Comfort Systems USA (FIX) Q3 2025 Financial Results Summary
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Comfort Systems USA (FIX) Q3 2025 Financial Results Summary
Comfort Systems USA, Inc. (NYSE: FIX) released its financial report for the third quarter on October 23, 2025. Below is a summary of the key financial results and metrics for the quarter ended September 30, 2025.
Financial Highlights
- Net Income
- Q3 2025: $291.6 million or $8.25 per diluted share
- Q3 2024: $146.2 million or $4.09 per diluted share
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Growth: 99.5% increase in net income and 101.6% increase in diluted earnings per share (EPS) compared to Q3 2024
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Revenue
- Q3 2025: $2.45 billion
- Q3 2024: $1.81 billion
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Growth: 35.3% increase in revenue year-over-year
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Operating Cash Flow
- Q3 2025: $553.3 million
- Q3 2024: $302.2 million
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Growth: 83.2% increase in operating cash flow from the previous year
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Backlog
- September 30, 2025: $9.38 billion
- June 30, 2025: $8.12 billion
- September 30, 2024: $5.68 billion
- Growth:
- 15.5% increase from June 30, 2025
- 65.3% increase year-over-year from September 30, 2024
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Same-store basis backlog increased from $5.68 billion (Q3 2024) to $9.20 billion (Q3 2025), representing a growth of 62.8%.
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Acquisitions
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On October 1, 2025, the company acquired two electrical companies in Michigan and Florida, expected to add $200 million in annual revenue and $15 to $20 million in annual EBITDA.
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Nine-Month Results
- Net Income (Nine Months Ended September 30, 2025): $691.8 million or $19.52 per diluted share, compared to $376.6 million or $10.52 per diluted share in the same period of 2024.
- Growth: 83.7% increase in net income and 85.7% increase in diluted EPS year-over-year.
- Revenue for nine months was $6.46 billion, up from $5.16 billion, representing a 25.1% increase compared to the same period last year.
- Operating Cash Flow (Nine Months): $717.8 million, compared to $638.6 million in 2024, reflecting a 12.4% increase.
Dividend and Share Repurchase
- The Company declared a quarterly dividend of $0.50 per share for Q3 2025 (up from $0.30 in Q3 2024), indicating a 66.7% increase year-over-year.
- No share repurchase plans were mentioned in the release.
Summary of Financial Metrics
- Gross Profit Margin
- Q3 2025: 75.2%
- Q3 2024: 78.9%
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Change: Decreased by 3.7 percentage points year-over-year
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Operating Income
- Q3 2025: $378.9 million (15.5% margin)
- Q3 2024: $202.9 million (11.2% margin)
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Growth: 86.5% increase in operating income year-over-year, with margin improvement.
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Adjusted EBITDA (Three Months Ended September 30)
- Q3 2025: $413.9 million; Representing 16.9% growth from Q3 2024 ($238.3 million)
- Free Cash Flow
- Q3 2025: $519.0 million
- Q3 2024: $281.9 million
- Growth: 84.4% increase in free cash flow year-over-year
Conclusion
Comfort Systems USA demonstrated robust financial performance in Q3 2025, with significant growth across multiple key metrics. The strong earnings and backlog increase suggest positive momentum for future quarters. The declared dividend also reflects confidence in the company’s ongoing financial health. The acquisitions made in October further position the company for enhanced revenue generation moving forward.
Here are the extracted tables from the press release:
Comfort Systems USA, Inc. Consolidated Statements of Operations (In Thousands, Except per Share Amounts)
| Revenue | 2025 | % | 2024 | % | 2025 | % | 2024 | % |
|---|---|---|---|---|---|---|---|---|
| Cost of services | 2,450,969 | 100.0 % | 1,812,366 | 100.0 % | 6,455,574 | 100.0 % | 5,159,672 | 100.0 % |
| Gross profit | 1,843,098 | 75.2 % | 1,430,652 | 78.9 % | 4,934,390 | 76.4 % | 4,116,999 | 79.8 % |
| SG&A | 607,871 | 24.8 % | 381,714 | 21.1 % | 1,521,184 | 23.6 % | 1,042,673 | 20.2 % |
| Gain on sale of assets | 229,579 | 9.4 % | 180,177 | 9.9 % | 634,919 | 9.8 % | 522,437 | 10.1 % |
| Operating income | (582) | — | (1,347) | (0.1) % | (1,580) | — | (2,778) | (0.1) % |
| Interest income, net | ||||||||
| Changes in the fair value of | 3,407 | 0.1 % | 2,095 | 0.1 % | 7,269 | 0.1 % | 1,620 | — |
| contingent earn-out obligations | (12,103) | (0.5) % | (17,254) | (1.0) % | (19,934) | (0.3) % | (44,434) | (0.9) % |
| Other income (expense), net | 280 | — | 87 | — | (226) | — | 323 | — |
| Income before income taxes | 370,458 | 15.1 % | 187,812 | 10.4 % | 874,954 | 13.6 % | 480,523 | 9.3 % |
| Provision for income taxes | 78,843 | 41,577 | 183,202 | 103,960 | ||||
| Net income | 291,615 | 11.9 % | 146,235 | 8.1 % | 691,752 | 10.7 % | 376,563 | 7.3 % |
| Income per share | ||||||||
| Basic | $ 8.26 | $ 4.10 | $ 19.55 | $ 10.54 | ||||
| Diluted | $ 8.25 | $ 4.09 | $ 19.52 | $ 10.52 | ||||
| Shares used in computing income | ||||||||
| per share: | ||||||||
| Basic | 35,307 | 35,669 | 35,379 | 35,718 | ||||
| Diluted | 35,365 | 35,755 | 35,445 | 35,804 | ||||
| Dividends per share | $ 0.500 | $ 0.300 | $ 1.350 | $ 0.850 |
Comfort Systems USA, Inc. Condensed Consolidated Balance Sheets (In Thousands)
| September 30, | December 31 | |
|---|---|---|
| Cash and cash equivalents | $ 860,523 | $ 549,939 |
| Billed accounts receivable, net | 2,306,295 | 1,861,212 |
| Unbilled accounts receivable, net | 145,615 | 95,786 |
| Costs and estimated earnings in excess of | 163,350 | 91,681 |
| billings, net | ||
| Other current assets, net | 227,745 | 191,623 |
| Total current assets | 3,703,528 | 2,790,241 |
| Property and equipment, net | 337,452 | 277,180 |
| Goodwill | 928,168 | 875,270 |
| Identifiable intangible assets, net | 431,921 | 434,417 |
| Other noncurrent assets | 376,782 | 333,980 |
| Total assets | $ 5,777,851 | $ 4,711,088 |
| Current maturities of long-term debt | $ 4,676 | $ 6,042 |
| Accounts payable | 665,132 | 654,943 |
| Billings in excess of costs and | 1,734,272 | 1,149,257 |
| estimated earnings and deferred revenue | ||
| Other current liabilities | 628,143 | 772,528 |
| Total current liabilities | 3,032,223 | 2,582,770 |
| Long-term debt | 131,322 | 62,293 |
| Other long-term liabilities | 380,920 | 361,349 |
| Total liabilities | 3,544,465 | 3,006,412 |
| Total stockholders’ equity | 2,233,386 | 1,704,676 |
| Total liabilities and stockholders’ equity | $ 5,777,851 | $ 4,711,088 |