Comfort Systems USA, Inc. is a national provider of mechanical and electrical services, specializing in the installation, renovation, maintenance, repair, and replacement of mechanical and electrical systems. The company primarily serves commercial, industrial, and institutional markets, offering solutions for facilities such as healthcare centers, educational institutions, office buildings, and manufacturing plants. Its operations are divided into two main segments, focusing on HVAC systems and electrical construction and engineering.
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Mechanical Segment - Provides installation, renovation, and maintenance of HVAC systems, including core equipment like packaged heating and air conditioning units, chillers, boilers, air handlers, and cooling towers. Also handles connecting and distribution elements such as piping and ducting.
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Electrical Segment - Delivers electrical construction and engineering services for commercial and industrial projects, including electrical logistics, service work, and system installations.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian E. Lane ExecutiveBoard | President, CEO, and Director | Board Member at Main Street Capital Corporation | Joined FIX in 2003; became CEO in 2011. Previously held leadership roles at Halliburton and Capstone Turbine Corporation. Holds a B.S. in Chemistry and an MBA. | View Report → |
Julie S. Shaeff Executive | SVP and Chief Accounting Officer | None | Joined FIX in 1999 as Assistant Corporate Controller. Promoted to CAO in 2005. Holds a BBA in Accounting from Texas A&M University and is a CPA. | |
Trent T. McKenna Executive | EVP and COO | None | Joined FIX in 2004 as Associate General Counsel. Promoted to COO in 2022. Holds a B.A. in English and a J.D. from Duke University School of Law. | |
William George Executive | EVP and CFO | None | Founding management team member of FIX since 1997. Previously served as General Counsel and Secretary. Holds a B.S. in Economics and a J.D. from Harvard Law School. | |
Cindy L. Wallis-Lage Board | Director | Board Member at Veralto and Metiri Group; Advisory Board Member at Cambi ASA | Director since 2021. Retired President of Black & Veatch's Water Business. Holds a B.S. in Civil Engineering from Kansas State University and an M.S. in Environmental Health Engineering from the University of Kansas. | |
Constance E. Skidmore Board | Director | Board Member at Sensata Technologies and Proterra, Inc.; Board Member at The V Foundation | Director since 2012. Retired PwC partner with expertise in accounting and finance. Holds a B.S. from Florida State University and an M.S. in Taxation from Golden Gate University. | |
Darcy G. Anderson Board | Director | Vice Chairman of Hillwood Management; Executive Committee Member of Dallas Regional Chamber | Director since 2008. Vice Chairman of Hillwood Management. Graduate of the United States Military Academy at West Point. | |
Franklin Myers Board | Chair of the Board | Chairman of HF Sinclair Corporation; Board Member of three private manufacturing companies | Director since 2005; Chair since 2014. Former CFO of Cameron International and attorney at Fulbright & Jaworski. Holds a B.S. in Industrial Engineering and a J.D. | |
Gaurav Kapoor Board | Director | None | Director since 2024. Former CFO and COO of AECOM. Holds a B.B.A. and B.A. from SMU and an MBA from the University of Chicago Booth School of Business. | |
Herman E. Bulls Board | Director | Vice Chairman at JLL; Chairman of Fluence Energy; Director at Host Hotels and USAA | Director since 2001. Founder of JLL's Public Institutions division. Retired Colonel from the U.S. Army. Graduate of West Point and Harvard Business School. | |
Pablo G. Mercado Board | Director | EVP and CFO of Lithium Americas Corp. | Director since 2018. Former CFO of EnLink Midstream and Forum Energy Technologies. Holds a B.B.A. and B.A. from SMU and an MBA from the University of Chicago Booth School of Business. | |
Rhoman J. Hardy Board | Director | Director at HF Sinclair; Operating Partner at Bernhard Capital; Board Member at LSU Foundation | Appointed in 2023. Former SVP at Shell Chemicals and Products. Holds a B.S. in Electrical Engineering and an Executive MBA from Rice University. | |
Vance W. Tang Board | Director | Chairman of American Woodmark Corporation; President of VanTegrity Consulting | Director since 2012. Former President and CEO of KONE U.S. subsidiary. Holds a B.S. in Electrical Engineering and an MBA from the University of Wisconsin. | |
William J. Sandbrook Board | Director | Chairman and Co-CEO of Andretti Acquisition Corp.; Board Member at Knife River Corporation | Director since 2018. Former CEO of U.S. Concrete. Holds multiple advanced degrees, including an MBA from Wharton and a Master’s in Systems Engineering from the University of Pennsylvania. |
- The manufacturing vertical has taken a step back relative to last year and the second quarter; can you elaborate on the challenges you're facing in this area and what steps you're taking to address them?
- Given the tougher revenue comparables in the next few quarters, how do you plan to sustain your revenue growth momentum into 2025, especially if market conditions change?
- With record levels of net cash exceeding debt by $347 million, how are you prioritizing the use of this cash between share repurchases, dividends, and acquisitions, particularly when acquisition multiples may have changed?
- You're achieving record margins, but how sustainable are these margins in the face of potential market shifts, and what measures are you taking to ensure margins remain strong if conditions become less favorable?
- Your extraordinary cash flow benefits from favorable payment terms and advanced payments; are these terms sustainable across your customer base, and how might changes in these terms affect your cash flow and working capital management?
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Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Century Contractors, Inc. | 2025 | Added as a new partner in January 2025, Century Contractors, Inc.—a well-established mechanical contractor in Charlotte, NC—was integrated without disclosed financial terms or detailed strategic rationale. |
Summit Industrial Construction, LLC | 2024 | Acquired on February 1, 2024 for a total consideration of $359.83 million (including cash, working capital adjustments, notes, and contingent earn-out payments), the acquisition strengthens offerings in modular construction and expands capabilities in advanced technology and heavy industrial sectors. |
J & S Mechanical Contractors, Inc. | 2024 | Completed on February 1, 2024 for approximately $120.583 million (including cash, working capital adjustments, notes, and contingent earn-out payments), this acquisition bolsters the mechanical segment by adding expertise in HVAC systems for data centers and hospital medical gas systems, with J&S becoming a wholly owned subsidiary. |
Eldeco, Inc. | 2023 | Finalized on February 1, 2023, the acquisition of Eldeco, Inc.—a South Carolina-based electrical design and construction services provider—was valued at a preliminary purchase price of $74.0 million (combining cash, notes, earn-out contingents, and working capital adjustments) and is expected to add $130–140 million in annualized revenue in the electrical services segment. |
Atlantic Electric, LLC | 2022 | Completed on April 1, 2022, the acquisition of Atlantic Electric, LLC for a preliminary purchase price of $48.1 million (including cash, notes, and working capital adjustments) expanded operations in the electrical services segment by adding expertise in electrical contracting and airport runway lighting, with the deal largely funded through a revolving credit facility. |
Recent press releases and 8-K filings for FIX.
- 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.
- 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.
- Comfort Systems USA reported record financial results for Q3 2025, with net income of $292 million and diluted EPS of $8.25, which is double the prior year.
- Revenue for Q3 2025 increased 35% year-over-year to $2.5 billion, driven by 33% same-store revenue growth and a 74% increase in EBITDA to $414 million.
- The company achieved a record backlog of $9.4 billion at the end of Q3 2025, representing a 65% year-over-year increase, with strong bookings in the technology sector.
- Comfort Systems USA increased its quarterly dividend by 20% to $0.60 per share, acquired FZ Electrical and Meisner Electric for approximately $170 million, and repurchased approximately $125 million in shares year-to-date.
- Comfort Systems USA (FIX) reported Q3 2025 net income of $292 million, or $8.25 per share, which is double the $4.09 per share earned in Q3 2024.
- Revenue for Q3 2025 grew 35% to $2.5 billion, with gross profit increasing to $608 million and the gross profit percentage reaching 24.8%.
- The company achieved a record backlog of $9.4 billion at the end of Q3 2025, representing a $3.7 billion increase from the prior year, with $3.5 billion attributed to same-store growth.
- Comfort Systems USA increased its quarterly dividend by 20% to $0.60 per share and announced the acquisition of FZ Electrical and Meisner Electric on October 1, which are expected to add over $200 million in incremental annual revenue. The company also expects fourth-quarter same-store revenue growth in the high-teens range and low to mid-teens same-store revenue growth for full-year 2026.
- Comfort Systems USA reported robust financial performance for Q3 2025, with EPS doubling to $8.25 per share and revenue increasing 35% to $2.5 billion compared to the prior year.
- The company achieved a record backlog of $9.4 billion at the end of Q3 2025, marking a 65% year-over-year increase and a second consecutive quarter with a same-store backlog increase of more than $1 billion.
- Comfort Systems USA announced the acquisition of FZ Electrical and Meisner Electric on October 1st, with an expected contribution of over $200 million in incremental annual revenue and $15 million-$20 million in annual EBITDA.
- The company increased its quarterly dividend by 20% to $0.60 per share and repurchased approximately 345,000 shares year-to-date for about $125 million.
- Management anticipates continued growth, projecting Q4 2025 same-store revenue growth in the high-teens range and full-year 2026 same-store revenue growth in the low to mid-teens.
- Comfort Systems USA reported record financial results for Q2 2025, with quarterly revenue exceeding $2.0 billion for the first time at $2.2 billion, and earnings per share (EPS) reaching an unprecedented $6.53, a 75% increase year-over-year.
- The company's backlog grew to a new high of $8.1 billion at the end of Q2 2025, representing a 41% increase from the prior year, driven by strong bookings, particularly in the technology sector.
- Comfort Systems USA increased its quarterly dividend by $0.05 to $0.50 per share and purchased 326,000 shares for $111 million year-to-date, maintaining a net cash position of over $250 million.
- Management expects continued strong results for the remainder of 2025 and into 2026, with full-year 2025 same-store revenue growth estimated to remain in the mid-teen range and gross profit margins expected to continue in strong ranges.
- The company's electrical segment revenue grew by 49%, and technology-related projects, including data centers, accounted for 40% of total revenue, with modular operations representing 18% of year-to-date revenue.
- Comfort Systems USA reported strong Q2 2025 financial results, with revenue increasing to $2.17 billion and net income reaching $230.8 million, or $6.53 per diluted share.
- The company's backlog reached a record high of $8.12 billion as of June 30, 2025, an increase from $5.77 billion at the same time last year.
- The Board of Directors declared a quarterly dividend of $0.50 per share, representing a $0.05 increase from the previous dividend, payable on August 25, 2025.
- Mechanical/electrical services provider with 19,000 craft professionals across 48 subsidiaries, serving industrial (62% of revenue), institutional, commercial, and $175 m in annual maintenance contracts.
- Data center CapEx remains robust, with strong pipelines in both modular and traditional construction; modular units are contracted directly by owners, while traditional work is bid through general contractors.
- Modular capacity has grown from 2.0 m sq ft at end-2023 to 2.5 m sq ft as of Q1 2025, balancing pharma and hyperscaler programs under standardized delivery models.
- Acquired Century Contractors (Charlotte-area industrial piping specialist) in January 2025 to enhance regional capabilities and integrate best practices across the network.
- Service business benefits from a seasonal summer ramp and a proprietary digital support platform that enables remote diagnostics, boosting technician efficiency and driving sustainable growth.
- Comfort Systems USA Inc. announced an amendment to its stock repurchase program in an 8‑K filing dated May 22, 2025.
- The Board approved increasing the repurchase authorization, enabling the company to buy back up to an additional 1,000,000 shares, which includes authorizing acquisition of up to 402,413 additional shares.
- Prior to this amendment, the company repurchased 10,757,964 shares at a total price of $437,561,463 through May 16, 2025.
- The document is an 8-K filing issued on April 30, 2025, presenting an investor slideshow with forward-looking statements and non‑GAAP financial measures, intended for analyst and investor review.
- It highlights the company’s strong market position as a leading national mechanical, electrical, and plumbing service provider with $7.0+ billion in yearly revenue and 19,000+ employees.
- The presentation also outlines key financial highlights, including a YTD 2025 revenue of $1,831.3M and a gross profit of $403.4M, underscoring the company's robust financial performance.