Comfort Systems USA, Inc. Earnings Recaps
Q2 2026
Jul 28, 2026
Shares dropped 5.3% following results despite impressive revenue and margin gains, as investors digested cautious growth expectations and a shift in segment composition raising concerns about sustainability.
Key takeaways
- Revenue surged 51% year-over-year to $3.3 billion, marking the first quarter above $3 billion.
- Gross profit margin improved to 25.9%, driven by Mechanical and Electrical segment margin expansion of 270bps and 110bps, respectively.
- Backlog reached a record $14.1 billion, up 73% year-over-year, driven primarily by Technology and Industrial sectors.
- SG&A increased but leverage improved, reducing expense ratio from 9.7% to 8.8%.
- Despite strong operational metrics, market reaction signals investor caution, possibly due to segment shifts and a less aggressive outlook for backlog and bookings growth sustainability.
Q3 2025
Oct 24, 2025
Comfort Systems USA reported outstanding third quarter results with EPS doubling year-over-year to $8.25, driven by robust construction demand and strategic acquisitions.
Key takeaways
- Revenue increased 35% year-over-year to $2.5 billion, primarily fueled by a 71% growth in the electrical segment.
- Record backlog reached $9.4 billion, reflecting a 65% increase compared to the same time last year.
- EBITDA surged by 74% to $414 million, marking the highest quarterly EBITDA in company history.
- Quarterly dividend raised by 20% to $0.60 per share, reinforcing commitment to returning capital to shareholders.
- Recent acquisitions of FZ Electrical and Meisner Electric expected to generate an additional $200 million in annual revenue and $15 million to $20 million in EBITDA.