EMCOR is one of the largest specialty contractors in the U.S., designing, installing, and maintaining the electrical and mechanical systems that make buildings and industrial facilities function — power distribution, HVAC, plumbing, fire protection, piping, and controls. EMCOR operates through roughly 100 subsidiaries and serves data centers, healthcare, manufacturing, commercial real estate, government, and industrial facilities. EMCOR sells directly to building owners, corporations, developers, and government entities, and also works as a subcontractor to general contractors. EMCOR organizes its business into four segments: U.S. Electrical Construction (~30% of revenue), U.S. Mechanical Construction (~42%), U.S. Building Services (~21%), and U.S. Industrial Services (~7%). Construction dominates at roughly 72% of total revenue, with most projects competitively bid. Large projects in the $10M–$200M+ range drive roughly 58% of construction revenues. EMCOR's profitability on any project depends on accurate upfront cost estimation, labor efficiency, and material cost control. EMCOR invests heavily in virtual design and construction and off-site prefabrication to reduce on-site labor hours and improve margins. Building Services provides recurring revenue through maintenance contracts, HVAC service, and building automation. Industrial Services serves oil refineries and petrochemical plants, with revenues tied to turnaround schedules. EMCOR grows organically by expanding into new geographies and through M&A, including the ~$865M acquisition of Miller Electric in early 2025, which expanded EMCOR's electrical presence across the Southeast. Data centers are EMCOR's largest and fastest-growing end market.