0000105634-26-000025 | 10-K | XBRL Viewer

Adjustments to reconcile net income to net cash provided by operating activities:

$ 1,272,817

$ 1,007,145

$ 633,329

Depreciation and amortization

67,368

56,678

51,822

Amortization of identifiable intangible assets

119,052

77,002

67,143

Provision for credit losses

7,671

17,303

7,859

Deferred income taxes

(16,055)

(29,115)

(16,651)

Gain on sale of United Kingdom operations

(144,876)

Gain on sale or disposal of property, plant, and equipment

(2,229)

(1,012)

(2,057)

Excess tax benefits from share-based compensation

(5,006)

(3,978)

(1,719)

Equity income from unconsolidated entities

(62)

(98)

(1,660)

Non-cash expense for amortization of debt issuance costs

822

960

Non-cash (income) expense from contingent consideration arrangements

(534)

8,892

2,287

Non-cash expense for impairment of long-lived assets

2,350

Non-cash share-based compensation expense

20,595

19,978

13,739

Distributions from unconsolidated entities

251

1,554

400

Changes in operating assets and liabilities, excluding the effect of businesses acquired:

Increase in accounts receivable

(437,768)

(311,504)

(626,494)

(Increase) decrease in inventories

(26,951)

17,982

(23,442)

(Increase) decrease in contract assets

(42,752)

(13,318)

5,733

Increase (decrease) in accounts payable

189,349

(15,362)

82,192

Increase in contract liabilities

155,596

426,628

489,728

Increase in accrued payroll and benefits and other accrued expenses and liabilities

141,191

148,490

189,268

Changes in other assets and liabilities, net

3,584

(193)

24,868

Net cash provided by operating activities

1,302,063

1,407,894

899,655

Cash flows - investing activities:

Payments for acquisitions of businesses, net of cash acquired

(1,022,105)

(228,173)

(96,491)

Net proceeds from sale of United Kingdom operations

256,622

Proceeds from sale or disposal of property, plant, and equipment

4,647

3,839

13,604

Purchases of property, plant, and equipment

(112,750)

(74,950)

(78,404)

Net cash used in investing activities

(873,586)

(299,284)

(161,291)

Cash flows - financing activities:

Proceeds from revolving credit facility

525,000

200,000

Repayments of revolving credit facility

(525,000)

(200,000)

Repayments of long-term debt and debt issuance costs

(246,171)

Repayments of finance lease liabilities

(2,692)

(2,855)

(2,776)

Dividends paid to stockholders

(45,023)

(43,384)

(32,684)

Issuances of common stock under employee stock purchase plan

(586,258)

(489,820)

(127,713)

(16,816)

(15,397)

(6,060)

943

9,189

Payments for contingent consideration arrangements

(12,038)

(4,852)

(5,839)

Distributions to noncontrolling interests

(934)

Net cash used in financing activities

(663,761)

(555,365)

(412,054)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

6,857

(2,600)

6,372

(Decrease) increase in cash, cash equivalents, and restricted cash

(228,427)

550,645

332,682

Cash, cash equivalents, and restricted cash at beginning of year (1)

^[1]

1,340,395

789,750

457,068

Cash, cash equivalents, and restricted cash at end of period (1)

^[1]

$ 1,111,968

$ 1,340,395

$ 789,750

[1]	Includes $0.8 million and $0.6 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of December 31, 2024 and 2022, respectively.

Components Of Net Periodic Pension (Income) Cost (Details) - United Kingdom Subsidiary - UK Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 9,263	$ 9,569	$ 9,722
Expected return on plan assets	(11,862)	(13,010)	(11,417)
Amortization of unrecognized loss	2,502	2,625	2,611
Net periodic pension (income) cost	$ (97)	$ (816)	$ 916

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and construction materials	$ 119,789	$ 83,935
Work in process	6,463	11,732
Inventories	$ 126,252	$ 95,667

Fair Value Measurements (Schedule Of Assets And Liabilities Carried At Fair Value Measured On A Recurring Basis) (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2022

Fair Value, Measurements, Recurring

$ 800

$ 600

Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

^[1]

$ 1,111,968

1,339,550

^[2]

75,627

61,242

^[3]

845

Fair Value, Measurements, Recurring | Level 1

1,187,595

1,401,637

Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

^[1]

1,111,968

1,339,550

^[2]

75,627

61,242

^[3]

845

Fair Value, Measurements, Recurring | Level 2

1,187,595

1,401,637

Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

^[1]

^[2]

^[3]

Fair Value, Measurements, Recurring | Level 3

Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

^[1]

^[2]

^[3]

Money Market Funds | Fair Value, Measurements, Recurring | Level 1

Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]

Information About Reportable Segments

$ 870,500

$ 1,090,000

[1]	Cash and cash equivalents consist of deposit accounts and money market funds with original maturity dates of three months or less, which are Level 1 assets. At December 31, 2025 and 2024, we had $870.5 million and $1.09 billion, respectively, in money market funds. From time to time, we have cash balances in certain of our bank accounts that exceed federally insured limits.
[2]	Deferred compensation plan assets are classified as “Other assets” in the Consolidated Balance Sheets.
[3]	Restricted cash is classified as “Prepaid expenses and other” in the Consolidated Balance Sheet. Restricted cash represents cash held in account for use on customer contracts.

Multiemployer Plans - Narrative (Details)	12 Months Ended
Multiemployer Plans - Narrative (Details)	Dec. 31, 2025 USD ($) plan	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Multiemployer Plans [Line Items]
Withdrawal liability	$ 0	$ 0	$ 0
Multiemployer Plans, Pension
Multiemployer Plans [Line Items]
Contribution increase due to acquisition	32,700,000
Contributions	$ 341,910,000	297,050,000	258,829,000
Multiemployer Plans, Pension \| Minimum
Multiemployer Plans [Line Items]
Number of plans \| plan	200
Contributions	$ 2,000,000.0
Multiemployer Plans, Postretirement Benefit
Multiemployer Plans [Line Items]
Contribution increase due to acquisition	73,300,000
Contributions	383,800,000	$ 279,900,000	$ 243,500,000
Red Zone \| Multiemployer Plans, Pension \| Minimum
Multiemployer Plans [Line Items]
Contributions	500,000
Orange or Yellow Zones \| Multiemployer Plans, Pension \| Minimum
Multiemployer Plans [Line Items]
Contributions	$ 1,000,000.0

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax assets:
Insurance liabilities	$ 69,064	$ 69,664
Operating lease liabilities	117,897	102,667
Deferred compensation	85,020	76,042
Other (including liabilities and reserves)	41,197	49,715
Total deferred income tax assets	313,178	298,088
Valuation allowance for deferred tax assets	(4,148)	(5,076)
Net deferred income tax assets	309,030	293,012
Deferred income tax liabilities:
Goodwill and identifiable intangible assets	(147,496)	(172,613)
Operating lease right-of-use assets	(110,550)	(94,800)
Depreciation of property, plant, and equipment	(42,532)	(33,284)
Pension asset	(202)	(6,082)
Other	(12,819)	(14,664)
Total deferred income tax liabilities	(313,599)	(321,443)
Net deferred income tax liabilities	$ (4,569)	$ (28,431)

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

The following tables present the revenues and operating income for each of our reportable segments for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Revenues from unrelated entities:
United States electrical construction and facilities services	$	5,074,252	$	3,342,927	$	2,783,723
United States mechanical construction and facilities services	7,050,481		6,405,657		5,074,803
United States building services	3,122,242		3,114,817		3,120,134
United States industrial services	1,268,099		1,277,190		1,167,790
Total United States operations	16,515,074		14,140,591		12,146,450
United Kingdom building services	471,348		425,525		436,423
Consolidated revenues	$	16,986,422	$	14,566,116	$	12,582,873

	2025		2024		2023
Total revenues:
United States electrical construction and facilities services	$	5,135,887	$	3,370,506	$	2,786,895
United States mechanical construction and facilities services	7,123,644		6,458,776		5,134,686
United States building services	3,171,057		3,166,680		3,228,056
United States industrial services	1,292,664		1,284,327		1,179,321
Less intersegment revenues	(208,178)		(139,698)		(182,508)
Total United States operations	16,515,074		14,140,591		12,146,450
United Kingdom building services	471,348		425,525		436,423
Consolidated revenues	$	16,986,422	$	14,566,116	$	12,582,873

NOTE 18 - SEGMENT INFORMATION (Continued)


	2025		2024		2023
Operating income (loss):
United States electrical construction and facilities services	$	611,952	$	447,186	$	230,640
United States mechanical construction and facilities services	905,325		799,613		530,644
United States building services	187,192		176,720		182,995
United States industrial services	24,998		44,213		35,375
Total United States operations	1,729,467		1,467,732		979,654
United Kingdom building services	20,969		21,485		25,681
Corporate administration	(181,894)		(144,354)		(127,229)
Gain on sale of United Kingdom operations	144,876		—		—
Impairment loss on long-lived assets	—		—		(2,350)
Consolidated operating income	1,713,418		1,344,863		875,756
Other items:
Net periodic pension income (cost)	211		894		(1,119)
Interest expense	(12,020)		(3,779)		(17,199)
Interest income	20,015		35,404		15,415
Income before income taxes	$	1,721,624	$	1,377,382	$	872,853

The following tables provide the significant expenses that are regularly provided to and reviewed by our CODM for each of our reportable segments for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Cost of sales:
United States electrical construction and facilities services	$	4,068,755	$	2,673,491	$	2,359,816
United States mechanical construction and facilities services	5,625,203		5,147,903		4,188,707
United States building services	2,503,079		2,516,745		2,567,993
United States industrial services	1,087,976		1,086,503		997,951
Total United States operations	13,285,013		11,424,642		10,114,467
United Kingdom building services	418,421		376,423		379,067
Consolidated cost of sales	$	13,703,434	$	11,801,065	$	10,493,534


	2025		2024		2023
Selling, general and administrative expenses:
United States electrical construction and facilities services	$	393,545	$	222,250	$	193,267
United States mechanical construction and facilities services	519,953		458,141		355,452
United States building services	431,971		421,353		369,146
United States industrial services	155,125		146,474		134,464
Total United States operations	1,500,594		1,248,218		1,052,329
United Kingdom building services	31,958		27,616		31,675
Corporate administration	181,894		144,354		127,229
Consolidated selling, general and administrative expenses	$	1,714,446	$	1,420,188	$	1,211,233

NOTE 18 - SEGMENT INFORMATION (Continued)

The following tables present other financial information for each of our reportable segments as of or for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Depreciation and amortization of property, plant, and equipment:
United States electrical construction and facilities services	$	10,283	$	7,928	$	8,402
United States mechanical construction and facilities services	22,384		16,133		12,503
United States building services	16,189		15,716		15,672
United States industrial services	13,298		12,265		11,146
Total United States operations	62,154		52,042		47,723
United Kingdom building services	3,873		3,750		3,116
Corporate administration	1,341		886		983
Total depreciation and amortization of property, plant, and equipment	$	67,368	$	56,678	$	51,822


	2025		2024		2023
Amortization of identifiable intangible assets:
United States electrical construction and facilities services	$	48,307	$	6,773	$	9,583
United States mechanical construction and facilities services	25,584		25,320		15,302
United States building services	21,478		21,606		19,621
United States industrial services	23,683		23,303		22,637
Total amortization of identifiable intangible assets	$	119,052	$	77,002	$	67,143


	2025		2024		2023
Capital expenditures:
United States electrical construction and facilities services	$	20,513	$	9,467	$	6,929
United States mechanical construction and facilities services	51,137		31,057		37,543
United States building services	15,076		18,314		19,843
United States industrial services	12,911		9,341		10,433
Total United States operations	99,637		68,179		74,748
United Kingdom building services	7,048		5,643		1,984
Corporate administration	6,065		1,128		1,672
Total capital expenditures	$	112,750	$	74,950	$	78,404


	December 31, 2025		December 31, 2024		December 31, 2023
Total assets:
United States electrical construction and facilities services	$	2,686,933	$	1,314,577	$	1,243,707
United States mechanical construction and facilities services	3,206,671		2,659,184		2,242,833
United States building services	1,436,779		1,396,236		1,382,664
United States industrial services	524,883		606,861		571,658
Total United States operations	7,855,266		5,976,858		5,440,862
United Kingdom building services	—		283,897		277,066
Corporate administration	1,436,133		1,455,718		891,793
Total assets	$	9,291,399	$	7,716,473	$	6,609,721

NOTE 18 - SEGMENT INFORMATION (Continued)

The following table presents geographical information about certain tangible long-lived assets, including property, plant, and equipment and right-of-use lease assets as of December 31, 2025, 2024, and 2023 (in thousands):


	December 31, 2025		December 31, 2024		December 31, 2023
Long-lived assets:
United States	$	692,306	$	509,181	$	476,595
United Kingdom	—		14,436		13,281
Total long-lived assets	$	692,306	$	523,617	$	489,876

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

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 customer’s 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 Company assesses the goods or services promised in a contract and identifies, as a separate performance obligation, each distinct promise to transfer goods or services to the customer. The identified performance obligations represent the “unit of account” for purposes of determining revenue recognition. In order to properly identify separate performance obligations, the Company applies judgment in determining whether each good or service provided is: (a) capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and (b) distinct within the context of the contract, whereby the transfer of the good or service to the customer is separately identifiable from other promises in the contract.

NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)

In addition, when assessing performance obligations within a contract, the Company considers the warranty provisions included within such contract. To the extent the warranty terms provide the customer with an additional service, other than assurance that the promised good or service complies with agreed upon specifications, such warranty is accounted for as a separate performance obligation. In determining whether a warranty provides an additional service, the Company considers each warranty provision in comparison to warranty terms which are standard in the industry.

Our contracts are often modified through change orders to account for changes in the scope and price of the goods or services we are providing. Although the Company evaluates each change order to determine whether such modification creates a separate performance obligation, the majority of our change orders are for goods or services that are not distinct within the context of our original contract and, therefore, are not treated as separate performance obligations.

(3) Determine the transaction price

The transaction price represents the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to our customers. The consideration promised within a contract may include fixed amounts, variable amounts, or both. To the extent the performance obligation includes variable consideration, including contract bonuses and penalties that can either increase or decrease the transaction price, the Company estimates the amount of variable consideration to be included in the transaction price utilizing one of two prescribed methods, depending on which method better predicts the amount of consideration to which the entity will be entitled. Such methods include: (a) the expected value method, whereby the amount of variable consideration to be recognized represents the sum of probability-weighted amounts in a range of possible consideration amounts, and (b) the most likely amount method, whereby the amount of variable consideration to be recognized represents the single most likely amount in a range of possible consideration amounts. When applying these methods, the Company considers all information that is reasonably available, including historical, current, and estimates of future performance. The expected value method is typically utilized in situations where a contract contains a large number of possible outcomes while the most likely amount method is typically utilized in situations where a contract has only two possible outcomes.

Variable consideration is included in the transaction price only to the extent it is probable, in the Company’s judgment, that a significant future reversal in the amount of cumulative revenue recognized under the contract will not occur when the uncertainty associated with the variable consideration is subsequently resolved. This threshold is referred to as the variable consideration constraint. In assessing whether to apply the variable consideration constraint, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue, including, but not limited to, whether: (a) the amount of consideration is highly susceptible to factors outside of the Company’s influence, such as the actions of third parties, (b) the uncertainty surrounding the amount of consideration is not expected to be resolved for a long period of time, (c) the Company’s experience with similar types of contracts is limited or that experience has limited predictive value, (d) the Company has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances, and (e) the contract has a large number and broad range of possible consideration amounts.

Pending change orders represent one of the most common forms of variable consideration included within contract value and typically represent contract modifications for which a change in scope has been authorized or acknowledged by our customer but the final adjustment to contract price is yet to be negotiated. In estimating the transaction price for pending change orders, the Company considers all relevant facts, including documented correspondence with the customer regarding acknowledgment of and/or agreement with the modification, as well as historical experience with the customer or similar contractual circumstances. Based upon this assessment, the Company estimates the transaction price, including whether the variable consideration constraint should be applied.

Contract claims are another form of variable consideration which is common within our industry. Claim amounts represent revenue that has been recognized for contract modifications that are not submitted or are in dispute as to both scope and price. In estimating the transaction price for claims, the Company considers all relevant facts available. However, given the uncertainty surrounding claims, including the potential long-term nature of dispute resolution and the broad range of possible consideration amounts, there is an increased likelihood that any additional contract revenue associated with contract claims is constrained. The resolution of claims involves negotiations and, in certain cases, litigation. In the event litigation costs are incurred by us in connection with claims, such litigation costs are expensed as incurred, although we may seek to recover these costs.

NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)

For some transactions, the receipt of consideration does not match the timing of the transfer of goods or services to the customer. For such contracts, the Company evaluates whether this timing difference represents a financing arrangement within the contract. Although rare, if a contract is determined to contain a significant financing component, the Company adjusts the promised amount of consideration for the effects of the time value of money when determining the transaction price of such contract. Although our customers may retain a portion of the contract price until completion of the project and final contract settlement, these retainage amounts are not considered a significant financing component as the intent of the withheld amounts is to provide the customer with assurance that we will complete our obligations under the contract rather than to provide financing to the customer. In addition, although we may be entitled to advanced payments from our customers on certain contracts, these advanced payments generally do not represent a significant financing component as the payments are used to meet working capital demands that can be higher in the early stages of a contract, as well as to protect us from our customer failing to meet its obligations under the contract.

Changes in the estimates of transaction prices are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. Such changes in estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior periods. Such changes in estimates may also result in the reversal of previously recognized revenue if the ultimate outcome differs from the Company’s previous estimate.

(4) Allocate the transaction price to the performance obligations in the contract

For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price. The Company determines the standalone selling price based on the price at which the performance obligation would have been sold separately in similar circumstances to similar customers. If the standalone selling price is not observable, the Company estimates the standalone selling price taking into account all available information such as market conditions and internal pricing guidelines. In certain circumstances, the standalone selling price is determined using an expected profit margin on anticipated costs related to the performance obligation.

(5) Recognize revenue as performance obligations are satisfied

The Company recognizes revenue at the time the related performance obligation is satisfied by transferring a promised good or service to its customers. A good or service is considered to be transferred when the customer obtains control. The Company can transfer control of a good or service and satisfy its performance obligations either over time or at a point in time. The Company transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognizes revenue over time if one of the following three criteria are met: (a) the customer simultaneously receives and consumes the benefits provided by the Company’s performance as we perform, (b) the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (c) the Company’s performance does not create an asset with an alternative use to us, and we have an enforceable right to payment for performance completed to date.

For our performance obligations satisfied over time, we recognize revenue by measuring the progress toward complete satisfaction of that performance obligation. The selection of the method to measure progress towards completion can be either an input method or an output method and requires judgment based on the nature of the goods or services to be provided.

For our construction contracts, revenue is generally recognized over time as our performance creates or enhances an asset that the customer controls as it is created or enhanced. Our fixed price construction projects generally use a cost-to-cost input method to measure our progress towards complete satisfaction of the performance obligation as we believe it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation.

For our unit price construction contracts, progress towards complete satisfaction is measured through an output method, such as the number of units produced or delivered, when our performance does not produce significant amounts of work in process or finished goods prior to complete satisfaction of such performance obligations.

For our services contracts, revenue is also generally recognized over time as the customer simultaneously receives and consumes the benefits of our performance as we perform the service. For our fixed price service contracts with specified service periods, revenue is generally recognized on a straight-line basis over such service period when our inputs are expended evenly and the customer receives and consumes the benefits of our performance throughout the contract term.

NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)

The timing of revenue recognition for the manufacturing of new build heat exchangers within our United States industrial services segment depends on the payment terms of the contract, as our performance does not create an asset with an alternative use to us. For those contracts for which we have a right to payment for performance completed to date at all times throughout our performance, inclusive of a cancellation, we recognize revenue over time. For these performance obligations, we use a cost-to-cost input method to measure our progress towards complete satisfaction of the performance obligation as we believe it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. However, for those contracts for which we do not have a right, at all times, to payment for performance completed to date, we recognize revenue at the point in time when control is transferred to the customer. For bill-and-hold arrangements, revenue is recognized when the customer obtains control of the heat exchanger, which may be prior to shipping if certain recognition criteria are met.

For certain of our revenue streams, such as call-out repair and service work, outage services, refinery turnarounds, and specialty welding services that are performed under time and materials contracts, our progress towards complete satisfaction of such performance obligations is measured using an output method as the customer receives and consumes the benefits of our performance completed to date.

Changes in Estimates

Due to uncertainties inherent in the estimation process, as well as the significant judgment involved in determining variable consideration, it is possible that estimates of costs to complete a performance obligation, and/or our estimates of transaction prices, will be revised in the near term. For those performance obligations for which revenue is recognized using a cost-to-cost input method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, or changes in the estimate of transaction prices, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. When the current estimate of total costs for a performance obligation indicates a loss, a provision for the entire estimated loss on the unsatisfied performance obligation is made in the period in which the loss becomes evident.

Based on an evaluation of individual projects that were substantially complete in prior periods but had revisions to total estimated costs or anticipated contract value (inclusive of the settlement of previously outstanding change orders and claims) that resulted in an increase to profitability in excess of $1.0 million, we recognized revenue during the years ended December 31, 2025, 2024, and 2023 as summarized in the following table (in thousands):


	2025		2024		2023
United States electrical construction and facilities services	$	2,513	$	14,006	$	3,350
United States mechanical construction and facilities services	13,834		10,551		13,114
Total impact	$	16,347	$	24,557	$	16,464

In addition, included in our results for the year ended December 31, 2024 was $12.3 million of gross profit recognized on two contracts as a result of favorable developments on certain claims. Of this amount, $8.4 million was reported within our United States electrical construction and facilities services segment and $3.9 million was reported within our United States mechanical construction and facilities services segment.

Based on an evaluation of individual projects that had revisions to total estimated costs or anticipated contract value that resulted in a reduction of profitability in excess of $1.0 million, our operating results were negatively impacted during the years ended December 31, 2025, 2024, and 2023, as summarized in the following table (in thousands):


	2025		2024		2023
United States electrical construction and facilities services	$	50,866	$	27,977	$	12,535
United States mechanical construction and facilities services	35,075		38,342		10,864
United States building services	—		—		5,658
Total impact	$	85,941	$	66,319	$	29,057

NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)

Disaggregation of Revenues

Our revenues are principally derived from contracts to provide construction services relating to electrical and mechanical systems, as well as to provide a number of building services and industrial services to our customers. Our contracts are with many different customers in numerous industries.

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:
Network and communications market sector	$	1,670,355	23	%	$	818,991	13	%	$	410,397	8	%
Commercial market sector	870,245		12	%	989,012		15	%	1,115,993		22	%
Manufacturing and industrial market sector	897,425		13	%	736,775		12	%	698,993		14	%
Healthcare market sector	590,715		8	%	580,676		9	%	489,485		10	%
High-tech manufacturing market sector	997,798		14	%	1,453,384		23	%	845,251		16	%
Institutional market sector	472,420		7	%	455,940		7	%	316,255		6	%
Transportation market sector	49,010		1	%	55,622		1	%	42,789		1	%
Water and wastewater market sector	346,528		5	%	308,329		5	%	286,912		6	%
Hospitality and entertainment market sector	127,893		2	%	70,707		1	%	52,919		1	%
Short duration projects (1)	407,163		6	%	335,900		5	%	324,056		6	%
Service work	634,906		9	%	606,551		9	%	500,853		10	%
	7,064,458				6,411,887				5,083,903
Less intersegment revenues	(13,977)				(6,230)				(9,100)
Total segment revenues	$	7,050,481			$	6,405,657			$	5,074,803

_________________

(1)Represents those projects which generally are completed within three months or less.

NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)


	2025		% of Total		2024		% of Total		2023		% of Total
United States building services:
Mechanical services	$	2,402,269	77	%	$	2,260,607	73	%	$	2,042,244	65	%
Commercial site-based services	563,766		18	%	669,584		21	%	865,232		28	%
Government site-based services	156,207		5	%	184,626		6	%	212,658		7	%
Total segment revenues	$	3,122,242			$	3,114,817			$	3,120,134


	2025		% of Total		2024		% of Total		2023		% of Total
United States industrial services:
Field services	$	1,100,435	87	%	$	1,113,613	87	%	$	991,466	85	%
Shop services	167,664		13	%	163,577		13	%	176,324		15	%
Total segment revenues	$	1,268,099			$	1,277,190			$	1,167,790

Total United States operations	$	16,515,074			$	14,140,591			$	12,146,450


	2025		% of Total		2024		% of Total		2023		% of Total
United Kingdom building services:
Service work	$	238,826	51	%	$	199,658	47	%	$	210,414	48	%
Project work	232,522		49	%	225,867		53	%	226,009		52	%
Total segment revenues	$	471,348			$	425,525			$	436,423

Consolidated revenues	$	16,986,422			$	14,566,116			$	12,582,873

Contract Assets and Contract Liabilities

The timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets include unbilled amounts from our construction projects when revenues recognized under the cost-to-cost measure of progress exceed the amounts invoiced to our customers, as the amounts are not yet billable under the terms of our contracts. Such amounts are recoverable from our customers based upon various measures of performance, including achievement of certain milestones, completion of specified units, or completion of a contract. In addition, many of our time and materials arrangements, as well as our contracts to perform turnaround services within the United States industrial services segment, are billed in arrears pursuant to contract terms that are standard within the industry, resulting in contract assets and/or unbilled receivables being recorded as revenue is recognized in advance of billings.

Also included in contract assets are amounts we seek or will seek to collect from customers or others for errors or changes in contract specifications or design, contract change orders or modifications in dispute or unapproved as to scope and/or price, or other customer-related causes of unanticipated additional contract costs (claims and unapproved change orders). Our contract assets do not include capitalized costs to obtain and fulfill a contract. Contract assets are generally classified as current within the Consolidated Balance Sheets.

As of December 31, 2025 and 2024, contract assets included unbilled revenues for unapproved change orders of approximately $26.2 million and $25.1 million, respectively. There were no claim amounts included in contract assets as of December 31, 2025 and 2024. There were $116.1 million and $6.9 million of claims included within accounts receivable as of December 31, 2025 and 2024, respectively. There were undisputed contractually billed amounts and retention related to contracts with unapproved change orders and claims of approximately $158.8 million and $172.4 million as of December 31, 2025 and 2024, respectively. For contracts in claim status, contractually billed amounts will generally not be paid by the customer to us until final resolution of the related claims.

NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)

Contract liabilities from our construction contracts arise when amounts invoiced to our customers exceed revenues recognized under the cost-to-cost measure of progress. Contract liabilities additionally include advanced payments from our customers on certain contracts. Contract liabilities decrease as we recognize revenue from the satisfaction of the related performance obligation and are recorded as either current or long-term, depending upon when we expect to recognize such revenue. The long-term portion of contract liabilities is included in “Other long-term obligations” in the Consolidated Balance Sheets.

Net contract liabilities in the accompanying Consolidated Balance Sheets consisted of the following amounts as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Contract assets, current	$	337,717	$	284,791
Contract assets, non-current	—		—
Contract liabilities, current	(2,327,360)		(2,047,540)
Contract liabilities, non-current	(837)		(1,526)
Net contract liabilities	$	(1,990,480)	$	(1,764,275)

Included within net contract liabilities were $1.92 billion and $1.69 billion of net contract liabilities on uncompleted construction projects as of December 31, 2025 and 2024, respectively, as follows (in thousands):


	December 31, 2025		December 31, 2024
Costs incurred on uncompleted construction contracts	$	23,380,178	$	18,093,285
Estimated earnings, thereon	5,126,164		3,562,012
	28,506,342		21,655,297
Less: billings to date	30,428,471		23,346,291
	$	(1,922,129)	$	(1,690,994)

Contract assets and contract liabilities increased by approximately $61.1 million and $188.1 million, respectively, as a result of acquisitions made by us in 2025. Excluding the impact of acquisitions, net contract liabilities increased by approximately $99.2 million during the year ended December 31, 2025, due to an increase in net contract liabilities on our uncompleted construction projects, partially as a result of the timing of invoicing to our customers as we continue to effectively manage our working capital. There was no significant impairment of contract assets recognized during the periods presented.

Contract Retentions

As of December 31, 2025 and 2024, accounts receivable included $944.5 million and $703.2 million, respectively, of retainage billed under terms of our contracts. These retainage amounts represent amounts which have been contractually invoiced to customers where payments have been partially withheld pending the completion of the project. We estimate that approximately 90% of the retainage outstanding as of December 31, 2025 will be collected during 2026.

As of December 31, 2025 and 2024, accounts payable included $152.3 million and $121.5 million, respectively, of retainage withheld under terms of our subcontracts. These retainage amounts represent amounts invoiced to the Company by our subcontractors where payments have been partially withheld pending the completion of their scope of work. We estimate that approximately 89% of the retainage outstanding as of December 31, 2025 will be paid during 2026.

NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)

Transaction Price Allocated to Remaining Unsatisfied Performance Obligations

The following table presents the transaction price allocated to remaining unsatisfied performance obligations (“remaining performance obligations”) for each of our reportable segments and their respective percentages of total remaining performance obligations as of December 31, 2025 (in thousands, except for percentages):


	December 31, 2025		% of Total
Remaining performance obligations:
United States electrical construction and facilities services	$	4,963,855	38	%
United States mechanical construction and facilities services	6,929,300		52	%
United States building services	1,188,537		9	%
United States industrial services	171,972		1	%
Total operations	$	13,253,664	100	%

Our remaining performance obligations at December 31, 2025 were approximately $13.25 billion. Remaining performance obligations increase with awards of new contracts and decrease as we perform work and recognize revenue on existing contracts. We include a project within our remaining performance obligations at such time the project is awarded and agreement on contract terms has been reached. Our remaining performance obligations include amounts related to contracts for which a fixed price contract value is not assigned when a reasonable estimate of the total transaction price can be made.

Remaining performance obligations include unrecognized revenues to be realized from uncompleted construction contracts. Although many of our construction contracts are subject to cancellation at the election of our customers, in accordance with industry practice, we do not limit the amount of unrecognized revenue included within remaining performance obligations for these contracts as the risk of cancellation is very low due to the inherent substantial economic penalty that our customers would incur upon cancellation or termination. We believe our reported remaining performance obligations for our construction contracts are firm and contract cancellations have not had a material adverse effect on us.

Remaining performance obligations also include unrecognized revenues expected to be realized over the remaining term of service contracts. However, to the extent a service contract includes a cancellation clause which allows for the termination of such contract by either party without a substantive penalty, the remaining contract term, and therefore, the amount of unrecognized revenues included within remaining performance obligations, is limited to the notice period required for the termination.

Our remaining performance obligations are comprised of: (a) original contract amounts, (b) change orders for which we have received written confirmations from our customers, (c) pending change orders for which we expect to receive confirmations in the ordinary course of business, (d) claim amounts that we have made against customers for which we have determined we have a legal basis under existing contractual arrangements and as to which the variable consideration constraint does not apply, and (e) other forms of variable consideration to the extent that such variable consideration has been included within the transaction price of our contracts. Such claim and other variable consideration amounts were immaterial for all periods presented.

Refer to the table below for additional information regarding our remaining performance obligations, including an estimate of when we expect to recognize such remaining performance obligations as revenue (in thousands):


	Within one year		Greater than one year
Remaining performance obligations:
United States electrical construction and facilities services	$	3,937,660	$	1,026,195
United States mechanical construction and facilities services	5,621,652		1,307,648
United States building services	1,080,633		107,904
United States industrial services	171,972		—
Total operations	$	10,811,917	$	2,441,747

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

Retirement Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Plans

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
Benefits paid	(11,522)
Foreign currency exchange rate changes	(3,514)
Fair value of plan assets at end of year	203,617
Funded status at end of year	$	24,150

The funded status of the UK Plan of $24.2 million as of December 31, 2024, is included in “Other assets” in the accompanying Consolidated Balance Sheet.

The discount rate and rate of inflation used to determine the benefit obligation of the UK Plan as of December 31, 2024 was 5.5% and 2.9% respectively.

NOTE 14 - RETIREMENT PLANS (Continued)

The components of net periodic pension (income) cost of the UK Plan for the years ended December 31, 2025, 2024, and 2023 were as follows (in thousands):


	2025		2024		2023
Interest cost	$	9,263	$	9,569	$	9,722
Expected return on plan assets	(11,862)		(13,010)		(11,417)
Amortization of unrecognized loss	2,502		2,625		2,611
Net periodic pension (income) cost	$	(97)	$	(816)	$	916

The assumptions used to determine net periodic pension (income) cost of the UK Plan for the years ended December 31, 2025, 2024, and 2023 were as follows:


	2025		2024		2023
Discount rate	5.5	%	4.8	%	5.0	%
Annual rate of return on plan assets	6.5	%	6.3	%	5.7	%

The investment policies and strategies for the assets of the UK Plan were established by its trustees (who were independent of the Company) to achieve a reasonable balance between risk, likely return, and administration expense, as well as to maintain investment balances at a level to meet minimum funding requirements. The weighted average asset allocations and weighted average target allocations at December 31, 2024 were as follows:


Asset Category	Target Asset Allocation 2024		Actual December 31, 2024
Debt	91.0	%	82.6	%
Cash and cash equivalents	—	%	7.7	%
Real estate	9.0	%	9.7	%
Total	100.0	%	100.0	%

Plan assets of our UK Plan were invested through third-party fund managers in various investments with underlying holdings which, as of December 31, 2024, consisted of: (a) cash and cash equivalents, primarily held as collateral for other financial instruments, (b) debt securities, which include: (i) United Kingdom government debt, (ii) United States, United Kingdom, other European, and emerging market corporate debt, and (iii) real estate debt, and (c) real estate assets, which represent trusts which invest directly or indirectly in various properties throughout the United Kingdom.

The following table sets forth the fair value of assets of the UK Plan as of December 31, 2024 (in thousands):


	Assets at Fair Value as of December 31, 2024
Asset Category	Level 1		Level 2		Level 3		Total
Corporate debt funds	$	—	$	39,972	$	—	$	39,972
Government bond funds	—		48,959		—		48,959
Cash and cash equivalents	15,697		—		—		15,697
Total plan assets in fair value hierarchy	$	15,697	$	88,931	$	—	104,628
Plan assets measured using NAV as a practical expedient: (1)
Debt funds							79,152
Real estate funds							19,837
Total plan assets at fair value							$	203,617

_________________

(1)Certain investments measured using net asset value (“NAV”) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets. NAV is determined by the respective fund manager based on the fair value of the underlying assets held by the fund, less its liabilities, divided by the number of units outstanding.

NOTE 14 - RETIREMENT PLANS (Continued)

Assets of the UK Plan were allocated within the fair value hierarchy discussed in Note 10 - Fair Value Measurements, based on the nature of the investment. Level 1 assets represented cash and cash equivalents. Level 2 assets consisted of corporate debt funds and government bond funds whose underlying investments were valued using observable marketplace inputs. The fair value of the Level 2 assets were generally determined under a market approach using valuation models that incorporated observable inputs such as interest rates, bond yields, and quoted prices.

Investments valued using NAV as a practical expedient were excluded from the fair value hierarchy. These investments included: (a) funds which invested predominantly in senior secured debt instruments, targeting diversity across regions and sectors, as well as funds which invested in diversified credit vehicles, primarily through U.S. corporate debt, global credit, and other structured debt instruments, and (b) funds which aimed to provide long-term income through investment in UK property assets. These investments were redeemable at NAV, generally determined on a quarterly basis, with redemption notice periods of up to 180 days.

The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes the valuation methodologies were appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Other Retirement Plans

We also sponsor three domestic retirement plans in which participation by new individuals is frozen. Amounts related to such plans were de minimis for all periods presented.

Defined Contribution Plans

We have defined contribution retirement and savings plans that cover eligible employees in the United States. Contributions to these plans are based on a percentage of the employee’s base compensation. The expenses recognized for employer contributions to these plans were approximately $48.9 million for the year ended December 31, 2025, $44.0 million for the year ended December 31, 2024, and $36.7 million for the year ended December 31, 2023. At our discretion and subject to applicable plan documents, we may make additional supplemental matching contributions to one of our defined contribution retirement and savings plans. The expenses recognized related to additional supplemental matching contributions for the years ended December 31, 2025, 2024, and 2023 were approximately $16.0 million, $13.2 million, and $10.2 million, respectively.

Prior to the sale of our United Kingdom operations on December 1, 2025, we also had certain defined contribution retirement plans in the United Kingdom. The expenses recognized related to employer matching contributions were approximately $12.2 million for the year ended December 31, 2025 and $7.4 million for each of the years ended December 31, 2024 and 2023.

Multiemployer Plans

We participate in approximately 200 multiemployer pension plans (“MEPPs”) that provide retirement benefits to certain union employees in accordance with various collective bargaining agreements (“CBAs”). As one of many participating employers in an MEPP, we are potentially liable with the other participating employers for any plan underfunding, either through an increase in our required contributions or, in the case of our withdrawal from the plan, a payment based upon our proportionate share of the plan's unfunded benefits, in each case, as described below. Our contributions to a particular MEPP are established by the applicable CBAs; however, our required contributions may increase based on the funded status of an MEPP and legal requirements of the Pension Protection Act of 2006 (the “PPA”), which requires substantially underfunded MEPPs to implement a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) to improve their funded status. Factors that could impact the funded status of an MEPP include, without limitation, investment performance, changes in the participant demographics, decline in the number of contributing employers, changes in actuarial assumptions, and the utilization of extended amortization provisions.

An FIP or RP requires a particular MEPP to adopt measures to correct its underfunding status. These measures may include, but are not limited to: (a) an increase in our contribution rate as a signatory to the applicable CBA, (b) a reallocation of the contributions already being made by participating employers for various benefits to individuals participating in the MEPP, and/or (c) a reduction in the benefits to be paid to future and/or current retirees. In addition, the PPA requires that a 5% surcharge be levied on employer contributions for the first year commencing after the date the employer receives notice that the MEPP is in critical status and a 10% surcharge on each succeeding year until a CBA is in place with terms and conditions consistent with the RP.

NOTE 14 - RETIREMENT PLANS (Continued)

We could also be obligated to make payments to MEPPs if we either cease to have an obligation to contribute to the MEPP or significantly reduce our contributions to the MEPP because we reduce our number of employees who are covered by the relevant MEPP for various reasons, including, but not limited to, layoffs or closure of a subsidiary assuming the MEPP has unfunded vested benefits. The amount of such payments (known as a complete or partial withdrawal liability) would equal our proportionate share of the MEPPs’ unfunded vested benefits. We believe that certain of the MEPPs in which we participate may have unfunded vested benefits. Due to uncertainty regarding future factors that could trigger withdrawal liability, as well as the absence of specific information regarding the MEPP’s current financial situation, we are unable to determine: (a) the amount and timing of a future withdrawal liability, if any, and (b) whether our participation in these MEPPs could have a material adverse impact on our financial position, results of operations, or liquidity. We did not record any material withdrawal liabilities for the years ended December 31, 2025, 2024, and 2023.

The following table lists all MEPPs to which our contributions exceeded $2.0 million in 2025. This table also lists all MEPPs to which we contributed in 2025 in excess of $0.5 million for MEPPs in the critical status, “red zone,” and $1.0 million for MEPPs in the endangered status, “orange or yellow zones,” as defined by the PPA (in thousands):




Pension Fund	EIN/Pension Plan Number		PPA Zone Status (1)		FIP/RP Status	Contributions						Contributions greater than 5% of total plan contributions (2)	Expiration date or range of expiration dates of CBA(s)
			2025	2024		2025		2024		2023
National Electrical Benefit Fund	53-0181657	001	Green	Green	NA	$	33,566	$	23,255	$	18,128	Yes	Jan 2026 to Apr 2030
National Automatic Sprinkler Industry Pension Fund	52-6054620	001	Green	Green	NA	32,138		30,719		25,559		Yes	Jun 2026 to Mar 2030
United Association National Pension Fund	52-6152779	001	Green	Green	NA	25,387		21,839		16,815		No	Feb 2026 to Aug 2030
Electrical Workers Local No. 26 Pension Trust Fund	52-6117919	001	Green	Green	NA	14,059		12,472		8,283		Yes	May 2027 to Aug 2028
Tidewater Electrical Industry Pension Fund	54-6127076	001	Green	Green	NA	12,078		—		—		No	Feb 2027 to Jun 2027
Sheet Metal Workers National Pension Fund	52-6112463	001	Green	Green	NA	11,871		12,795		10,797		Yes	Feb 2026 to May 2029
Central Pension Fund of the IUOE & Participating Employers	36-6052390	001	Green	Green	NA	8,855		9,433		8,573		No	Feb 2026 to Sep 2029
Pipefitters Union Local 537 Pension Fund	51-6030859	001	Green	Green	NA	8,228		6,656		5,179		Yes	Aug 2030
Plumbers Pipefitters & Mechanical Equipment Service Local Union No 392 Pension Plan	31-0655223	001	Yellow	Yellow	Implemented	8,124		7,728		7,010		Yes	May 2028
Pension, Hospitalization & Benefit Plan of the Electrical Industry-Pension Trust Account	13-6123601	001	Green	Green	NA	7,861		6,982		7,198		Yes	Apr 2026 to Jan 2029
Heating, Piping & Refrigeration Pension Fund	52-1058013	001	Green	Green	NA	7,843		5,710		5,315		Yes	Jul 2026 to Jul 2028
Edison Pension Plan	93-6061681	001	Green	Green	NA	6,931		7,982		5,840		Yes	Dec 2026
Electrical Contractors Association of the City of Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Pension Plan #2	51-6030753	002	Green	Green	NA	5,971		4,341		4,432		Yes	May 2026 to Jun 2026
Southern California Pipe Trades Retirement Fund	51-6108443	001	Green	Green	NA	5,914		5,447		4,657		Yes	Jun 2026 to Aug 2026
Electrical Workers Pension Plan Local 103 IBEW	04-6063734	001	Green	Green	NA	5,230		5,133		6,537		Yes	Aug 2028
San Diego Electrical Pension Plan	95-6101801	001	Green	Green	NA	5,147		7,039		5,511		Yes	May 2028
Atlanta Plumbers and Steamfitters Pension Fund	58-1233396	001	Green	Green	NA	4,959		4,133		1,691		Yes	Jul 2028 to Aug 2028
Plumbers & Pipefitters Local No. 189 Pension Plan	31-0894807	001	Green	Green	NA	4,720		2,744		2,557		Yes	May 2026 to May 2028
NECA-IBEW Pension Trust Fund	51-6029903	001	Green	Green	NA	4,680		3,242		2,228		No	Nov 2026 to Nov 2027
Eighth District Electrical Pension Fund	84-6100393	001	Green	Green	NA	4,532		4,476		3,844		Yes	May 2026 to Aug 2027
Sheet Metal Workers Pension Plan of Northern California	51-6115939	001	Red	Red	Implemented	3,793		5,245		5,738		Yes	Jun 2026 to Jul 2026
Michiana Area Electrical Workers Pension Fund	35-6269273	001	Green	Green	NA	3,779		1,783		391		Yes	May 2026 to Jun 2026


NOTE 14 - RETIREMENT PLANS (Continued)
Pension Fund	EIN/Pension Plan Number		PPA Zone Status (1)		FIP/RP Status	Contributions						Contributions greater than 5% of total plan contributions (2)	Expiration date or range of expiration dates of CBA(s)
			2025	2024		2025		2024		2023
Sheet Metal Workers Pension Plan of Southern California, Arizona & Nevada	95-6052257	001	Green	Green	NA	3,611		3,783		3,399		No	Jun 2026 to Jun 2029
IBEW Local No. 82 Pension Plan	31-6127268	001	Green	Green	NA	3,527		3,325		3,701		Yes	Dec 2026
Northern California Pipe Trades Pension Plan	94-3190386	001	Green	Green	NA	3,187		3,310		6,317		No	Jul 2026 to Jun 2027
U.A. Local 393 Pension Trust Fund Defined Benefit	94-6359772	002	Green	Green	NA	3,118		3,734		3,263		Yes	Jul 2026 to Jun 2027
Arizona Pipe Trades Pension Trust Fund	86-6025734	001	Green	Green	NA	3,086		4,038		3,048		Yes	Jun 2026 to Jun 2027
Plumbers and Steamfitters Local No. 166 AFL - CIO Pension Plan	51-6132690	001	Green	Green	NA	3,014		2,046		1,773		Yes	May 2026
U.A. Plumbers Local 24 Pension Fund	22-6042823	001	Green	Green	NA	2,997		2,231		2,295		Yes	Apr 2029
Southern California IBEW-NECA Pension Plan	95-6392774	001	Yellow	Yellow	Implemented	2,942		4,279		3,801		Yes	Jan 2026 to Jun 2026
Idaho Plumbers and Pipefitters Pension Plan	82-6010346	001	Green	Green	NA	2,844		1,281		1,138		Yes	May 2026
Pension and Retirement Plan of Plumbers and Pipefitters Union, Local No. 525	88-6003864	001	Green	Green	NA	2,839		2,099		1,970		Yes	Sep 2028
IBEW Local No. 640 & Arizona Chapter NECA Defined Benefit Pension Plan	86-0323980	001	Green	Green	NA	2,497		2,044		390		Yes	Jun 2026 to Jul 2027
IBEW Local No. 683 Pension Fund Pension Plan	34-1442087	001	Green	Green	NA	2,466		2,146		905		Yes	Jun 2026 to May 2027
IBEW Local 456 Pension Plan	22-6238995	001	Green	Green	NA	2,368		2,792		1,390		Yes	May 2026
IBEW Local 1579 Pension Plan	58-1254974	001	Green	Green	NA	2,351		—		—		No	Sep 2028
Local 68 Engineers Union Pension Plan	51-0176618	001	Green	Green	NA	2,208		1,548		1,200		Yes	Aug 2026 to Apr 2027
Building Trades United Pension Trust Fund Milwaukee and Vicinity	51-6049409	001	Green	Green	NA	2,164		2,182		1,622		No	May 2026
IBEW Local 701 Pension Fund	36-6455509	001	Green	Green	NA	2,149		3,849		3,989		Yes	May 2026 to Aug 2026
Plumbers & Steamfitters Local 486 Pension Fund	52-6124449	001	Green	Green	NA	2,148		2,796		2,828		Yes	Nov 2028
U.A. Local No. 447 Pension Fund	94-6269669	001	Green	Green	NA	2,049		1,790		1,678		Yes	Jun 2026 to Jun 2030
Joint Pension Fund of Local Union No. 102	22-1615726	001	Green	Green	NA	2,047		1,688		2,868		No	May 2028
Boilermaker-Blacksmith National Pension Trust	48-6168020	001	Red	Red	Implemented	2,004		825		1,140		No	Sep 2026 to Jun 2027
South Florida Electrical Workers Pension Plan	59-6230530	001	Red	Red	Implemented	1,801		91		301		Yes	Dec 2026
Plumbers & Pipefitters Local 162 Pension Fund	31-6125999	001	Yellow	Yellow	Implemented	1,354		1,390		1,243		Yes	May 2026
Plumbing & Pipefitting Industry Local 219 Pension Plan	34-6682376	001	Red	Red	Implemented	1,010		1,098		919		Yes	May 2026
Other Multiemployer Pension Plans						56,463		53,531		51,368			Various
Total Contributions						$	341,910	$	297,050	$	258,829

_________________

(1) The zone status represents the most recent available information for the respective MEPP, which may be from 2024 or earlier for the 2025 year and from 2023 or earlier for the 2024 year. In general, plans with a “green” zone status have a funding ratio of at least 80%, plans with an “orange” or “yellow” zone status have a funding ratio of between 65% and less than 80%, and plans with a “red” zone status are less than 65% funded or are projected to have a funding deficiency in any of the next ten years.

(2) This information was obtained from the respective plan’s Form 5500 (“Forms”) for the most current available filing. These dates may not correspond with our fiscal year contributions. The percentages of contributions are based upon disclosures contained in the plans’ Forms. Those Forms, among other things, disclose the names of individual participating employers whose annual contributions account for more than 5% of the aggregate annual amount contributed by all participating employers for a plan year. Accordingly, if the annual contribution of two or more of our subsidiaries each accounted for less than 5% of such contributions, but in the aggregate accounted for in excess of 5% of such contributions, that greater percentage is not available and therefore is not disclosed.

NOTE 14 - RETIREMENT PLANS (Continued)

The nature and diversity of our operations may result in volatility in the amount of our contributions to a particular MEPP for any given period. That is because, in any given market, a change in the mix, volume of, or size of our projects could result in a change in our direct labor force and a corresponding change in our contributions to the MEPP(s) dictated by the applicable CBA. Additionally, the amount of contributions to a particular MEPP could also be affected by the terms of the CBA, which could require at a particular time, an increase in the contribution rate and/or surcharges. Acquisitions made by us since 2023 have resulted in incremental contributions to various MEPPs of approximately $32.7 million.

Additionally, we contribute to certain multiemployer plans that provide post-retirement benefits such as health and welfare benefits and/or defined contribution/annuity plans, among others. Our contributions to these plans were approximately $383.8 million, $279.9 million, and $243.5 million for the years ended December 31, 2025, 2024, and 2023, respectively. Acquisitions made by us since 2023 have resulted in incremental contributions to such other post-retirement benefit plans of approximately $73.3 million. The amount of contributions to these plans is also subject, for the most part, to the factors discussed above in conjunction with the MEPPs.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

Schedule of Valuation and Qualifying Accounts Disclosure


Description	Balance at Beginning of Year		Costs and Expenses	Deductions (1)	Balance at End of Year
Allowance for credit losses
Year Ended December 31, 2025	$	34,957	7,671	(19,871)	$	22,757
Year Ended December 31, 2024	$	22,502	17,303	(4,848)	$	34,957
Year Ended December 31, 2023	$	22,382	7,859	(7,739)	$	22,502

_________________

(1) Deductions primarily represent uncollectible balances of accounts receivable written off, net of recoveries.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before 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

Schedule of Income Tax Provision

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

Schedule of Effective Income Tax Rate Rec

Items accounting for the differences between income taxes computed at the federal statutory rate and the income tax provision for the years ended December 31, 2025, 2024, and 2023 were as follows (in thousands, except for percentages):


	2025				2024				2023
	Amount		%		Amount		%		Amount		%
U.S. federal statutory tax rate	$	361,541	21.0	%	$	289,250	21.0	%	$	183,230	21.0	%
State and local income taxes, net of federal income tax effect (1)	75,588		4.4	%	69,202		5.0	%	46,752		5.4	%
Foreign tax effects (2)	1,092		0.1	%	1,032		0.1	%	640		0.1	%
Effect of cross-border tax laws:
Global intangible low-taxed income (3)	22,088		1.3	%	—		—	%	—		—	%
Subpart F income inclusion	3,054		0.2	%	—		—	%	—		—	%
Nontaxable or nondeductible items:
Reversal of book gain on sale of United Kingdom operations	(30,424)		(1.8)	%	—		—	%	—		—	%
Other permanent differences	17,122		1.0	%	12,221		0.9	%	9,513		1.1	%
Other adjustments	(1,254)		(0.1)	%	(1,468)		(0.1)	%	(611)		(0.1)	%
Effective tax rate	$	448,807	26.1	%	$	370,237	26.9	%	$	239,524	27.5	%

_________________

(1)For the years ended December 31, 2025, 2024, and 2023, the jurisdictions making up the majority of state and local income taxes were:

2025: California, Virginia, Indiana, Oregon, New York, Georgia, and Massachusetts.

2024: California, Virginia, New Jersey, New York, New York City, Georgia, and Oregon.

2023: California, New York, New York City, Indiana, Oregon, Illinois, Pennsylvania, and Virginia.

(2)Represents the statutory rate difference between the United Kingdom and United States.

(3)The Company’s policy is to recognize the minimum tax on global intangible low-taxed income as an expense in the period incurred.

Schedule of Income Taxes Paid

Income taxes paid (net of refunds received) for the years ended December 31, 2025, 2024, and 2023 were as follows (in thousands):


	2025		2024		2023
Federal	$	358,800	$	306,300	$	167,600
State and local	119,404		97,681		55,981
Foreign	5,220		5,381		6,915
Total	$	483,424	$	409,362	$	230,496

Schedule of Deferred Tax Assets and Liabilities

The deferred income tax assets and deferred income tax liabilities recorded as of December 31, 2025 and 2024 were as follows (in thousands):


	December 31, 2025		December 31, 2024
Deferred income tax assets:
Excess of amounts expensed for financial statement purposes over amounts deducted for income tax purposes:
Insurance liabilities	$	69,064	$	69,664
Operating lease liabilities	117,897		102,667
Deferred compensation	85,020		76,042
Other (including liabilities and reserves)	41,197		49,715
Total deferred income tax assets	313,178		298,088
Valuation allowance for deferred tax assets	(4,148)		(5,076)
Net deferred income tax assets	309,030		293,012

Deferred income tax liabilities:
Costs capitalized for financial statement purposes and deducted for income tax purposes:
Goodwill and identifiable intangible assets	(147,496)		(172,613)
Operating lease right-of-use assets	(110,550)		(94,800)
Depreciation of property, plant, and equipment	(42,532)		(33,284)
Pension asset	(202)		(6,082)
Other	(12,819)		(14,664)
Total deferred income tax liabilities	(313,599)		(321,443)

Net deferred income tax liabilities	$	(4,569)	$	(28,431)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Accounts Receivable, Allowance for Credit Losses

The change in the allowance for credit losses for the year ended December 31, 2025 was as follows (in thousands):


Balance at December 31, 2024	$	34,957
Provision for credit losses	7,671
Amounts written off against the allowance, net of recoveries	(19,871)
Balance at December 31, 2025	$	22,757

Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

Property, plant, and equipment in the accompanying Consolidated Balance Sheets consisted of the following amounts as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Machinery and equipment	$	274,269	$	243,354
Vehicles	73,208		83,422
Furniture and fixtures	32,363		29,150
Computer hardware/software	105,608		107,376
Land, buildings, and leasehold improvements	191,234		162,336
Construction in progress	24,796		13,059
Finance lease right-of-use assets (1)	6,111		6,009
	707,589		644,706
Accumulated depreciation and amortization	(454,312)		(437,217)
	$	253,277	$	207,489

____________________________________________

(1)Finance lease right-of-use assets are recorded net of accumulated amortization.

Acquisitions and Dispositions Of Businesses (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Fair Values of Assets Acquired and Liabilities Assumed

The following tables summarize the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):


Assets:
Cash and cash equivalents	$	18,394
Accounts receivable (1)	222,355
Contract assets	23,120
Inventories	329
Prepaid expenses and other	7,284
Property, plant, and equipment	10,462
Operating lease right-of-use assets	30,345
Goodwill (2)	326,776
Identifiable intangible assets	475,000
Other assets	302
Total assets acquired	$	1,114,367

_________________________

(1)The fair value of accounts receivable acquired was $222.4 million, with the gross contractual amount being $224.4 million. We expect $2.0 million to be uncollectible.

(2)Goodwill is calculated as the excess of the consideration transferred over the fair value of the net assets acquired and represents the projected future economic benefits from this strategic acquisition.


Liabilities:
Accounts payable	$	68,147
Contract liabilities	104,595
Accrued payroll and benefits	9,838
Other accrued expenses and liabilities	22,746
Operating lease liabilities, current	2,573
Operating lease liabilities, long-term	27,771
Other long-term obligations	991
Total liabilities assumed	236,661
Noncontrolling interests	934
Net assets acquired	$	876,772

Fair Values of Identifiable Intangible Assets Acquired and Their Estimated Useful Lives

The following table summarizes the preliminary fair values of identifiable intangible assets (in thousands) and their estimated useful lives (in years). Refer to Note 10 - Fair Value Measurements of the notes to consolidated financial statements for additional information on the valuation methodologies utilized to determine fair value.


Miller Electric	Preliminary Fair Value		Estimated Useful Life
Customer relationships	$	280,000	16.0
Contract backlog	40,000		1.5
Total intangible assets subject to amortization	320,000		14.2
Trade name	155,000		Indefinite
Total identifiable intangible assets	$	475,000

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Performance Obligation Satisfied In Previous Period


	2025		2024		2023
United States electrical construction and facilities services	$	2,513	$	14,006	$	3,350
United States mechanical construction and facilities services	13,834		10,551		13,114
Total impact	$	16,347	$	24,557	$	16,464

Cumulative Catch-Up Adjustment


	2025		2024		2023
United States electrical construction and facilities services	$	50,866	$	27,977	$	12,535
United States mechanical construction and facilities services	35,075		38,342		10,864
United States building services	—		—		5,658
Total impact	$	85,941	$	66,319	$	29,057

Disaggregation of Revenues

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:
Network and communications market sector	$	1,670,355	23	%	$	818,991	13	%	$	410,397	8	%
Commercial market sector	870,245		12	%	989,012		15	%	1,115,993		22	%
Manufacturing and industrial market sector	897,425		13	%	736,775		12	%	698,993		14	%
Healthcare market sector	590,715		8	%	580,676		9	%	489,485		10	%
High-tech manufacturing market sector	997,798		14	%	1,453,384		23	%	845,251		16	%
Institutional market sector	472,420		7	%	455,940		7	%	316,255		6	%
Transportation market sector	49,010		1	%	55,622		1	%	42,789		1	%
Water and wastewater market sector	346,528		5	%	308,329		5	%	286,912		6	%
Hospitality and entertainment market sector	127,893		2	%	70,707		1	%	52,919		1	%
Short duration projects (1)	407,163		6	%	335,900		5	%	324,056		6	%
Service work	634,906		9	%	606,551		9	%	500,853		10	%
	7,064,458				6,411,887				5,083,903
Less intersegment revenues	(13,977)				(6,230)				(9,100)
Total segment revenues	$	7,050,481			$	6,405,657			$	5,074,803

_________________

(1)Represents those projects which generally are completed within three months or less.

NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)


	2025		% of Total		2024		% of Total		2023		% of Total
United States building services:
Mechanical services	$	2,402,269	77	%	$	2,260,607	73	%	$	2,042,244	65	%
Commercial site-based services	563,766		18	%	669,584		21	%	865,232		28	%
Government site-based services	156,207		5	%	184,626		6	%	212,658		7	%
Total segment revenues	$	3,122,242			$	3,114,817			$	3,120,134


	2025		% of Total		2024		% of Total		2023		% of Total
United States industrial services:
Field services	$	1,100,435	87	%	$	1,113,613	87	%	$	991,466	85	%
Shop services	167,664		13	%	163,577		13	%	176,324		15	%
Total segment revenues	$	1,268,099			$	1,277,190			$	1,167,790

Total United States operations	$	16,515,074			$	14,140,591			$	12,146,450


	2025		% of Total		2024		% of Total		2023		% of Total
United Kingdom building services:
Service work	$	238,826	51	%	$	199,658	47	%	$	210,414	48	%
Project work	232,522		49	%	225,867		53	%	226,009		52	%
Total segment revenues	$	471,348			$	425,525			$	436,423

Consolidated revenues	$	16,986,422			$	14,566,116			$	12,582,873

Contract Assets and Contract Liabilities

Net contract liabilities in the accompanying Consolidated Balance Sheets consisted of the following amounts as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Contract assets, current	$	337,717	$	284,791
Contract assets, non-current	—		—
Contract liabilities, current	(2,327,360)		(2,047,540)
Contract liabilities, non-current	(837)		(1,526)
Net contract liabilities	$	(1,990,480)	$	(1,764,275)

Net Contract Liabilities on Uncompleted Construction Projects


	December 31, 2025		December 31, 2024
Costs incurred on uncompleted construction contracts	$	23,380,178	$	18,093,285
Estimated earnings, thereon	5,126,164		3,562,012
	28,506,342		21,655,297
Less: billings to date	30,428,471		23,346,291
	$	(1,922,129)	$	(1,690,994)

Remaining Performance Obligations


	December 31, 2025		% of Total
Remaining performance obligations:
United States electrical construction and facilities services	$	4,963,855	38	%
United States mechanical construction and facilities services	6,929,300		52	%
United States building services	1,188,537		9	%
United States industrial services	171,972		1	%
Total operations	$	13,253,664	100	%

Remaining Performance Obligations, Expected Timing of Satisfaction


	Within one year		Greater than one year
Remaining performance obligations:
United States electrical construction and facilities services	$	3,937,660	$	1,026,195
United States mechanical construction and facilities services	5,621,652		1,307,648
United States building services	1,080,633		107,904
United States industrial services	171,972		—
Total operations	$	10,811,917	$	2,441,747

Share-Based Compensation Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized under share-based compensation plan (in shares)	3,250,000
Shares available for grant or issuance under share-based compensation plan (in shares)	555,142
Compensation expense to be recognized	$ 16,800
Maximum vesting period	3 years
Tax benefit from issuance of stock	$ 7,000	$ 5,700	$ 3,300
Excess tax benefit from share-based compensation	5,006	3,978	1,719
Awards of Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 20,600	$ 20,000	$ 13,700
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance deferral period	10 years
Restricted Stock Units (RSUs) \| Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested, but issuance deferred (in shares)	30,566
Restricted Stock Units (RSUs) \| Former employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares vested, but issuance deferred (in shares)	5,269

Consolidated Statements Of Equity - USD ($)
$ in Thousands

Total

Common Stock

Capital Surplus

Accumulated Other Comprehensive Loss

^[1]

Retained Earnings

Treasury Stock

Noncontrolling Interests

Balance at Dec. 31, 2022

$ 1,974,291

$ 609

$ 74,795

$ (93,451)

$ 3,214,281

$ (1,222,645)

$ 702

Increase (Decrease) in Stockholders' Equity [Roll Forward]

633,329

632,994

335

Common stock issued under share-based compensation plans

7,747

(2)

Tax withholding for common stock issued under share-based compensation plans

(6,060)

Common stock issued under employee stock purchase plan

9,189

Common stock dividends

(32,684)

(32,836)

Common stock dividends, accrued dividend shares

152

Share-based compensation expense

(128,736)

13,739

Balance at Dec. 31, 2023

2,470,815

611

91,813

(85,704)

3,814,439

(1,351,381)

1,037

Increase (Decrease) in Stockholders' Equity [Roll Forward]

1,007,145

Common stock issued under share-based compensation plans

177

(1)

Tax withholding for common stock issued under share-based compensation plans

(15,397)

Common stock issued under employee stock purchase plan

943

Common stock dividends

(43,384)

(43,523)

Common stock dividends, accrued dividend shares

139

Share-based compensation expense

(501,583)

19,978

Balance at Dec. 31, 2024

2,938,694

612

97,475

(85,527)

4,778,061

(1,852,964)

1,037

Increase (Decrease) in Stockholders' Equity [Roll Forward]

1,272,817

Common stock issued under share-based compensation plans

83,611

(1)

Tax withholding for common stock issued under share-based compensation plans

(16,816)

Common stock dividends

(45,023)

(45,106)

Common stock dividends, accrued dividend shares

Acquisition of noncontrolling interests

(578,897)

934

Distributions to noncontrolling interests

(934)

Share-based compensation expense

20,595

Balance at Dec. 31, 2025

$ 3,674,981

$ 613

$ 101,336

$ (1,916)

$ 6,005,772

$ (2,431,861)

$ 1,037

[1]

Represents cumulative foreign currency translation adjustment of $(1.9) million as of December 31, 2025 and cumulative foreign currency translation and post-retirement liability adjustments of $(4.7) million and $(80.8) million, respectively, as of December 31, 2024, and $(1.8) million and $(83.9) million, respectively, as of December 31, 2023.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Goodwill, Identifiable Intangible Assets, And Other Long-Lived Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2025 and 2024 were as follows (in thousands):


	United States electrical construction and facilities services segment		United States mechanical construction and facilities services segment		United States building services segment		United States industrial services segment		Total
Balance at December 31, 2023	$	178,013	$	318,353	$	346,095	$	114,088	$	956,549
Acquisitions	13,739		26,111		12,210		9,806		61,866
Balance at December 31, 2024	191,752		344,464		358,305		123,894		1,018,415
Acquisitions	326,810		58,022		9,167		—		393,999
Balance at December 31, 2025	$	518,562	$	402,486	$	367,472	$	123,894	$	1,412,414

Schedule of Intangible Assets

Identifiable intangible assets as of December 31, 2025 and 2024 consisted of the following (in thousands):


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Charge		Total
Customer relationships	$	1,255,279	$	(624,990)	$	(4,834)	$	625,455
Trade names (indefinite-lived)	503,071		—		(58,933)		444,138
Contract backlog	147,595		(123,164)		—		24,431
Developed technology/Vendor network	95,661		(87,888)		—		7,773
Trade names (finite-lived)	40,491		(33,460)		—		7,031
Total	$	2,042,097	$	(869,502)	$	(63,767)	$	1,108,828


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Charge		Total
Customer relationships	$	902,216	$	(543,913)	$	(4,834)	$	353,469
Trade names (indefinite-lived)	330,271		—		(58,933)		271,338
Contract backlog	96,045		(93,460)		—		2,585
Developed technology/Vendor network	95,661		(83,338)		—		12,323
Trade names (finite-lived)	38,491		(30,026)		—		8,465
Total	$	1,462,684	$	(750,737)	$	(63,767)	$	648,180

Schedule of Estimated Future Amortization Expense

The following table presents the estimated future amortization expense of identifiable intangible assets in the following years (in thousands):



2026	$	113,570
2027	75,612
2028	66,541
2029	60,660
2030	54,028
Thereafter	294,279
	$	664,690

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Schedule of Lease Assets and Liabilities

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

The following table presents our lease-related assets and liabilities as of December 31, 2025 and 2024 (in thousands):


	Classification on the Consolidated Balance Sheet	December 31, 2025		December 31, 2024
Assets
Operating lease assets	Operating lease right-of-use assets	$	439,029	$	316,128
Finance lease assets	Property, plant, and equipment, net	6,111		6,009
Total lease assets		$	445,140	$	322,137

Liabilities
Current
Operating	Operating lease liabilities, current	$	99,213	$	81,247
Finance	Other accrued expenses and liabilities	2,399		2,246
Noncurrent
Operating	Operating lease liabilities, long-term	368,996		261,575
Finance	Other long-term obligations	3,949		3,849
Total lease liabilities		$	474,557	$	348,917

Schedule of Lease Costs

The following table presents information related to our lease expense for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Finance lease expense:
Amortization expense	$	2,855	$	2,604	$	2,816
Interest expense	320		254		175
Operating lease expense	121,996		103,261		93,158
Short-term lease expense (1)	382,289		290,267		224,047
Variable lease expense	8,163		7,137		9,482
Total lease expense	$	515,623	$	403,523	$	329,678

_________________

(1)Short-term lease expense includes both leases and rentals with initial terms of one year or less and predominantly represents equipment used on construction projects.

Sublease rental income was approximately $1.0 million, $4.6 million, and $6.7 million for the years ended December 31, 2025, 2024, and 2023, respectively.

NOTE 16 - LEASES (Continued)

Lease Term and Discount Rate

The following table presents certain information related to the lease terms and discount rates for our leases as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term:
Operating leases	6.9 years		5.1 years
Finance leases	3.1 years		3.4 years
Weighted-average discount rate:
Operating leases	5.01	%	4.43	%
Finance leases	5.10	%	4.67	%

Other Information

The following table presents supplemental cash flow information related to our leases for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	118,840	$	101,611	$	90,412
Operating cash flows used for finance leases	$	320	$	254	$	175
Financing cash flows used for finance leases	$	2,692	$	2,855	$	2,776
Right-of-use assets obtained in exchange for new operating lease liabilities	$	219,965	$	94,538	$	125,417
Right-of-use assets obtained in exchange for new finance lease liabilities	$	2,882	$	3,412	$	1,427

Schedule of Maturity of Operating Leases

The following table reconciles our future minimum lease payments on an undiscounted cash flow basis to our lease liabilities reported in the Consolidated Balance Sheet as of December 31, 2025 (in thousands):


	Operating Leases		Finance Leases
2026	$	119,602	$	2,654
2027	96,345		2,051
2028	79,533		1,221
2029	65,874		633
2030	50,498		255
Thereafter	151,835		37
Total minimum lease payments	563,687		6,851
Less: Amount of lease payments representing interest	(95,478)		(503)
Present value of future minimum lease payments	$	468,209	$	6,348

Current portion of lease liabilities	$	99,213	$	2,399
Noncurrent portion of lease liabilities	368,996		3,949
Present value of future minimum lease payments	$	468,209	$	6,348

Schedule of Maturity of Finance Leases


	Operating Leases		Finance Leases
2026	$	119,602	$	2,654
2027	96,345		2,051
2028	79,533		1,221
2029	65,874		633
2030	50,498		255
Thereafter	151,835		37
Total minimum lease payments	563,687		6,851
Less: Amount of lease payments representing interest	(95,478)		(503)
Present value of future minimum lease payments	$	468,209	$	6,348

Current portion of lease liabilities	$	99,213	$	2,399
Noncurrent portion of lease liabilities	368,996		3,949
Present value of future minimum lease payments	$	468,209	$	6,348

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

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 are the same as those applied at the consolidated financial statement level as described in Note 2 - Summary of Significant Accounting Policies of the notes to consolidated financial statements.

The following tables present the revenues and operating income for each of our reportable segments for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Revenues from unrelated entities:
United States electrical construction and facilities services	$	5,074,252	$	3,342,927	$	2,783,723
United States mechanical construction and facilities services	7,050,481		6,405,657		5,074,803
United States building services	3,122,242		3,114,817		3,120,134
United States industrial services	1,268,099		1,277,190		1,167,790
Total United States operations	16,515,074		14,140,591		12,146,450
United Kingdom building services	471,348		425,525		436,423
Consolidated revenues	$	16,986,422	$	14,566,116	$	12,582,873

	2025		2024		2023
Total revenues:
United States electrical construction and facilities services	$	5,135,887	$	3,370,506	$	2,786,895
United States mechanical construction and facilities services	7,123,644		6,458,776		5,134,686
United States building services	3,171,057		3,166,680		3,228,056
United States industrial services	1,292,664		1,284,327		1,179,321
Less intersegment revenues	(208,178)		(139,698)		(182,508)
Total United States operations	16,515,074		14,140,591		12,146,450
United Kingdom building services	471,348		425,525		436,423
Consolidated revenues	$	16,986,422	$	14,566,116	$	12,582,873

NOTE 18 - SEGMENT INFORMATION (Continued)


	2025		2024		2023
Operating income (loss):
United States electrical construction and facilities services	$	611,952	$	447,186	$	230,640
United States mechanical construction and facilities services	905,325		799,613		530,644
United States building services	187,192		176,720		182,995
United States industrial services	24,998		44,213		35,375
Total United States operations	1,729,467		1,467,732		979,654
United Kingdom building services	20,969		21,485		25,681
Corporate administration	(181,894)		(144,354)		(127,229)
Gain on sale of United Kingdom operations	144,876		—		—
Impairment loss on long-lived assets	—		—		(2,350)
Consolidated operating income	1,713,418		1,344,863		875,756
Other items:
Net periodic pension income (cost)	211		894		(1,119)
Interest expense	(12,020)		(3,779)		(17,199)
Interest income	20,015		35,404		15,415
Income before income taxes	$	1,721,624	$	1,377,382	$	872,853


	2025		2024		2023
Cost of sales:
United States electrical construction and facilities services	$	4,068,755	$	2,673,491	$	2,359,816
United States mechanical construction and facilities services	5,625,203		5,147,903		4,188,707
United States building services	2,503,079		2,516,745		2,567,993
United States industrial services	1,087,976		1,086,503		997,951
Total United States operations	13,285,013		11,424,642		10,114,467
United Kingdom building services	418,421		376,423		379,067
Consolidated cost of sales	$	13,703,434	$	11,801,065	$	10,493,534


	2025		2024		2023
Selling, general and administrative expenses:
United States electrical construction and facilities services	$	393,545	$	222,250	$	193,267
United States mechanical construction and facilities services	519,953		458,141		355,452
United States building services	431,971		421,353		369,146
United States industrial services	155,125		146,474		134,464
Total United States operations	1,500,594		1,248,218		1,052,329
United Kingdom building services	31,958		27,616		31,675
Corporate administration	181,894		144,354		127,229
Consolidated selling, general and administrative expenses	$	1,714,446	$	1,420,188	$	1,211,233

NOTE 18 - SEGMENT INFORMATION (Continued)

The following tables present other financial information for each of our reportable segments as of or for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Depreciation and amortization of property, plant, and equipment:
United States electrical construction and facilities services	$	10,283	$	7,928	$	8,402
United States mechanical construction and facilities services	22,384		16,133		12,503
United States building services	16,189		15,716		15,672
United States industrial services	13,298		12,265		11,146
Total United States operations	62,154		52,042		47,723
United Kingdom building services	3,873		3,750		3,116
Corporate administration	1,341		886		983
Total depreciation and amortization of property, plant, and equipment	$	67,368	$	56,678	$	51,822


	2025		2024		2023
Amortization of identifiable intangible assets:
United States electrical construction and facilities services	$	48,307	$	6,773	$	9,583
United States mechanical construction and facilities services	25,584		25,320		15,302
United States building services	21,478		21,606		19,621
United States industrial services	23,683		23,303		22,637
Total amortization of identifiable intangible assets	$	119,052	$	77,002	$	67,143


	2025		2024		2023
Capital expenditures:
United States electrical construction and facilities services	$	20,513	$	9,467	$	6,929
United States mechanical construction and facilities services	51,137		31,057		37,543
United States building services	15,076		18,314		19,843
United States industrial services	12,911		9,341		10,433
Total United States operations	99,637		68,179		74,748
United Kingdom building services	7,048		5,643		1,984
Corporate administration	6,065		1,128		1,672
Total capital expenditures	$	112,750	$	74,950	$	78,404


	December 31, 2025		December 31, 2024		December 31, 2023
Total assets:
United States electrical construction and facilities services	$	2,686,933	$	1,314,577	$	1,243,707
United States mechanical construction and facilities services	3,206,671		2,659,184		2,242,833
United States building services	1,436,779		1,396,236		1,382,664
United States industrial services	524,883		606,861		571,658
Total United States operations	7,855,266		5,976,858		5,440,862
United Kingdom building services	—		283,897		277,066
Corporate administration	1,436,133		1,455,718		891,793
Total assets	$	9,291,399	$	7,716,473	$	6,609,721

NOTE 18 - SEGMENT INFORMATION (Continued)


	December 31, 2025		December 31, 2024		December 31, 2023
Long-lived assets:
United States	$	692,306	$	509,181	$	476,595
United Kingdom	—		14,436		13,281
Total long-lived assets	$	692,306	$	523,617	$	489,876

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Retirement Plans - Schedule of Multiemployer Plans (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Multiemployer Plans, Pension

11-2125338

Multiemployer Plans, Pension | National Electrical Benefit Fund

$ 341,910

$ 297,050

$ 258,829

53-0181657

001

^[1]

Green

$ 33,566

$ 23,255

18,128

Multiemployer Plans, Pension | National Automatic Sprinkler Industry Pension Fund

^[2]

true

52-6054620

001

^[1]

Green

$ 32,138

$ 30,719

25,559

Multiemployer Plans, Pension | United Association National Pension Fund

^[2]

true

52-6152779

001

^[1]

Green

$ 25,387

$ 21,839

16,815

Multiemployer Plans, Pension | Electrical Workers Local No. 26 Pension Trust Fund

^[2]

false

52-6117919

001

^[1]

Green

$ 14,059

$ 12,472

8,283

Multiemployer Plans, Pension | Tidewater Electrical Industry Pension Fund

^[2]

true

54-6127076

001

^[1]

Green

$ 12,078

$ 0

Multiemployer Plans, Pension | Sheet Metal Workers National Pension Fund

^[2]

false

52-6112463

001

^[1]

Green

$ 11,871

$ 12,795

10,797

Multiemployer Plans, Pension | Central Pension Fund of the IUOE & Participating Employers

^[2]

true

36-6052390

001

^[1]

Green

$ 8,855

$ 9,433

8,573

Multiemployer Plans, Pension | Pipefitters Union Local 537 Pension Fund

^[2]

false

51-6030859

001

^[1]

Green

$ 8,228

$ 6,656

5,179

Multiemployer Plans, Pension | Plumbers Pipefitters & Mechanical Equipment Service Local Union No 392 Pension Plan

^[2]

true

31-0655223

001

^[1]

Yellow

Implemented

$ 8,124

$ 7,728

7,010

Multiemployer Plans, Pension | Pension, Hospitalization & Benefit Plan of the Electrical Industry-Pension Trust Account

^[2]

true

13-6123601

001

^[1]

Green

$ 7,861

$ 6,982

7,198

Multiemployer Plans, Pension | Heating, Piping & Refrigeration Pension Fund

^[2]

true

52-1058013

001

^[1]

Green

$ 7,843

$ 5,710

5,315

Multiemployer Plans, Pension | Edison Pension Plan

^[2]

true

93-6061681

001

^[1]

Green

$ 6,931

$ 7,982

5,840

Multiemployer Plans, Pension | Electrical Contractors Association of the City of Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Pension Plan #2

^[2]

true

51-6030753

002

^[1]

Green

$ 5,971

$ 4,341

4,432

Multiemployer Plans, Pension | Southern California Pipe Trades Retirement Fund

^[2]

true

51-6108443

001

^[1]

Green

$ 5,914

$ 5,447

4,657

Multiemployer Plans, Pension | Electrical Workers Pension Plan Local 103 IBEW

^[2]

true

04-6063734

001

^[1]

Green

$ 5,230

$ 5,133

6,537

Multiemployer Plans, Pension | San Diego Electrical Pension Plan

^[2]

true

95-6101801

001

^[1]

Green

$ 5,147

$ 7,039

5,511

Multiemployer Plans, Pension | Atlanta Plumbers and Steamfitters Pension Fund

^[2]

true

58-1233396

001

^[1]

Green

$ 4,959

$ 4,133

1,691

Multiemployer Plans, Pension | Plumbers & Pipefitters Local No. 189 Pension Plan

^[2]

true

31-0894807

001

^[1]

Green

$ 4,720

$ 2,744

2,557

Multiemployer Plans, Pension | NECA-IBEW Pension Trust Fund

^[2]

true

51-6029903

001

^[1]

Green

$ 4,680

$ 3,242

2,228

Multiemployer Plans, Pension | Eighth District Electrical Pension Fund

^[2]

false

84-6100393

001

^[1]

Green

$ 4,532

$ 4,476

3,844

Multiemployer Plans, Pension | Sheet Metal Workers Pension Plan of Northern California

^[2]

true

51-6115939

001

^[1]

Red

Implemented

$ 3,793

$ 5,245

5,738

Multiemployer Plans, Pension | Michiana Area Electrical Workers Pension Fund

^[2]

true

35-6269273

001

^[1]

Green

$ 3,779

$ 1,783

391

Multiemployer Plans, Pension | Sheet Metal Workers Pension Plan of Southern California, Arizona & Nevada

^[2]

true

95-6052257

001

^[1]

Green

$ 3,611

$ 3,783

3,399

Multiemployer Plans, Pension | IBEW Local No. 82 Pension Plan

^[2]

false

31-6127268

001

^[1]

Green

$ 3,527

$ 3,325

3,701

Multiemployer Plans, Pension | Northern California Pipe Trades Pension Plan

^[2]

true

94-3190386

001

^[1]

Green

$ 3,187

$ 3,310

6,317

Multiemployer Plans, Pension | U.A. Local 393 Pension Trust Fund Defined Benefit

^[2]

false

94-6359772

002

^[1]

Green

$ 3,118

$ 3,734

3,263

Multiemployer Plans, Pension | Arizona Pipe Trades Pension Trust Fund

^[2]

true

86-6025734

001

^[1]

Green

$ 3,086

$ 4,038

3,048

Multiemployer Plans, Pension | Plumbers and Steamfitters Local No. 166 AFL - CIO Pension Plan

^[2]

true

51-6132690

001

^[1]

Green

$ 3,014

$ 2,046

1,773

Multiemployer Plans, Pension | U.A. Plumbers Local 24 Pension Fund

^[2]

true

22-6042823

001

^[1]

Green

$ 2,997

$ 2,231

2,295

Multiemployer Plans, Pension | Southern California IBEW-NECA Pension Plan

^[2]

true

95-6392774

001

^[1]

Yellow

Implemented

$ 2,942

$ 4,279

3,801

Multiemployer Plans, Pension | Idaho Plumbers and Pipefitters Pension Plan

^[2]

true

82-6010346

001

^[1]

Green

$ 2,844

$ 1,281

1,138

Multiemployer Plans, Pension | Pension and Retirement Plan of Plumbers and Pipefitters Union, Local No. 525

^[2]

true

88-6003864

001

^[1]

Green

$ 2,839

$ 2,099

1,970

Multiemployer Plans, Pension | IBEW Local No. 640 & Arizona Chapter NECA Defined Benefit Pension Plan

^[2]

true

86-0323980

001

^[1]

Green

$ 2,497

$ 2,044

390

Multiemployer Plans, Pension | IBEW Local No. 683 Pension Fund Pension Plan

^[2]

true

34-1442087

001

^[1]

Green

$ 2,466

$ 2,146

905

Multiemployer Plans, Pension | IBEW Local 456 Pension Plan

^[2]

true

22-6238995

001

^[1]

Green

$ 2,368

$ 2,792

1,390

Multiemployer Plans, Pension | IBEW Local 1579 Pension Plan

^[2]

true

58-1254974

001

^[1]

Green

$ 2,351

$ 0

Multiemployer Plans, Pension | Local 68 Engineers Union Pension Plan

^[2]

false

51-0176618

001

^[1]

Green

$ 2,208

$ 1,548

1,200

Multiemployer Plans, Pension | Building Trades United Pension Trust Fund Milwaukee and Vicinity

^[2]

true

51-6049409

001

^[1]

Green

$ 2,164

$ 2,182

1,622

Multiemployer Plans, Pension | IBEW Local 701 Pension Fund

^[2]

false

36-6455509

001

^[1]

Green

$ 2,149

$ 3,849

3,989

Multiemployer Plans, Pension | Plumbers & Steamfitters Local 486 Pension Fund

^[2]

true

52-6124449

001

^[1]

Green

$ 2,148

$ 2,796

2,828

Multiemployer Plans, Pension | U.A. Local No. 447 Pension Fund

^[2]

true

94-6269669

001

^[1]

Green

$ 2,049

$ 1,790

1,678

Multiemployer Plans, Pension | Joint Pension Fund of Local Union No. 102

^[2]

true

22-1615726

001

^[1]

Green

$ 2,047

$ 1,688

2,868

Multiemployer Plans, Pension | Boilermaker-Blacksmith National Pension Trust

^[2]

false

48-6168020

001

^[1]

Red

Implemented

$ 2,004

$ 825

1,140

Multiemployer Plans, Pension | South Florida Electrical Workers Pension Plan

^[2]

false

59-6230530

001

^[1]

Red

Implemented

$ 1,801

$ 91

301

Multiemployer Plans, Pension | Plumbers & Pipefitters Local 162 Pension Fund

^[2]

true

31-6125999

001

^[1]

Yellow

Implemented

$ 1,354

$ 1,390

1,243

Multiemployer Plans, Pension | Plumbing & Pipefitting Industry Local 219 Pension Plan

^[2]

true

34-6682376

001

^[1]

Red

Implemented

$ 1,010

$ 1,098

919

Multiemployer Plans, Pension | Other Multiemployer Pension Plans

^[2]

true

$ 56,463

$ 53,531

$ 51,368

[1]

The zone status represents the most recent available information for the respective MEPP, which may be from 2024 or earlier for the 2025 year and from 2023 or earlier for the 2024 year. In general, plans with a “green” zone status have a funding ratio of at least 80%, plans with an “orange” or “yellow” zone status have a funding ratio of between 65% and less than 80%, and plans with a “red” zone status are less than 65% funded or are projected to have a funding deficiency in any of the next ten years.

[2]

This information was obtained from the respective plan’s Form 5500 (“Forms”) for the most current available filing. These dates may not correspond with our fiscal year contributions. The percentages of contributions are based upon disclosures contained in the plans’ Forms. Those Forms, among other things, disclose the names of individual participating employers whose annual contributions account for more than 5% of the aggregate annual amount contributed by all participating employers for a plan year. Accordingly, if the annual contribution of two or more of our subsidiaries each accounted for less than 5% of such contributions, but in the aggregate accounted for in excess of 5% of such contributions, that greater percentage is not available and therefore is not disclosed.

Earnings Per Share Antidilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,393	14,393	8,700

Goodwill, Identifiable Intangible Assets, And Other Long-Lived Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Goodwill, Beginning balance	$ 1,018,415	$ 956,549
Acquisitions	393,999	61,866
Goodwill, Ending balance	1,412,414	1,018,415
United States Electrical Construction And Facilities Services
Goodwill [Roll Forward]
Goodwill, Beginning balance	191,752	178,013
Acquisitions	326,810	13,739
Goodwill, Ending balance	518,562	191,752
United States Mechanical Construction And Facilities Services
Goodwill [Roll Forward]
Goodwill, Beginning balance	344,464	318,353
Acquisitions	58,022	26,111
Goodwill, Ending balance	402,486	344,464
United States Building Services
Goodwill [Roll Forward]
Goodwill, Beginning balance	358,305	346,095
Acquisitions	9,167	12,210
Goodwill, Ending balance	367,472	358,305
United States Industrial Services
Goodwill [Roll Forward]
Goodwill, Beginning balance	123,894	114,088
Acquisitions	0	9,806
Goodwill, Ending balance	$ 123,894	$ 123,894

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 740
-Name Accounting Standards Codification
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 39
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2025

Share-Based Compensation Plans

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 approximately $20.6 million, $20.0 million, and $13.7 million of compensation expense for stock units awarded to non-employee directors and employees pursuant to our incentive plan for the years ended December 31, 2025, 2024, and 2023, respectively. We have approximately $16.8 million of compensation expense, net of income taxes, which will be recognized over the remaining vesting periods of up to 3 years.

NOTE 13 - SHARE-BASED COMPENSATION PLANS (Continued)

The income tax benefit derived in 2025, 2024, and 2023 as a result of share-based compensation was approximately $7.0 million, $5.7 million, and $3.3 million, respectively, of which approximately $5.0 million, $4.0 million, and $1.7 million, respectively, represented excess tax benefits.

Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Finance lease expense:

Amortization expense

$ 2,855

$ 2,604

$ 2,816

Interest expense

320

254

175

Operating lease expense

121,996

103,261

93,158

Short-term lease expense

^[1]

382,289

290,267

224,047

Variable lease expense

8,163

7,137

9,482

Total lease expense

$ 515,623

$ 403,523

$ 329,678

[1]	Short-term lease expense includes both leases and rentals with initial terms of one year or less and predominantly represents equipment used on construction projects.

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories in the accompanying Consolidated Balance Sheets consisted of the following amounts as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Raw materials and construction materials	$	119,789	$	83,935
Work in process	6,463		11,732
Inventories	$	126,252	$	95,667

Property, Plant, and Equipment (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Accumulated depreciation and amortization

$ 707,589

$ 644,706

(454,312)

(437,217)

Property, plant, and equipment, net

253,277

207,489

Depreciation and amortization

67,368

56,678

$ 51,822

Machinery and equipment

274,269

243,354

Vehicles

73,208

83,422

Furniture and fixtures

Computer hardware/software

32,363

29,150

Land, buildings, and leasehold improvements

105,608

107,376

191,234

162,336

Construction in progress

Finance lease right-of-use assets (1)

24,796

13,059

Share-Based Payment Arrangement [Abstract]

^[1]

$ 6,111

$ 6,009

[1]	Finance lease right-of-use assets are recorded net of accumulated amortization.

Summary of Significant Accounting Policies - Schedule of Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses, beginning balance	$ 34,957
Provision for credit losses	7,671	$ 17,303	$ 7,859
Amounts written off against the allowance, net of recoveries	(19,871)
Allowance for credit losses, ending balance	$ 22,757	$ 34,957

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories in the accompanying Consolidated Balance Sheets consisted of the following amounts as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Raw materials and construction materials	$	119,789	$	83,935
Work in process	6,463		11,732
Inventories	$	126,252	$	95,667

The increase in inventories as of December 31, 2025, compared to December 31, 2024, was a result of advanced purchases of materials and equipment for use on specific construction projects in an effort to mitigate the impact of long lead times

Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of activity of restricted stock units

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

Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands

Dec. 31, 2025

Feb. 03, 2025

Dec. 31, 2024

Dec. 31, 2023

Goodwill

$ 1,412,414

$ 1,018,415

$ 956,549

Miller Electric

Prepaid expenses and other

$ 18,394

Accounts receivable

^[1]

222,355

Contract assets

23,120

Inventories

329

7,284

Property, plant, and equipment

10,462

Operating lease right-of-use assets

30,345

Goodwill

^[2]

326,776

Identifiable intangible assets

475,000

Other assets

302

Total assets acquired

1,114,367

Accounts payable

68,147

Contract liabilities

104,595

Accrued payroll and benefits

9,838

Other accrued expenses and liabilities

22,746

Operating lease liabilities, current

2,573

Operating lease liabilities, long-term

27,771

Other long-term obligations

991

Total liabilities assumed

236,661

Noncontrolling interests

934

Net assets acquired

876,772

Gross accounts receivable

224,400

Uncollectible accounts receivable

$ 2,000

[1]	The fair value of accounts receivable acquired was $222.4 million, with the gross contractual amount being $224.4 million. We expect $2.0 million to be uncollectible.
[2]	Goodwill is calculated as the excess of the consideration transferred over the fair value of the net assets acquired and represents the projected future economic benefits from this strategic acquisition.

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenues (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

$ 16,986,422

$ 14,566,116

$ 12,582,873

UNITED STATES

United States Electrical Construction And Facilities Services | UNITED STATES

16,515,074

14,140,591

12,146,450

United States Mechanical Construction And Facilities Services | UNITED STATES

5,074,252

3,342,927

2,783,723

United States Building Services | UNITED STATES

7,050,481

6,405,657

5,074,803

United States Industrial Services | UNITED STATES

3,122,242

3,114,817

3,120,134

United Kingdom Building Services | UNITED KINGDOM

1,268,099

1,277,190

1,167,790

Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

471,348

425,525

436,423

Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

5,080,078

3,349,115

2,786,007

Intersegment Eliminations [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

7,064,458

6,411,887

5,083,903

Intersegment Eliminations [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

(5,826)

(6,188)

(2,284)

Network and Communications Market Sector | Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

(13,977)

(6,230)

(9,100)

$ 2,461,883

$ 1,442,877

$ 934,455

Network and Communications Market Sector | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

48.00%

43.00%

34.00%

$ 1,670,355

$ 818,991

$ 410,397

Commercial Market Sector [Member] | Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

23.00%

13.00%

8.00%

$ 430,083

$ 310,730

$ 402,886

Commercial Market Sector [Member] | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

8.00%

9.00%

14.00%

$ 870,245

$ 989,012

$ 1,115,993

Manufacturing and Industrial Market Sector [Member] | Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

12.00%

15.00%

22.00%

$ 467,621

$ 439,450

$ 394,804

Manufacturing and Industrial Market Sector [Member] | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

9.00%

13.00%

14.00%

$ 897,425

$ 736,775

$ 698,993

Healthcare Market Sector [Member] | Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

13.00%

12.00%

14.00%

$ 463,075

$ 242,458

$ 242,931

Healthcare Market Sector [Member] | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

9.00%

7.00%

9.00%

$ 590,715

$ 580,676

$ 489,485

High-Tech Manufacturing Market Sector | Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

8.00%

9.00%

10.00%

$ 134,310

$ 190,992

$ 140,471

High-Tech Manufacturing Market Sector | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

3.00%

6.00%

5.00%

$ 997,798

$ 1,453,384

$ 845,251

Institutional Market Sector [Member] | Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

14.00%

23.00%

16.00%

$ 283,518

$ 174,073

$ 147,375

Institutional Market Sector [Member] | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

6.00%

5.00%

$ 472,420

$ 455,940

$ 316,255

Transportation Market Sector [Member] | Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

7.00%

6.00%

$ 261,703

$ 210,835

$ 167,976

Transportation Market Sector [Member] | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

5.00%

6.00%

$ 49,010

$ 55,622

$ 42,789

Water and Wastewater Market Sector [Member] | Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

1.00%

$ 39,231

$ 27,751

$ 21,234

Water and Wastewater Market Sector [Member] | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

1.00%

$ 346,528

$ 308,329

$ 286,912

Hospitality and Entertainment Market Sector [Member] | Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

5.00%

6.00%

$ 128,940

$ 66,982

$ 81,815

Hospitality and Entertainment Market Sector [Member] | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

3.00%

2.00%

3.00%

$ 127,893

$ 70,707

$ 52,919

Short Duration Projects [Member] | Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

2.00%

1.00%

^[1]

$ 314,357

$ 180,020

$ 186,722

Short Duration Projects [Member] | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

6.00%

7.00%

^[1]

$ 407,163

$ 335,900

$ 324,056

Service Work [Member] | Operating Segments [Member] | United States Electrical Construction And Facilities Services | UNITED STATES

6.00%

5.00%

6.00%

$ 95,357

$ 62,947

$ 65,338

Service Work [Member] | Operating Segments [Member] | United States Mechanical Construction And Facilities Services | UNITED STATES

2.00%

$ 634,906

$ 606,551

$ 500,853

Service Work [Member] | Operating Segments [Member] | United Kingdom Building Services | UNITED KINGDOM

9.00%

10.00%

$ 238,826

$ 199,658

$ 210,414

Mechanical Services [Member] | Operating Segments [Member] | United States Building Services | UNITED STATES

51.00%

47.00%

48.00%

$ 2,402,269

$ 2,260,607

$ 2,042,244

Commercial Site-Based Services [Member] | Operating Segments [Member] | United States Building Services | UNITED STATES

77.00%

73.00%

65.00%

$ 563,766

$ 669,584

$ 865,232

Government Site-Based Services [Member] | Operating Segments [Member] | United States Building Services | UNITED STATES

18.00%

21.00%

28.00%

$ 156,207

$ 184,626

$ 212,658

Field Services [Member] | Operating Segments [Member] | United States Industrial Services | UNITED STATES

5.00%

6.00%

7.00%

$ 1,100,435

$ 1,113,613

$ 991,466

Shop Services [Member] | Operating Segments [Member] | United States Industrial Services | UNITED STATES

87.00%

85.00%

$ 167,664

$ 163,577

$ 176,324

Project Work [Member] | Operating Segments [Member] | United Kingdom Building Services | UNITED KINGDOM

13.00%

15.00%

$ 232,522

$ 225,867

$ 226,009

Goodwill and Intangible Assets Disclosure [Abstract]

49.00%

53.00%

52.00%

[1]	Represents those projects which generally are completed within three months or less.

Revenue from Contracts with Customers - Schedule of Performance Obligation Satisfied in Previous Period (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
UNITED STATES
Performance Obligation Satisfied in Previous Period [Line Items]
Performance obligation satisfied in previous period	$ 16,347,000	$ 24,557,000	$ 16,464,000
UNITED STATES \| United States Electrical Construction And Facilities Services
Performance Obligation Satisfied in Previous Period [Line Items]
Performance obligation satisfied in previous period	2,513,000	14,006,000	3,350,000
UNITED STATES \| United States Mechanical Construction And Facilities Services
Performance Obligation Satisfied in Previous Period [Line Items]
Performance obligation satisfied in previous period	13,834,000	$ 10,551,000	$ 13,114,000
Minimum
Performance Obligation Satisfied in Previous Period [Line Items]
Performance obligation satisfied in previous period	$ 1,000,000.0

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table summarizes our calculation of Basic and Diluted Earnings per Common Share (“EPS”) for the years ended December 31, 2025, 2024, and 2023 (in thousands, except share and per share data):


	2025		2024		2023
Numerator:
Net income attributable to EMCOR Group, Inc.	$	1,272,817	$	1,007,145	$	632,994
Denominator:
Weighted average shares outstanding used to compute basic earnings per common share	44,982,102		46,616,079		47,358,467
Effect of dilutive securities—Share-based awards	163,665		192,214		205,791
Shares used to compute diluted earnings per common share	45,145,767		46,808,293		47,564,258

Basic earnings per common share	$	28.30	$	21.61	$	13.37

Diluted earnings per common share	$	28.19	$	21.52	$	13.31

The number of outstanding share-based awards excluded from the computation of diluted EPS for the years ended December 31, 2025, 2024, and 2023 because they would be anti-dilutive were 7,393, 14,393, and 8,700, respectively.

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) employee collective_bargaining_agreement
Loss Contingencies [Line Items]
Number of collective bargaining agreements that are national or regional in scope \| collective_bargaining_agreement	2
Minimum
Loss Contingencies [Line Items]
Number of employees \| employee	44,000
Number of collective bargaining agreements between our individual subsidiaries and local unions \| collective_bargaining_agreement	450
Surety Bond [Member]
Loss Contingencies [Line Items]
Estimated exposure, contracts with surety bonds \| $	$ 3,030.0
Estimated exposure, contracts with surety bonds, RPO percentage	23.00%
Surety bonds for insurance \| $	$ 105.5
Unionized Employees Concentration Risk [Member] \| Workforce Subject to Collective Bargaining Arrangements [Member]
Loss Contingencies [Line Items]
Percentage of employees represented by unions	62.00%

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	1-8267
Entity Registrant Name	EMCOR Group, Inc.
Entity Incorporation, State or Country Code	DE
EIN	11-2125338
Entity Address, Address Line One	301 Merritt Seven
Entity Address, City or Town	Norwalk,
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06851-1092
City Area Code	(203)
Local Phone Number	849-7800
Title of 12(b) Security	Common Stock
Trading Symbol	EME
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business Flag	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 17,258,000,000
Entity Common Stock, Shares Outstanding		44,532,566
Documents Incorporated by Reference	Part III. Portions of the definitive proxy statement for the 2026 Annual Meeting of Stockholders, which document will be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year to which this Form 10-K relates, are incorporated by reference into Items 10 through 14 of Part III of this Form 10-K.
Entity Central Index Key	0000105634
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Segment Reporting (Details2) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 692,306	$ 523,617	$ 489,876
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	692,306	509,181	476,595
UNITED KINGDOM
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 0	$ 14,436	$ 13,281

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant, and Equipment [Line Items]
Accounts receivable, net	$ 4,241,177,000	$ 3,577,537,000
Allowance for credit losses	22,757,000	34,957,000
Provision for credit losses	7,671,000	17,303,000	$ 7,859,000
Unrecognized income tax benefits	$ 0	0
Machinery and Equipment \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated useful life	3 years
Machinery and Equipment \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated useful life	10 years
Vehicles, Furniture and Fixtures, and Computer Hardware and Software \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated useful life	3 years
Vehicles, Furniture and Fixtures, and Computer Hardware and Software \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated useful life	7 years
Buildings
Property, Plant, and Equipment [Line Items]
Estimated useful life	25 years
Other accrued expenses and liabilities
Property, Plant, and Equipment [Line Items]
Insurance liabilities, current	$ 84,000,000.0	50,800,000
Other long-term obligations
Property, Plant, and Equipment [Line Items]
Insurance liabilities, noncurrent	274,100,000	237,300,000
Prepaid expenses and other
Property, Plant, and Equipment [Line Items]
Anticipated insurance recoveries, current	15,500,000	9,200,000
Other assets
Property, Plant, and Equipment [Line Items]
Anticipated insurance recoveries, noncurrent	$ 51,700,000	$ 38,700,000

Goodwill, Identifiable Intangible Assets, And Other Long-Lived Assets

12 Months Ended

Dec. 31, 2025

Goodwill, Identifiable Intangible Assets, And Other Long-Lived Assets

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 assessment on October 1 each fiscal year. Qualitative indicators that may trigger the need for interim quantitative impairment testing include, among others, deterioration in macroeconomic conditions, declining financial performance, deterioration in the operational environment, or an expectation of selling or disposing of a portion of a reporting unit. Additionally, an interim impairment test may be triggered by a significant change in business climate, a loss of a significant customer, increased competition, or a sustained decrease in share price. In assessing whether our goodwill is impaired, we compare the fair value of the reporting unit to its carrying amount, including goodwill. If the fair value exceeds the carrying amount, no impairment is recognized. However, if the carrying amount of the reporting unit exceeds the fair value, the goodwill of the reporting unit is impaired and an impairment loss in the amount of the excess is recognized and charged to operations.

We performed our annual impairment assessment of all reporting units as of October 1, 2025 and determined there was no impairment of goodwill. In completing our annual impairment assessment, we determined the fair value of each of our reporting units using an income approach whereby fair value was calculated utilizing discounted estimated future cash flows, assuming a risk-adjusted industry weighted average cost of capital. The weighted average cost of capital used in our annual impairment testing was 10.4% for our United States construction segments, 11.0% for our United States building services segment, and 10.6% for our United States industrial services segment. These weighted average cost of capital estimates were developed with the assistance of an independent third-party valuation specialist and reflect the overall level of inherent risk within the respective reporting unit and the rate of return a market participant would expect to earn. Our cash flow projections were derived from our most recent internal forecasts of anticipated revenue growth rates and operating margins, with cash flows beyond the discrete forecast period estimated using a terminal value calculation which incorporated historical and forecasted trends, an estimate of long-term growth rates, and assumptions about the future demand for our services. The perpetual growth rate used for our annual testing was 2.5% for all of our reporting units.

NOTE 8 - GOODWILL, IDENTIFIABLE INTANGIBLE ASSETS, AND OTHER LONG-LIVED ASSETS (Continued)

For each of the years ended December 31, 2025, 2024 and 2023, no impairment of our goodwill was recognized.

Due to the inherent uncertainties involved in making estimates, our assumptions may change in future periods. Estimates and assumptions made for purposes of our goodwill impairment testing may prove to be inaccurate predictions of the future, and other factors used in assessing fair value, such as the weighted average cost of capital, are outside the control of management. Unfavorable changes in certain of these key assumptions may affect future testing results. For example, keeping all other assumptions constant, a 50 basis point increase in the weighted average cost of capital would cause the estimated fair values of our United States electrical construction and facilities services segment, our United States mechanical construction and facilities services segment, our United States building services segment, and our United States industrial services segment to decrease by approximately $445.2 million, $609.5 million, $99.5 million, and $25.3 million, respectively. In addition, keeping all other assumptions constant, a 50 basis point reduction in the perpetual growth rate would cause the estimated fair values of our United States electrical construction and facilities services segment, our United States mechanical construction and facilities services segment, our United States building services segment, and our United States industrial services segment to decrease by approximately $242.3 million, $342.4 million, $49.2 million, and $9.9 million, respectively. Given the amounts by which the fair value exceeds the carrying value for each of our reporting units, the decreases in estimated fair values described above would not have significantly impacted the results of our 2025 impairment tests. Further, for each of our reporting units, a 10% decline in the estimated fair value of such reporting unit, due to other changes in our assumptions, including forecasted future cash flows, would not have significantly impacted the results of our 2025 impairment tests.

The changes in the carrying amount of goodwill by reportable segment during the years ended December 31, 2025 and 2024 were as follows (in thousands):


	United States electrical construction and facilities services segment		United States mechanical construction and facilities services segment		United States building services segment		United States industrial services segment		Total
Balance at December 31, 2023	$	178,013	$	318,353	$	346,095	$	114,088	$	956,549
Acquisitions	13,739		26,111		12,210		9,806		61,866
Balance at December 31, 2024	191,752		344,464		358,305		123,894		1,018,415
Acquisitions	326,810		58,022		9,167		—		393,999
Balance at December 31, 2025	$	518,562	$	402,486	$	367,472	$	123,894	$	1,412,414

The aggregate goodwill balance as of December 31, 2023 included $493.6 million of accumulated impairment charges, which were comprised of $139.5 million within our United States building services segment and $354.1 million within our United States industrial services segment.

Identifiable Intangible Assets and Other Long-Lived Assets

Our identifiable intangible assets, arising out of the acquisition of businesses, include customer relationships, subsidiary trade names, contract backlog, and developed technology/vendor network, all of which are subject to amortization. In addition, our identifiable intangible assets include certain other subsidiary trade names, which are indefinite-lived and therefore not subject to amortization.

Absent earlier indicators of impairment, we test for impairment of subsidiary trade names that are not subject to amortization on an annual basis (October 1). In performing this test, we calculate the fair value of each trade name using the “relief from royalty payments” methodology. This approach involves two steps: (a) estimating reasonable royalty rates for each trade name and (b) applying these royalty rates to a net revenue stream and discounting the resulting cash flows to determine fair value. This fair value is then compared with the carrying value of each trade name. If the carrying amount of the trade name is greater than the implied fair value of the trade name, an impairment in the amount of the excess is recognized and charged to operations. For each of the years ended December 31, 2025, 2024, and 2023, no impairment of our indefinite-lived trade name intangible assets was recognized.

NOTE 8 - GOODWILL, IDENTIFIABLE INTANGIBLE ASSETS, AND OTHER LONG-LIVED ASSETS (Continued)

We review for impairment of identifiable intangible assets that are being amortized as well as other long-lived assets whenever facts and circumstances indicate that their carrying values may not be fully recoverable. This test compares their carrying values to the undiscounted pre-tax cash flows expected to result from the use of the assets. If the assets are impaired, the assets are written down to their fair values, generally determined based on their discounted estimated future cash flows. In 2023, we identified facts and circumstances that indicated the carrying values of certain long-lived assets within our United States mechanical construction and facilities services segment may not be fully recoverable. As a result, we determined that these assets were impaired, and recognized a $2.4 million impairment charge. For the years ended December 31, 2025, 2024, and 2023, there were no other indicators of impairment with respect to identifiable intangible assets that are being amortized as well as other long-lived assets.

Identifiable intangible assets as of December 31, 2025 and 2024 consisted of the following (in thousands):


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Charge		Total
Customer relationships	$	1,255,279	$	(624,990)	$	(4,834)	$	625,455
Trade names (indefinite-lived)	503,071		—		(58,933)		444,138
Contract backlog	147,595		(123,164)		—		24,431
Developed technology/Vendor network	95,661		(87,888)		—		7,773
Trade names (finite-lived)	40,491		(33,460)		—		7,031
Total	$	2,042,097	$	(869,502)	$	(63,767)	$	1,108,828


	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Charge		Total
Customer relationships	$	902,216	$	(543,913)	$	(4,834)	$	353,469
Trade names (indefinite-lived)	330,271		—		(58,933)		271,338
Contract backlog	96,045		(93,460)		—		2,585
Developed technology/Vendor network	95,661		(83,338)		—		12,323
Trade names (finite-lived)	38,491		(30,026)		—		8,465
Total	$	1,462,684	$	(750,737)	$	(63,767)	$	648,180

Identifiable intangible assets attributable to businesses acquired in 2025 and 2024 have been valued at $579.7 million and $139.1 million, respectively, and consist of customer relationships, trade names, and contract backlog. See Note 4 - Acquisitions and Dispositions of Businesses of the notes to consolidated financial statements for additional information with respect to acquisitions.

Identifiable intangible assets are amortized in a manner that best approximates the pattern in which the economic benefits of such assets are consumed, which is generally on a straight-line basis. The weighted average amortization periods for the unamortized balances remaining are, in the aggregate, approximately 10.50 years, which are comprised of the following: 11.00 years for customer relationships, 4.50 years for trade names, 0.75 years for contract backlog, and 1.75 years for developed technology/vendor network.

Amortization expense related to identifiable intangible assets with finite lives was $119.1 million, $77.0 million, and $67.1 million for the years ended December 31, 2025, 2024, and 2023, respectively.

NOTE 8 - GOODWILL, IDENTIFIABLE INTANGIBLE ASSETS, AND OTHER LONG-LIVED ASSETS (Continued)

The following table presents the estimated future amortization expense of identifiable intangible assets in the following years (in thousands):



2026	$	113,570
2027	75,612
2028	66,541
2029	60,660
2030	54,028
Thereafter	294,279
	$	664,690

Other Considerations

As referenced above, impairment testing is based upon assumptions and estimates determined by management from a review of our operating results and business plans as well as forecasts of anticipated growth rates and margins, among other considerations. In addition, estimates of weighted average costs of capital are developed with the assistance of an independent third-party valuation specialist. These assumptions and estimates may change in future periods. Significant adverse changes to external market conditions or our internal forecasts, if any, could result in future impairment charges. It is not possible at this time to determine if any future impairment charge will result or, if it does, whether such a charge would be material to our results of operations.

Defined Contribution Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Expense recognized	$ 48.9	$ 44.0	$ 36.7
Supplemental matching	16.0	13.2	10.2
United Kingdom Subsidiary
Defined Contribution Plan Disclosure [Line Items]
Expense recognized	$ 12.2	$ 7.4	$ 7.4

Revenue from Contracts with Customers (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue From Contract With Customers [Line Items]
Change in estimate of transaction price		$ 12,300,000
Unbilled revenues for unapproved change orders	$ 26,200,000	25,100,000
Claims on contract assets	0	0
Claim amounts within accounts receivable	116,100,000	6,900,000
Contractually billed amounts and retention related to contracts with unapproved change orders and claims	158,800,000	172,400,000
Net contract liabilities, construction	1,922,129,000	1,690,994,000
Contract asset impairment	0	0
Accounts receivable, retainage	$ 944,500,000	703,200,000
Accounts receivable, retainage estimated to be collected in next fiscal year	90.00%
Accounts payable, retainage	$ 152,300,000	121,500,000
Accounts payable, retainage estimated to be paid in next fiscal year	89.00%
Remaining performance obligations	$ 13,253,664,000
UNITED STATES
Revenue From Contract With Customers [Line Items]
Performance obligation satisfied in previous period	16,347,000	24,557,000	$ 16,464,000
Change in total estimated cost or anticipated contract value	85,941,000	66,319,000	29,057,000
Minimum
Revenue From Contract With Customers [Line Items]
Performance obligation satisfied in previous period	1,000,000.0
Change in total estimated cost or anticipated contract value	1,000,000.0
2025 Acquisitions
Revenue From Contract With Customers [Line Items]
Increase in contract assets from acquisitions	61,100,000
Increase in contract liabilities from acquisitions	188,100,000
Excluding 2025 Acquisitions
Revenue From Contract With Customers [Line Items]
Increase in net contract liabilities	99,200,000
United States Electrical Construction And Facilities Services
Revenue From Contract With Customers [Line Items]
Change in estimate of transaction price		8,400,000
United States Electrical Construction And Facilities Services \| UNITED STATES
Revenue From Contract With Customers [Line Items]
Performance obligation satisfied in previous period	2,513,000	14,006,000	3,350,000
Change in total estimated cost or anticipated contract value	50,866,000	27,977,000	12,535,000
Remaining performance obligations	4,963,855,000
United States Mechanical Construction And Facilities Services
Revenue From Contract With Customers [Line Items]
Change in estimate of transaction price		3,900,000
United States Mechanical Construction And Facilities Services \| UNITED STATES
Revenue From Contract With Customers [Line Items]
Performance obligation satisfied in previous period	13,834,000	10,551,000	13,114,000
Change in total estimated cost or anticipated contract value	35,075,000	38,342,000	10,864,000
Remaining performance obligations	6,929,300,000
United States Building Services \| UNITED STATES
Revenue From Contract With Customers [Line Items]
Change in total estimated cost or anticipated contract value	0	$ 0	$ 5,658,000
Remaining performance obligations	$ 1,188,537,000

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2025
Stockholders' Equity Note [Abstract]
Common Stock	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 may be suspended, recommenced, or discontinued at any time or from time to time without prior notice. We may repurchase our shares from time to time to the extent permitted by securities laws and other legal requirements, including provisions in our 2023 Credit Agreement placing limitations on such repurchases.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Schedule Of Assets And Liabilities Carried At Fair Value Measured On A Recurring Basis

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

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 31, 2024
Asset Category	Level 1		Level 2		Level 3		Total
Cash and cash equivalents (1)	$	1,339,550	$	—	$	—	$	1,339,550
Deferred compensation plan assets (2)	61,242		—		—		61,242
Restricted cash (3)	845		—		—		845
Total	$	1,401,637	$	—	$	—	$	1,401,637

_________________

(1)Cash and cash equivalents consist of deposit accounts and money market funds with original maturity dates of three months or less, which are Level 1 assets. At December 31, 2025 and 2024, we had $870.5 million and $1.09 billion, respectively, in money market funds. From time to time, we have cash balances in certain of our bank accounts that exceed federally insured limits.

(2)Deferred compensation plan assets are classified as “Other assets” in the Consolidated Balance Sheets.

(3)Restricted cash is classified as “Prepaid expenses and other” in the Consolidated Balance Sheet. Restricted cash represents cash held in account for use on customer contracts.

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Changes in Benefit Obligations and Assets

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
Benefits paid	(11,522)
Foreign currency exchange rate changes	(3,514)
Fair value of plan assets at end of year	203,617
Funded status at end of year	$	24,150

Components Of Net Periodic Pension (Income) Cost

The components of net periodic pension (income) cost of the UK Plan for the years ended December 31, 2025, 2024, and 2023 were as follows (in thousands):


	2025		2024		2023
Interest cost	$	9,263	$	9,569	$	9,722
Expected return on plan assets	(11,862)		(13,010)		(11,417)
Amortization of unrecognized loss	2,502		2,625		2,611
Net periodic pension (income) cost	$	(97)	$	(816)	$	916

Schedule of Weighted Average Assumptions Used To Calculate Net Periodic Pension (Income) Cost

The assumptions used to determine net periodic pension (income) cost of the UK Plan for the years ended December 31, 2025, 2024, and 2023 were as follows:


	2025		2024		2023
Discount rate	5.5	%	4.8	%	5.0	%
Annual rate of return on plan assets	6.5	%	6.3	%	5.7	%

Schedule of Weighted Average Asset Allocations and Weighted Average Target Allocations

The weighted average asset allocations and weighted average target allocations at December 31, 2024 were as follows:


Asset Category	Target Asset Allocation 2024		Actual December 31, 2024
Debt	91.0	%	82.6	%
Cash and cash equivalents	—	%	7.7	%
Real estate	9.0	%	9.7	%
Total	100.0	%	100.0	%

Schedule of Plan Assets Fair Value Hierarchy

The following table sets forth the fair value of assets of the UK Plan as of December 31, 2024 (in thousands):


	Assets at Fair Value as of December 31, 2024
Asset Category	Level 1		Level 2		Level 3		Total
Corporate debt funds	$	—	$	39,972	$	—	$	39,972
Government bond funds	—		48,959		—		48,959
Cash and cash equivalents	15,697		—		—		15,697
Total plan assets in fair value hierarchy	$	15,697	$	88,931	$	—	104,628
Plan assets measured using NAV as a practical expedient: (1)
Debt funds							79,152
Real estate funds							19,837
Total plan assets at fair value							$	203,617

_________________

Schedule of Multiemployer Plans




Pension Fund	EIN/Pension Plan Number		PPA Zone Status (1)		FIP/RP Status	Contributions						Contributions greater than 5% of total plan contributions (2)	Expiration date or range of expiration dates of CBA(s)
			2025	2024		2025		2024		2023
National Electrical Benefit Fund	53-0181657	001	Green	Green	NA	$	33,566	$	23,255	$	18,128	Yes	Jan 2026 to Apr 2030
National Automatic Sprinkler Industry Pension Fund	52-6054620	001	Green	Green	NA	32,138		30,719		25,559		Yes	Jun 2026 to Mar 2030
United Association National Pension Fund	52-6152779	001	Green	Green	NA	25,387		21,839		16,815		No	Feb 2026 to Aug 2030
Electrical Workers Local No. 26 Pension Trust Fund	52-6117919	001	Green	Green	NA	14,059		12,472		8,283		Yes	May 2027 to Aug 2028
Tidewater Electrical Industry Pension Fund	54-6127076	001	Green	Green	NA	12,078		—		—		No	Feb 2027 to Jun 2027
Sheet Metal Workers National Pension Fund	52-6112463	001	Green	Green	NA	11,871		12,795		10,797		Yes	Feb 2026 to May 2029
Central Pension Fund of the IUOE & Participating Employers	36-6052390	001	Green	Green	NA	8,855		9,433		8,573		No	Feb 2026 to Sep 2029
Pipefitters Union Local 537 Pension Fund	51-6030859	001	Green	Green	NA	8,228		6,656		5,179		Yes	Aug 2030
Plumbers Pipefitters & Mechanical Equipment Service Local Union No 392 Pension Plan	31-0655223	001	Yellow	Yellow	Implemented	8,124		7,728		7,010		Yes	May 2028
Pension, Hospitalization & Benefit Plan of the Electrical Industry-Pension Trust Account	13-6123601	001	Green	Green	NA	7,861		6,982		7,198		Yes	Apr 2026 to Jan 2029
Heating, Piping & Refrigeration Pension Fund	52-1058013	001	Green	Green	NA	7,843		5,710		5,315		Yes	Jul 2026 to Jul 2028
Edison Pension Plan	93-6061681	001	Green	Green	NA	6,931		7,982		5,840		Yes	Dec 2026
Electrical Contractors Association of the City of Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Pension Plan #2	51-6030753	002	Green	Green	NA	5,971		4,341		4,432		Yes	May 2026 to Jun 2026
Southern California Pipe Trades Retirement Fund	51-6108443	001	Green	Green	NA	5,914		5,447		4,657		Yes	Jun 2026 to Aug 2026
Electrical Workers Pension Plan Local 103 IBEW	04-6063734	001	Green	Green	NA	5,230		5,133		6,537		Yes	Aug 2028
San Diego Electrical Pension Plan	95-6101801	001	Green	Green	NA	5,147		7,039		5,511		Yes	May 2028
Atlanta Plumbers and Steamfitters Pension Fund	58-1233396	001	Green	Green	NA	4,959		4,133		1,691		Yes	Jul 2028 to Aug 2028
Plumbers & Pipefitters Local No. 189 Pension Plan	31-0894807	001	Green	Green	NA	4,720		2,744		2,557		Yes	May 2026 to May 2028
NECA-IBEW Pension Trust Fund	51-6029903	001	Green	Green	NA	4,680		3,242		2,228		No	Nov 2026 to Nov 2027
Eighth District Electrical Pension Fund	84-6100393	001	Green	Green	NA	4,532		4,476		3,844		Yes	May 2026 to Aug 2027
Sheet Metal Workers Pension Plan of Northern California	51-6115939	001	Red	Red	Implemented	3,793		5,245		5,738		Yes	Jun 2026 to Jul 2026
Michiana Area Electrical Workers Pension Fund	35-6269273	001	Green	Green	NA	3,779		1,783		391		Yes	May 2026 to Jun 2026


NOTE 14 - RETIREMENT PLANS (Continued)
Pension Fund	EIN/Pension Plan Number		PPA Zone Status (1)		FIP/RP Status	Contributions						Contributions greater than 5% of total plan contributions (2)	Expiration date or range of expiration dates of CBA(s)
			2025	2024		2025		2024		2023
Sheet Metal Workers Pension Plan of Southern California, Arizona & Nevada	95-6052257	001	Green	Green	NA	3,611		3,783		3,399		No	Jun 2026 to Jun 2029
IBEW Local No. 82 Pension Plan	31-6127268	001	Green	Green	NA	3,527		3,325		3,701		Yes	Dec 2026
Northern California Pipe Trades Pension Plan	94-3190386	001	Green	Green	NA	3,187		3,310		6,317		No	Jul 2026 to Jun 2027
U.A. Local 393 Pension Trust Fund Defined Benefit	94-6359772	002	Green	Green	NA	3,118		3,734		3,263		Yes	Jul 2026 to Jun 2027
Arizona Pipe Trades Pension Trust Fund	86-6025734	001	Green	Green	NA	3,086		4,038		3,048		Yes	Jun 2026 to Jun 2027
Plumbers and Steamfitters Local No. 166 AFL - CIO Pension Plan	51-6132690	001	Green	Green	NA	3,014		2,046		1,773		Yes	May 2026
U.A. Plumbers Local 24 Pension Fund	22-6042823	001	Green	Green	NA	2,997		2,231		2,295		Yes	Apr 2029
Southern California IBEW-NECA Pension Plan	95-6392774	001	Yellow	Yellow	Implemented	2,942		4,279		3,801		Yes	Jan 2026 to Jun 2026
Idaho Plumbers and Pipefitters Pension Plan	82-6010346	001	Green	Green	NA	2,844		1,281		1,138		Yes	May 2026
Pension and Retirement Plan of Plumbers and Pipefitters Union, Local No. 525	88-6003864	001	Green	Green	NA	2,839		2,099		1,970		Yes	Sep 2028
IBEW Local No. 640 & Arizona Chapter NECA Defined Benefit Pension Plan	86-0323980	001	Green	Green	NA	2,497		2,044		390		Yes	Jun 2026 to Jul 2027
IBEW Local No. 683 Pension Fund Pension Plan	34-1442087	001	Green	Green	NA	2,466		2,146		905		Yes	Jun 2026 to May 2027
IBEW Local 456 Pension Plan	22-6238995	001	Green	Green	NA	2,368		2,792		1,390		Yes	May 2026
IBEW Local 1579 Pension Plan	58-1254974	001	Green	Green	NA	2,351		—		—		No	Sep 2028
Local 68 Engineers Union Pension Plan	51-0176618	001	Green	Green	NA	2,208		1,548		1,200		Yes	Aug 2026 to Apr 2027
Building Trades United Pension Trust Fund Milwaukee and Vicinity	51-6049409	001	Green	Green	NA	2,164		2,182		1,622		No	May 2026
IBEW Local 701 Pension Fund	36-6455509	001	Green	Green	NA	2,149		3,849		3,989		Yes	May 2026 to Aug 2026
Plumbers & Steamfitters Local 486 Pension Fund	52-6124449	001	Green	Green	NA	2,148		2,796		2,828		Yes	Nov 2028
U.A. Local No. 447 Pension Fund	94-6269669	001	Green	Green	NA	2,049		1,790		1,678		Yes	Jun 2026 to Jun 2030
Joint Pension Fund of Local Union No. 102	22-1615726	001	Green	Green	NA	2,047		1,688		2,868		No	May 2028
Boilermaker-Blacksmith National Pension Trust	48-6168020	001	Red	Red	Implemented	2,004		825		1,140		No	Sep 2026 to Jun 2027
South Florida Electrical Workers Pension Plan	59-6230530	001	Red	Red	Implemented	1,801		91		301		Yes	Dec 2026
Plumbers & Pipefitters Local 162 Pension Fund	31-6125999	001	Yellow	Yellow	Implemented	1,354		1,390		1,243		Yes	May 2026
Plumbing & Pipefitting Industry Local 219 Pension Plan	34-6682376	001	Red	Red	Implemented	1,010		1,098		919		Yes	May 2026
Other Multiemployer Pension Plans						56,463		53,531		51,368			Various
Total Contributions						$	341,910	$	297,050	$	258,829

_________________

Tabular disclosure of information about multiemployer plan.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480547/715-80-55-8

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-9

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Sublease rental income	$ 1.0	$ 4.6	$ 6.7

Debt	12 Months Ended
Debt	Dec. 31, 2025
Debt Disclosure [Abstract]
Debt	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 Company’s 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 Company’s election, borrowings under the 2023 Revolving Credit Facility bear interest at either: (1) a base rate plus a margin of 0.125% to 0.875%, depending on the Company’s Leverage Ratio (as such term is defined in the 2023 Credit Agreement), or (2) a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York for the applicable tenor plus 0.10% (“Adjusted Term SOFR”) plus a margin of 1.125% to 1.875%, depending on the Company’s Leverage Ratio. The base rate is determined by the greater of: (a) the prime commercial lending rate announced by Bank of Montreal from time to time, (b) the federal funds effective rate, plus ½ of 1.00%, (c) Adjusted Term SOFR for a one-month tenor, plus 1.00%, or (d) 0.00%. A commitment fee is payable on the average daily unused amount of the 2023 Revolving Credit Facility, which ranges from 0.125% to 0.25%, depending on the Company’s Leverage Ratio. The fee was 0.125% of the unused amount as of December 31, 2025 and 2024. Fees for letters of credit issued under the 2023 Revolving Credit Facility range from 0.85% to 1.875% of the respective face amounts of outstanding letters of credit, depending on the nature of the letter of credit, and are computed depending on the Company’s Leverage Ratio. NOTE 9 - DEBT (Continued) Obligations under the 2023 Credit Agreement are guaranteed by most of our direct and indirect subsidiaries and are secured by substantially all of our assets. The 2023 Credit Agreement contains customary covenants providing for, among other things, the maintenance of certain financial ratios and certain limitations on the payment of dividends, common stock repurchases, investments, acquisitions, indebtedness, and capital expenditures. We were in compliance with all such covenants as of December 31, 2025 and 2024.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 2, 2025, Anthony J. Guzzi, our Chairman, President, and Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement providing for the potential sale of an aggregate amount of up to 36,000 shares of our common stock, with the exact number of shares to be sold to be determined based on market prices of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is from March 5, 2026 until May 28, 2027, or earlier if all transactions under the trading arrangement are completed. During the quarter ended December 31, 2025, no other directors or executive officers of the Company adopted or terminated any: (a) contract, instruction, or written plan for the purchase or sale of Company securities intended to satisfy the affirmative defense conditions of Rule 10b5-1 or (b) non 10b5-1 trading arrangement, each as defined in Item 408(a) of Regulation S-K.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Anthony J. Guzzi [Member]
Trading Arrangements, by Individual
Name	Anthony J. Guzzi
Title	Chairman, President, and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 2, 2025
Expiration Date	May 28, 2027
Arrangement Duration	450 days
Aggregate Available	36,000

Leases - Schedule of Supplemental Cash Flow Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities [Abstract]
Operating cash flows used for operating leases	$ 118,840	$ 101,611	$ 90,412
Operating cash flows used for finance leases	320	254	175
Financing cash flows used for finance leases	2,692	2,855	2,776
Right-of-use assets obtained in exchange for new operating lease liabilities	219,965	94,538	125,417
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 2,882	$ 3,412	$ 1,427

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	NATURE OF OPERATIONS References to the “Company,” “EMCOR,” “we,” “us,” “our” and similar words refer to EMCOR Group, Inc. and its consolidated subsidiaries unless the context indicates otherwise. 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, which specialize principally in providing construction services relating to electrical and mechanical systems in all types of facilities and in providing various services relating to the operation, maintenance, and management of those facilities.

Goodwill, Identifiable Intangible Assets, And Other Long-Lived Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Oct. 01, 2025
Goodwill and Intangible Assets[Line Items]
Goodwill	$ 1,412,414,000	$ 1,018,415,000	$ 956,549,000
Goodwill impairment	$ 0	0	0
Goodwill, accumulated impairment loss			493,600,000
Amortization periods	10 years 6 months
Amortization of identifiable intangible assets	$ 119,052,000	77,002,000	67,143,000
Indefinite-Lived Intangible Assets
Goodwill and Intangible Assets[Line Items]
Other asset impairment charges, excluding goodwill	0	0	0
Finite-Lived Intangible Assets
Goodwill and Intangible Assets[Line Items]
Other asset impairment charges, excluding goodwill	0	0	0
Long-Lived Assets
Goodwill and Intangible Assets[Line Items]
Other asset impairment charges, excluding goodwill	0	0	2,400,000
2024 Acquisitions
Goodwill and Intangible Assets[Line Items]
Goodwill		61,900,000
Identifiable intangible assets acquired		139,100,000
2025 Acquisitions
Goodwill and Intangible Assets[Line Items]
Goodwill	394,000,000.0
Identifiable intangible assets acquired	579,700,000
Domestic Segments
Goodwill and Intangible Assets[Line Items]
Perpetual growth rate used for annual testing, percentage				2.50%
Domestic Construction
Goodwill and Intangible Assets[Line Items]
Weighted average cost of capital used in annual testing, percentage				10.40%
United States Electrical Construction And Facilities Services
Goodwill and Intangible Assets[Line Items]
Goodwill	$ 518,562,000	191,752,000	178,013,000
Goodwill allocated, percentage	36.70%
Effect of 50 Basis Point Increase in the Weighted Average Costs of Capital				$ 445,200,000
Effect of 50 Basis Point Decrease in the Perpetual Growth Rate				242,300,000
United States Mechanical Construction And Facilities Services
Goodwill and Intangible Assets[Line Items]
Goodwill	$ 402,486,000	344,464,000	318,353,000
Goodwill allocated, percentage	28.50%
Effect of 50 Basis Point Increase in the Weighted Average Costs of Capital				609,500,000
Effect of 50 Basis Point Decrease in the Perpetual Growth Rate				$ 342,400,000
United States Building Services
Goodwill and Intangible Assets[Line Items]
Goodwill	$ 367,472,000	358,305,000	346,095,000
Goodwill allocated, percentage	26.00%
Weighted average cost of capital used in annual testing, percentage				11.00%
Effect of 50 Basis Point Increase in the Weighted Average Costs of Capital				$ 99,500,000
Effect of 50 Basis Point Decrease in the Perpetual Growth Rate				$ 49,200,000
Goodwill, accumulated impairment loss			139,500,000
United States Industrial Services
Goodwill and Intangible Assets[Line Items]
Goodwill	$ 123,894,000	$ 123,894,000	114,088,000
Goodwill allocated, percentage	8.80%
Weighted average cost of capital used in annual testing, percentage				10.60%
Effect of 50 Basis Point Increase in the Weighted Average Costs of Capital				$ 25,300,000
Effect of 50 Basis Point Decrease in the Perpetual Growth Rate				$ 9,900,000
Goodwill, accumulated impairment loss			$ 354,100,000
Customer relationships
Goodwill and Intangible Assets[Line Items]
Amortization periods	11 years
Contract backlog
Goodwill and Intangible Assets[Line Items]
Amortization periods	9 months
Developed technology/Vendor network
Goodwill and Intangible Assets[Line Items]
Amortization periods	1 year 9 months
Trade names (finite-lived)
Goodwill and Intangible Assets[Line Items]
Amortization periods	4 years 6 months

Retirement Plans - Schedule of Changes in Benefit Obligations and Assets (Details) - United Kingdom Subsidiary - UK Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year	$ 179,467	$ 204,097
Interest cost	9,263	9,569	$ 9,722
Actuarial gain		(19,602)
Benefits paid		(11,522)
Foreign currency exchange rate changes		(3,075)
Benefit obligation at end of year		179,467	204,097
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year	$ 203,617	223,077
Actual loss on plan assets		(5,240)
Employer contributions		816
Benefits paid		(11,522)
Foreign currency exchange rate changes		(3,514)
Fair value of plan assets at end of year		203,617	$ 223,077
Funded status at end of year		$ 24,150

Retirement Plans - Schedule of Weighted Average Assets Allocation and Weighted Average Target Allocation (Details) - United Kingdom Subsidiary - UK Plan	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Target Asset Allocation	100.00%
Asset Allocation	100.00%
Debt
Defined Benefit Plan Disclosure [Line Items]
Target Asset Allocation	91.00%
Asset Allocation	82.60%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Target Asset Allocation	0.00%
Asset Allocation	7.70%
Real estate
Defined Benefit Plan Disclosure [Line Items]
Target Asset Allocation	9.00%
Asset Allocation	9.70%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Revenue from Contracts with Customers - Schedule of Cumulative Catch-Up Adjustment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
UNITED STATES
Cumulative Catch-Up Adjustment [Line Items]
Change in total estimated cost or anticipated contract value	$ 85,941,000	$ 66,319,000	$ 29,057,000
UNITED STATES \| United States Electrical Construction And Facilities Services
Cumulative Catch-Up Adjustment [Line Items]
Change in total estimated cost or anticipated contract value	50,866,000	27,977,000	12,535,000
UNITED STATES \| United States Mechanical Construction And Facilities Services
Cumulative Catch-Up Adjustment [Line Items]
Change in total estimated cost or anticipated contract value	35,075,000	38,342,000	10,864,000
UNITED STATES \| United States Building Services
Cumulative Catch-Up Adjustment [Line Items]
Change in total estimated cost or anticipated contract value	0	$ 0	$ 5,658,000
Minimum
Cumulative Catch-Up Adjustment [Line Items]
Change in total estimated cost or anticipated contract value	$ 1,000,000.0

Goodwill, Identifiable Intangible Assets, And Other Long-Lived Assets - Schedule of Finite-lived and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (869,502)	$ (750,737)
Total	664,690
Trade names (indefinite-lived), Accumulated Impairment Charge	(58,933)	(58,933)
Gross Carrying Amount, Trade names (indefinite-lived)	503,071	330,271
Total, Trade names (indefinite-lived)	444,138	271,338
Gross Carrying Amount, Total	2,042,097	1,462,684
Accumulated Impairment Charge, Total	(63,767)	(63,767)
Total	1,108,828	648,180
Customer relationships
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	1,255,279	902,216
Accumulated Amortization	(624,990)	(543,913)
Accumulated Impairment Charge	(4,834)	(4,834)
Total	625,455	353,469
Contract backlog
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	147,595	96,045
Accumulated Amortization	(123,164)	(93,460)
Accumulated Impairment Charge	0	0
Total	24,431	2,585
Developed technology/Vendor network
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	95,661	95,661
Accumulated Amortization	(87,888)	(83,338)
Accumulated Impairment Charge	0	0
Total	7,773	12,323
Trade names (finite-lived)
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	40,491	38,491
Accumulated Amortization	(33,460)	(30,026)
Accumulated Impairment Charge	0	0
Total	$ 7,031	$ 8,465

Revenue from Contracts with Customers - Schedule of Contract with Customer, Asset and Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets, current	$ 337,717	$ 284,791
Contract assets, non-current	0	0
Contract liabilities, current	(2,327,360)	(2,047,540)
Contract liabilities, non-current	(837)	(1,526)
Net contract liabilities	$ (1,990,480)	$ (1,764,275)

Revenue from Contracts with Customers - Schedule of Net Contract Liabilities on Uncompleted Construction Projects (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Costs incurred on uncompleted construction contracts	$ 23,380,178	$ 18,093,285
Estimated earnings, thereon	5,126,164	3,562,012
Costs and estimated earnings on uncompleted construction contracts	28,506,342	21,655,297
Less: billings to date	30,428,471	23,346,291
Net contract liabilities, construction	$ (1,922,129)	$ (1,690,994)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Stamford, Connecticut
Auditor Firm ID	42

Acquisitions and Dispositions Of Businesses (Details)
$ in Thousands

11 Months Ended

12 Months Ended

Feb. 03, 2025

USD ($)

Dec. 31, 2025

USD ($)

Dec. 31, 2025

USD ($)

Company

Dec. 31, 2024

USD ($)

Company

Dec. 31, 2023

USD ($)

Company

Number of businesses acquired | Company

$ 1,412,414

$ 1,018,415

$ 956,549

Amortization of identifiable intangible assets

16,986,422

14,566,116

12,582,873

Operating income

1,713,418

1,344,863

875,756

119,052

77,002

67,143

Net proceeds from sale of United Kingdom operations

256,622

Gain on sale of United Kingdom operations

144,876

Release of accumulated other comprehensive loss from sale of United Kingdom operations

(73,540)

United Kingdom Building Services

Net proceeds from sale of United Kingdom operations

256,600

Gain on sale of United Kingdom operations

144,900

Release of accumulated other comprehensive loss from sale of United Kingdom operations

73,500

Disposition of business, transaction costs

10,700

2023 Acquisitions

Other net liabilities acquired

99,600

Working capital acquired

9,100

6,100

37,400

Goodwill and identifiable intangible assets, tax deductible amount

59,200

$ 29,600

2024 Acquisitions

Other net assets acquired

231,100

Working capital acquired

29,000

1,100

61,900

$ 139,100

Miller Electric

$ 876,800

^[1]

326,776

Business acquisition, percentage acquired

$ 475,000

100.00%

Amortization of identifiable intangible assets

1,090,000

Operating income

21,300

40,500

Business acquisition, transaction costs

9,400

2025 Acquisitions Excluding Miller

Other net assets acquired

182,100

Working capital acquired

2,000

8,200

67,200

Acquisitions Of Businesses

$ 104,700

[1]	Goodwill is calculated as the excess of the consideration transferred over the fair value of the net assets acquired and represents the projected future economic benefits from this strategic acquisition.

Debt - Narrative (Details) - USD ($)		12 Months Ended
Debt - Narrative (Details) - USD ($)	Dec. 20, 2023	Dec. 31, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Letters of credit outstanding (in US dollars)		$ 73,100,000	$ 71,200,000
2023 Credit Agreement
Line of Credit Facility [Line Items]
Credit agreement, initiation date	Dec. 20, 2023
Expiration date of credit agreement		Dec. 20, 2028
2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest rate description		At the Company’s election, borrowings under the 2023 Revolving Credit Facility bear interest at either: (1) a base rate plus a margin of 0.125% to 0.875%, depending on the Company’s Leverage Ratio (as such term is defined in the 2023 Credit Agreement), or (2) a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York for the applicable tenor plus 0.10% (“Adjusted Term SOFR”) plus a margin of 1.125% to 1.875%, depending on the Company’s Leverage Ratio. The base rate is determined by the greater of: (a) the prime commercial lending rate announced by Bank of Montreal from time to time, (b) the federal funds effective rate, plus 1/2 of 1.00%, (c) Adjusted Term SOFR for a one-month tenor, plus 1.00%, or (d) 0.00%.
Base Rate \| Minimum \| 2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.125%
Base Rate \| Maximum \| 2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.875%
SOFR \| 2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.10%
Adjusted Term SOFR \| Minimum \| 2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.125%
Adjusted Term SOFR \| Maximum \| 2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.875%
Credit Agreement Base Rate, Adjusted Term SOFR One Month Tenor Rate \| 2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Credit Agreement, 0% Base Rate \| 2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.00%
Credit Agreement Base Rate, Federal Funds Rate \| 2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Revolving Credit Facility \| 2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity (in US dollars)	$ 1,300,000,000
Increase in borrowing capacity (in US dollars)		$ 900,000,000
Letters of credit maximum borrowing capacity (in US dollars)		600,000,000.0
Borrowings under revolving credit facility (in US dollars)		$ 0	$ 0
Commitment fee percentage of unused amount		0.125%	0.125%
Revolving Credit Facility \| Minimum \| 2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Commitment fee percentage of unused amount		0.125%
Letter of credit fees		0.85%
Revolving Credit Facility \| Maximum \| 2023 Revolving Credit Facility
Line of Credit Facility [Line Items]
Commitment fee percentage of unused amount		0.25%
Letter of credit fees		1.875%

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for credit losses (in US dollars)	$ 22,757	$ 34,957
Preferred stock, par value (in US dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in US dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	61,252,599	61,186,088
Treasury stock, shares	16,732,232	15,375,963

Acquisitions and Dispositions Of Businesses

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

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.

The following tables summarize the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):


Assets:
Cash and cash equivalents	$	18,394
Accounts receivable (1)	222,355
Contract assets	23,120
Inventories	329
Prepaid expenses and other	7,284
Property, plant, and equipment	10,462
Operating lease right-of-use assets	30,345
Goodwill (2)	326,776
Identifiable intangible assets	475,000
Other assets	302
Total assets acquired	$	1,114,367

_________________________

(1)The fair value of accounts receivable acquired was $222.4 million, with the gross contractual amount being $224.4 million. We expect $2.0 million to be uncollectible.


Liabilities:
Accounts payable	$	68,147
Contract liabilities	104,595
Accrued payroll and benefits	9,838
Other accrued expenses and liabilities	22,746
Operating lease liabilities, current	2,573
Operating lease liabilities, long-term	27,771
Other long-term obligations	991
Total liabilities assumed	236,661
Noncontrolling interests	934
Net assets acquired	$	876,772

NOTE 4 - ACQUISITIONS AND DISPOSITIONS OF BUSINESSES (Continued)


Miller Electric	Preliminary Fair Value		Estimated Useful Life
Customer relationships	$	280,000	16.0
Contract backlog	40,000		1.5
Total intangible assets subject to amortization	320,000		14.2
Trade name	155,000		Indefinite
Total identifiable intangible assets	$	475,000

In addition to Miller Electric, during 2025, we acquired nine companies, for upfront consideration of $182.1 million, inclusive of customary working capital adjustments. These acquisitions are comprised of: (a) five companies that have been included in our United States mechanical construction and facilities services segment, including: (i) two companies in the Midwestern region of the United States that provide building automation controls and solutions to commercial, institutional, and industrial customers, (ii) a company that adds capabilities to our national fire protection offerings, (iii) a provider of mechanical construction and maintenance services in the Western region of the United States, and (iv) a full service mechanical contractor in the Northeast region of the United States, and (b) four companies that have been included in our United States building services segment, which enhance our building automation and controls or energy efficiency offerings. In connection with these acquisitions, we acquired working capital of $2.0 million and other net assets of $8.2 million and have preliminarily ascribed $67.2 million to goodwill and $104.7 million to identifiable intangible assets.

We expect that all of the goodwill and identifiable intangible assets acquired in connection with the acquisitions we completed during 2025 will be deductible for tax purposes. The purchase price allocations for three of the businesses acquired in 2025 are preliminary and subject to change during their respective measurement periods as we finalize asset valuations and certain tax matters, among other items. The finalization of these items may result in changes in the valuation of assets acquired or liabilities assumed.

During 2024, we acquired seven companies for upfront consideration of $231.1 million, inclusive of customary working capital adjustments. These acquisitions are comprised of: (a) an electrical contractor in the Southeast region of the United States, that has been included in our United States electrical construction and facilities services segment, (b) two companies that have been included within our United States mechanical construction and facilities services segment, including: (i) a leading plumbing services provider in the Southeast region of the United States and (ii) a full service provider of mechanical construction and maintenance services in Central Texas, (c) three companies that have been included in our United States building services segment, including: (i) a provider of building automation and controls solutions in the Northeast region of the United States, (ii) a mechanical services company in the Western region of the United States, and (iii) a mechanical services company in the Eastern region of the United States, and (d) an instrumentation and electrical contractor, that has been included in our United States industrial services segment, which provides electrical, automation, digital integration, and fabrication services to various energy sector and process equipment customers. In connection with these acquisitions, we acquired working capital of $29.0 million and other net assets of $1.1 million, and have ascribed $61.9 million to goodwill and $139.1 million to identifiable intangible assets. We expect that all of the goodwill and identifiable intangible assets acquired in connection with these 2024 acquisitions will be deductible for tax purposes.

During 2023, we acquired eight companies for total consideration of $99.6 million. Such acquisitions include: (a) a national energy efficiency specialty services firm, the results of operations of which have been included in our United States building services segment, and (b) seven companies, the results of operations of which were de minimis, consisting of: (i) three companies that have been included within our United States mechanical construction and facilities services segment, one of which provides mechanical and pipe fabrication services in the Midwestern region of the United States, and two of which add capabilities to our national fire protection services, and (ii) four mechanical services companies in the Western and Midwestern regions of the United States that have been included within our United States building services segment and enhance our presence in geographies where we have existing operations. In connection with these acquisitions, we acquired working capital of $9.1 million and other net liabilities of $6.1 million, including certain deferred tax liabilities, and have ascribed $37.4 million to goodwill and $59.2 million to identifiable intangible assets. We expect that $29.6 million of the goodwill and identifiable intangible assets acquired in connection with these 2023 acquisitions will be deductible for tax purposes.

NOTE 4 - ACQUISITIONS AND DISPOSITIONS OF BUSINESSES (Continued)

The purchase price allocations for the businesses acquired in 2024 and 2023 have been finalized during their respective measurement periods with an insignificant impact.

Dispositions of Businesses

On December 1, 2025, we completed the sale of EMCOR (UK) Limited and EMCOR Group (UK) plc, which collectively represented our United Kingdom building services segment, for net proceeds of approximately $256.6 million. Such sale resulted in a pre-tax gain of $144.9 million, inclusive of the reclassification of $73.5 million from accumulated other comprehensive loss. Given the size of our United Kingdom operations, this transaction did not represent a strategic shift that had a major effect on the Company’s operations and financial results and, therefore, is not presented as discontinued operations.

In connection with this sale, we incurred $10.7 million of transaction related costs. These expenses were included in "Selling, general and administrative expenses" in the accompanying Consolidated Statement of Operations.

The entire disclosure for business combination.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 46
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 43
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 45
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-45

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

Income Tax Paid, by Individual Jurisdiction [Line Items]

Income Taxes - Schedule of Effective Income Tax Rate Rec (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

State and local income taxes, net of federal income tax effect

^[1]

$ 75,588

$ 69,202

$ 46,752

Foreign tax effects

^[2]

1,092

1,032

640

Global intangible low-taxed income

^[3]

22,088

Subpart F income inclusion

3,054

Reversal of book gain on sale of United Kingdom operations

(30,424)

Other permanent differences

17,122

12,221

9,513

Other adjustments

(1,254)

(1,468)

(611)

Income tax provision

$ 448,807

$ 370,237

$ 239,524

State and local income taxes, net of federal income tax effect, percent

4.40%

5.00%

5.40%

Foreign tax effects, percent

0.10%

Global intangible low-taxed income, percent

1.30%

0.00%

Subpart F income inclusion, percent

0.20%

0.00%

Reversal of book gain on sale of United Kingdom operations, percent

(1.80%)

0.00%

Other permanent differences, percent

1.00%

0.90%

1.10%

Other adjustments, percent

(0.10%)

Effective tax rate

26.10%

26.90%

27.50%

UNITED STATES

Income Tax Paid, by Individual Jurisdiction [Line Items]

U.S. federal statutory tax rate

$ 361,541

$ 289,250

$ 183,230

U.S. federal statutory tax rate, percent

21.00%

[1]	For the years ended December 31, 2025, 2024, and 2023, the jurisdictions making up the majority of state and local income taxes were: 2025: California, Virginia, Indiana, Oregon, New York, Georgia, and Massachusetts. 2024: California, Virginia, New Jersey, New York, New York City, Georgia, and Oregon. 2023: California, New York, New York City, Indiana, Oregon, Illinois, Pennsylvania, and Virginia.
[2]	Represents the statutory rate difference between the United Kingdom and United States.
[3]	The Company’s policy is to recognize the minimum tax on global intangible low-taxed income as an expense in the period incurred.

Share-Based Compensation Plans - Schedule of activity of restricted stock units (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares, Beginning Balance	248,814	294,849	317,594
Weighted Average Price, Beginning Balance (in dollars per share)	$ 192.87	$ 124.30	$ 100.83
Shares, Granted	48,150	93,636	103,024
Weighted Average Price, Granted (in dollars per share)	$ 483.10	$ 279.05	$ 156.06
Shares, Forfeited	(3,799)	(409)	(3,018)
Weighted Average Price, Forfeited (in dollars per share)	$ 227.60	$ 185.51	$ 118.59
Shares, Vested	(94,564)	(139,262)	(122,751)
Weighted Average Price, Vested (in dollars per share)	$ 148.91	$ 105.65	$ 90.38
Shares, Ending Balance	198,601	248,814	294,849
Weighted Average Price, Ending Balance (in dollars per share)	$ 283.51	$ 192.87	$ 124.30

Summary of Significant Accounting Policies (Notes)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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

Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Refer to Note 3 - Revenue from Contracts with Customers of the notes to consolidated financial statements for additional information.

Cash and Cash Equivalents

For purposes of the consolidated financial statements, we consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. We maintain a centralized cash management system whereby our excess cash balances are invested in high quality short-term money market instruments, which are considered cash equivalents. We have cash balances in certain of our bank accounts that exceed federally insured limits.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are recognized in the period we deliver goods and services to our customers or when our right to consideration is unconditional. The Company maintains an allowance for credit losses to reduce outstanding receivables to their net realizable value. Judgment is required when determining expected credit losses. Estimates of such losses are recorded when we believe a customer, or group of customers, may not be able to meet their financial obligations due to deterioration in financial condition or credit rating. Factors relevant to our assessment include our prior collection history with our customers, the related aging of past due balances, projections of credit losses based on historical trends in credit quality indicators or past events, and forecasts of future economic conditions. In addition to monitoring delinquent accounts, management reviews the credit quality of its receivables by, among other things, obtaining credit ratings of significant customers, assessing economic and market conditions, and evaluating material changes to a customer’s business, cash flows, and financial condition.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

At December 31, 2025 and 2024, our accounts receivable of $4.24 billion and $3.58 billion, respectively, were recorded net of allowances for credit losses of $22.8 million and $35.0 million, respectively. Allowances for credit losses are based on the best facts available and are reassessed and adjusted on a regular basis as additional information is received. Should anticipated collections fail to materialize, or if future economic conditions compare unfavorably to our forecasts, we could experience an increase in our credit losses. The provision for credit losses during 2025, 2024, and 2023 amounted to approximately $7.7 million, $17.3 million, and $7.9 million, respectively.

The change in the allowance for credit losses for the year ended December 31, 2025 was as follows (in thousands):


Balance at December 31, 2024	$	34,957
Provision for credit losses	7,671
Amounts written off against the allowance, net of recoveries	(19,871)
Balance at December 31, 2025	$	22,757

The decrease in our allowance for credit losses was due to the write-off of specific receivables which were previously reserved for within our United States building services segment, partially offset by the provision for credit losses recorded during 2025.

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined principally using the average cost method. Refer to Note 6 - Inventories of the notes to consolidated financial statements for additional information.

Leases

At the inception of a contract, we determine whether the arrangement is or contains a lease. Leases are classified as either operating or finance, based on our evaluation of certain criteria. With the exception of short-term leases (leases with an initial term of 12 months or less), we record right-of-use assets and corresponding lease liabilities on the Consolidated Balance Sheets for all leases with contractual fixed payments. Lease liabilities are measured at the present value of remaining lease payments, while right-of-use assets are initially set equal to the lease liability, as adjusted for any payments made prior to lease commencement, lease incentives, and any initial direct costs incurred by us. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease, and right-of-use assets are subsequently re-measured to reflect the effect of uneven lease payments. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset. Expenses for finance leases include the amortization of right-of-use assets, which is recorded as depreciation and amortization expense, and interest expense, which reflects interest accrued on the lease liability.

Short-term leases are not recorded on the Consolidated Balance Sheets but are expensed on a straight-line basis over the lease term. The majority of the Company’s short-term leases relate to equipment used on construction projects. Such equipment leases are considered short-term in nature unless it is reasonably certain that the equipment will be leased for a period greater than 12 months.

Refer to Note 16 - Leases of the notes to consolidated financial statements for additional information.

Property, Plant, and Equipment

Property, plant, and equipment is stated at cost. Depreciation, including amortization of assets under finance leases, is recorded using the straight-line method over estimated useful lives of 3 to 10 years for machinery and equipment, 3 to 7 years for vehicles, furniture and fixtures, and computer hardware/software, and 25 years for buildings. Leasehold improvements are amortized over the shorter of the remaining lease term or the expected useful life of the improvement.

The carrying values of property, plant, and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying amount may not be fully recoverable. In performing this review for recoverability, property, plant, and equipment is assessed for possible impairment by comparing their carrying values to the undiscounted net pre-tax cash flows expected to result from the use of the asset. Impaired assets are written down to their fair values, generally determined based on their estimated future discounted cash flows.

Refer to Note 7 - Property, Plant, and Equipment of the notes to consolidated financial statements for additional information.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Goodwill, Identifiable Intangible Assets, and Other Long-Lived Assets

Goodwill and indefinite-lived intangible assets, such as trade names, are evaluated at least annually for impairment (each October 1, absent any earlier identified impairment indicators) and are written down if impaired. Identifiable intangible assets with finite lives are amortized over their useful lives and, along with certain other long-lived assets, are reviewed for impairment whenever facts and circumstances indicate that their carrying values may not be fully recoverable. See Note 8 - Goodwill, Identifiable Intangible Assets, and Other Long-Lived Assets of the notes to consolidated financial statements for additional information.

Insurance Liabilities

We have loss payment deductibles for certain workers’ compensation, automobile liability, general liability, and property claims, have self-insured retentions for certain other casualty claims, and are self-insured for employee-related healthcare claims. In addition, we maintain a wholly-owned captive insurance subsidiary to manage certain of our insurance liabilities. Losses are recorded based upon estimates of our liability for claims incurred and for claims incurred but not reported. The liabilities are derived from known facts, historical trends, and industry averages, utilizing the assistance of an independent third-party actuary to determine the best estimate for the majority of these obligations. To the extent that the amount required to settle claims covered by insurance continues to increase, the cost of our insurance coverage, including premiums and deductibles, is likely to increase. As of December 31, 2025 and 2024, the estimated current portion of such undiscounted insurance liabilities, included in “Other accrued expenses and liabilities” in the accompanying Consolidated Balance Sheets, were $84.0 million and $50.8 million, respectively. The estimated non-current portion of such undiscounted insurance liabilities included in “Other long-term obligations” as of December 31, 2025 and 2024 were $274.1 million and $237.3 million, respectively. The current portion of anticipated insurance recoveries of $15.5 million and $9.2 million as of December 31, 2025 and 2024, respectively, were included in “Prepaid expenses and other” and the non-current portion of anticipated insurance recoveries of $51.7 million and $38.7 million as of December 31, 2025 and 2024, respectively, were included in “Other assets” in the accompanying Consolidated Balance Sheets. These balances increased from December 31, 2024 as a result greater potential exposures, including the impact of acquired companies, and an increase in certain of our deductibles or self-insured retentions.

Foreign Operations

The financial statements and transactions of any foreign subsidiaries are maintained in their functional currency and translated into U.S. dollars when preparing our consolidated financial statements. Statements of operations, comprehensive income, and cash flows are translated using weighted average monthly exchange rates, while balance sheets are translated at month-end exchange rates. Translation adjustments are recorded as “Accumulated other comprehensive loss,” a separate component of “Equity.”

Income Taxes

The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement and income tax bases of assets and liabilities as well as for net operating loss and tax credit carryforwards. Deferred income taxes are valued using enacted tax rates expected to be in effect when income taxes are paid or recovered, with the effect of a change in tax laws or rates recognized in the statement of operations in the periods in which such change is enacted. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Deferred income taxes are recorded net of a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. In making such determination, we consider all available evidence, including projections of future taxable income, tax-planning strategies, and recent results of operations.

Tax benefits associated with uncertain tax positions are recognized only if it is more likely than not that the tax position would be sustained on its technical merits. For positions not meeting the “more likely than not” test, no tax benefit is recognized. To the extent interest and penalties may be assessed related to unrecognized tax benefits, we record accruals for such amounts as a component of the income tax provision. We had no unrecognized income tax benefits as of December 31, 2025 and 2024.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Valuation of Share-Based Compensation

Our share-based compensation plans and programs are administered by our Board of Directors or its Compensation and Personnel Committee. We recognize expense for all share-based payments issued to acquire goods or services based on the fair value of such payments. Compensation expense related to share-based awards is generally recognized on a straight-line basis over the requisite service period, which is the vesting period. The benefits of tax deductions in excess of recognized compensation expense are recognized in the Consolidated Statements of Operations when the underlying awards vest or are settled. See Note 13 - Share-Based Compensation Plans of the notes to consolidated financial statements for additional information regarding our share-based compensation plans and programs.

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, and interim periods within fiscal years beginning after December 15, 2027, although early adoption and retrospective application is permitted. While the adoption of this ASU will not have an impact on our financial position and/or results of operations, we are currently evaluating the impact on our financial statement disclosures, including the processes and controls around the collection of this information.

Leases - Schedule of Lease Term and Discount Rate (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted-average remaining lease term:
Operating leases	6 years 10 months 24 days	5 years 1 month 6 days
Finance leases	3 years 1 month 6 days	3 years 4 months 24 days
Weighed-average discount rate:
Operating leases	5.01%	4.43%
Finance leases	5.10%	4.67%

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

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%, respectively.


	2025				2024				2023
	Amount		%		Amount		%		Amount		%
U.S. federal statutory tax rate	$	361,541	21.0	%	$	289,250	21.0	%	$	183,230	21.0	%
State and local income taxes, net of federal income tax effect (1)	75,588		4.4	%	69,202		5.0	%	46,752		5.4	%
Foreign tax effects (2)	1,092		0.1	%	1,032		0.1	%	640		0.1	%
Effect of cross-border tax laws:
Global intangible low-taxed income (3)	22,088		1.3	%	—		—	%	—		—	%
Subpart F income inclusion	3,054		0.2	%	—		—	%	—		—	%
Nontaxable or nondeductible items:
Reversal of book gain on sale of United Kingdom operations	(30,424)		(1.8)	%	—		—	%	—		—	%
Other permanent differences	17,122		1.0	%	12,221		0.9	%	9,513		1.1	%
Other adjustments	(1,254)		(0.1)	%	(1,468)		(0.1)	%	(611)		(0.1)	%
Effective tax rate	$	448,807	26.1	%	$	370,237	26.9	%	$	239,524	27.5	%

_________________

(1)For the years ended December 31, 2025, 2024, and 2023, the jurisdictions making up the majority of state and local income taxes were:

2025: California, Virginia, Indiana, Oregon, New York, Georgia, and Massachusetts.

2024: California, Virginia, New Jersey, New York, New York City, Georgia, and Oregon.

2023: California, New York, New York City, Indiana, Oregon, Illinois, Pennsylvania, and Virginia.

(2)Represents the statutory rate difference between the United Kingdom and United States.

(3)The Company’s policy is to recognize the minimum tax on global intangible low-taxed income as an expense in the period incurred.

Income taxes paid (net of refunds received) for the years ended December 31, 2025, 2024, and 2023 were as follows (in thousands):


	2025		2024		2023
Federal	$	358,800	$	306,300	$	167,600
State and local	119,404		97,681		55,981
Foreign	5,220		5,381		6,915
Total	$	483,424	$	409,362	$	230,496

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 for the years 2021 through 2024.

On March 11, 2021, the American Rescue Plan Act was signed into law. Such act includes certain tax provisions that could have an impact on the Company in future periods, including expanded limits on compensation deductions under Section 162(m) of the Internal Revenue Code for tax years beginning after December 31, 2026. We are currently evaluating the impact that this act may have on our financial position and/or results of operations; however, we anticipate that the expanded provisions of Section 162(m) will result in an increase in our effective income tax rate for years beginning after December 31, 2026.

NOTE 11 - INCOME TAXES (Continued)

On August 16, 2022, the Inflation Reduction Act of 2022 was signed into law. Such act created a 15% corporate alternative minimum tax on profits of corporations whose average annual adjusted financial statement income exceeds $1.0 billion for any consecutive three-tax-year period preceding the then current tax year. Based on our average annual adjusted financial statement income for the preceding three years, which was below the aforementioned $1.0 billion threshold, as well as the fact that our effective federal income tax rate is in excess of the 15% alternative minimum tax rate, this alternative minimum tax did not have an impact on our financial position and/or results of operations for the years ended December 31, 2025, 2024, and 2023.

On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 (“OBBBA”). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including accelerated bonus depreciation. The enactment of this legislation did not have a material impact on our annual effective tax rate for 2025.

Deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement and income tax bases of assets and liabilities. The deferred income tax assets and deferred income tax liabilities recorded as of December 31, 2025 and 2024 were as follows (in thousands):


	December 31, 2025		December 31, 2024
Deferred income tax assets:
Excess of amounts expensed for financial statement purposes over amounts deducted for income tax purposes:
Insurance liabilities	$	69,064	$	69,664
Operating lease liabilities	117,897		102,667
Deferred compensation	85,020		76,042
Other (including liabilities and reserves)	41,197		49,715
Total deferred income tax assets	313,178		298,088
Valuation allowance for deferred tax assets	(4,148)		(5,076)
Net deferred income tax assets	309,030		293,012

Deferred income tax liabilities:
Costs capitalized for financial statement purposes and deducted for income tax purposes:
Goodwill and identifiable intangible assets	(147,496)		(172,613)
Operating lease right-of-use assets	(110,550)		(94,800)
Depreciation of property, plant, and equipment	(42,532)		(33,284)
Pension asset	(202)		(6,082)
Other	(12,819)		(14,664)
Total deferred income tax liabilities	(313,599)		(321,443)

Net deferred income tax liabilities	$	(4,569)	$	(28,431)

Our net deferred income tax liabilities of $4.6 million and $28.4 million as of December 31, 2025 and 2024, respectively, were included in “Other long-term obligations” in the accompanying Consolidated Balance Sheets.

Valuation allowances are established when necessary to reduce deferred income tax assets when it is more likely than not that a tax benefit will not be realized. As of December 31, 2025 and 2024, the total valuation allowance on deferred income tax assets, related to state and local net operating losses, foreign net operating losses, and foreign income tax credit carryovers, was approximately $4.1 million and $5.1 million, respectively. The year-over-year decrease was a result of the release of valuation allowances on deferred tax assets for state net operating loss carryovers that we determined are now likely to be utilized.

Realization of our deferred income tax assets is dependent on our generating sufficient taxable income in the jurisdictions in which such deferred tax assets will reverse. Although realization is not assured, based on current projections of future taxable income, we believe it is more likely than not that the deferred income tax assets, net of the valuation allowances discussed above, will be realized. However, revisions to our forecasts or declining macroeconomic conditions could result in changes to our assessment of the realization of these deferred income tax assets.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator
Net income attributable to EMCOR Group, Inc. (in US dollars)	$ 1,272,817	$ 1,007,145	$ 632,994
Denominator
Weighted average shares outstanding used to compute basic earnings per common share (in shares)	44,982,102	46,616,079	47,358,467
Effect of dilutive securities-Share-based awards (in shares)	163,665	192,214	205,791
Shares used to compute diluted earnings per common share (in shares)	45,145,767	46,808,293	47,564,258
Basic earnings per common share (in US dollars per share)	$ 28.30	$ 21.61	$ 13.37
Diluted earnings per common share (in US dollars per share)	$ 28.19	$ 21.52	$ 13.31

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Calculation Of Basic And Diluted Earnings Per Common Share

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]


	2025		2024		2023
Numerator:
Net income attributable to EMCOR Group, Inc.	$	1,272,817	$	1,007,145	$	632,994
Denominator:
Weighted average shares outstanding used to compute basic earnings per common share	44,982,102		46,616,079		47,358,467
Effect of dilutive securities—Share-based awards	163,665		192,214		205,791
Shares used to compute diluted earnings per common share	45,145,767		46,808,293		47,564,258

Basic earnings per common share	$	28.30	$	21.61	$	13.37

Diluted earnings per common share	$	28.19	$	21.52	$	13.31

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
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 entity’s own assumptions.
Principles of Consolidation	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	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	Revenue Recognition Revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Refer to Note 3 - Revenue from Contracts with Customers of the notes to consolidated financial statements for additional information. 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 customer’s 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 Company assesses the goods or services promised in a contract and identifies, as a separate performance obligation, each distinct promise to transfer goods or services to the customer. The identified performance obligations represent the “unit of account” for purposes of determining revenue recognition. In order to properly identify separate performance obligations, the Company applies judgment in determining whether each good or service provided is: (a) capable of being distinct, whereby the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and (b) distinct within the context of the contract, whereby the transfer of the good or service to the customer is separately identifiable from other promises in the contract. NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued) In addition, when assessing performance obligations within a contract, the Company considers the warranty provisions included within such contract. To the extent the warranty terms provide the customer with an additional service, other than assurance that the promised good or service complies with agreed upon specifications, such warranty is accounted for as a separate performance obligation. In determining whether a warranty provides an additional service, the Company considers each warranty provision in comparison to warranty terms which are standard in the industry. Our contracts are often modified through change orders to account for changes in the scope and price of the goods or services we are providing. Although the Company evaluates each change order to determine whether such modification creates a separate performance obligation, the majority of our change orders are for goods or services that are not distinct within the context of our original contract and, therefore, are not treated as separate performance obligations. (3) Determine the transaction price The transaction price represents the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to our customers. The consideration promised within a contract may include fixed amounts, variable amounts, or both. To the extent the performance obligation includes variable consideration, including contract bonuses and penalties that can either increase or decrease the transaction price, the Company estimates the amount of variable consideration to be included in the transaction price utilizing one of two prescribed methods, depending on which method better predicts the amount of consideration to which the entity will be entitled. Such methods include: (a) the expected value method, whereby the amount of variable consideration to be recognized represents the sum of probability-weighted amounts in a range of possible consideration amounts, and (b) the most likely amount method, whereby the amount of variable consideration to be recognized represents the single most likely amount in a range of possible consideration amounts. When applying these methods, the Company considers all information that is reasonably available, including historical, current, and estimates of future performance. The expected value method is typically utilized in situations where a contract contains a large number of possible outcomes while the most likely amount method is typically utilized in situations where a contract has only two possible outcomes. Variable consideration is included in the transaction price only to the extent it is probable, in the Company’s judgment, that a significant future reversal in the amount of cumulative revenue recognized under the contract will not occur when the uncertainty associated with the variable consideration is subsequently resolved. This threshold is referred to as the variable consideration constraint. In assessing whether to apply the variable consideration constraint, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue, including, but not limited to, whether: (a) the amount of consideration is highly susceptible to factors outside of the Company’s influence, such as the actions of third parties, (b) the uncertainty surrounding the amount of consideration is not expected to be resolved for a long period of time, (c) the Company’s experience with similar types of contracts is limited or that experience has limited predictive value, (d) the Company has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances, and (e) the contract has a large number and broad range of possible consideration amounts. Pending change orders represent one of the most common forms of variable consideration included within contract value and typically represent contract modifications for which a change in scope has been authorized or acknowledged by our customer but the final adjustment to contract price is yet to be negotiated. In estimating the transaction price for pending change orders, the Company considers all relevant facts, including documented correspondence with the customer regarding acknowledgment of and/or agreement with the modification, as well as historical experience with the customer or similar contractual circumstances. Based upon this assessment, the Company estimates the transaction price, including whether the variable consideration constraint should be applied. Contract claims are another form of variable consideration which is common within our industry. Claim amounts represent revenue that has been recognized for contract modifications that are not submitted or are in dispute as to both scope and price. In estimating the transaction price for claims, the Company considers all relevant facts available. However, given the uncertainty surrounding claims, including the potential long-term nature of dispute resolution and the broad range of possible consideration amounts, there is an increased likelihood that any additional contract revenue associated with contract claims is constrained. The resolution of claims involves negotiations and, in certain cases, litigation. In the event litigation costs are incurred by us in connection with claims, such litigation costs are expensed as incurred, although we may seek to recover these costs. NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued) For some transactions, the receipt of consideration does not match the timing of the transfer of goods or services to the customer. For such contracts, the Company evaluates whether this timing difference represents a financing arrangement within the contract. Although rare, if a contract is determined to contain a significant financing component, the Company adjusts the promised amount of consideration for the effects of the time value of money when determining the transaction price of such contract. Although our customers may retain a portion of the contract price until completion of the project and final contract settlement, these retainage amounts are not considered a significant financing component as the intent of the withheld amounts is to provide the customer with assurance that we will complete our obligations under the contract rather than to provide financing to the customer. In addition, although we may be entitled to advanced payments from our customers on certain contracts, these advanced payments generally do not represent a significant financing component as the payments are used to meet working capital demands that can be higher in the early stages of a contract, as well as to protect us from our customer failing to meet its obligations under the contract. Changes in the estimates of transaction prices are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. Such changes in estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior periods. Such changes in estimates may also result in the reversal of previously recognized revenue if the ultimate outcome differs from the Company’s previous estimate. (4) Allocate the transaction price to the performance obligations in the contract For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price. The Company determines the standalone selling price based on the price at which the performance obligation would have been sold separately in similar circumstances to similar customers. If the standalone selling price is not observable, the Company estimates the standalone selling price taking into account all available information such as market conditions and internal pricing guidelines. In certain circumstances, the standalone selling price is determined using an expected profit margin on anticipated costs related to the performance obligation. (5) Recognize revenue as performance obligations are satisfied The Company recognizes revenue at the time the related performance obligation is satisfied by transferring a promised good or service to its customers. A good or service is considered to be transferred when the customer obtains control. The Company can transfer control of a good or service and satisfy its performance obligations either over time or at a point in time. The Company transfers control of a good or service over time and, therefore, satisfies a performance obligation and recognizes revenue over time if one of the following three criteria are met: (a) the customer simultaneously receives and consumes the benefits provided by the Company’s performance as we perform, (b) the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (c) the Company’s performance does not create an asset with an alternative use to us, and we have an enforceable right to payment for performance completed to date. For our performance obligations satisfied over time, we recognize revenue by measuring the progress toward complete satisfaction of that performance obligation. The selection of the method to measure progress towards completion can be either an input method or an output method and requires judgment based on the nature of the goods or services to be provided. For our construction contracts, revenue is generally recognized over time as our performance creates or enhances an asset that the customer controls as it is created or enhanced. Our fixed price construction projects generally use a cost-to-cost input method to measure our progress towards complete satisfaction of the performance obligation as we believe it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. For our unit price construction contracts, progress towards complete satisfaction is measured through an output method, such as the number of units produced or delivered, when our performance does not produce significant amounts of work in process or finished goods prior to complete satisfaction of such performance obligations. For our services contracts, revenue is also generally recognized over time as the customer simultaneously receives and consumes the benefits of our performance as we perform the service. For our fixed price service contracts with specified service periods, revenue is generally recognized on a straight-line basis over such service period when our inputs are expended evenly and the customer receives and consumes the benefits of our performance throughout the contract term. NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued) The timing of revenue recognition for the manufacturing of new build heat exchangers within our United States industrial services segment depends on the payment terms of the contract, as our performance does not create an asset with an alternative use to us. For those contracts for which we have a right to payment for performance completed to date at all times throughout our performance, inclusive of a cancellation, we recognize revenue over time. For these performance obligations, we use a cost-to-cost input method to measure our progress towards complete satisfaction of the performance obligation as we believe it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. However, for those contracts for which we do not have a right, at all times, to payment for performance completed to date, we recognize revenue at the point in time when control is transferred to the customer. For bill-and-hold arrangements, revenue is recognized when the customer obtains control of the heat exchanger, which may be prior to shipping if certain recognition criteria are met. For certain of our revenue streams, such as call-out repair and service work, outage services, refinery turnarounds, and specialty welding services that are performed under time and materials contracts, our progress towards complete satisfaction of such performance obligations is measured using an output method as the customer receives and consumes the benefits of our performance completed to date. Changes in Estimates Due to uncertainties inherent in the estimation process, as well as the significant judgment involved in determining variable consideration, it is possible that estimates of costs to complete a performance obligation, and/or our estimates of transaction prices, will be revised in the near term. For those performance obligations for which revenue is recognized using a cost-to-cost input method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, or changes in the estimate of transaction prices, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. When the current estimate of total costs for a performance obligation indicates a loss, a provision for the entire estimated loss on the unsatisfied performance obligation is made in the period in which the loss becomes evident.
Cash and Cash Equivalents	Cash and Cash Equivalents For purposes of the consolidated financial statements, we consider all highly liquid instruments with original maturities of three months or less to be cash equivalents. We maintain a centralized cash management system whereby our excess cash balances are invested in high quality short-term money market instruments, which are considered cash equivalents. We have cash balances in certain of our bank accounts that exceed federally insured limits.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable are recognized in the period we deliver goods and services to our customers or when our right to consideration is unconditional. The Company maintains an allowance for credit losses to reduce outstanding receivables to their net realizable value. Judgment is required when determining expected credit losses. Estimates of such losses are recorded when we believe a customer, or group of customers, may not be able to meet their financial obligations due to deterioration in financial condition or credit rating. Factors relevant to our assessment include our prior collection history with our customers, the related aging of past due balances, projections of credit losses based on historical trends in credit quality indicators or past events, and forecasts of future economic conditions. In addition to monitoring delinquent accounts, management reviews the credit quality of its receivables by, among other things, obtaining credit ratings of significant customers, assessing economic and market conditions, and evaluating material changes to a customer’s business, cash flows, and financial condition.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined principally using the average cost method. Refer to Note 6 - Inventories of the notes to consolidated financial statements for additional information.
Leases	Leases At the inception of a contract, we determine whether the arrangement is or contains a lease. Leases are classified as either operating or finance, based on our evaluation of certain criteria. With the exception of short-term leases (leases with an initial term of 12 months or less), we record right-of-use assets and corresponding lease liabilities on the Consolidated Balance Sheets for all leases with contractual fixed payments. Lease liabilities are measured at the present value of remaining lease payments, while right-of-use assets are initially set equal to the lease liability, as adjusted for any payments made prior to lease commencement, lease incentives, and any initial direct costs incurred by us. For operating leases, rent expense is recognized on a straight-line basis over the term of the lease, and right-of-use assets are subsequently re-measured to reflect the effect of uneven lease payments. For finance leases, right-of-use assets are amortized on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset. Expenses for finance leases include the amortization of right-of-use assets, which is recorded as depreciation and amortization expense, and interest expense, which reflects interest accrued on the lease liability. Short-term leases are not recorded on the Consolidated Balance Sheets but are expensed on a straight-line basis over the lease term. The majority of the Company’s short-term leases relate to equipment used on construction projects. Such equipment leases are considered short-term in nature unless it is reasonably certain that the equipment will be leased for a period greater than 12 months. Refer to Note 16 - Leases of the notes to consolidated financial statements for additional information. 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 from such measurement and expensed as incurred. In addition, certain of our lease arrangements may contain a lease coupled with an arrangement to provide other services, such as maintenance, or may require us to make other payments on behalf of the lessor related to the leased asset, such as payments for taxes or insurance. We account for these non-lease components together with the associated lease component for each of our asset classes. NOTE 16 - LEASES (Continued) The measurement of right-of-use assets and lease liabilities requires us to estimate appropriate discount rates. To the extent the rate implicit in the lease is readily determinable, such rate is utilized. However, based on information available at lease commencement for the majority of our leases, the rate implicit in the lease is not known. In these instances, we utilize an incremental borrowing rate, which represents the rate of interest that we would pay to borrow on a collateralized basis, over a similar term, an amount equal to the lease payments. Our lease arrangements generally do not contain significant restrictions or covenants; however, certain of our vehicle and equipment leases include residual value guarantees, whereby we provide a guarantee to the lessor that the value of the underlying asset will be at least a specified amount at the end of the lease. Amounts probable of being owed under these guarantees are included within the measurement of the right-of-use asset and lease liability.
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment is stated at cost. Depreciation, including amortization of assets under finance leases, is recorded using the straight-line method over estimated useful lives of 3 to 10 years for machinery and equipment, 3 to 7 years for vehicles, furniture and fixtures, and computer hardware/software, and 25 years for buildings. Leasehold improvements are amortized over the shorter of the remaining lease term or the expected useful life of the improvement. The carrying values of property, plant, and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying amount may not be fully recoverable. In performing this review for recoverability, property, plant, and equipment is assessed for possible impairment by comparing their carrying values to the undiscounted net pre-tax cash flows expected to result from the use of the asset. Impaired assets are written down to their fair values, generally determined based on their estimated future discounted cash flows. Refer to Note 7 - Property, Plant, and Equipment of the notes to consolidated financial statements for additional information.
Goodwill, Identifiable Intangible Assets, And Other Long-Lived Assets	Goodwill, Identifiable Intangible Assets, and Other Long-Lived Assets Goodwill and indefinite-lived intangible assets, such as trade names, are evaluated at least annually for impairment (each October 1, absent any earlier identified impairment indicators) and are written down if impaired. Identifiable intangible assets with finite lives are amortized over their useful lives and, along with certain other long-lived assets, are reviewed for impairment whenever facts and circumstances indicate that their carrying values may not be fully recoverable. See Note 8 - Goodwill, Identifiable Intangible Assets, and Other Long-Lived Assets of the notes to consolidated financial statements for additional information.
Insurance Liabilities	Insurance Liabilities We have loss payment deductibles for certain workers’ compensation, automobile liability, general liability, and property claims, have self-insured retentions for certain other casualty claims, and are self-insured for employee-related healthcare claims. In addition, we maintain a wholly-owned captive insurance subsidiary to manage certain of our insurance liabilities. Losses are recorded based upon estimates of our liability for claims incurred and for claims incurred but not reported. The liabilities are derived from known facts, historical trends, and industry averages, utilizing the assistance of an independent third-party actuary to determine the best estimate for the majority of these obligations. To the extent that the amount required to settle claims covered by insurance continues to increase, the cost of our insurance coverage, including premiums and deductibles, is likely to increase.
Foreign Operations	Foreign Operations The financial statements and transactions of any foreign subsidiaries are maintained in their functional currency and translated into U.S. dollars when preparing our consolidated financial statements. Statements of operations, comprehensive income, and cash flows are translated using weighted average monthly exchange rates, while balance sheets are translated at month-end exchange rates. Translation adjustments are recorded as “Accumulated other comprehensive loss,” a separate component of “Equity.”
Income Taxes	Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement and income tax bases of assets and liabilities as well as for net operating loss and tax credit carryforwards. Deferred income taxes are valued using enacted tax rates expected to be in effect when income taxes are paid or recovered, with the effect of a change in tax laws or rates recognized in the statement of operations in the periods in which such change is enacted. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Deferred income taxes are recorded net of a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. In making such determination, we consider all available evidence, including projections of future taxable income, tax-planning strategies, and recent results of operations. Tax benefits associated with uncertain tax positions are recognized only if it is more likely than not that the tax position would be sustained on its technical merits. For positions not meeting the “more likely than not” test, no tax benefit is recognized. To the extent interest and penalties may be assessed related to unrecognized tax benefits, we record accruals for such amounts as a component of the income tax provision.
Valuation of Share-based Compensation Plans	Valuation of Share-Based Compensation Our share-based compensation plans and programs are administered by our Board of Directors or its Compensation and Personnel Committee. We recognize expense for all share-based payments issued to acquire goods or services based on the fair value of such payments. Compensation expense related to share-based awards is generally recognized on a straight-line basis over the requisite service period, which is the vesting period. The benefits of tax deductions in excess of recognized compensation expense are recognized in the Consolidated Statements of Operations when the underlying awards vest or are settled. See Note 13 - Share-Based Compensation Plans of the notes to consolidated financial statements for additional information regarding our share-based compensation plans and programs.
New Accounting Pronouncements	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, and interim periods within fiscal years beginning after December 15, 2027, although early adoption and retrospective application is permitted. While the adoption of this ASU will not have an impact on our financial position and/or results of operations, we are currently evaluating the impact on our financial statement disclosures, including the processes and controls around the collection of this information.

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal	$ 358,800	$ 306,300	$ 167,600
State and local	119,404	97,681	55,981
Foreign	5,220	5,381	6,915
Total income taxes paid, net	$ 483,424	$ 409,362	$ 230,496

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired (Details) - Miller Electric $ in Thousands	Feb. 03, 2025 USD ($)
Business Combination [Line Items]
Finite-Lived Intangible Assets Acquired	$ 320,000
Identifiable intangible assets acquired	$ 475,000
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	14 years 2 months 12 days
Trade names (finite-lived)
Business Combination [Line Items]
Indefinite-Lived Intangible Assets Acquired	$ 155,000
Customer relationships
Business Combination [Line Items]
Finite-Lived Intangible Assets Acquired	$ 280,000
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	16 years
Contract backlog
Business Combination [Line Items]
Finite-Lived Intangible Assets Acquired	$ 40,000
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	1 year 6 months

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-47

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 37: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Defined Benefit Plans - Narrative (Details) $ in Thousands	12 Months Ended
Defined Benefit Plans - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2025 plan
Defined Benefit Plan Disclosure [Line Items]
Number of plans \| plan		3
United Kingdom Subsidiary \| UK Plan
Defined Benefit Plan Disclosure [Line Items]
Funded status of UK Plan	$ 24,150
Discount rate	5.50%
Annual rate of inflation	2.90%
Other assets \| United Kingdom Subsidiary \| UK Plan
Defined Benefit Plan Disclosure [Line Items]
Funded status of UK Plan	$ 24,200

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Statement of Comprehensive Income [Abstract]

Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cumulative post retirement liability adjustment		$ (80.8)	$ (83.9)
Cumulative foreign currency translation adjustment	$ (1.9)	$ (4.7)	$ (1.8)

Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Post retirement plans, tax expense	$ (0.7)	$ (1.0)	$ (0.5)

Leases - Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Operating lease right-of-use assets	$ 439,029	$ 316,128
Finance lease right-of-use assets	6,111	6,009
Total lease assets	445,140	322,137
Current liabilities
Operating lease liabilities, current	99,213	81,247
Finance lease liabilities, current	2,399	2,246
Noncurrent liabilities
Operating lease liabilities, long-term	368,996	261,575
Finance lease liabilities, long-term	3,949	3,849
Total lease liabilities	$ 474,557	$ 348,917
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant, and equipment, net	Property, plant, and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term obligations	Other long-term obligations

Consolidated Statements Of Comprehensive Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Other comprehensive income (loss), net of tax:

$ 1,272,817

$ 1,007,145

$ 633,329

Foreign currency translation adjustments

7,961

(2,900)

6,417

Changes in post-retirement plans

^[1]

2,110

3,077

1,330

Release of accumulated other comprehensive loss from sale of United Kingdom operations

73,540

Comprehensive income attributable to noncontrolling interests

83,611

177

7,747

Comprehensive income

1,356,428

1,007,322

641,076

335

Comprehensive income attributable to EMCOR Group, Inc.

$ 1,356,428

$ 1,007,322

$ 640,741

[1]	Net of tax provision of $0.7 million, $1.0 million, and $0.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Income Taxes - Schedule of Income before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ 1,695,149	$ 1,349,469	$ 844,002
Foreign	26,475	27,913	28,851
Income before income taxes	$ 1,721,624	$ 1,377,382	$ 872,853

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Supplemental Cash Flow Information [Abstract]

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,111,968	$ 1,339,550
Accounts receivable, less allowance for credit losses of $22,757 and $34,957, respectively	4,241,177	3,577,537
Contract assets	337,717	284,791
Inventories	126,252	95,667
Prepaid expenses and other	120,231	91,644
Total current assets	5,937,345	5,389,189
Property, plant, and equipment, net	253,277	207,489
Operating lease right-of-use assets	439,029	316,128
Goodwill	1,412,414	1,018,415
Identifiable intangible assets, net	1,108,828	648,180
Other assets	140,506	137,072
Total assets	9,291,399	7,716,473
Current liabilities:
Accounts payable	1,227,428	937,087
Contract liabilities	2,327,360	2,047,540
Accrued payroll and benefits	870,154	751,434
Other accrued expenses and liabilities	340,785	336,555
Operating lease liabilities, current	99,213	81,247
Total current liabilities	4,864,940	4,153,863
Operating lease liabilities, long-term	368,996	261,575
Other long-term obligations	382,482	362,341
Total liabilities	5,616,418	4,777,779
EMCOR Group, Inc. stockholders’ equity:
Preferred stock, $0.10 par value, 1,000,000 shares authorized, zero issued and outstanding	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized, 61,252,599 and 61,186,088 shares issued, respectively	613	612
Capital surplus	101,336	97,475
Accumulated other comprehensive loss	(1,916)	(85,527)
Retained earnings	6,005,772	4,778,061
Treasury stock, at cost 16,732,232 and 15,375,963 shares, respectively	(2,431,861)	(1,852,964)
Total EMCOR Group, Inc. stockholders’ equity	3,673,944	2,937,657
Noncontrolling interests	1,037	1,037
Total equity	3,674,981	2,938,694
Total liabilities and equity	$ 9,291,399	$ 7,716,473

Additional Cash Flow Information

12 Months Ended

Dec. 31, 2025

Additional Cash Flow Information

ADDITIONAL CASH FLOW INFORMATION

The following table presents cash paid for interest for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Cash paid for interest	$	11,130	$	2,850	$	16,246

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 obligations for wages and benefits payable to or for certain of our employees, at the request of labor unions representing such employees. In addition, surety bonds may be issued as collateral for certain insurance obligations. As of December 31, 2025, we satisfied approximately $105.5 million of the collateral requirements of our insurance programs by utilizing surety bonds. We are not aware of any losses in connection with surety bonds that have been posted on our behalf, and we do not expect to incur significant losses in the foreseeable future. Hazardous Materials We are subject to regulations with respect to the handling or disposal of certain materials used in the performance of our services, which are classified as hazardous or toxic by federal, state, and local agencies. Our practice is to avoid participation in projects principally involving the remediation or removal of such materials. However, when remediation is required as part of our contract performance, we believe we comply with all applicable regulations governing hazardous materials or otherwise relating to the protection of the environment. Collective Bargaining Agreements At December 31, 2025, we employed approximately 44,000 people, approximately 62% of whom are represented by various unions pursuant to approximately 450 collective bargaining agreements between our individual subsidiaries or trade associations and local unions, as well as two collective bargaining agreements that are national or regional in scope. We believe that our relations with our labor unions are generally positive. NOTE 15 - COMMITMENTS AND CONTINGENCIES (Continued) Government Contracts When we perform work as a federal government contractor/subcontractor or when we perform work on a project that has received federal government funding, we are subject to U.S. government audits and investigations relating to our operations, which such audits may result in fines, penalties and compensatory and treble damages, and possible suspension or debarment from doing business with the government. Based on currently available information, we believe the outcome of ongoing government disputes and investigations will not have a material impact on our financial position, results of operations, or liquidity. Legal Proceedings We face potential exposure in several legal proceedings in which damages or claims (including, without limitation, indemnification claims by named defendants in legal proceedings in which we are not a party) have been asserted against us. We believe that we have valid defenses to such proceedings and claims, but litigation is inherently uncertain. We additionally maintain insurance coverage for certain of these matters, although these policies do not cover all possible claims and certain of the policies are subject to large deductibles and retentions. We do not believe that any such matters will have a material adverse effect on our financial position, results of operations, or liquidity. We record a loss contingency if we consider the potential loss from a proceeding or claim probable, and we are able to reasonably estimate the amount or can reasonably determine a range of loss. We provide disclosure when we believe a loss in excess of any recorded provision is reasonably possible. Significant judgment is required in these determinations. As additional information becomes available, we reassess prior determinations and may change our estimates. Additional claims may be asserted against us in the future. Litigation is subject to many uncertainties, and the outcome of litigation is not predictable with assurance. A litigation matter for which liabilities have not been recorded could be decided unfavorably to us, and any such unfavorable decision could have a material adverse effect on our financial position, results of operations, or liquidity. On October 10, 2024, a chemical release occurred at the PEMEX Deer Park Refinery in Deer Park, Texas. As a result of the release, two people were killed and approximately 200 others claim to have suffered bodily injuries. Several lawsuits were filed in Harris County, Texas on behalf of the various claimants. Those lawsuits were thereafter assigned the status of “multi-district litigation” and consolidated in the 281st District Court, Harris County. Repcon, Inc. (“Repcon”) and EMCOR Industrial Services, Inc. (“EIS”), indirect subsidiaries of the Company, have been named in several of the lawsuits, and Repcon has also been subject to contractual indemnification claims. Repcon expects to participate in mediations related to this matter. Based on currently available information, we believe insurance will cover much or all of any amounts required to be paid by Repcon or EIS in connection with these claims.

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment in the accompanying Consolidated Balance Sheets consisted of the following amounts as of December 31, 2025 and 2024 (in thousands):


	December 31, 2025		December 31, 2024
Machinery and equipment	$	274,269	$	243,354
Vehicles	73,208		83,422
Furniture and fixtures	32,363		29,150
Computer hardware/software	105,608		107,376
Land, buildings, and leasehold improvements	191,234		162,336
Construction in progress	24,796		13,059
Finance lease right-of-use assets (1)	6,111		6,009
	707,589		644,706
Accumulated depreciation and amortization	(454,312)		(437,217)
	$	253,277	$	207,489

____________________________________________

(1)Finance lease right-of-use assets are recorded net of accumulated amortization.

Depreciation and amortization expense related to property, plant, and equipment, including finance leases, was $67.4 million, $56.7 million, and $51.8 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lessee, Operating Leases

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 from such measurement and expensed as incurred. In addition, certain of our lease arrangements may contain a lease coupled with an arrangement to provide other services, such as maintenance, or may require us to make other payments on behalf of the lessor related to the leased asset, such as payments for taxes or insurance. We account for these non-lease components together with the associated lease component for each of our asset classes.

NOTE 16 - LEASES (Continued)

The measurement of right-of-use assets and lease liabilities requires us to estimate appropriate discount rates. To the extent the rate implicit in the lease is readily determinable, such rate is utilized. However, based on information available at lease commencement for the majority of our leases, the rate implicit in the lease is not known. In these instances, we utilize an incremental borrowing rate, which represents the rate of interest that we would pay to borrow on a collateralized basis, over a similar term, an amount equal to the lease payments.

Our lease arrangements generally do not contain significant restrictions or covenants; however, certain of our vehicle and equipment leases include residual value guarantees, whereby we provide a guarantee to the lessor that the value of the underlying asset will be at least a specified amount at the end of the lease. Amounts probable of being owed under these guarantees are included within the measurement of the right-of-use asset and lease liability.

Lease Position

The following table presents our lease-related assets and liabilities as of December 31, 2025 and 2024 (in thousands):


	Classification on the Consolidated Balance Sheet	December 31, 2025		December 31, 2024
Assets
Operating lease assets	Operating lease right-of-use assets	$	439,029	$	316,128
Finance lease assets	Property, plant, and equipment, net	6,111		6,009
Total lease assets		$	445,140	$	322,137

Liabilities
Current
Operating	Operating lease liabilities, current	$	99,213	$	81,247
Finance	Other accrued expenses and liabilities	2,399		2,246
Noncurrent
Operating	Operating lease liabilities, long-term	368,996		261,575
Finance	Other long-term obligations	3,949		3,849
Total lease liabilities		$	474,557	$	348,917

Lease Costs

The following table presents information related to our lease expense for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Finance lease expense:
Amortization expense	$	2,855	$	2,604	$	2,816
Interest expense	320		254		175
Operating lease expense	121,996		103,261		93,158
Short-term lease expense (1)	382,289		290,267		224,047
Variable lease expense	8,163		7,137		9,482
Total lease expense	$	515,623	$	403,523	$	329,678

_________________

(1)Short-term lease expense includes both leases and rentals with initial terms of one year or less and predominantly represents equipment used on construction projects.

Sublease rental income was approximately $1.0 million, $4.6 million, and $6.7 million for the years ended December 31, 2025, 2024, and 2023, respectively.

NOTE 16 - LEASES (Continued)

Lease Term and Discount Rate

The following table presents certain information related to the lease terms and discount rates for our leases as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term:
Operating leases	6.9 years		5.1 years
Finance leases	3.1 years		3.4 years
Weighted-average discount rate:
Operating leases	5.01	%	4.43	%
Finance leases	5.10	%	4.67	%

Other Information

The following table presents supplemental cash flow information related to our leases for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	118,840	$	101,611	$	90,412
Operating cash flows used for finance leases	$	320	$	254	$	175
Financing cash flows used for finance leases	$	2,692	$	2,855	$	2,776
Right-of-use assets obtained in exchange for new operating lease liabilities	$	219,965	$	94,538	$	125,417
Right-of-use assets obtained in exchange for new finance lease liabilities	$	2,882	$	3,412	$	1,427

Maturity of Lease Liabilities


	Operating Leases		Finance Leases
2026	$	119,602	$	2,654
2027	96,345		2,051
2028	79,533		1,221
2029	65,874		633
2030	50,498		255
Thereafter	151,835		37
Total minimum lease payments	563,687		6,851
Less: Amount of lease payments representing interest	(95,478)		(503)
Present value of future minimum lease payments	$	468,209	$	6,348

Current portion of lease liabilities	$	99,213	$	2,399
Noncurrent portion of lease liabilities	368,996		3,949
Present value of future minimum lease payments	$	468,209	$	6,348

Leasee, Finance Leases

LEASES

NOTE 16 - LEASES (Continued)

Lease Position

The following table presents our lease-related assets and liabilities as of December 31, 2025 and 2024 (in thousands):


	Classification on the Consolidated Balance Sheet	December 31, 2025		December 31, 2024
Assets
Operating lease assets	Operating lease right-of-use assets	$	439,029	$	316,128
Finance lease assets	Property, plant, and equipment, net	6,111		6,009
Total lease assets		$	445,140	$	322,137

Liabilities
Current
Operating	Operating lease liabilities, current	$	99,213	$	81,247
Finance	Other accrued expenses and liabilities	2,399		2,246
Noncurrent
Operating	Operating lease liabilities, long-term	368,996		261,575
Finance	Other long-term obligations	3,949		3,849
Total lease liabilities		$	474,557	$	348,917

Lease Costs

The following table presents information related to our lease expense for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Finance lease expense:
Amortization expense	$	2,855	$	2,604	$	2,816
Interest expense	320		254		175
Operating lease expense	121,996		103,261		93,158
Short-term lease expense (1)	382,289		290,267		224,047
Variable lease expense	8,163		7,137		9,482
Total lease expense	$	515,623	$	403,523	$	329,678

_________________

(1)Short-term lease expense includes both leases and rentals with initial terms of one year or less and predominantly represents equipment used on construction projects.

Sublease rental income was approximately $1.0 million, $4.6 million, and $6.7 million for the years ended December 31, 2025, 2024, and 2023, respectively.

NOTE 16 - LEASES (Continued)

Lease Term and Discount Rate

The following table presents certain information related to the lease terms and discount rates for our leases as of December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term:
Operating leases	6.9 years		5.1 years
Finance leases	3.1 years		3.4 years
Weighted-average discount rate:
Operating leases	5.01	%	4.43	%
Finance leases	5.10	%	4.67	%

Other Information

The following table presents supplemental cash flow information related to our leases for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	118,840	$	101,611	$	90,412
Operating cash flows used for finance leases	$	320	$	254	$	175
Financing cash flows used for finance leases	$	2,692	$	2,855	$	2,776
Right-of-use assets obtained in exchange for new operating lease liabilities	$	219,965	$	94,538	$	125,417
Right-of-use assets obtained in exchange for new finance lease liabilities	$	2,882	$	3,412	$	1,427

Maturity of Lease Liabilities


	Operating Leases		Finance Leases
2026	$	119,602	$	2,654
2027	96,345		2,051
2028	79,533		1,221
2029	65,874		633
2030	50,498		255
Thereafter	151,835		37
Total minimum lease payments	563,687		6,851
Less: Amount of lease payments representing interest	(95,478)		(503)
Present value of future minimum lease payments	$	468,209	$	6,348

Current portion of lease liabilities	$	99,213	$	2,399
Noncurrent portion of lease liabilities	368,996		3,949
Present value of future minimum lease payments	$	468,209	$	6,348

Leases - Schedule of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 119,602
2027	96,345
2028	79,533
2029	65,874
2030	50,498
Thereafter	151,835
Total minimum lease payments	563,687
Less: Amount of lease payments representing interest	(95,478)
Present value of future minimum lease payments	468,209
Current portion of lease liabilities	99,213	$ 81,247
Noncurrent portion of lease liabilities	368,996	261,575
Finance Leases
2026	2,654
2027	2,051
2028	1,221
2029	633
2030	255
Thereafter	37
Total minimum lease payments	6,851
Less: Amount of lease payments representing interest	(503)
Present value of future minimum lease payments	6,348
Current portion of lease liabilities	2,399	2,246
Noncurrent portion of lease liabilities	$ 3,949	$ 3,849

Consolidated Statements Of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 16,986,422	$ 14,566,116	$ 12,582,873
Cost of sales	13,703,434	11,801,065	10,493,534
Gross profit	3,282,988	2,765,051	2,089,339
Selling, general and administrative expenses	1,714,446	1,420,188	1,211,233
Gain on sale of United Kingdom operations	144,876	0	0
Impairment loss on long-lived assets	0	0	2,350
Operating income	1,713,418	1,344,863	875,756
Net periodic pension income (cost)	211	894	(1,119)
Interest expense	(12,020)	(3,779)	(17,199)
Interest income	20,015	35,404	15,415
Income before income taxes	1,721,624	1,377,382	872,853
Income tax provision	448,807	370,237	239,524
Net income including noncontrolling interests	1,272,817	1,007,145	633,329
Net income attributable to noncontrolling interests	0	0	335
Net income attributable to EMCOR Group, Inc. (in US dollars)	$ 1,272,817	$ 1,007,145	$ 632,994
Basic earnings per common share (in US dollars per share)	$ 28.30	$ 21.61	$ 13.37
Diluted earnings per common share (in US dollars per share)	28.19	21.52	13.31
Dividends declared per common share (in US dollars per share)	$ 1.00	$ 0.93	$ 0.69

Common Stock (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended			171 Months Ended
Common Stock (Details) - USD ($)	Jan. 31, 2026	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2025
Equity, Class of Treasury Stock [Line Items]
Common stock, outstanding (in shares)		44,520,367	44,520,367	45,810,125		44,520,367
Dividends declared per common share (in US dollars per share)		$ 0.25	$ 1.00	$ 0.93	$ 0.69
Stock repurchase, authorized amount (in US dollars)		$ 3,650,000,000	$ 3,650,000,000			$ 3,650,000,000
Number of shares repurchased (in shares)			1,400,000			28,500,000
Stock repurchased (in US dollars)			$ 578,897,000	$ 501,583,000	$ 128,736,000	$ 2,970,000,000
Remaining authorized repurchase amount (in US dollars)		$ 680,600,000	680,600,000			$ 680,600,000
Subsequent Event [Member]
Equity, Class of Treasury Stock [Line Items]
Dividends declared per common share (in US dollars per share)	$ 0.40
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Stock repurchased (in US dollars)			$ 578,897,000	$ 501,583,000	$ 128,736,000

Retirement Plans - Schedule of Weighted Average Assumptions Used To Calculate Net Periodic Pension (Income) Cost (Details) - United Kingdom Subsidiary - UK Plan	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.50%	4.80%	5.00%
Annual rate of return on plan assets	6.50%	6.30%	5.70%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	As part of our overall risk management process, we have established a cybersecurity program and dedicated teams to manage and assess material risks from cybersecurity threats, direct the policies and procedures in place to protect our information systems, and respond to cybersecurity incidents if they occur. These teams and committees, which additionally monitor the prevention, detection, and remediation of cybersecurity incidents, include the following: •Our Cybersecurity Executive Council, which is comprised of executive leadership, including our Chief Executive Officer, General Counsel, Chief Information Security Officer, and senior leaders from our segments and key operating companies. The Cybersecurity Executive Council is responsible for reviewing policies and procedures related to cybersecurity and our cybersecurity program. Such policies and procedures, as well as our cybersecurity program generally, are discussed with the Board. •Our Cybersecurity Compliance Committee, which is made up of key cybersecurity and information technology personnel at the segment and operating company levels, receives regular updates and training with respect to cybersecurity in order to advise and assist management, including the Cybersecurity Executive Council, in implementing information systems security and incident response at our operating companies. Our cybersecurity program is managed by our Chief Information Security Officer, who has more than 40 years of experience in information security, both in private industry and as an active-duty member of the United States Air Force. Such experience includes developing security practices, processes, and standards, leading security teams, managing incident response and implementing technologies to enhance security and compliance. We have also implemented cybersecurity training. For example, key information technology and security personnel meet biweekly for training, updates on new cybersecurity threats, and implementation of new policies and all employees are required to undergo annual cybersecurity training, including email and password safety and phishing detection. We engage third-party cybersecurity firms to support our in-house cybersecurity initiatives and provide additional expertise with respect to our cybersecurity programs. Such firms are overseen by our General Counsel and Chief Information Security Officer and provide the following services: •On an annual basis, conduct external and internal penetration testing to evaluate the susceptibility of our information systems to cybersecurity threats and the effectiveness of our cybersecurity program; •On a biennial basis, conduct a comprehensive “tabletop” exercise to evaluate our incident response policies and procedures and provide relevant experience for our employees tasked with executing such response; and •On a biennial basis, conduct a cybersecurity assessment based on the National Institute of Standards and Technology’s Cybersecurity Framework. We have also established a process to evaluate third-party vendors and suppliers for cybersecurity risk and compliance with our security standards. As applicable, on an annual basis we review System and Organization Controls (SOC) 1 reports and similar reports or security controls questionnaires for all significant third-party vendors. In addition to the efforts discussed above, we have developed and maintain an Incident Response Plan to establish a process for addressing cybersecurity incidents. The Incident Response Plan includes incident response teams in place at the corporate and operating company levels to respond to a potential cybersecurity incident, processes for internal and external reporting, and other procedures to facilitate response and coordination.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	As part of our overall risk management process, we have established a cybersecurity program and dedicated teams to manage and assess material risks from cybersecurity threats, direct the policies and procedures in place to protect our information systems, and respond to cybersecurity incidents if they occur.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors (the “Board”) oversees our policies, procedures, and processes related to risk management, including assessing, identifying, and managing risks from cybersecurity threats. This oversight is performed primarily through the Audit Committee. The Board has delegated to the Audit Committee responsibility for reviewing, with management, the guidelines and policies with respect to: (a) risk assessment and risk management, (b) our major risk exposures, and (c) the steps management has taken to monitor and control such exposures.The Audit Committee receives periodic reports relating to risk assessment and risk management, including cybersecurity threats, from our senior management, including our Chief Executive Officer, Chief Financial Officer, General Counsel, Chief Information Security Officer, the head of our Internal Audit Department, and our Vice President of Risk Management. A cybersecurity update is provided to the Audit Committee at least quarterly. Members of our Audit Committee, and certain of our executive officers, including our Chief Executive Officer, General Counsel, and Chief Information Security Officer, are participants in IANS, an industry leading cybersecurity education platform.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives periodic reports relating to risk assessment and risk management, including cybersecurity threats, from our senior management, including our Chief Executive Officer, Chief Financial Officer, General Counsel, Chief Information Security Officer, the head of our Internal Audit Department, and our Vice President of Risk Management. A cybersecurity update is provided to the Audit Committee at least quarterly. Members of our Audit Committee, and certain of our executive officers, including our Chief Executive Officer, General Counsel, and Chief Information Security Officer, are participants in IANS, an industry leading cybersecurity education platform.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee receives periodic reports relating to risk assessment and risk management, including cybersecurity threats, from our senior management, including our Chief Executive Officer, Chief Financial Officer, General Counsel, Chief Information Security Officer, the head of our Internal Audit Department, and our Vice President of Risk Management. A cybersecurity update is provided to the Audit Committee at least quarterly. Members of our Audit Committee, and certain of our executive officers, including our Chief Executive Officer, General Counsel, and Chief Information Security Officer, are participants in IANS, an industry leading cybersecurity education platform. Governance, Risk Management, and Strategy. As part of our overall risk management process, we have established a cybersecurity program and dedicated teams to manage and assess material risks from cybersecurity threats, direct the policies and procedures in place to protect our information systems, and respond to cybersecurity incidents if they occur. These teams and committees, which additionally monitor the prevention, detection, and remediation of cybersecurity incidents, include the following: •Our Cybersecurity Executive Council, which is comprised of executive leadership, including our Chief Executive Officer, General Counsel, Chief Information Security Officer, and senior leaders from our segments and key operating companies. The Cybersecurity Executive Council is responsible for reviewing policies and procedures related to cybersecurity and our cybersecurity program. Such policies and procedures, as well as our cybersecurity program generally, are discussed with the Board.
Cybersecurity Risk Role of Management [Text Block]	As part of our overall risk management process, we have established a cybersecurity program and dedicated teams to manage and assess material risks from cybersecurity threats, direct the policies and procedures in place to protect our information systems, and respond to cybersecurity incidents if they occur. These teams and committees, which additionally monitor the prevention, detection, and remediation of cybersecurity incidents, include the following: •Our Cybersecurity Executive Council, which is comprised of executive leadership, including our Chief Executive Officer, General Counsel, Chief Information Security Officer, and senior leaders from our segments and key operating companies. The Cybersecurity Executive Council is responsible for reviewing policies and procedures related to cybersecurity and our cybersecurity program. Such policies and procedures, as well as our cybersecurity program generally, are discussed with the Board. •Our Cybersecurity Compliance Committee, which is made up of key cybersecurity and information technology personnel at the segment and operating company levels, receives regular updates and training with respect to cybersecurity in order to advise and assist management, including the Cybersecurity Executive Council, in implementing information systems security and incident response at our operating companies. Our cybersecurity program is managed by our Chief Information Security Officer, who has more than 40 years of experience in information security, both in private industry and as an active-duty member of the United States Air Force. Such experience includes developing security practices, processes, and standards, leading security teams, managing incident response and implementing technologies to enhance security and compliance.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Cybersecurity Executive Council, which is comprised of executive leadership, including our Chief Executive Officer, General Counsel, Chief Information Security Officer, and senior leaders from our segments and key operating companies. The Cybersecurity Executive Council is responsible for reviewing policies and procedures related to cybersecurity and our cybersecurity program. Such policies and procedures, as well as our cybersecurity program generally, are discussed with the Board. •Our Cybersecurity Compliance Committee, which is made up of key cybersecurity and information technology personnel at the segment and operating company levels, receives regular updates and training with respect to cybersecurity in order to advise and assist management, including the Cybersecurity Executive Council, in implementing information systems security and incident response at our operating companies. Our cybersecurity program is managed by our Chief Information Security Officer, who has more than 40 years of experience in information security, both in private industry and as an active-duty member of the United States Air Force.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity program is managed by our Chief Information Security Officer, who has more than 40 years of experience in information security, both in private industry and as an active-duty member of the United States Air Force. Such experience includes developing security practices, processes, and standards, leading security teams, managing incident response and implementing technologies to enhance security and compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	As part of our overall risk management process, we have established a cybersecurity program and dedicated teams to manage and assess material risks from cybersecurity threats, direct the policies and procedures in place to protect our information systems, and respond to cybersecurity incidents if they occur. These teams and committees, which additionally monitor the prevention, detection, and remediation of cybersecurity incidents, include the following: •Our Cybersecurity Executive Council, which is comprised of executive leadership, including our Chief Executive Officer, General Counsel, Chief Information Security Officer, and senior leaders from our segments and key operating companies. The Cybersecurity Executive Council is responsible for reviewing policies and procedures related to cybersecurity and our cybersecurity program. Such policies and procedures, as well as our cybersecurity program generally, are discussed with the Board. •Our Cybersecurity Compliance Committee, which is made up of key cybersecurity and information technology personnel at the segment and operating company levels, receives regular updates and training with respect to cybersecurity in order to advise and assist management, including the Cybersecurity Executive Council, in implementing information systems security and incident response at our operating companies. Our cybersecurity program is managed by our Chief Information Security Officer, who has more than 40 years of experience in information security, both in private industry and as an active-duty member of the United States Air Force. Such experience includes developing security practices, processes, and standards, leading security teams, managing incident response and implementing technologies to enhance security and compliance.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Income tax provision	$ 448,807	$ 370,237	$ 239,524
Gain on sale of United Kingdom operations	$ 144,876	$ 0	$ 0
Income tax rates on income before income taxes	26.10%	26.90%	27.50%
Deferred tax liabilities, net	$ 4,569	$ 28,431
Valuation allowance for deferred tax assets	4,148	5,076
United Kingdom Building Services
Operating Loss Carryforwards [Line Items]
Gain on sale of United Kingdom operations	144,900
Tax effect of gain from sale of business	25,100
Other long-term obligations
Operating Loss Carryforwards [Line Items]
Deferred tax liabilities, net	$ 4,600	$ 28,400

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Revenue from Contracts with Customers - Schedule of Revenue, Remaining Performance Obligation (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Schedule of Remaining Performance Obligations [Line Items]
Remaining performance obligations	$ 13,253,664
Remaining performance obligations, percent	100.00%
UNITED STATES \| United States Electrical Construction And Facilities Services
Schedule of Remaining Performance Obligations [Line Items]
Remaining performance obligations	$ 4,963,855
Remaining performance obligations, percent	38.00%
UNITED STATES \| United States Mechanical Construction And Facilities Services
Schedule of Remaining Performance Obligations [Line Items]
Remaining performance obligations	$ 6,929,300
Remaining performance obligations, percent	52.00%
UNITED STATES \| United States Building Services
Schedule of Remaining Performance Obligations [Line Items]
Remaining performance obligations	$ 1,188,537
Remaining performance obligations, percent	9.00%
UNITED STATES \| United States Industrial Services
Schedule of Remaining Performance Obligations [Line Items]
Remaining performance obligations	$ 171,972
Remaining performance obligations, percent	1.00%

Goodwill, Identifiable Intangible Assets, And Other Long-Lived Assets - Schedule of Expected Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 113,570
2027	75,612
2028	66,541
2029	60,660
2030	54,028
Thereafter	294,279
Total	$ 664,690

Retirement Plans - Schedule of Plan Assets Fair Value Hierarchy (Details) - United Kingdom Subsidiary - UK Plan - USD ($)
$ in Thousands

Dec. 31, 2024

Dec. 31, 2023

Total plan assets in fair value hierarchy

$ 203,617

$ 223,077

Total plan assets in fair value hierarchy | Level 1

104,628

Total plan assets in fair value hierarchy | Level 2

15,697

Total plan assets in fair value hierarchy | Level 3

88,931

Corporate debt funds

Corporate debt funds | Level 1

39,972

Corporate debt funds | Level 2

Corporate debt funds | Level 3

39,972

Government bond funds

Government bond funds | Level 1

48,959

Government bond funds | Level 2

Government bond funds | Level 3

48,959

Cash and cash equivalents | Level 1

15,697

Cash and cash equivalents | Level 2

15,697

Cash and cash equivalents | Level 3

Debt funds

Fair value of plan assets by hierarchy and NAV [Extensible Enumeration]

^[1]

$ 79,152

Fair Value Measured at Net Asset Value Per Share [Member]

Real estate funds

Fair value of plan assets by hierarchy and NAV [Extensible Enumeration]

^[1]

$ 19,837

Fair Value Measured at Net Asset Value Per Share [Member]

[1]

Certain investments measured using net asset value (“NAV”) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets. NAV is determined by the respective fund manager based on the fair value of the underlying assets held by the fund, less its liabilities, divided by the number of units outstanding.

Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for Credit Losses - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]

Balance at Beginning of Year

$ 34,957

$ 22,502

$ 22,382

Costs and Expenses

7,671

17,303

7,859

Deductions

^[1]

(19,871)

(4,848)

(7,739)

Balance at End of Year

$ 22,757

$ 34,957

$ 22,502

[1]	Deductions primarily represent uncollectible balances of accounts receivable written off, net of recoveries.

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2025 USD ($) Company	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments not disclosed flag	true
Revenues from unrelated entities	$ 16,986,422	$ 14,566,116	$ 12,582,873
Total revenues	16,986,422	14,566,116	12,582,873
Operating income (loss)	1,713,418	1,344,863	875,756
Gain on sale of United Kingdom operations	144,876	0	0
Impairment loss on long-lived assets	0	0	(2,350)
Net periodic pension income (cost)	211	894	(1,119)
Interest expense	(12,020)	(3,779)	(17,199)
Interest income	20,015	35,404	15,415
Income before income taxes	1,721,624	1,377,382	872,853
Cost of sales	13,703,434	11,801,065	10,493,534
Selling, general and administrative expenses	1,714,446	1,420,188	1,211,233
Depreciation and amortization of property, plant, and equipment	67,368	56,678	51,822
Amortization of identifiable intangible assets	119,052	77,002	67,143
Capital expenditures	112,750	74,950	78,404
Total assets	$ 9,291,399	7,716,473	6,609,721
Minimum
Segment Reporting Information [Line Items]
Number of operating subsidiaries \| Company	100
UNITED STATES
Segment Reporting Information [Line Items]
Revenues from unrelated entities	$ 16,515,074	14,140,591	12,146,450
Total revenues	16,515,074	14,140,591	12,146,450
Operating income (loss)	1,729,467	1,467,732	979,654
Cost of sales	13,285,013	11,424,642	10,114,467
Selling, general and administrative expenses	1,500,594	1,248,218	1,052,329
Depreciation and amortization of property, plant, and equipment	62,154	52,042	47,723
Capital expenditures	99,637	68,179	74,748
Total assets	7,855,266	5,976,858	5,440,862
UNITED STATES \| United States Electrical Construction And Facilities Services
Segment Reporting Information [Line Items]
Revenues from unrelated entities	5,074,252	3,342,927	2,783,723
UNITED STATES \| United States Mechanical Construction And Facilities Services
Segment Reporting Information [Line Items]
Revenues from unrelated entities	7,050,481	6,405,657	5,074,803
UNITED STATES \| United States Building Services
Segment Reporting Information [Line Items]
Revenues from unrelated entities	3,122,242	3,114,817	3,120,134
UNITED STATES \| United States Industrial Services
Segment Reporting Information [Line Items]
Revenues from unrelated entities	1,268,099	1,277,190	1,167,790
UNITED KINGDOM \| United Kingdom Building Services
Segment Reporting Information [Line Items]
Revenues from unrelated entities	471,348	425,525	436,423
Operating Segments [Member] \| UNITED STATES \| United States Electrical Construction And Facilities Services
Segment Reporting Information [Line Items]
Revenues from unrelated entities	5,080,078	3,349,115	2,786,007
Total revenues	5,135,887	3,370,506	2,786,895
Operating income (loss)	611,952	447,186	230,640
Cost of sales	4,068,755	2,673,491	2,359,816
Selling, general and administrative expenses	393,545	222,250	193,267
Depreciation and amortization of property, plant, and equipment	10,283	7,928	8,402
Amortization of identifiable intangible assets	48,307	6,773	9,583
Capital expenditures	20,513	9,467	6,929
Total assets	2,686,933	1,314,577	1,243,707
Operating Segments [Member] \| UNITED STATES \| United States Mechanical Construction And Facilities Services
Segment Reporting Information [Line Items]
Revenues from unrelated entities	7,064,458	6,411,887	5,083,903
Total revenues	7,123,644	6,458,776	5,134,686
Operating income (loss)	905,325	799,613	530,644
Cost of sales	5,625,203	5,147,903	4,188,707
Selling, general and administrative expenses	519,953	458,141	355,452
Depreciation and amortization of property, plant, and equipment	22,384	16,133	12,503
Amortization of identifiable intangible assets	25,584	25,320	15,302
Capital expenditures	51,137	31,057	37,543
Total assets	3,206,671	2,659,184	2,242,833
Operating Segments [Member] \| UNITED STATES \| United States Building Services
Segment Reporting Information [Line Items]
Total revenues	3,171,057	3,166,680	3,228,056
Operating income (loss)	187,192	176,720	182,995
Cost of sales	2,503,079	2,516,745	2,567,993
Selling, general and administrative expenses	431,971	421,353	369,146
Depreciation and amortization of property, plant, and equipment	16,189	15,716	15,672
Amortization of identifiable intangible assets	21,478	21,606	19,621
Capital expenditures	15,076	18,314	19,843
Total assets	1,436,779	1,396,236	1,382,664
Operating Segments [Member] \| UNITED STATES \| United States Industrial Services
Segment Reporting Information [Line Items]
Total revenues	1,292,664	1,284,327	1,179,321
Operating income (loss)	24,998	44,213	35,375
Cost of sales	1,087,976	1,086,503	997,951
Selling, general and administrative expenses	155,125	146,474	134,464
Depreciation and amortization of property, plant, and equipment	13,298	12,265	11,146
Amortization of identifiable intangible assets	23,683	23,303	22,637
Capital expenditures	12,911	9,341	10,433
Total assets	524,883	606,861	571,658
Operating Segments [Member] \| UNITED KINGDOM \| United Kingdom Building Services
Segment Reporting Information [Line Items]
Total revenues	471,348	425,525	436,423
Operating income (loss)	20,969	21,485	25,681
Cost of sales	418,421	376,423	379,067
Selling, general and administrative expenses	31,958	27,616	31,675
Depreciation and amortization of property, plant, and equipment	3,873	3,750	3,116
Capital expenditures	7,048	5,643	1,984
Total assets	0	283,897	277,066
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(181,894)	(144,354)	(127,229)
Selling, general and administrative expenses	181,894	144,354	127,229
Depreciation and amortization of property, plant, and equipment	1,341	886	983
Capital expenditures	6,065	1,128	1,672
Total assets	1,436,133	1,455,718	891,793
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenues	(208,178)	(139,698)	(182,508)
Intersegment Eliminations [Member] \| UNITED STATES \| United States Electrical Construction And Facilities Services
Segment Reporting Information [Line Items]
Revenues from unrelated entities	(5,826)	(6,188)	(2,284)
Intersegment Eliminations [Member] \| UNITED STATES \| United States Mechanical Construction And Facilities Services
Segment Reporting Information [Line Items]
Revenues from unrelated entities	$ (13,977)	$ (6,230)	$ (9,100)

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

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 entity’s 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 31, 2024
Asset Category	Level 1		Level 2		Level 3		Total
Cash and cash equivalents (1)	$	1,339,550	$	—	$	—	$	1,339,550
Deferred compensation plan assets (2)	61,242		—		—		61,242
Restricted cash (3)	845		—		—		845
Total	$	1,401,637	$	—	$	—	$	1,401,637

_________________

(2)Deferred compensation plan assets are classified as “Other assets” in the Consolidated Balance Sheets.

(3)Restricted cash is classified as “Prepaid expenses and other” in the Consolidated Balance Sheet. Restricted cash represents cash held in account for use on customer contracts.

NOTE 10 - FAIR VALUE MEASUREMENTS (Continued)

Nonrecurring Fair Value Measurements

We have recorded goodwill and identifiable intangible assets in connection with our business acquisitions. Such assets are measured at fair value at the time of acquisition based on valuation techniques that appropriately represent the methods which would be used by other market participants in determining fair value. We determine the fair value of our trade name intangible assets by utilizing the relief from royalty payments methodology. This approach involves two steps: (a) estimating a reasonable royalty rate for the trade name and (b) applying this royalty rate to a net revenue stream and discounting the resulting cash flows to determine fair value. Key assumptions under this method are future revenues, royalty rate, and discount rate. The fair value of our intangible assets related to contract backlog and customer relationships is determined using the multi-period excess earnings method. Key assumptions in the valuation of customer relationship intangible assets are revenue growth, operating margin, customer attrition rate, and discount rate. Backlog intangible assets are based on future revenue from contracts already awarded at the time of acquisition. Key assumptions in the valuation of backlog intangible assets include operating margin and discount rate. Other assumptions utilized in these valuation techniques include tax rate and contributory asset charges. In addition, goodwill, intangible assets, and certain other long-lived assets are tested for impairment using similar valuation methodologies to determine the fair value of such assets. Periodically, we engage an independent third-party valuation specialist to assist with the valuation process, including the selection of appropriate methodologies and the development of market-based assumptions. The inputs used for these nonrecurring fair value measurements represent Level 3 inputs.

Fair Value of Financial Instruments

We believe that the carrying values of our financial instruments, which include accounts receivable and other financing commitments, approximate their fair values due primarily to their short-term maturities and low risk of counterparty default. Although there were no outstanding borrowings under our 2023 Credit Agreement as of December 31, 2025 and 2024, the carrying value of any debt associated with this agreement would approximate its fair value due to the variable rate on such debt.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1