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Comfort Systems USAFIX

Legal name
Comfort Systems USA, Inc.
Sector
Energy
Industry
Electrical Work
Exchange
NYSE

Stock Price $FIX

Latest filings

You are here#54 of 116 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K137

FIX filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 137 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Apr ’17Apr ’17
  2. Material agreement8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $1.83B
YoY changeLargest recent move+35.0%in FY24Latest −73.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All FIX Financial Metrics58 metrics

Income Statement14

Balance Sheet25

Cash Flow14

Per Share5

02—Overview

Comfort Systems USA Financial Overview 2021–2025

Updated Nov 3, 2026

Comfort Systems USA ended FY2025 with an $11.94 billiona project backlog, a figure that nearly doubled in a single year as technology sector and data center construction fueled massive demand for its mechanical and electrical services. The data reveals a business that has successfully transformed from a steady contractor into a high-growth infrastructure powerhouse, utilizing strategic acquisitions and operational leverage to capture industrial market tailwinds.

This structural shift is highly visible across the income statement. Revenue nearly tripled over a four-year span, expanding from $3.07 billion in FY2021 to $9.10 billionb in FY2025. Profitability expanded alongside this top-line surge. Gross profit margins climbed from 18.3% in FY2021 to 24.1% in FY2025, reflecting improved execution and increased pricing power. This operating leverage drove net income up 95.7% in FY2025 to reach $1.02 billion, while free cash flow jumped 39.2% to $1.04 billion. The company aggressively redeployed this cash generation, expanding its credit facility to $1.10 billion while executing major share repurchases and integrating regional acquisitions.

The market actively revalued the business to reflect this fundamental acceleration. At the close of FY2025, the stock commanded a $32.8 billionc market capitalization. Trading at $933.29 per share, the company was valued at 32.3x trailing earnings based on a record $28.88 in earnings per share for the period.

Recent Developments (Q2 and Q3 2026)

Revenue grew 50% year over year in both Q2 2026 ($3.27 billiond) and Q3 2026 ($3.77 billion). Backlog reached $17.81 billion at Q3 2026, up from $14.06 billion at Q2 2026. Gross margin expanded to 25.9% from 23.5% in Q2, and operating margin rose to 17.1% from 13.8%. Q3 diluted EPS was $13.91, versus $8.25 a year earlier. The quarterly dividend rose to $1.00 from $0.80 in two steps. Craig Sasser became COO on July 1, 2026. CFO William George will retire after the 2026 annual report, with Julie Shaeff succeeding him.

Bulls point to cash generation and balance sheet strength: $1.01 billione of Q3 operating cash flow and $54.1 million of debt. Bears point to valuation and concentration: the stock traded at 44.3x earnings as of the October 21, 2026 report date, not today, and 58% of revenue comes from technology. Some Q2 cash flow also came from customer billings ahead of work.

What to watch: CFO handoff execution; whether backlog conversion sustains 50% growth

03—Filings

Recent SEC Filings

  1. 8-KComfort Systems USA 8-K Report, Corporate Update (Nov 5, 2026)Comfort Systems USA (FIX) announced a significant amendment to its stock repurchase program via an 8-K filing dated November 5, 2026. The company's Board of Directors has approved an increase in the authorized shares available for buyback, allowing for the acquisition of up to 994,606 additional shares of common stock. This effectively "tops off" the existing program, which had previously authorized 11,757,964 shares, and permits further repurchases beyond the 11,752,570 shares already bought back as of November 4, 2026, for approximately $1.71 billion. This expanded authorization signals continued confidence from management in the company's financial health and its stock valuation. Investors should note that repurchases will occur at the company's discretion, subject to market conditions, and will be funded by available cash. The flexibility to conduct these repurchases in the open market or through private negotiations underscores the company's strategic approach to capital allocation and returning value to shareholders.
  2. 8-KComfort Systems USA 8-K Report, Regulation FD Disclosure (Oct 28, 2026)Comfort Systems USA, Inc. (FIX) has filed an 8-K to disclose an investor presentation posted on October 28, 2026. This presentation provides an overview of the company's business, market outlook, financial performance, and strategic initiatives. The company highlights its position as a leading national provider of mechanical, electrical, and plumbing (MEP) installation and service, reporting over $12.0 billion in yearly revenue with a significant portion in the industrial sector. The presentation emphasizes strong growth in key markets like technology (data centers, chip manufacturing) and life sciences, driven by trends such as on-shoring and modular construction. Investors will find key financial metrics and strategic insights, including substantial backlog growth, consistent free cash flow generation, and a strong balance sheet. The company reiterates its commitment to capital discipline through dividends and share repurchases, alongside a focus on sustainability and innovation. The presentation also includes forward-looking statements and a disclaimer regarding the use of non-GAAP financial measures, which management believes provide useful supplemental information for understanding operational performance.
  3. 8-KComfort Systems USA 8-K Report, Executive Changes (Oct 22, 2026)Comfort Systems USA, Inc. (FIX) announced a significant leadership transition in an 8-K filing dated October 22, 2026. Executive Vice President and Chief Financial Officer, William George, who has been with the company since its founding and served as CFO for over 17 years, announced his intention to retire effective after the filing of the Company's 2026 Form 10-K. Mr. George's retirement is not due to any disagreements with the company and he is eligible for retirement benefits, including the continued vesting of his stock awards. In a planned succession, Julie Shaeff, currently Senior Vice President and Chief Accounting Officer, will be promoted to Executive Vice President and Chief Financial Officer. Ms. Shaeff has been with the company for over 25 years, holding various accounting and finance roles. While her compensation details as CFO are pending, the company stated an amendment will be filed once determined. This transition reflects the company's ongoing succession planning and aims to ensure continuity in its financial leadership.
  4. 8-KComfort Systems USA 8-K Report, Financial Results (Oct 22, 2026)Comfort Systems USA, Inc. (FIX) has reported exceptionally strong financial results for the third quarter of 2026. The company announced a significant year-over-year increase in both revenue and net income, driven by robust demand and effective operational execution. Net income per diluted share saw a substantial jump, reflecting improved profitability. The company also reported a remarkable increase in operating cash flow, exceeding $1 billion for the quarter, underscoring its strong financial performance and operational efficiency. Furthermore, Comfort Systems USA highlighted a substantial growth in its backlog, indicating continued strong demand for its services and providing a positive outlook for future revenue. In addition to these positive financial developments, the Board of Directors declared an increased quarterly dividend, signaling confidence in the company's financial health and commitment to returning value to shareholders. Investors can look forward to further details during the company's upcoming webcast and conference call.
  5. 8-KComfort Systems USA 8-K Report, Regulation FD Disclosure (Aug 3, 2026)Comfort Systems USA furnished an investor presentation dated August 3, 2026 under Item 7.01 (Regulation FD) and did not report a new earnings release or a material event. The deck, posted to the Investors section of its website, shows very strong first-half 2026 results. Revenue for the six months ended June 30, 2026 was $6,131.0M, up about 53% from $4,004.6M a year earlier. Net income rose to $812.0M from $400.1M (about 103%), and diluted EPS reached $23.03 versus $11.28. Q2 2026 alone generated $3,265.7M of revenue (up about 50%), $441.6M of net income, and $12.53 of diluted EPS. Cash generation was the standout. Operating cash flow for the first half was $1,528.3M versus $164.5M in the prior-year period, and Q2 operating cash flow was $1,139.4M. Adjusted EBITDA (a non-GAAP measure reconciled in Appendix I) rose to $1,124.9M for the six months from $576.7M. Backlog reached $14.06B at Q2 2026, up from $11.95B at year-end 2025, and the company reports $1.85B of cash, $54.1M of total debt, and no borrowings under its $1.10B credit facility. Demand is concentrated in technology (data centers and chip manufacturing, 58% of YTD revenue), with growth in modular construction (17%) and service and maintenance. The filing itself is a presentation rather than audited results, and the figures are unaudited. Investors should weigh the strong growth against the cost-to-cost revenue recognition, customer concentration in technology and data-center construction, and the risk that backlog does not fully convert to revenue or profit, as flagged in the safe-harbor language and the referenced 2025 Form 10-K.
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04—See also

Related Companies

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