Comfort Systems Usa
FIX · NYSEElectrical Work · Fiscal year ends Dec 31
Comfort Systems Usa reported revenue of $1.8B in the fiscal year ended Dec 2025, down 73.9% from the year before. Operating income was $209M, an operating margin of 11.4%, and net income was $1B. Operating cash flow of $1.2B less capital expenditure of $155M left free cash flow of $1B. It held more cash than debt (net cash $837M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.1B | $4.1B | $5.2B | $7B | $1.8B |
| Cost of revenue | $2.5B | $3.4B | $4.2B | $5.6B | $1.4B |
| Gross profit | $563M | $742M | $991M | $1.5B | $403M |
| Selling, general & admin | $376M | $489M | $574M | $730M | $195M |
| Operating income | $188M | $254M | $418M | $749M | $209M |
| Interest expense | $6M | $13M | $10M | $7M | $9M |
| Pre-tax income | $190M | $236M | $388M | $667M | $208M |
| Income tax | $47M | −$10M | $65M | $144M | $271M |
| Net income | $143M | $246M | $323M | $522M | $1B |
| Diluted EPS | 3.93 | 6.82 | 9.01 | 14.60 | 28.88 |
| Diluted shares | 36M | 36M | 36M | 36M | 35M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $59M | $57M | $205M | $550M | $982M |
| Inventory | $22M | $35M | $66M | $59M | $84M |
| Current assets | $1B | $1.3B | $1.9B | $2.8B | $4.1B |
| Net PP&E | $129M | $144M | $209M | $277M | $388M |
| Goodwill | $592M | $612M | $667M | $875M | $1B |
| Total assets | $2.2B | $2.6B | $3.3B | $4.7B | $6.4B |
| Payables | $255M | $337M | $420M | $655M | $696M |
| Deferred revenue | $307M | $548M | $910M | $1.1B | $2.1B |
| Current liabilities | $837M | $1.2B | $1.7B | $2.6B | $3.4B |
| Short-term debt | $3M | $9M | $5M | $6M | $6M |
| Long-term debt | $385M | $247M | $39M | $62M | $139M |
| Total liabilities | $1.4B | $1.6B | $2B | $3B | $4B |
| Shareholders' equity | $806M | $1,000M | $1.3B | $1.7B | $2.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $180M | $302M | $640M | $849M | $1.2B |
| Capital expenditure | $22M | $48M | $95M | $111M | $155M |
| Free cash flow | $158M | $253M | $545M | $738M | $1B |
| Depreciation & amortisation | $28M | $34M | $38M | $48M | $62M |
| Stock-based compensation | $11M | $11M | $13M | $17M | $22M |
| Acquisitions | $227M | $49M | $102M | $235M | $280M |
| Share buybacks | $27M | $38M | $21M | $58M | $216M |
| Dividends paid | $17M | $20M | $30M | $43M | $69M |
| Dividend per share | 0.48 | 0.56 | 0.85 | 1.20 | 1.95 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 34.7% | 25.8% | 35.0% | −73.9% |
| Operating income growth (YoY) | – | 34.7% | 64.8% | 79.1% | −72.1% |
| EPS growth (YoY) | – | 73.5% | 32.1% | 62.0% | 97.8% |
| Gross margin | 18.3% | 17.9% | 19.0% | 21.0% | 22.0% |
| Operating margin | 6.1% | 6.1% | 8.0% | 10.7% | 11.4% |
| Net margin | 4.7% | 5.9% | 6.2% | 7.4% | 55.8% |
| Return on equityBlank when equity is negative | 17.8% | 24.6% | 25.3% | 30.6% | 41.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.7% | 17.8% | 26.4% | 35.2% | 6.9% |
| Free cash flow margin | 5.1% | 6.1% | 10.5% | 10.5% | 56.3% |
| Cash conversion (CFO ÷ net income) | 1.26x | 1.23x | 1.98x | 1.63x | 1.16x |
| Inventory days | 3 | 4 | 6 | 4 | 21 |
| Payable days | 37 | 36 | 36 | 43 | 178 |
| Interest cover | 30.4x | 19.0x | 40.7x | 113x | 23.2x |
| Debt ÷ equity | 0.48x | 0.26x | 0.03x | 0.04x | 0.06x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $329M | $199M | −$161M | −$482M | −$837M |
| Current ratio | 1.23x | 1.12x | 1.11x | 1.08x | 1.21x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.