our CODM is responsible for assessing the performance of the Company and each of our reportable segments as well as allocating resources, including personnel and capital resources. The measure of segment profit or loss utilized by our CODM is operating income. Our CODM evaluates segment performance by comparing historical, actual, and forecasted operating income on a regular basis. The accounting policies of our reportable segments are the same as those applied at the consolidated financial state …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Common Stock As of June 30, 2026 and December 31, 2025, there were 44,240,047 and 44,520,367 shares of our common stock outstanding, respectively. During the three months ended June 30, 2026 and 2025, we issued 10,268 and 5,106 shares of common stock, respectively. During the six months ended June 30, 2026 and 2025, we issued 51,847 and 57,381 shares of common stock, respectively. These shares were issued upon the satisfaction of required conditions under our share-based compensation plans. We have paid quarterly dividends since October 25, 2011. We currently pay a regular quarterly dividend of $0.40 per share. In September 2011, our Board of Directors (the Board) authorized a share repurchase program allowing us to begin repurchasing shares of our outstanding common stock. Subsequently, the Board has from time to time increased the amount authorized for repurchases under such program. Since the inception of the repurchase program, through June 30, 2026, the Board has authorized us to repurchase up to $3.65 billion of our outstanding common stock. During the three months ended June 30, 2026, we repurchased 0.2 million shares of our common stock for $177.7 million. During the six months ended June 30, 2026, we repurchased 0.3 million shares of our common stock for $265.3 million. Since the inception of the repurchase program through June 30, 2026, we have repurchased 28.8 million shares of our common stock for $3.23 billion. As of June 30, 2026, there remained authorization fo …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events In July 2026, we acquired two electrical contractors that expand our service offerings in the Midwestern and Southeastern regions of the United States. In June and July 2026, we also entered into definitive agreements to acquire two additional electrical contractors, one in Texas and one in the Midwestern region of the United States. Such pending transactions are expected to close in the third quarter of 2026, subject to customary closing conditions. Together, these four acquisitions, which have an aggregate upfront purchase price of approximately $700 million, will be included within our United States electrical construction and facilities services segment. We intend to finance these acquisitions through a combination of cash on hand and, to the extent necessary, borrowings under our revolving credit facility.

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