COMFORT SYSTEMS USA INCFIX
COMFORT SYSTEMS USA INC Financial Overview 2021–2025
Updated Jul 10, 2026Comfort Systems USA ended FY2025 with an $11.94 billion 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 billion 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 billion 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 (Q4 2025 and Q1 2026)
Comfort Systems sustained its massive growth trajectory into Q1 2026, where top-line revenue surged 56.5% year-over-year to $2.87 billion. Operational execution and technology sector demand pushed gross margins to 26.3%, up from 22.0% a year prior. Consequently, quarterly net income more than doubled to $370.4 million, while operating cash flow swung favorably to a positive $388.8 million. To help steer this expanding footprint, the company appointed Craig Sasser as Chief Operating Officer, effective July 2026.
Bulls will highlight the unyielding momentum in the company's project pipeline, which expanded 80.8% year-over-year to a record $12.45 billion backlog in Q1 2026. Conversely, bears may argue that the stock is now priced for absolute perfection, trading at a steep 61.4x earnings and a $62.4 billion market capitalization as of April 23, 2026.
What to watch: supply chain stability as backlog scales; management of persistent labor cost increases
Rev
$1.83B
FY2025
NI
$1.02B
FY2025
EPS
$28.93
FY2025
OCF
$1.19B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All FIX Financial Metrics(58)
Income Statement
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- Goodwill
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- Short-Term Debt
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Cash Flow
Recent SEC Filings
COMFORT SYSTEMS USA INC 8-K Report, Regulation FD Disclosure (Aug 3, 2026)
Comfort Systems USA, Inc. (FIX) has filed an 8-K report on August 3, 2026, to disclose the posting of an investor presentation on its website. This presentation, intended for analysts and potential investors, offers insights into the company's performance. It's important for investors to note that the presentation includes non-GAAP financial measures, which management uses for internal analysis. While the company believes these non-GAAP measures provide valuable supplemental information for understanding core business operations, they should not be considered a substitute for GAAP-based results and may not be comparable to similar measures presented by other companies. The investor presentation also contains forward-looking statements. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Investors are encouraged to review the company's SEC filings, particularly the Annual Report on Form 10-K for the year ended December 31, 2025, for a comprehensive discussion of these potential risks.
COMFORT SYSTEMS USA INC 8-K Report, Financial Results (Jul 23, 2026)
Comfort Systems USA, Inc. (FIX) has filed an 8-K report on July 23, 2026, to announce its second-quarter 2026 financial results and the declaration of a quarterly dividend. The filing incorporates by reference two press releases, one detailing the company's operational and financial performance for the quarter, and the other announcing the dividend. Investors should refer to Exhibit 99.1 for detailed financial results and Exhibit 99.2 for dividend information. The company is providing these updates in accordance with Regulation FD, utilizing press releases and SEC filings as primary channels for material disclosures. The specific financial figures and operational highlights from the second quarter are contained within the attached press release (Exhibit 99.1), and the dividend declaration details, including the record date of August 13, 2026, are in the separate press release (Exhibit 99.2).
COMFORT SYSTEMS USA INC 8-K Report, Executive Changes (Jun 22, 2026)
Comfort Systems USA, Inc. (FIX) announced a significant leadership transition via an 8-K filing on June 22, 2026. Craig Sasser, previously the Regional Vice President for the Atlantic Region, has been appointed as the Company's Chief Operating Officer, effective July 1, 2026. This appointment is accompanied by a revised compensation package and continued participation in the Company’s executive severance policy, signaling confidence in Mr. Sasser's experience and ability to drive operational success. The filing also indicates broader leadership transitions, as detailed in an accompanying press release (Exhibit 99.1). While specific details of other transitions are not elaborated within the 8-K, the appointment of Mr. Sasser to COO is the primary focus. Investors should note that Mr. Sasser brings extensive experience, including over 34 years with a major MEP company, and a strong educational background, making him a well-qualified candidate for this critical role.
COMFORT SYSTEMS USA INC 8-K Report, Shareholder Vote Results (May 21, 2026)
COMFORT SYSTEMS USA INC (FIX) filed an 8-K on May 21, 2026, detailing the outcomes of its 2026 Annual Meeting of Stockholders held on May 18, 2026. The meeting saw a strong quorum of 88.74% of outstanding shares represented, indicating significant shareholder engagement. Key matters voted on included the election of directors, ratification of the independent auditor, and an advisory vote on executive compensation. Investors will note the overwhelming approval for the company's proposed slate of ten directors, with all nominees receiving substantial support, generally above 90% of votes cast. Additionally, the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for 2026 was ratified with near-unanimous support. The advisory vote on executive compensation also received strong approval, reflecting shareholder confidence in the company's governance and compensation practices.
COMFORT SYSTEMS USA INC 8-K Report, Regulation FD Disclosure (May 1, 2026)
Comfort Systems USA, Inc. (FIX) has filed an 8-K report on May 1, 2026, to disclose the posting of an investor presentation on its website. This presentation, intended for analysts and potential investors, contains information that includes non-GAAP financial measures. Management utilizes these non-GAAP measures to analyze company performance, believing they offer essential supplemental insights into the core business operations. However, investors are cautioned that these measures should not replace GAAP-based financial results and may not be directly comparable to those of other companies. The presentation also includes forward-looking statements, which are subject to risks and uncertainties. The Company refers investors to its most recent filings with the SEC, particularly the Form 10-K for the year ended December 31, 2025, for a comprehensive discussion of these potential risks that could cause actual results to differ materially from stated expectations.
View all 8-K filings →