COMFORT SYSTEMS USA (FIX) Company Report

Comfort Systems USA reported full-year 2025 revenue of $9,101.6 million, net income of $1,022.6 million, and diluted EPS of $28.88.
The company's backlog grew to $11,945 million in 2025.
As of December 31, 2025, Comfort Systems USA maintained a strong financial position with $981.9 million in cash and $145.2 million in total debt.
In 2025, the company returned $284,832 thousand in capital, comprising $68,833 thousand in dividends and $215,999 thousand in share repurchases.

7 days ago

8-K

Comfort Systems USA Reports Strong Q4 and Full-Year 2025 Financial Results

FIX

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Comfort Systems USA reported a 41.7% increase in Q4 2025 revenue to $2.65 billion and a 129.0% increase in diluted EPS to $9.37 per share, compared to Q4 2024. For the full year 2025, revenue grew to $9.10 billion and diluted EPS reached $28.88.
The company's gross profit percentage improved to 25.5% in Q4 2025 from 23.2% in Q4 2024, and the full-year 2025 gross profit percentage increased to 24.1% from 21.0% in 2024.
Cash Flow from Operations for Q4 2025 was $468.5 million, up from $210.5 million in Q4 2024, with the full-year total reaching $1.19 billion compared to $849.1 million in 2024.
Backlog reached a record $11.94 billion at the end of Q4 2025, significantly higher than $9.38 billion in Q3 2025 and $5.99 billion in Q4 2024.

7 days ago

Presentation

Comfort Systems USA Reports Record Q4 and Full Year 2025 Earnings, Backlog, and Cash Flow

FIX

Earnings

Guidance Update

New Projects/Investments

Comfort Systems USA reported record earnings for Q4 and full year 2025, with Q4 2025 EPS of $9.37 (up 129% from last year) and full year 2025 EPS of $28.88 (up 98% from $14.66 in 2024).
Revenue for Q4 2025 increased by 42% to $2.6 billion, and full year revenue for 2025 exceeded $9 billion, a 30% increase compared to 2024. The gross profit percentage grew to 25.5% in Q4 2025, marking the first time it exceeded 25% in company history.
Backlog reached a new all-time high of $12 billion at the end of Q4 2025, doubling from the prior year, with strong growth from technology customers. The company anticipates same-store revenue growth of mid-teens to high-teens % in 2026.
The company generated record operating cash flow of $1.2 billion and free cash flow of $1 billion in 2025. Capital allocation included an increase in the quarterly dividend by $0.10 to $0.70 per share and share repurchases of over $200 million.
Modular capacity is projected to expand from 3 million sq ft to approximately 4 million sq ft by the end of 2026, with planned additions in Texas and North Carolina. Technology, primarily data center work, accounted for 45% of 2025 revenue, up from 33% in the prior year.

7 days ago

Transcript

Comfort Systems USA Reports Record Q4 and Full-Year 2025 Results with Strong Backlog and Strategic Investments

FIX

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Comfort Systems USA reported record earnings for Q4 and FY 2025, with Q4 EPS of $9.37 (up 129%) and FY 2025 EPS of $28.88 (up 98%). The company also achieved record revenue of $2.6 billion in Q4 (up 42%) and over $9 billion for the full year (up 30%).
The company reached a new all-time high backlog of $12 billion , with same-store backlog 93% higher than the previous year, driven by strong bookings in the technology sector, particularly data centers.
Gross margin for Q4 2025 exceeded 25% for the first time at 25.5%, contributing to an 89% increase in quarterly operating income to $427 million.
Strategic initiatives include expanding modular capacity from 3 million sq ft to approximately 4 million sq ft by the end of 2026 , acquiring two electrical companies in Q4 2025 , increasing the quarterly dividend to $0.70 per share , and repurchasing over $200 million in shares in 2025.
For 2026, Comfort Systems USA expects same-store revenue to rise by mid-teens to high-teens percent, with gross profit margins continuing in strong ranges.

7 days ago

Transcript

Comfort Systems USA Reports Strong Fourth Quarter and Full Year 2025 Results

FIX

Earnings

Revenue Acceleration/Inflection

Guidance Update

Comfort Systems USA reported net income of $330.8 million ($9.37 per diluted share) for the fourth quarter ended December 31, 2025, and $1.02 billion ($28.88 per diluted share) for the full year ended December 31, 2025.
Revenue for Q4 2025 was $2.65 billion, an increase from $1.87 billion in Q4 2024, and full-year 2025 revenue reached $9.10 billion, up from $7.03 billion in 2024.
The company's backlog as of December 31, 2025, was $11.94 billion, significantly higher than $5.99 billion as of December 31, 2024, and $9.38 billion as of September 30, 2025.
Operating cash flow for Q4 2025 was $468.5 million, and for the full year 2025, it was $1.19 billion. CEO Brian Lane highlighted unprecedented demand and expressed optimism for 2026 due to strong pipelines and workforce strength.

Feb 19, 2026, 9:12 PM

Press Release

Comfort Systems USA Reports Strong Q4 and Full Year 2025 Results, Increases Quarterly Dividend

FIX

Earnings

Revenue Acceleration/Inflection

Dividends

Comfort Systems USA reported net income of $330.8 million, or $9.37 per diluted share, for the fourth quarter ended December 31, 2025, compared to $145.9 million, or $4.09 per diluted share, for the same period in 2024.
For the full year ended December 31, 2025, net income was $1.02 billion, or $28.88 per diluted share, on revenue of $9.10 billion.
Fourth quarter 2025 revenue was $2.65 billion, an increase from $1.87 billion in the fourth quarter of 2024.
Backlog as of December 31, 2025, reached $11.94 billion, significantly up from $5.99 billion as of December 31, 2024.
The company's board of directors declared a quarterly dividend of $0.70 per share, which is a $0.10 increase from the most recent dividend.

Feb 19, 2026, 9:02 PM

8-K

Comfort Systems USA Discusses Strong Demand, Record Backlog, and Strategic Growth Initiatives

FIX

M&A

New Projects/Investments

Guidance Update

Comfort Systems USA is experiencing a robust demand environment with a record-high backlog of $9.4 billion and a strong project pipeline, particularly in technology (data centers, chip manufacturing) and pharmaceuticals.
The company is strategically selecting projects, turning down work daily to ensure favorable terms and good outcomes, and its balance sheet is significantly overbilled.
Comfort Systems USA allocates approximately 75% of its free cash flow to acquisitions over the long term, recently closing on two electrical companies on October 1st, and is expanding its modular capacity to 3 million square feet by early 2026.
The company is leveraging AI tools for internal efficiencies, such as recruiting and retention, and notes that data centers are becoming significantly denser, leading to a 3-4 times larger scope for projects within the same square footage.

Dec 11, 2025, 4:30 PM

Transcript

Comfort Systems USA Discusses Strong Demand, Record Backlog, and Strategic Growth Initiatives

FIX

New Projects/Investments

M&A

Revenue Acceleration/Inflection

Comfort Systems USA (FIX) reported a record high backlog of $9.4 billion and a robust project pipeline, driven by strong demand in industrial end markets, particularly data centers, chip manufacturing, and pharmaceuticals.
The company's business is predominantly 65% industrial and 24% institutional, with noted weakness in the commercial sector.
Capital allocation prioritizes acquisitions, with approximately 75% of free cash flow dedicated to M&A over the long term, alongside increasing dividends and opportunistic share buybacks; they recently acquired two electrical companies on October 1st.
Comfort Systems USA is expanding its modular capacity to 3 million sq ft by early 2026 and is leveraging AI internally for improved efficiency in areas like recruiting and retention.

Dec 11, 2025, 4:30 PM

Transcript

Comfort Systems USA, Inc. Reports Strong Q3 2025 Financial Results and Backlog

FIX

Earnings

Dividends

Share Buyback

Comfort Systems USA, Inc. reported strong financial results for Q3 2025, with revenue of $2,451.0 million, net income of $291.6 million, and diluted EPS of $8.25. Year-to-date 2025 revenue reached $6,455.6 million, with net income of $691.8 million and diluted EPS of $19.52.
The company's backlog stood at $9,377 million as of Q3 2025.
Comfort Systems USA maintains a strong financial position with $860.5 million in cash and $136.0 million in total debt as of September 30, 2025, and has increased its dividend for 13 consecutive years.
For the nine months ended September 30, 2025, the company returned $172,100 thousand to shareholders, comprising $47,674 thousand in dividends and $124,426 thousand in share repurchases.

Oct 28, 2025, 8:02 PM

8-K

Comfort Systems USA Reports Record Q3 2025 Results with Doubled EPS and Increased Backlog

FIX

Earnings

M&A

Dividends

Comfort Systems USA reported net income of $292,000,000 or $8.25 per share for Q3 2025, which is double the earnings per share from the same quarter last year.
Revenue for Q3 2025 grew 35% to $2,500,000,000, with the Electrical segment revenue increasing 71% and Mechanical revenue up 26%.
The company achieved a record backlog of $9,400,000,000 at the end of Q3 2025, representing a 65% increase year-over-year.
Comfort Systems USA increased its quarterly dividend by 20% to $0.60 per share and acquired FZ Electrical and Meisner Electric on October 1, which are expected to add over $200,000,000 in incremental annual revenue.
Management anticipates continued growth and strong results for 2025 and 2026, projecting Q4 same-store revenue growth in the high teens and full-year 2026 same-store revenue growth in the low to mid-teens.

Oct 24, 2025, 3:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for COMFORT SYSTEMS USA.

Q4 2025

Feb 20, 2026

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Q3 2025

Oct 24, 2025

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Q2 2025

Jul 25, 2025

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COMFORT SYSTEMS USA (FIX)

Analyst Earnings Quarterly Reports

Q3 2025

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Executives

Brian Lane

Julie Shaeff

Laura Howell

Trent McKenna

William George

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Constance Skidmore

Darcy Anderson

Franklin Myers

Gaurav Kapoor

Herman Bulls

Pablo Mercado

Rhoman Hardy

William Sandbrook

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Alex Hantman

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Tim Mulrooney

Timothy Mulrooney

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Brent Edward Thielman

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