Company: EME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000105634-25-000046
Chunk: 157

Company: EMCOR Group, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 2
Chunk 157
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 investing activities$(938,825)$(211,139)Net cash used in financing activities$(231,125)$(181,444)Effect of exchange rate changes on cash, cash equivalents, and restricted cash$14,558 $(927)(Decrease) increase in cash, cash equivalents, and restricted cash$(853,234)$18,448 

During the six months ended June 30, 2025, our cash balance, including cash equivalents and restricted cash, decreased by approximately $853.2 million from $1,340.4 million at December 31, 2024 to $487.2 million at June 30, 2025. Changes in our cash position from December 31, 2024 to June 30, 2025 are described in further detail below. 

Operating Activities – Operating cash flows generally represent our net income as adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities for the six months ended June 30, 2025 was approximately $302.2 million compared to approximately $412.0 million for the six months ended June 30, 2024. The decrease in our operating cash flow period-over-period was a result of an increase in working capital, primarily on our construction projects, given the progression on a number of contracts for which we were previously billed ahead. As we worked through these upfront payments, we saw the expected decrease in operating cash as our cash outflows exceeded our inflows on these projects. Such decrease was partially offset by an increase in our net income for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Investing Activities – Investing cash flows consist primarily of payments for acquisition of businesses, capital expenditures, and proceeds from the sale or disposal of property, plant, and equipment. Net cash used in investing activities for the six months ended June 30, 2025 increased by approximately $727.7 million compared to the six months ended June 30, 2024, predominantly due to the acquisition of Miller Electric.

Financing Activities – Financing cash flows consist primarily of the issuance and repayment of short-term and long-term debt, repurchases of common stock, payments of dividends to stockholders, and the issuance of common stock through certain equity plans. Net cash used in financing activities was $231.1 million for the six months ended June 30, 2025 compared to $181.4 million for the six months ended June