Comfort Systems USA (FIX) Q4 2025 Financial Results Summary

Release Date: February 19, 2026

Comfort Systems USA, Inc. (NYSE: FIX) reported its financial results for the fourth quarter and the full year ended December 31, 2025, showing significant growth in both revenue and net income compared to the same period in 2024. Below is a summary of the key financial metrics and highlights from their results.

Key Financial Metrics

Fourth Quarter 2025 Results:

• Net Income: $330.8 million, or $9.37 per diluted share
  • Growth of 126.5% in net income compared to $145.9 million, or $4.09 per diluted share, in Q4 2024.
• Revenue: $2.65 billion
  • Increase of 41.6% from $1.87 billion in Q4 2024.
• Operating Cash Flow: $468.5 million
  • Surge of 122.2% from $210.5 million in Q4 2024.
• Backlog: $11.94 billion
  • Up from $5.99 billion as of December 31, 2024, reflecting a growth of 99.6% YoY.

Full Year 2025 Results:

• Net Income: $1.02 billion, or $28.88 per diluted share
  • Increase of 95.6% compared to $522.4 million, or $14.60 per diluted share, in 2024.
• Revenue: $9.10 billion
  • Growth of 29.3% from $7.03 billion in 2024.
• Operating Cash Flow: $1.19 billion
  • Up 40.9% from $849.1 million in 2024.

Quarterly Performance Highlights:

• The company’s earnings per share (EPS) doubled compared to the same quarter last year.
• Business performance continues to be supported by strong demand, resulting in a significant increase in backlog.
• Same-store backlog increased from $5.99 billion at the end of Q4 2024 to $11.58 billion at the end of Q4 2025.

Cash Flow Information:

• Free Cash Flow: $402.99 million for Q4 2025, compared to $171.71 million in Q4 2024 (a 134.6% increase).

Dividend Declaration:

• The Company declared a quarterly dividend of $0.60 per share, up from $0.35 in the same period last year, representing a 71.4% increase.
• For the full year, dividends per share were $1.95, an increase from $1.20 in 2024 (an 62.5% rise).

Company Overview:

• CEO Remarks: Brian Lane emphasized the excellent performance driven by dedicated teams, noting discipline and execution leading to strong results amidst unprecedented demand.
• The backlogs reflected a robust pipeline as demand remains high, and the company anticipates continued growth into 2026.

Summary of Financial Performance:

Comfort Systems USA has shown remarkable growth in financial metrics, showcasing its ability to capitalize on increased demand for its services. With a backlog nearly at $12 billion and strong cash flow generation, the company is well-positioned for continued success.

Closing Remarks:

The Company will conduct a conference call on February 20, 2026, to discuss these results in depth. Investors and analysts are encouraged to register online to participate.

For more information about Comfort Systems USA and its services, you can visit their official website at Comfort Systems USA.

Here are the extracted tables from the press release:

Comfort Systems USA, Inc. Consolidated Statements of Operations (In Thousands, Except per Share Amounts)

Note: The amounts in the following table are in thousands.

Revenue	2,646,067	100.0 %	1,867,804	100.0 %	9,101,641	100.0 %
Operating income	1,971,352	74.5 %	1,434,066	76.8 %	6,905,742	75.9 %
SG&A	674,715	25.5 %	433,738	23.2 %	2,195,899	24.1 %
Interest income, net	248,365	9.4 %	207,635	11.1 %	883,284	9.7 %
Changes in the fair value of contingent earn-out obligations	426,744	16.1 %	226,355	12.1 %	1,314,589	14.4 %
Other income (expense), net	5,326	0.2 %	3,286	0.2 %	12,595	0.1 %
Income before income taxes	(13,539)	(0.5) %	(43,712)	(2.3) %	(33,473)	(0.4) %
Provision for income taxes	87,693		40,168		270,895
Net income	330,806	12.5 %	145,870	7.8 %	1,022,558	11.2 %
Income per share
Basic	$9.38		$4.10		$28.93
Diluted	$9.37		$4.09		$28.88
Shares used in computing income per share:
Basic	35,260		35,601		35,349
Diluted	35,318		35,692		35,413
Dividends per share	$0.600		$0.350		$1.950

Comfort Systems USA, Inc. Condensed Consolidated Balance Sheets (In Thousands)

Note: The amounts in the following table are in thousands.

	December 31, 2025	December 31, 2024
Cash and cash equivalents	$981,898	$549,939
Billed accounts receivable, net	$2,577,858	$1,861,212
Unbilled accounts receivable, net	$123,197	$95,786
Costs and estimated earnings in excess of billings, net	$88,817	$91,681
Other current assets, net	$338,783	$191,623
Total current assets	$4,110,553	$2,790,241
Property and equipment, net	$387,952	$277,180
Goodwill	$1,025,515	$875,270
Identifiable intangible assets, net	$485,168	$434,417
Other noncurrent assets	$431,981	$333,980
Total assets	$6,441,169	$4,711,088
Current maturities of long-term debt	$6,163	$6,042
Accounts payable	$696,348	$654,943
Billings in excess of costs and estimated earnings and deferred revenue	$2,120,262	$1,149,257
Other current liabilities	$571,077	$772,528
Total current liabilities	$3,393,850	$2,582,770
Long-term debt	$139,063	$62,293
Other long-term liabilities	$459,482	$361,349
Total liabilities	$3,992,395	$3,006,412
Total stockholders’ equity	$2,448,774	$1,704,676
Total liabilities and stockholders’ equity	$6,441,169	$4,711,088