FIX
Comfort Systems USA, Inc.968.50
+0.02+0%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Late-cycle backlog dynamics clarified
Q&A clarified Comfort Systems' late-cycle status: backlog reflects hyperscaler commitments from 1-2 years ago, with recent CapEx announcements hitting 2027-2028 revenue. Management highlighted labor flexibility through in-house contractors Kodiak and Pivot to chase demand without bottlenecks. Modular capacity expands to 4M sq ft by end-2026, mainly for two top hyperscalers, with CapEx at ~1.7% baseline but potentially higher on building buys. Data center density aids pricing via scarce skilled labor. Demand outstrips supply. Selective M&A continues amid buybacks. Confident tone; watch modular execution.
Key Stats
Market Cap
34.17BP/E (TTM)
40.99Basic EPS (TTM)
23.63Dividend Yield
0%Recent Filings
8-K
2025 revenue $9.1B, backlog $11.9B
Comfort Systems USA posted an investor presentation on February 20, 2026, detailing 2025 results: revenue hit $9.1 billion, up from $7.0 billion in 2024, with Adjusted EBITDA surging to $1.5 billion and backlog reaching $11.9 billion. Technology drove 45% of revenue amid strong data center demand, yet non-GAAP metrics lack full reconciliation here. Balance sheet shines: $982M cash, debt/EBITDA at 0.10.
8-K
Q4 blowout earnings, dividend hike
Comfort Systems USA reported Q4 2025 net income of $330.8M ($9.37/share), up from $145.9M ($4.09/share) last year, with revenue hitting $2.65B versus $1.87B. Full-year net income soared to $1.02B on $9.10B revenue; backlog nearly doubled to $11.94B. Backlog doubled in a year. Board hiked quarterly dividend to $0.70/share, payable March 17 to March 6 record holders.
10-K
FY2025 results
Comfort Systems USA crushed FY2025 with $9.10B revenue, up 29.5% y/y, driven by 26.1% same-store growth and acquisitions adding 3.4%. Q4 accelerated the momentum, ballooning backlog 99.3% y/y to $11.94B—fueled by tech sector frenzy at Texas modular ($1.48B) and North Carolina ops ($1.26B)—while gross margins leaped to 24.1% from 21.0% on execution gains. Electrical exploded 61.9% y/y, mechanical up 20.7%; free cash flow roared to $1.04B. Yet debt ticked up modestly to $145M with $921M revolver room. Backlog signals 2026 strength. Labor shortages threaten quarterly ramps.
8-K
Leadership transitions announced
Comfort Systems USA announced leadership transitions: Trent T. McKenna rises from EVP and COO to President and COO effective January 1, 2026, with $850,000 base salary, 115% target bonus, and 400% long-term incentives. Laura F. Howell retires as SVP, General Counsel effective December 31, 2025, succeeded by Rachel R. Eslicker; Howell stays as advisor. Succession smooths operations.
8-K
Q3 investor update shines
Comfort Systems USA released an investor presentation on October 28, 2025, showcasing YTD 2025 revenue of $6.5B, up from $5.2B last year, with net income doubling to $692M and Adjusted EBITDA hitting $991M. Backlog swelled to $9.4B amid tech and manufacturing booms. Balance sheet shines: $861M cash, debt/EBITDA at 0.11. Risks lurk in forward-looking assumptions.
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