Does this 8-K contain new earnings results or guidance?

The filing furnishes an investor presentation under Item 7.01 and does not include a press release or formal earnings guidance. The Q1 2026 figures in the slides (revenue, net income, EPS, Adjusted EBITDA, and operating cash flow) are the key financial data, but investors should confirm them against the company's Form 10-Q for the quarter.

How strong is Q1 2026 growth compared with prior periods?

Revenue rose about 56% and net income and EPS roughly doubled year over year. Q1 2026 revenue of $2.87 billion is about 31% of full-year 2025 revenue, which implies a run-rate well above the '$10.0+ billion' yearly revenue the company cites. Quarterly results can be seasonal and lumpy, so one quarter should not be extrapolated without more data.

What is driving the backlog increase and how durable is it?

Backlog grew from $5.99 billion at year-end 2024 to $11.95 billion at year-end 2025 and $12.46 billion at Q1 2026, driven mainly by technology sector demand such as data centers and chip manufacturing. Backlog only converts to revenue when projects proceed, and the company's risk factors note that cancellations or adjustments can reduce backlog's translation into profit. Concentration in technology projects is a key sensitivity.

Is the company's balance sheet and capital allocation a source of strength?

Management reports $1.05 billion of cash, minimal debt of $39.1 million, and an undrawn $1.10 billion credit facility maturing in 2030. It cites 27 years of positive free cash flow and 14 years of dividend increases. In Q1 2026 it returned $27.2 million to shareholders, mostly dividends, while 2025 returns were $284.8 million, largely buybacks.

Should investors rely on the non-GAAP metrics in the presentation?

Adjusted EBITDA is a non-GAAP measure that the company reconciles to net income in Appendix I, but the company states it should not replace GAAP operating income, net income, or cash flow. Investors should compare Adjusted EBITDA with GAAP net income and operating cash flow and note that the presentation's forecasts exclude future acquisitions.

FIX 8-K: Regulation FD

01—Abstract

Summary

Summary of the 8-K filed May 1, 2026. Cited figures are marked; the original filing is the authoritative source.

Comfort Systems USA furnished an investor presentation under Item 7.01 (Regulation FD) dated May 1, 2026.

The filing contains no new earnings release, no formal guidance, and no material event such as an acquisition, financing, or leadership change. The presentation's most important content is first-quarter 2026 results, which show very strong growth. Revenue was $2,865.3 million^a, up about 56% from $1,831.3 million in Q1 2025.

Net income was $370.4 million^b, up about 119%, and diluted EPS was $10.51 versus $4.75. Adjusted EBITDA was $524.4 million, an 18.3% margin, compared with 16.0% for full-year 2025. Operating cash flow was $388.8 million, a sharp swing from negative $88.0 million in Q1 2025.

Gross profit for the period was $754.4 million^c, a margin of about 26%. Because this is a presentation rather than a filing with audited statements, the figures should be checked against the Q1 2026 Form 10-Q. The balance sheet and backlog support the growth story.

Backlog reached $12.455 billion^d at Q1 2026, up from $11.945 billion at year-end 2025 and roughly double the $5.994 billion at year-end 2024. The company cites data center and chip manufacturing, pharmaceuticals, and other technology and life-science end markets as its strongest areas, and technology accounts for about 56% of YTD revenue. This concentration is a key risk for investors to weigh.

Management reports $1.05 billion of cash, $39.1 million of total debt, and an undrawn $1.10 billion credit facility maturing in 2030. It also highlights 27 consecutive years of positive free cash flow and 14 consecutive years of dividend increases. Capital returns in Q1 2026 were $27.2 million, mostly dividends, while 2025 returns totaled $284.8 million, mainly buybacks.

The presentation is promotional in tone and is furnished rather than filed, so its contents do not carry the liability of a filed document. The non-GAAP measures (Adjusted EBITDA, which management defines in Appendix I) are not substitutes for GAAP results, and the company does not provide a formal reconciliation of GAAP operating cash flow to free cash flow in this document. The presentation also notes that its forecasts exclude the effect of future acquisitions, which matters given the company's historical acquisition-driven growth.

02—Key points

Key Highlights

Q1 2026 revenue of $2,865.3 million rose about 56% year over year from $1,831.3 million, and Q1 2026 alone is roughly 31% of FY2025 revenue of $9,101.6 million.
Q1 2026 net income of $370.4 million and diluted EPS of $10.51 more than doubled versus Q1 2025 ($169.3 million and $4.75).
Adjusted EBITDA of $524.4 million (18.3% margin) compares with $242.7 million in Q1 2025 and a 16.0% margin for full-year 2025.
Backlog reached a record $12.455 billion at March 31, 2026, up from $11.945 billion at year-end 2025 and $5.994 billion at year-end 2024.
Operating cash flow of $388.8 million in Q1 2026 compares with negative $88.0 million in Q1 2025; FY2025 operating cash flow was $1,186.4 million.
Balance sheet is net cash: $1.05 billion of cash against $39.1 million of total debt, no borrowings under the $1.10 billion credit facility, and Debt/TTM EBITDA of 0.02x.
Technology (56% of YTD revenue) and new construction (57%) dominate the mix, creating concentration risk tied to data center and chip manufacturing demand.

03—Questions

Frequently Asked Questions

Does this 8-K contain new earnings results or guidance?
The filing furnishes an investor presentation under Item 7.01 and does not include a press release or formal earnings guidance. The Q1 2026 figures in the slides (revenue, net income, EPS, Adjusted EBITDA, and operating cash flow) are the key financial data, but investors should confirm them against the company's Form 10-Q for the quarter.
How strong is Q1 2026 growth compared with prior periods?
Revenue rose about 56% and net income and EPS roughly doubled year over year. Q1 2026 revenue of $2.87 billion is about 31% of full-year 2025 revenue, which implies a run-rate well above the '$10.0+ billion' yearly revenue the company cites. Quarterly results can be seasonal and lumpy, so one quarter should not be extrapolated without more data.
What is driving the backlog increase and how durable is it?
Backlog grew from $5.99 billion at year-end 2024 to $11.95 billion at year-end 2025 and $12.46 billion at Q1 2026, driven mainly by technology sector demand such as data centers and chip manufacturing. Backlog only converts to revenue when projects proceed, and the company's risk factors note that cancellations or adjustments can reduce backlog's translation into profit. Concentration in technology projects is a key sensitivity.
Is the company's balance sheet and capital allocation a source of strength?
Management reports $1.05 billion of cash, minimal debt of $39.1 million, and an undrawn $1.10 billion credit facility maturing in 2030. It cites 27 years of positive free cash flow and 14 years of dividend increases. In Q1 2026 it returned $27.2 million to shareholders, mostly dividends, while 2025 returns were $284.8 million, largely buybacks.
Should investors rely on the non-GAAP metrics in the presentation?
Adjusted EBITDA is a non-GAAP measure that the company reconciles to net income in Appendix I, but the company states it should not replace GAAP operating income, net income, or cash flow. Investors should compare Adjusted EBITDA with GAAP net income and operating cash flow and note that the presentation's forecasts exclude future acquisitions.

04—Continue

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