Comfort Systems USA, Inc. (FIX) financials

NYSE · Industrials · Engineering & Construction · 22,700 employees · CEO Brian E. Lane

Price: $1,232.66 -7.06%
Market cap: $43.4B
Enterprise value: $41.6B
Last report: Q3 '26 filed 2026-10-22
Next report: 2027-02-18 EPS est. $13.96

Revenue (TTM)$12.5B+50.7% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)16.7%+3.3 pp vs a year agoOperating income $2.09B

Net income (TTM)$1.63B+94.8% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$2.44B+205.6% vs a year agoCapex $566M

Diluted EPS (TTM)$46.32+96.1% vs a year agoSum of the last 4 quarters

Net cash$1.78B+289.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $43.4B
Revenue: $12.5B
Revenue growth: +51%
Profit margin: 13.0%
P/E: 26.6×
P/S: 3.5×
EV / EBITDA: 18.3×
Free cash flow: $2.44B
Net income: $1.63B
Revenue estimate: $13.7B
Earnings: 2027-02-18
Dividend: $3.00

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-22): revenue beat by 10.7%, EPS beat by 8.2%Revenue $3.77B vs $3.4B expected (+10.7%); EPS $13.91 vs $12.85 (+8.2%).
Revenue growth accelerating: 53.7% year on yearQ3 '26 revenue $3.77B, against an average of 45.9% over the four quarters before.
Operating margin 16.7% (TTM), +3.3 pp on a year agoOperating income grew 88.0% while revenue grew 50.7%.
Capex 4.5% of revenue (a year ago 1.6%)$566M invested in the last 4 quarters (+336.7% on a year earlier). Free cash flow $2.44B = 149.6% of net income.
Returned $328M to shareholders = 13.4% of free cash flowBuybacks $222M (a year earlier $140M), dividends $106M, stock-based pay $37.3M (TTM).
Diluted share count down 0.6% in a year35.2M diluted shares in Q3 '26, 35.4M a year earlier.
Net cash $1.78BCash + short-term investments $2.16B, debt incl. leases $374M; a year ago net cash $457M.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$3.77B	$2.45B	+53.7%
Gross margin	24.8%	24.8%	0.0 pp
Operating income	$625M	$379M	+64.8%
Operating margin	16.6%	15.5%	+1.1 pp
Net income	$489M	$292M	+67.7%
Diluted EPS	$13.91	$8.25	+68.6%
Operating cash flow	$1.01B	$553M	+82.6%
Capex	$211M	$35.3M	+496.1%
Free cash flow	$800M	$518M	+54.4%
R&D	$0	$0	–
Stock-based compensation	$2.64M	$3.55M	-25.8%

Reported vs consensus

2026-10-22

	Actual	Consensus	vs consensus
Revenue	$3.77B	$3.4B	+10.7%
EPS (as estimated)	$13.91	$12.85	+8.2%

From the report of 2026-10-22 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Mechanical Segment	$2.58B	+42.7%	68.6%	$8.76B	+17.0%
Electrical Segment	$1.18B	+84.8%	31.4%	$3.78B	+59.4%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Mechanical Segment	–	–	$470M	+63.2%	–	–	$1.6B
Electrical Segment	–	–	$174M	+60.4%	–	–	$592M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $3.01B
Capex: -$566M
Buybacks: -$222M
Dividends: -$106M
Acquisitions: -$414M
Net debt issued: -$179M
Stock-based compensation: $37.3M
Free cash flow: $2.44B
Returned to shareholders / FCF: 13.4%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	26.6×	25.2×	16.8× – 32.3×
EV / EBITDA	18.3×	17.1×	13.6× – 22.7×
EV / Sales	3.3×	1.9×	1.1× – 3.6×
Price / FCF	17.8×	21.0×	13.5× – 32.0×
Price / Book	13.0×	7.3×	4.1× – 13.5×
FCF yield	5.6%	5.2%	3.1% – 7.4%
Return on invested capital	41.7%	22.0%	10.2% – 33.6%
Return on equity	55.2%	28.0%	17.8% – 41.8%

Analysts

Consensus target $1,935.33 (+57.0%)
range $1,808.00 – $2,200.00 · rating Buy

Strong buy0

Buy6

Hold4

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$13.7B	+50.7%	$50.93	+76.4%	24.2×	7
FY2027	$17.4B	+26.7%	$66.81	+31.2%	18.5×	7
FY2028	$20.2B	+16.0%	$79.84	+19.5%	15.4×	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 218 figures Comfort Systems USA, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$946M	$665M	+42.2%	$696M	$655M	+6.3%
Accounts Receivable, Allowance for Credit Loss	$21.8M2025-12-31	$17.6M	+23.9%	$21.8M	$17.6M	+23.9%
Accounts Receivable, Allowance for Credit Loss, Current	$24.4M	$18.6M	+30.8%	$19.7M	$15.3M	+28.9%
Accounts Receivable, Allowance for Credit Loss, Writeoff	–	–	–	$2.4M	$2.87M	-16.4%
Accounts Receivable, Credit Loss Expense (Reversal)	$1.97M	$1.93M	+2.3%	$6.61M	$6.95M	-4.9%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$293M2025-12-31	$250M	+17.2%	$293M	$250M	+17.2%
Additional Paid in Capital, Common Stock	$396M	$363M	+9.2%	$363M	$351M	+3.6%
Allowance for Doubtful Other Receivables, Current	$223K	$435K	-48.7%	$325K	$553K	-41.2%
Amortization of Debt Issuance Costs	$232K	$446K	-48.0%	$1.02M	$687K	+48.2%
Amortization of Debt Issuance Costs and Discounts	–	–	–	$1.02M	$687K	+48.2%
Amortization of Intangible Assets	$25.7M	$19.5M	+31.6%	$20.1M	$97.3M	-79.3%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$1.91M	$1.35M	+41.8%	$10.9M	$8.87M	+22.5%
Assets	$9.81B	$5.78B	+69.7%	$6.44B	$4.71B	+36.7%
Assets, Current	$6.78B	$3.7B	+83.0%	$4.11B	$2.79B	+47.3%
Billed Contracts Receivable	$3.84B	$2.31B	+66.4%	$2.58B	$1.86B	+38.5%
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$4.3M	$12.1M	-64.5%	$33.5M	$88.1M	-62.0%
Cash and Cash Equivalents, at Carrying Value	$2.16B	$861M	+150.8%	$982M	$550M	+78.5%
Cash Surrender Value of Life Insurance	$10.5M2025-12-31	$9M	+16.7%	$10.5M	$9M	+16.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$2.16B	$861M	+150.8%	$982M	$550M	+78.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$303M	$529M	-42.7%	$432M	$345M	+25.3%
Common Stock, Dividends, Per Share, Declared	$0.90	$0.50	+80.0%	$1.95	$1.20	+62.5%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	103M	103M	0.0%	103M	103M	0.0%
Common Stock, Shares, Issued	41.1M	41.1M	0.0%	41.1M	41.1M	0.0%
Common Stock, Shares, Outstanding	35M	35.3M	-0.8%	35.2M	35.6M	-1.1%
Common Stock, Value, Issued	$411K	$411K	0.0%	$411K	$411K	0.0%
Construction Contractor, Receivable, Retainage	$507M2025-12-31	$329M	+53.9%	$507M	$329M	+53.9%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$159M	$163M	-2.5%	$88.8M	$91.7M	-3.1%
Contract with Customer, Asset, Allowance for Credit Loss, Current	$458K	$470K	-2.6%	$255K	$271K	-5.9%
Contract with Customer, Asset, Credit Loss Expense (Reversal)	$0	$0	–	–	–	–
Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price	–	–	–	-$7.5M	$59.9M	-112.5%
Contract with Customer, Asset, Increase (Decrease) for Contract Acquired in Business Combination	–	–	–	$4.6M	$3.7M	+24.3%
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price	–	–	–	$910M	$32.2M	+2,726.4%
Contract with Customer, Liability, Current	$3.87B	$1.73B	+123.3%	$2.12B	$1.15B	+84.5%
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination	–	–	–	$60.9M	$208M	-70.7%
Contract with Customer, Liability, Revenue Recognized	$170M	$72.9M	+133.2%	$1B	$817M	+22.4%
Cost of Revenue	$2.83B	$1.84B	+53.6%	$1.43B	$5.55B	-74.3%
Current Federal Tax Expense (Benefit)	–	–	–	$236M	$171M	+38.0%
Current Income Tax Expense (Benefit)	–	–	–	$276M	$211M	+31.0%
Current State and Local Tax Expense (Benefit)	–	–	–	$40.5M	$39.9M	+1.5%
Debt and Lease Obligation	$145M2025-12-31	$68.3M	+112.5%	$145M	$68.3M	+112.5%
Debt Related Commitment Fees and Debt Issuance Costs	–	–	–	$3.83M	$1.43M	+167.2%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$3.12M	-$54.1M	+94.2%
Deferred Federal, State and Local, Tax Expense (Benefit)	–	–	–	-$5.28M	-$66.6M	+92.1%
Deferred Income Tax Assets, Net	$85.6M	$77.9M	+9.9%	$84.1M	$85.4M	-1.5%
Deferred Income Tax Expense (Benefit)	-$4.67M	$6.44M	-172.5%	-$5.28M	-$66.6M	+92.1%
Deferred Income Tax Liabilities, Net	$3.89M	$2.23M	+74.9%	$3.89M	$2.23M	+74.9%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$2.16M	-$12.5M	+82.7%
Deferred Tax Assets, Goodwill and Intangible Assets	$19.6M2025-12-31	$21.1M	-6.8%	$19.6M	$21.1M	-6.8%
Deferred Tax Assets, Gross	$217M2025-12-31	$181M	+19.9%	$217M	$181M	+19.9%
Deferred Tax Assets, Net	$80.2M2025-12-31	$83.2M	-3.6%	$80.2M	$83.2M	-3.6%
Deferred Tax Assets, Net of Valuation Allowance	$217M2025-12-31	$178M	+21.7%	$217M	$178M	+21.7%
Deferred Tax Assets, Operating Loss Carryforwards	$2.02M2025-12-31	$2.96M	-31.7%	$2.02M	$2.96M	-31.7%
Deferred Tax Assets, Other	$2.21M2025-12-31	$1.69M	+31.4%	$2.21M	$1.69M	+31.4%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$6.98M2025-12-31	$5.33M	+30.9%	$6.98M	$5.33M	+30.9%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$84M2025-12-31	$63.5M	+32.3%	$84M	$63.5M	+32.3%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Allowance for Doubtful Accounts	$5.1M2025-12-31	$4.14M	+23.1%	$5.1M	$4.14M	+23.1%
Deferred Tax Assets, Valuation Allowance	$121K2025-12-31	$2.75M	-95.6%	$121K	$2.75M	-95.6%
Deferred Tax Liabilities, Gross	$137M2025-12-31	$95M	+43.8%	$137M	$95M	+43.8%
Deferred Tax Liabilities, Leasing Arrangements	$79.8M2025-12-31	$57.7M	+38.4%	$79.8M	$57.7M	+38.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-02