Profitable and still broke?

Sources

• EMCOR Group, Inc. Form 10-K for the fiscal year ended December 31, 2025 · EMCOR Group, Inc. (filed with the U.S. SEC), 2025
• 2026 Report on Employer Firms: Findings from the 2025 Small Business Credit Survey · Federal Reserve Banks, 2025
• Planet Fitness, Inc. Form 10-K for the fiscal year ended December 31, 2025 · Planet Fitness, Inc. (filed with the U.S. SEC), 2025
• Fund your business · U.S. Small Business Administration, 2026

Every number

• $17Bsec.gov ·2025 · EMCOR's revenues, fiscal 2025.
• $4.2Bsec.gov ·2025 · Accounts receivable, net, at the end of fiscal 2025.
• 91 dayssec.gov ·2025 · Worked out from the annual report: accounts receivable divided by the year's revenue, times the days in a year. A year-end snapshot.
• $944.5Msec.gov ·2025 · Retainage included in accounts receivable at the end of fiscal 2025: billed, but held back until projects are finished.
• $2.3Bsec.gov ·2025 · Contract liabilities, current, at the end of fiscal 2025: billed to clients ahead of the work done so far.
• 90%sec.gov ·2025 · The share of that retainage EMCOR expects to collect during the next year.
• 50%fedsmallbusiness.org ·2025 · Share of small employer firms that called uneven cash flow, including collecting from customers, a financial challenge in the prior year. Federal Reserve Banks' survey of small employer firms, fielded in late 2025.
• 54%fedsmallbusiness.org ·2025 · Share of small employer firms that had trouble paying operating expenses such as payroll, rent and inventory in the prior year. Federal Reserve Banks' survey of small employer firms, fielded in late 2025.
• 45%fedsmallbusiness.org ·2025 · Share of applicants for a business line of credit that got all the financing they asked for, in the prior year. Federal Reserve Banks' survey of small employer firms, fielded in late 2025.
• 24%fedsmallbusiness.org ·2025 · Share of applicants for a business line of credit that were turned down, in the prior year. Federal Reserve Banks' survey of small employer firms, fielded in late 2025.
• 48%fedsmallbusiness.org ·2025 · Share of firms five years old or younger that applied for a loan, line of credit or cash advance and got all they asked for, in the prior year. Federal Reserve Banks' survey of small employer firms, fielded in late 2025.
• 63%fedsmallbusiness.org ·2025 · Share of firms twenty-one years old or older that applied for a loan, line of credit or cash advance and got all they asked for, in the prior year. Federal Reserve Banks' survey of small employer firms, fielded in late 2025.
• 59%fedsmallbusiness.org ·2025 · Share of small employer firms with debt that had secured it with a personal guarantee. Federal Reserve Banks' survey of small employer firms, fielded in late 2025.
• $40,000example (example number: Simplified example: one job at a small building company, building the kitchen of a new café (a business client), the price the client pays.) · Simplified example: one job at a small building company, building the kitchen of a new café (a business client), the price the client pays.
• 60 daysexample (example number: Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the client pays this long after the bill.) · Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the client pays this long after the bill.
• 10%example (example number: Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the share of the bill the client holds back until final sign-off.) · Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the share of the bill the client holds back until final sign-off.
• $20,000example (example number: Simplified example: cash in the bank before the job.) · Simplified example: cash in the bank before the job.
• −$16,000example (example number: Simplified example: one job at a small building company, building the kitchen of a new café (a business client): cabinets, counters and everything else, paid when bought.) · Simplified example: one job at a small building company, building the kitchen of a new café (a business client): cabinets, counters and everything else, paid when bought.
• −$12,000example (example number: Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the crew's pay for the month of work.) · Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the crew's pay for the month of work.
• −$3,000example (example number: Simplified example: a month of office, van and insurance costs.) · Simplified example: a month of office, van and insurance costs.
• −$11,000example (example number: Worked out from the example cash diary.) · Worked out from the example cash diary.
• −$14,000example (example number: Worked out from the example cash diary.) · Worked out from the example cash diary.
• $36,000example (example number: Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the client's payment, with a tenth held back.) · Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the client's payment, with a tenth held back.
• $19,000example (example number: Worked out from the example cash diary.) · Worked out from the example cash diary.
• $4,000example (example number: Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the tenth held back, paid after final sign-off.) · Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the tenth held back, paid after final sign-off.
• $20,000example (example number: Worked out from the example cash diary.) · Worked out from the example cash diary.
• $12,000example (example number: Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the price minus materials and crew, before office costs.) · Simplified example: one job at a small building company, building the kitchen of a new café (a business client): the price minus materials and crew, before office costs.
• $14,000example (example number: Worked out from the example cash diary: how far below zero the bank went.) · Worked out from the example cash diary: how far below zero the bank went.
• 9 monthsexample (example number: Simplified example: how long the lab runs the company.) · Simplified example: how long the lab runs the company.
• 6 monthsexample (example number: Simplified example: the months in the lab that start new jobs.) · Simplified example: the months in the lab that start new jobs.
• 1example (example number: Simplified example: one new job starts each month.) · Simplified example: one new job starts each month.
• 60 daysexample (example number: Simplified example: the client pays this long after the job ends.) · Simplified example: the client pays this long after the job ends.
• 0%example (example number: Simplified example: no deposit at signing.) · Simplified example: no deposit at signing.
• $20,000example (example number: Simplified example: cash in the bank at the start.) · Simplified example: cash in the bank at the start.
• 2example (example number: Simplified example: two new jobs a month.) · Simplified example: two new jobs a month.
• 30%example (example number: Simplified example: a deposit at signing, as a share of the price.) · Simplified example: a deposit at signing, as a share of the price.
• 30 daysexample (example number: Simplified example: the client pays this long after the job ends.) · Simplified example: the client pays this long after the job ends.
• $80,000example (example number: Simplified example: a renovation about twice the usual job.) · Simplified example: a renovation about twice the usual job.
• 60 daysexample (example number: Simplified example: the developer pays this long after the work is finished.) · Simplified example: the developer pays this long after the work is finished.
• 10%example (example number: Simplified example: the share the developer holds back until final sign-off.) · Simplified example: the share the developer holds back until final sign-off.
• $49sec.gov ·2025 · Planet Fitness's current standard annual fee, fiscal 2025.
• 2,000 membersexample (example number: Simplified example: a gym's members, each paying the annual fee in January.) · Simplified example: a gym's members, each paying the annual fee in January.
• 12 monthsexample (example number: Calendar arithmetic, not a measured number.) · Calendar arithmetic, not a measured number.
• $98,000example (example number: Worked out from the example members and the cited annual fee.) · Worked out from the example members and the cited annual fee.
• $8,167example (example number: Worked out from the example: everything collected, spread over twelve months, rounded to the dollar.) · Worked out from the example: everything collected, spread over twelve months, rounded to the dollar.
• $89,833example (example number: Worked out from the example: collected in January but not yet earned.) · Worked out from the example: collected in January but not yet earned.
• $58.6Msec.gov ·2025 · Deferred revenue, current, at the end of fiscal 2025: cash collected from members and franchisees for service not yet given.
• $52,000example (example number: Simplified example: remodeling a dentist's office (a business client), the price the client pays.) · Simplified example: remodeling a dentist's office (a business client), the price the client pays.
• $5,200example (example number: Simplified example: remodeling a dentist's office (a business client): the deposit paid at signing, a tenth of the price.) · Simplified example: remodeling a dentist's office (a business client): the deposit paid at signing, a tenth of the price.
• $10,000example (example number: Simplified example: cash in the bank before the job starts.) · Simplified example: cash in the bank before the job starts.
• $18,000example (example number: Simplified example: remodeling a dentist's office (a business client): materials, paid in the first week.) · Simplified example: remodeling a dentist's office (a business client): materials, paid in the first week.
• $6,000example (example number: Simplified example: remodeling a dentist's office (a business client): the crew's pay for one week.) · Simplified example: remodeling a dentist's office (a business client): the crew's pay for one week.
• 4 weeksexample (example number: Simplified example: remodeling a dentist's office (a business client): how long the job takes.) · Simplified example: remodeling a dentist's office (a business client): how long the job takes.
• 30 daysexample (example number: Simplified example: remodeling a dentist's office (a business client): the client pays the rest this long after you finish.) · Simplified example: remodeling a dentist's office (a business client): the client pays the rest this long after you finish.
• $24,000example (example number: Simplified example: remodeling a dentist's office (a business client): the crew's pay for the whole job, worked out.) · Simplified example: remodeling a dentist's office (a business client): the crew's pay for the whole job, worked out.
• $42,000example (example number: Simplified example: remodeling a dentist's office (a business client): materials and crew, worked out.) · Simplified example: remodeling a dentist's office (a business client): materials and crew, worked out.
• $15,200example (example number: Simplified example: remodeling a dentist's office (a business client): the cash in the bank plus the deposit, worked out.) · Simplified example: remodeling a dentist's office (a business client): the cash in the bank plus the deposit, worked out.
• $26,800example (example number: Simplified example: remodeling a dentist's office (a business client): how far below zero the bank goes before the final payment, worked out.) · Simplified example: remodeling a dentist's office (a business client): how far below zero the bank goes before the final payment, worked out.