Filing Flows

Filing Flows › Companies › EMCOR Group › Cash flow

EMCOR Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$760M in Q3 2026 · $1.5B over twelve months

Operating cash flow$797M
Capital spending−$37.2M
Free cash flow+$760M
Cash / net income2.0×
Cash conversion cycle61 days

Analysis

In Q3 2026, EMCOR Group generated $797M of operating cash flow and spent $37.2M on capital projects, leaving free cash flow of $760M. That is $311M more than in Q3 2025 ($449M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.6B; the largest uses were acquisitions ($919M), buybacks ($611M), capital spending ($129M); besides operations, cash came from other investing ($257M), asset & business sales ($3.5M); the cash balance rose by $118M.

Operating cash flow was $797M against net income of $400M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$57.3M, impairments +$34.0M, deferred taxes −$8.1M.

Its cash conversion cycle was 61 days (receivables 88 + inventory 0 − payables 28).

Free cash flow

EMCOR Group: free cash flow by quarterEMCOR Group: free cash flow by quarter$452MQ4 2024$82.3MQ1 2025$166MQ2 2025$449MQ3 2025$492MQ4 2025−$28.2MQ1 2026$258MQ2 2026$760MQ3 2026
Operating cash flow less capital spending.
EMCOR Group: operating cash flow against capital spendingEMCOR Group: operating cash flow against capital spendingOperating cash flowCapital spending$469M$17.7MQ4 2024$108M$26.1MQ1 2025$194M$28.0MQ2 2025$476M$26.7MQ3 2025$524M$31.9MQ4 2025$558K$28.7MQ1 2026$289M$31.1MQ2 2026$797M$37.2MQ3 2026
Latest (Q3 2026): Operating cash flow $797M, Capital spending $37.2M.

Capital allocation, year by year

EMCOR Group: where the cash came from (up) and went (down), by fiscal yearEMCOR Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $319MFY2021: Net borrowing −$18.1MFY2021: Shares issued $7.3MFY2021: Asset sales $2.8MFY2021: Capital spending −$36.2MFY2021: Acquisitions −$118MFY2021: Buybacks −$196MFY2021: Dividends −$28.2M$329MFY2021FY2022: Operating cash flow $498MFY2022: Net borrowing −$17.4MFY2022: Shares issued $8.2MFY2022: Asset sales $7.1MFY2022: Capital spending −$49.3MFY2022: Acquisitions −$98.7MFY2022: Buybacks −$661MFY2022: Dividends −$27.2M$513MFY2022FY2023: Operating cash flow $900MFY2023: Net borrowing −$249MFY2023: Shares issued $9.2MFY2023: Asset sales $13.6MFY2023: Capital spending −$78.4MFY2023: Acquisitions −$96.5MFY2023: Buybacks −$128MFY2023: Dividends −$32.7M$922MFY2023FY2024: Operating cash flow $1.4BFY2024: Net borrowing −$2.9MFY2024: Shares issued $943KFY2024: Asset sales $3.8MFY2024: Capital spending −$75.0MFY2024: Acquisitions −$228MFY2024: Buybacks −$490MFY2024: Dividends −$43.4M$1.4BFY2024FY2025: Operating cash flow $1.3BFY2025: Net borrowing −$2.7MFY2025: Asset sales $261MFY2025: Capital spending −$113MFY2025: Acquisitions −$1.0BFY2025: Buybacks −$586MFY2025: Dividends −$45.0M$1.6BFY2025
Over these 5 years operating cash flow totalled $4.4B; the largest uses were buybacks ($2.1B) and acquisitions ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$775M
Debtnone
Net cash$775M

EMCOR Group funds itself: free cash flow was $1.5B over the last twelve months, with $775M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

EMCOR Group: sources (+) and uses (−) of cash, Q3 2026EMCOR Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$797MAcquisitions−$702MBuybacks−$188MCash drawn (+) / kept (−)$150MCapital spending−$37.2MDividends−$17.7MOther financing−$762KNet borrowing (+) / repaid (−)−$689KAsset & business sales$413KTaxes on employees’ shares−$116K
EMCOR Group: sources (+) and uses (−) of cash, TTM to Q3 2026EMCOR Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.6BAcquisitions−$919MBuybacks−$611MOther investing$257MCapital spending−$129MCash drawn (+) / kept (−)−$118MDividends−$64.4MTaxes on employees’ shares−$21.2MExchange rates−$4.2MAsset & business sales$3.5MNet borrowing (+) / repaid (−)−$2.6MOther financing−$1.8M

From profit to cash

EMCOR Group: net income to operating cash flow, Q3 2026EMCOR Group: net income to operating cash flow, Q3 2026Net income$400MDepreciation & amortization$57.3MDeferred taxes−$8.1MImpairments$34.0MOther non-cash$2.2MOperating cash flow$797M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202688—2861
Q2 202685—2659
Q1 202685—2857
Q4 202585—2956
Q3 202588—2959
Q2 202584—2855
Q1 202586—2858
Q4 202486—2858

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$797M−$37.2M−$702M−$188M−$17.7M−$689K$150M$760M
Q2 2026$289M−$31.1M−$51.3M−$181M−$17.8M−$681K−$8.0M$258M
Q1 2026$558K−$28.7M−$43.7M−$87.1M−$17.8M−$646K$196M−$28.2M
Q4 2025$524M−$31.9M−$122M−$154M−$11.2M−$610K−$456M$492M
Q3 2025$476M−$26.7M−$13.3M—−$11.2M−$251M−$169M$449M
Q2 2025$194M−$28.0M−$36.6M−$207M−$11.2M$274M$90.3M$166M
Q1 2025$108M−$26.1M−$851M−$225M−$11.5M$249M$763M$82.3M
Q4 2024$469M−$17.7M−$39.0M−$84.4M−$11.5M−$711K−$304M$452M

EMCOR Group: income statement and cash flow

EMCOR Group, Q3 2026: revenue $5.5B (+29% year over year), operating margin 9.8%. The chart follows the revenue to costs, profit and cash.

EMCOR Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.