Company file · FIX

Comfort Systems USA

Comfort Systems USA's revenue rose 29.5% in FY2025, to $9.1B, and net income rose 95.7% to $1.0B

Revenue rose 29.5% to $9.1B in FY2025, from $7.0B in FY2024. Net income rose 95.7% to $1.0B. Mechanical was the largest segment, at 73% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 19, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026) · Data pulled Nov 11, 2026

Key facts

Comfort Systems USA (NYSE: FIX) reported revenue of $9.1B for fiscal 2025, the year ended Dec 31, 2025, up 29.5% from fiscal 2024. Net income was $1.0B, up 95.7%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $3.8B, up 53.7% from the same quarter a year earlier, and net income was $489M. The largest piece by segment was Mechanical, at 73% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 19, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026).

Revenue$9.1BFY2025 · +29.5% vs FY2024

Net income$1.0BFY2025 · +95.7% vs FY2024

Operating cash flow$1.2BFY2025 · +39.7% vs FY2024

Cash & equivalents$2.2Bat Sep 30, 2026 · +119.8% vs FY2025 end

Total debt$50Mat Sep 30, 2026 · −65.9% vs FY2025 end

Diluted shares35MFY2025 avg · −1.0% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 19, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 23, 2026 · 10-Q filed Jul 23, 2026 · 10-Q filed Oct 22, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Mechanical$6.7B73%+20.7%
Electrical$2.4B27%+61.9%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Mechanical (73%) and Electrical (27%), as shares of total revenue. Total revenue was $9.1B.

By segment: three-year mixShare of the total each fiscal year

FY2023

76%24%

FY2024

79%21%

FY2025

73%27%

MechanicalElectrical

Source: 10-K FY2025

By product or service, FY2025

Mechanical$6.7B73%+20.7%

Electrical$2.4B27%+61.9%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$3.8B Q3 2026

$2.5B Q3 2025

53.7% increase

Net income

$489M Q3 2026

$292M Q3 2025

67.7% increase

Source: Comfort Systems USA 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026

By segment

Mechanical

$2.6B Q3 2026

$1.8B Q3 2025

42.7% increase

Electrical

$1.2B Q3 2026

$641M Q3 2025

84.8% increase

Source: Comfort Systems USA 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026

Cash & equivalents $2.2B at Sep 30, 2026, vs $982M at FY2025 end.
Total debt $50M at Sep 30, 2026, vs $145M at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $2.5B vs $718M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 29.5% in FY2025 to $9.1B, from $7.0B a year earlier. 10-K, FY2025
Net income rose 95.7% in FY2025 to $1.0B, from $522M. 10-K, FY2025
Operating cash flow rose 39.7% in FY2025 to $1.2B. 10-K, FY2025
Diluted shares fell 1.0% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Total debt rose 112.5% in FY2025 to $145M. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include economic cycles; costs and supply; trade and tariffs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Comfort Systems USA is in the construction & engineering industry, part of the industrials sector. The SEC files it under Electrical Work.

Comfort Systems USA reports 2 segments: Mechanical and Electrical.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the construction & engineering industry. They are not a summary of Comfort Systems USA’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Economic cyclesDemand for equipment and services rises and falls with business investment.
Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
Trade and tariffsTariffs and trade policy affect costs and sales.
Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$5.2B	$7.0B	$9.1B
Net income	$323M	$522M	$1.0B
Operating cash flow	$640M	$849M	$1.2B
Cash & equivalents (year end)	$205M	$550M	$982M
Total debt (year end)	$44M	$68M	$145M
Diluted shares	36M	36M	35M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 22, 2026	Sep 30, 2026
10-Q	Jul 23, 2026	Jun 30, 2026
10-Q	Apr 23, 2026	Mar 31, 2026
DEF 14A	Apr 9, 2026	May 18, 2026
10-K	Feb 19, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Comfort Systems USA

How does Comfort Systems USA make money?

Comfort Systems USA's revenue was $9.1B in fiscal 2025. By segment in FY2025: Mechanical (73%) and Electrical (27%), as shares of total revenue. Total revenue was $9.1B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

What was Comfort Systems USA's revenue in fiscal 2025?

$9.1B of revenue for the fiscal year ended Dec 31, 2025, up 29.5% from $7.0B in fiscal 2024. Fiscal 2023 was $5.2B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

Is Comfort Systems USA profitable?

Comfort Systems USA reported net income of $1.0B for fiscal 2025, up 95.7% from $522M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $489M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

What did Comfort Systems USA report in its latest quarterly filing?

Revenue was $3.8B in the quarter ended Sep 30, 2026, up 53.7% from $2.5B a year earlier. Net income was $489M, up 67.7% from $292M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026.

How much cash and debt does Comfort Systems USA have?

Comfort Systems USA had $2.2B in cash and cash equivalents and $50M of total debt on Sep 30, 2026. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 22, 2026.

What are the main risks Comfort Systems USA faces?

Comfort Systems USA's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 19, 2026. Risks that are common among companies in the construction & engineering industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these Comfort Systems USA numbers come from?

From Comfort Systems USA's own SEC filings: the 10-K for fiscal 2025 (filed Feb 19, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Comfort Systems USA

Point72 Asset Management: 179,727 shares, reported value $356.2M at Jun 30, 2026 (−18.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Baillie Gifford: 162,344 shares, reported value $268.5M at Sep 30, 2026 (−23.7% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
Renaissance Technologies: 76,160 shares, reported value $150.9M at Jun 30, 2026 (+34.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Bridgewater Associates: 48,506 shares, reported value $96.1M at Jun 30, 2026 (−43.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 46,859 shares, reported value $92.9M at Jun 30, 2026 (+92.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Millennium Management: 36,443 shares, reported value $72.2M at Jun 30, 2026 (−64.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Coatue Management: 17,793 shares, reported value $35.3M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Markel Group: 13,000 shares, reported value $21.5M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
Two Sigma Investments: 6,740 shares, reported value $13.4M at Jun 30, 2026 (−19.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in FIX: The editor holds no position in Comfort Systems USA (FIX). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell FIX from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 6, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold FIX, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Comfort Systems USAFIX	FY2025	$9.1B	+29.5%	$1.0B
Quanta ServicesPWR	FY2025	$28.5B	+20.3%	$1.0B
Jacobs SolutionsJ	FY2025	$12.0B	+4.6%	$289M
CaterpillarCAT	FY2025	$67.6B	+4.3%	$8.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.