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Comfort Systems USA
Comfort Systems USA (FIX) investor relations material
Comfort Systems USA Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Q4 2025 revenue reached $2.65 billion, up 41.7% year-over-year, with gross profit margin rising to 25.5% from 23.2%.
Full-year 2025 revenue was $9.10 billion, a 29.5% increase over 2024, and gross profit margin improved to 24.1% from 21.0%.
Diluted EPS for Q4 2025 was $9.37, up 129% year-over-year; full-year EPS was $28.88, up 97.8%.
Backlog at year-end 2025 was $11.94 billion, nearly doubling from $5.99 billion at the end of 2024.
Operating cash flow for 2025 was $1.19 billion, up from $849.1 million in 2024.
Financial highlights
Q4 2025 operating income was $426.7 million (16.1% margin), up 88.5% year-over-year; net income was $330.8 million, up 126.8%.
Adjusted EBITDA for Q4 2025 was $464.0 million (17.5% margin), up 77.8% year-over-year.
Full-year 2025 net income was $1.02 billion, up 95.7% from 2024; adjusted EBITDA was $1.45 billion, up 63.1%.
Free cash flow for 2025 was $1.04 billion, up from $743.5 million in 2024.
Cash and cash equivalents at year-end 2025 were $981.9 million, up from $549.9 million at year-end 2024.
Outlook and guidance
Management expressed optimism for 2026, citing persistent demand and strong project pipelines.
Expect same-store revenue growth in the mid- to high-teens percent for 2026, weighted toward the first half.
Gross profit margins anticipated to remain strong, though seasonally lower in Q1.
Tax rate expected to rise to around 23% in 2026.
Backlog duration is extending, with much of the new work scheduled for 2027 and 2028.
Backlog duration and 2026 revenue conversion?
Strategic rationale for goodwill/intangible increase?
Drivers of gross margin expansion in 2025?
Backlog conversion to 2026 revenue
Mitigating tech/manufacturing revenue concentration
What drives the shift to new construction activity?
When will new hyperscaler CapEx impact revenue?
How is labor sourced for rapid growth?
What drives modular capacity expansion to 4M sq ft?
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Next Comfort Systems USA earnings date
Q1 202624 Apr, 2026
Comfort Systems USA
Next Comfort Systems USA earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Comfort Systems USA, Inc. is a mechanical and electrical contractor providing design, installation, renovation, maintenance and repair services to the commercial, industrial and institutional markets in the U.S. It specializes in heating, ventilation and air conditioning installation, plumbing and piping systems installation, electrical construction services, building automation system/controls installations, general contracting services to its customers on a national basis.
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