EMCOR Group, Inc. (EME) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-12-31

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EMCOR Group, Inc. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income including noncontrolling interests → Net cash from operating activities: $1,272,817,000.00Increase (decrease) in accounts payable → Operating adjustments reconciliation: $189,349,000.00Increase in contract liabilities → Operating adjustments reconciliation: $155,596,000.00Increase in accrued payroll and benefits and other accrued expenses and liabilities → Operating adjustments reconciliation: $141,191,000.00Amortization of identifiable intangible assets → Operating adjustments reconciliation: $119,052,000.00Depreciation and amortization → Operating adjustments reconciliation: $67,368,000.00Non-cash share-based compensation expense → Operating adjustments reconciliation: $20,595,000.00Provision for credit losses → Operating adjustments reconciliation: $7,671,000.00Changes in other assets and liabilities, net → Operating adjustments reconciliation: $3,584,000.00Non-cash expense for amortization of debt issuance costs → Operating adjustments reconciliation: $822,000.00Distributions from unconsolidated entities → Operating adjustments reconciliation: $251,000.00Operating adjustments reconciliation → Net cash from operating activities: $29,246,000.00Operating adjustments reconciliation → Increase in accounts receivable: $437,768,000.00Operating adjustments reconciliation → Gain on sale of United Kingdom operations: $144,876,000.00Operating adjustments reconciliation → (Increase) decrease in contract assets: $42,752,000.00Operating adjustments reconciliation → (Increase) decrease in inventories: $26,951,000.00Operating adjustments reconciliation → Deferred income taxes: $16,055,000.00Operating adjustments reconciliation → Excess tax benefits from share-based compensation: $5,006,000.00Operating adjustments reconciliation → Gain on sale or disposal of property, plant, and equipment: $2,229,000.00Operating adjustments reconciliation → Non-cash (income) expense from contingent consideration arrangements: $534,000.00Operating adjustments reconciliation → Equity income from unconsolidated entities: $62,000.00Net proceeds from sale of United Kingdom operations → investing reconciliation: $256,622,000.00Proceeds from sale or disposal of property, plant, and equipment → investing reconciliation: $4,647,000.00investing reconciliation → Payments for acquisitions of businesses, net of cash acquired: $1,022,105,000.00investing reconciliation → Purchases of property, plant, and equipment: $112,750,000.00Net cash used in financing activities → financing reconciliation: $663,761,000.00Proceeds from revolving credit facility → financing reconciliation: $525,000,000.00financing reconciliation → Repurchases of common stock: $586,258,000.00financing reconciliation → Repayments of revolving credit facility: $525,000,000.00financing reconciliation → Dividends paid to stockholders: $45,023,000.00financing reconciliation → Taxes paid related to net share settlements of equity awards: $16,816,000.00financing reconciliation → Payments for contingent consideration arrangements: $12,038,000.00financing reconciliation → Repayments of finance lease liabilities: $2,692,000.00financing reconciliation → Distributions to noncontrolling interests: $934,000.00Net cash used in investing activities → investing reconciliation: $873,586,000.00Exchange-rate effect → Cash sources and uses: $6,857,000.00Beginning cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations → Cash sources and uses: $1,340,395,000.00Net cash from operating activities → Cash sources and uses: $1,302,063,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations: $1,111,968,000.00Cash sources and uses → Net cash used in investing activities: $873,586,000.00Cash sources and uses → Net cash used in financing activities: $663,761,000.00Net income including noncontrolling interests: $1,272,817,000.00Net income including noncontrolling interests+$1.27 BDepreciation and amortization: $67,368,000.00Depreciation expense+$67.37 MAmortization of identifiable intangible assets: $119,052,000.00Intangible amortization+$119.05 MProvision for credit losses: $7,671,000.00Credit loss provision+$7.67 MDeferred income taxes: -$16,055,000.00Deferred income taxes−$16.06 MGain on sale of United Kingdom operations: -$144,876,000.00Business sale gain & loss−$144.88 MGain on sale or disposal of property, plant, and equipment: -$2,229,000.00PP&E disposal gain & loss−$2.23 MExcess tax benefits from share-based compensation: -$5,006,000.00Excess tax benefits from share-based compensation−$5.01 MEquity income from unconsolidated entities: -$62,000.00Equity-method results−$62.00 KNon-cash expense for amortization of debt issuance costs: $822,000.00Debt issuance cost amortization+$822.00 KNon-cash (income) expense from contingent consideration arrangements: -$534,000.00Non-cash (income) expense from contingentconsideration arrangements−$534.00 KNon-cash expense for impairment of long-lived assets: $0.00Non-cash share-based compensation expense: $20,595,000.00Non-cash share-based compensation expense+$20.60 MDistributions from unconsolidated entities: $251,000.00Equity-method distributions+$251.00 KIncrease in accounts receivable: -$437,768,000.00Accounts receivable−$437.77 M(Increase) decrease in inventories: -$26,951,000.00Inventories−$26.95 M(Increase) decrease in contract assets: -$42,752,000.00Contract assets−$42.75 MIncrease (decrease) in accounts payable: $189,349,000.00Accounts payable+$189.35 MIncrease in contract liabilities: $155,596,000.00Deferred revenue+$155.60 MIncrease in accrued payroll and benefits and other accrued expenses and liabilities: $141,191,000.00Accrued liabilities+$141.19 MChanges in other assets and liabilities, net: $3,584,000.00Other working capital, net+$3.58 MNet cash from operating activities: $1,302,063,000.00Operating cash+$1.30 BOperating adjustments reconciliation: $705,479,000.00Proceeds from revolving credit facility: $525,000,000.00Credit line borrowings+$525.00 MRepayments of revolving credit facility: -$525,000,000.00Credit line repayments−$525.00 MRepayments of long-term debt and debt issuance costs: $0.00Repayments of finance lease liabilities: -$2,692,000.00Finance lease payments−$2.69 MDividends paid to stockholders: -$45,023,000.00Common dividends paid−$45.02 MRepurchases of common stock: -$586,258,000.00Common stock repurchases−$586.26 MTaxes paid related to net share settlements of equity awards: -$16,816,000.00Stock-award tax withholding−$16.82 MIssuances of common stock under employee stock purchase plan: $0.00Payments for contingent consideration arrangements: -$12,038,000.00Contingent consideration paid−$12.04 MDistributions to noncontrolling interests: -$934,000.00Noncontrolling dividends−$934.00 KNet cash used in financing activities: -$663,761,000.00. Cash required to fund net payments.Financing cash−$663.76 Mfinancing reconciliation: $1,188,761,000.00Payments for acquisitions of businesses, net of cash acquired: -$1,022,105,000.00Acquisitions, net of cash−$1.02 BNet proceeds from sale of United Kingdom operations: $256,622,000.00Business sales+$256.62 MProceeds from sale or disposal of property, plant, and equipment: $4,647,000.00PP&E sales+$4.65 MPurchases of property, plant, and equipment: -$112,750,000.00Capital expenditures−$112.75 MNet cash used in investing activities: -$873,586,000.00. Cash required to fund net payments.Investing cash−$873.59 Minvesting reconciliation: $1,134,855,000.00Cash sources and uses: $2,649,315,000.00Beginning cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations: $1,340,395,000.00Beginning cash$1.34 BEnding cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations: $1,111,968,000.00Ending cash$1.11 BExchange-rate effect: $6,857,000.00FX effect+$6.86 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$1.19 BOperating cash − cash spent on productive assetsCash flow / Net income1.02×Operating cash flow ÷ net incomeNet cash change−$228.43 MEnding cash − beginning cash
Chart details

EMCOR Group, Inc. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
1,340,395,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations
Operating activities
1,302,063,000 US dollars. Net cash provided.
Net income including noncontrolling interests
1,272,817,000 US dollars
Depreciation and amortization
67,368,000 US dollars
Amortization of identifiable intangible assets
119,052,000 US dollars
Provision for credit losses
7,671,000 US dollars
Deferred income taxes
negative 16,055,000 US dollars
Gain on sale of United Kingdom operations
negative 144,876,000 US dollars
Gain on sale or disposal of property, plant, and equipment
negative 2,229,000 US dollars
Excess tax benefits from share-based compensation
negative 5,006,000 US dollars
Equity income from unconsolidated entities
negative 62,000 US dollars
Non-cash expense for amortization of debt issuance costs
822,000 US dollars
Non-cash (income) expense from contingent consideration arrangements
negative 534,000 US dollars
Non-cash expense for impairment of long-lived assets
0 US dollars
Non-cash share-based compensation expense
20,595,000 US dollars
Distributions from unconsolidated entities
251,000 US dollars
Increase in accounts receivable
negative 437,768,000 US dollars
(Increase) decrease in inventories
negative 26,951,000 US dollars
(Increase) decrease in contract assets
negative 42,752,000 US dollars
Increase (decrease) in accounts payable
189,349,000 US dollars
Increase in contract liabilities
155,596,000 US dollars
Increase in accrued payroll and benefits and other accrued expenses and liabilities
141,191,000 US dollars
Changes in other assets and liabilities, net
3,584,000 US dollars
Investing activities
negative 873,586,000 US dollars. Net cash used.
Payments for acquisitions of businesses, net of cash acquired
negative 1,022,105,000 US dollars
Net proceeds from sale of United Kingdom operations
256,622,000 US dollars
Proceeds from sale or disposal of property, plant, and equipment
4,647,000 US dollars
Purchases of property, plant, and equipment
negative 112,750,000 US dollars
Financing activities
negative 663,761,000 US dollars. Net cash used.
Proceeds from revolving credit facility
525,000,000 US dollars
Repayments of revolving credit facility
negative 525,000,000 US dollars
Repayments of long-term debt and debt issuance costs
0 US dollars
Repayments of finance lease liabilities
negative 2,692,000 US dollars
Dividends paid to stockholders
negative 45,023,000 US dollars
Repurchases of common stock
negative 586,258,000 US dollars
Taxes paid related to net share settlements of equity awards
negative 16,816,000 US dollars
Issuances of common stock under employee stock purchase plan
0 US dollars
Payments for contingent consideration arrangements
negative 12,038,000 US dollars
Distributions to noncontrolling interests
negative 934,000 US dollars
Operating adjustment reconciliation
705,479,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
1,188,761,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
1,134,855,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
6,857,000 US dollars
Ending cash on Dec 31, 2025
1,111,968,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash, including disposal groups and discontinued operations
Cash sources and uses
2,649,315,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 228,427,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.02×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
1,302,063,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
112,750,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
1,189,313,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $29.25M after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash spent on productive assets equals free cash flow: 1,302,063,000 US dollars minus 112,750,000 US dollars equals 1,189,313,000 US dollars.
EMCOR Group, Inc. (EME) FY2025 Annual Statement of Cash Flows Sankey chart
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