# Comfort Systems USA (FIX) Q2 2025 Financial Results Summary
On July 24, 2025, Comfort Systems USA, Inc. (NYSE: FIX) released its financial results for the quarter ended June 30, 2025. The following is a summary of key metrics and highlights from the report:
## Financial Highlights:
– **Net Income**:
– Q2 2025: $230.8 million ($6.53 per diluted share)
– Q2 2024: $134.0 million ($3.74 per diluted share)
– **Growth**: 72% increase in net income and 74% increase in earnings per share vs. the same quarter a year ago.
– **Revenue**:
– Q2 2025: $2.17 billion
– Q2 2024: $1.81 billion
– **Growth**: 20% increase in revenue compared to Q2 2024.
– **Operating Cash Flow**:
– Q2 2025: $252.5 million
– Q2 2024: $189.9 million
– **Growth**: 33% increase in operating cash flow from the prior year.
– **Backlog**:
– Current backlog as of June 30, 2025: $8.12 billion
– Previous quarter (March 31, 2025): $6.89 billion
– Same quarter last year (June 30, 2024): $5.77 billion
– **Growth**: 18% sequential increase and 41% year-over-year increase in backlog.
– **Key Metrics for Six Months Ended June 30**:
– Net Income: $400.1 million ($11.28 per diluted share) in 2025 vs. $230.3 million ($6.43 per diluted share) in 2024.
– **Growth**: 74% increase in net income and 75% increase in earnings per share compared to six months ending June 30, 2024.
– Revenue for the first half of 2025: $4.00 billion vs. $3.35 billion in 2024.
– **Growth**: 19% increase in revenue.
## Dividend and Share Repurchase:
– Comfort Systems USA declared a quarterly dividend of **$0.450 per share** for Q2 2025, up from $0.300 per share in the same quarter of 2024.
– The total dividend paid for the first half of 2025 was **$0.850**, compared to **$0.550** in the same period of the previous year.
## Cash Flow Information:
– **Free Cash Flow**:
– Q2 2025: $222.2 million
– Q2 2024: $167.3 million
– **Growth**: 33% increase in free cash flow from the prior year.
– **Operating Activities**:
– Cash provided: $252.5 million in Q2 2025 vs. $189.9 million in Q2 2024.
– **Investing Activities**:
– Cash used: $86.2 million in 2025 vs. $60.8 million in 2024.
– **Financing Activities**:
– Cash used: $39.3 million in 2025 vs. $30.4 million in 2024.
## Summary of Executive Comments:
Brian Lane, President and CEO, expressed satisfaction with the company’s performance, highlighting:
– A surge in earnings that exceeded prior quarters.
– Strong operating cash flow exceeding $250 million.
– The backlog indicating extraordinary demand in critical markets.
## Conclusion:
Comfort Systems USA reported significant growth across all key metrics for Q2 2025 compared to Q2 2024, showcasing a robust business operation. With a declared increase in dividends and consistent revenue growth, Comfort Systems USA continues to build a strong financial foundation as it moves toward its future business goals. The company’s financial strength reflects its execution capability, bolstered by strong customer relationships and market demand.
### Comfort Systems USA, Inc. Consolidated Statements of Operations (In Thousands, Except per Share Amounts)
| Three Months Ended | Six Months Ended | |||||
|---|---|---|---|---|---|---|
| June 30, 2025 | % | 2024 | June 30, 2025 | % | 2024 | |
| Revenue | 2,173,300 | 100.0 % | 1,810,200 | 4,004,605 | 100.0 % | 3,347,300 |
| Cost of services | 1,663,486 | 76.5 % | 1,446,667 | 3,091,292 | 77.2 % | 2,686,340 |
| Gross profit | 509,897 | 23.5 % | 363,596 | 913,313 | 22.8 % | 660,959 |
| Operating income | 210,466 | 9.7 % | 179,537 | 405,340 | 10.1 % | 342,260 |
| Other income | 2,173,300 | 100.0 % | 1,810,200 | 4,004,605 | 100.0 % | 3,347,300 |
| Income taxes | 296,484 | 13.6 % | 169,655 | 504,496 | 12.6 % | 292,711 |
| Provision for income taxes | 1,214 | 0.1 % | (445) | 3,862 | 0.1 % | (475) |
| Net income | 230,848 | 10.6 % | 134,009 | 400,137 | 10.0 % | 230,328 |
| Basic per share | $6.54 | $3.75 | $11.30 | $6.44 | ||
| Diluted per share | $6.53 | $3.74 | $11.28 | $6.43 | ||
| Basic shares used in computation | 35,307 | 35,746 | 35,415 | 35,742 | ||
| Diluted shares used in computation | 35,369 | 35,828 | 35,486 | 35,828 | ||
| Dividend per share | $0.450 | $0.300 | $0.850 | $0.550 |
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### Comfort Systems USA, Inc. Condensed Consolidated Balance Sheets (In Thousands)
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Cash and cash equivalents | $331,710 | $549,939 |
| Billed accounts receivable, net | 2,162,345 | 1,861,212 |
| Unbilled accounts receivable, net | 149,721 | 95,786 |
| Costs and estimated earnings in excess of billings, net | 203,404 | 91,681 |
| Other current assets, net | 196,099 | 191,623 |
| Total current assets | 3,043,279 | 2,790,241 |
| Property and equipment, net | 311,249 | 277,180 |
| Goodwill | 927,780 | 875,270 |
| Identifiable intangible assets, net | 451,446 | 434,417 |
| Other noncurrent assets | 329,975 | 333,980 |
| Total assets | $5,063,729 | $4,711,088 |
| Current maturities of long-term debt | $11,689 | $6,042 |
| Accounts payable | 573,267 | 654,943 |
| Billings in excess of costs and estimated earnings | 1,546,306 | 1,149,257 |
| Other current liabilities | 568,337 | 772,528 |
| Total current liabilities | 2,699,599 | 2,582,770 |
| Long-term debt | 61,331 | 62,293 |
| Other long-term liabilities | 331,590 | 361,349 |
| Total liabilities | 3,092,520 | 3,006,412 |
| Total stockholders’ equity | 1,971,209 | 1,704,676 |
| Total liabilities and stockholders’ equity | $5,063,729 | $4,711,088 |
