The nation’s largest mechanical, electrical, and specialty contractors closed out 2025 with another record quarter, capping a year driven by strong technology demand, resilient margins, and backlogs that continue to reach new highs. Data center construction remained the primary growth driver across the group, spanning new capacity builds as well as the broader ecosystem of power, controls, and retrofit work. Grid modernization, high-tech manufacturing, healthcare, and water and wastewater investment also supported steady demand with multi-year visibility. Strategic acquisitions, along with continued investment in service capabilities, prefabrication and modular construction, and geographic expansion, further strengthened competitive positioning heading into 2026.
Comfort Systems USA (NYSE: FIX)
Comfort Systems delivered another record quarter and full year in 2025, supported by strong demand from technology and industrial end markets, expanding margins, and continued strategic M&A. Fourth quarter revenue reached $2.65 billion, up 42% year over year, while full year revenue grew to $9.10 billion, an increase of 29%. Profitability also continued to scale, with gross margins expanding to 24% from 21% in 2024 and adjusted EBITDA reaching $1.45 billion, or 16% of revenue.
Backlog ended the year at $11.94 billion, nearly double the $5.99 billion reported a year ago and up from $9.38 billion in September. Management pointed to the continued shift toward technology and industrial work, particularly data centers, as the primary growth driver. Looking ahead, the company expressed confidence in 2026, expecting mid to high teens same store growth while maintaining strong margins.
EMCOR Group (NYSE: EME)
EMCOR delivered record quarterly and full year results in 2025, driven by strong organic performance and contributions from recent acquisitions, including Miller Electric. Fourth quarter revenue reached $4.51 billion, up 20% year over year, while full year revenue grew to $16.99 billion, an increase of 17%.
The company ended the year with a record backlog of $13.25 billion, up 31% from 2024 and 5% from the third quarter, providing solid visibility heading into 2026. Management’s outlook calls for 2026 revenue of $17.75 to $18.50 billion, supported by continued demand across core markets. Network and communications work, particularly data centers, remains a key driver alongside high tech manufacturing, water and wastewater, and healthcare.
Management also reiterated its disciplined acquisition strategy, with a continued focus on mechanical and electrical construction as well as building services.
MYR Group (NASDAQ: MYRG)
MYR Group closed out 2025 with record annual results, reflecting improved execution and steady demand across both its transmission and distribution (T&D) and commercial and industrial (C&I) segments. Fourth quarter revenue reached $973.5 million, up 17% year over year, while full year revenue increased to $3.66 billion, up 9%.
Profitability also improved, with full year gross margins expanding to 12% from 9% in 2024. Backlog ended the year at $2.82 billion, up from $2.58 billion a year ago and $2.66 billion in September.
Management expressed confidence heading into 2026 and expects roughly 10% growth, supported by continued investment in grid modernization, transmission upgrades, clean energy infrastructure, and power-intensive commercial and industrial projects.
Looking Ahead
As 2026 begins, the sector remains well positioned. Record backlogs, sustained investment tied to data centers and electrification, and multi-year capital programs across high-tech manufacturing, healthcare, and water and wastewater continue to support strong demand visibility.
At the same time, the industry’s largest contractors are strengthening their positions through disciplined acquisitions and ongoing investment in service platforms and productivity-focused capabilities. These investments have helped support margin resilience and are likely to further differentiate performance as project complexity and power requirements increase.
For owners and stakeholders across the mechanical, electrical, and specialty contracting sectors, the market continues to be shaped by durable secular tailwinds and strategic opportunities. The current environment supports expansion of capabilities, broader end-market exposure, and continued investment to strengthen long-term positioning.
