Comfort Systems USA (FIX) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $3.27 billion, up 50% year-over-year, with EPS rising to $12.53 and net income up 91% to $441.6 million.

• Backlog reached a record $14.06 billion as of June 30, 2026, up 73% year-over-year, driven by strong bookings in technology and industrial sectors.

• Operating cash flow for Q2 2026 was $1.14 billion, a significant increase from $252.5 million in Q2 2025.

• Acquired Hunt Electric in May 2026, expected to add $250 million in annualized revenue and expand the electrical segment.

• Increased quarterly dividend to $0.90 per share and continued share repurchases, supporting disciplined capital allocation.

Financial highlights

• Q2 2026 gross profit was $844.2 million (25.9% margin), up from $509.9 million (23.5%) in Q2 2025.

• Operating income for Q2 2026 was $558 million, up from $299.9 million in Q2 2025; net income was $441.6 million.

• Adjusted EBITDA for Q2 2026 was $600.5 million, up from $334.1 million in Q2 2025.

• Free cash flow for Q2 2026 was $999.3 million, with cash and cash equivalents at $1.85 billion as of June 30, 2026.

• Dividends per share increased to $0.90 in Q2 2026 from $0.45 in Q2 2025.

Outlook and guidance

• Full-year same-store revenue growth expected in the mid- to high-30% range, with backlog and project pipelines at historic highs.

• Management anticipates continued high demand, especially from technology and manufacturing customers, through 2026 and into 2027.

• CapEx for 2026 projected at approximately 5% of revenue, focused on expanding production facilities.

• Ongoing challenges include labor costs and supply chain delays, but proactive planning and pricing are expected to mitigate impacts.

• Management notes significant risks including economic downturns, supply chain disruptions, and labor shortages.