Companies /Industrials

Comfort Systems USA Inc

NYSE: FIX Engineering & Construction
$1,614.98
▼ $0.71 (−0.04%) today
Markets closed · 3:29am ET

Q4 2025 Earnings

Reported Feb 19, 2026, 4:02pm ET · SEC source
$9.37
Beat +38.71%
EPS · est. $6.75
$2.6B
Beat +13.22%
Revenue · est. $2.3B
+5.2%
Beating market
FIX vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−3%0+3%+6%Feb 19Feb 20report 4:02pm ETearnings+0.7%+4.4%
−3%0+3%+6%Feb 19Feb 20earnings+0.7%+4.4%
FIX +4.4%S&P 500 +0.7%
−3%0+3%+6%Feb 19Feb 20report 4:02pm ETearnings+0.9%+4.4%
−3%0+3%+6%Feb 19Feb 20earnings+0.9%+4.4%
FIX +4.4%NASDAQ +0.9%
−8%−4%0+4%Feb 18Feb 27report 4:02pm ETearnings+0.2%−0.0%
−8%−4%0+4%Feb 18Feb 27earnings+0.2%−0.0%
FIX −0.0%S&P 500 +0.2%
−8%−4%0+4%Feb 18Feb 27report 4:02pm ETearnings+0.6%−0.0%
−8%−4%0+4%Feb 18Feb 27earnings+0.6%−0.0%
FIX −0.0%NASDAQ +0.6%
+6.46%
Day of report
−3.33%
Next session
−2.25%
One week
−0.05%
30 days

S&P 500 over the same 30 days: −5.26%.

Did FIX Beat Earnings? Q4 2025 Results

Comfort Systems USA delivered a blowout Q4 2025, posting diluted EPS of $9.37 against a consensus estimate of $6.73, a 39.23% beat, while revenue climbed 41.7% year-over-year to $2.65 billion, well ahead of the $2.34 billion Wall Street had expected. The results were fueled by an extraordinary surge in data center and technology infrastructure demand, which now accounts for roughly 45% of company revenue and drove gross margins to 25.5% from 23.2% a year earlier. Net income more than doubled to $330.81 million from $145.87 million in the prior-year quarter, and <a href="https://247wallst.com/investing/2026/02/19/live-comfort-systems-reports-earnings-tonight-after-65-rally/">full-year free cash flow</a> reached $1.04 billion. Perhaps the most compelling signal for investors was the record $11.94 billion backlog at year-end, roughly double the figure at the start of 2025, including a third consecutive same-store increase exceeding $1 billion in a single quarter. Management offered no specific numerical guidance for 2026 but expressed confidence that persistent demand and a strengthening project pipeline would sustain the company's momentum well into the year ahead.

Key Takeaways
  • Quarterly EPS doubled year-over-year driven by careful discipline and great execution
  • Unprecedented demand led to record backlog of $11.94 billion, roughly doubling since the beginning of the year
  • Third consecutive same-store backlog increase exceeding $1 billion
  • Gross margin expansion to 25.5% in Q4 2025 from 23.2% in Q4 2024
  • Adjusted EBITDA margin improved to 17.5% in Q4 from 14.0% in the prior year quarter
  • Both net income and cash flow eclipsed $1 billion for full year 2025

“We are deeply grateful for the amazing performance of our teams across the country. Their commitment and dedication continue to deliver excellent results for our customers, provide increasing opportunities for our employees, and bring crucial services to our communities. Careful discipline and great execution resulted in quarterly EPS that doubled compared to the same quarter last year. In addition to increased revenue and earnings, we also achieved over $400 million of quarterly cash flow.”

Comfort Systems USA CEO, on the earnings call

Forward Guidance & Outlook

Management expressed optimism about 2026 prospects, citing persistent demand and strong project pipelines. Backlog reached a record $11.94 billion as of December 31, 2025, roughly doubling since the beginning of the year, with a third consecutive same-store backlog increase exceeding $1 billion. No specific numerical guidance for 2026 was provided.

FIX YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$800.0M$1.6B$2.4B$1.9B$2.6BRevenue$433.7M$674.7MGross Profit$226.4M$426.7MOperating Income$145.9M$330.8MNet Income
$0$800.0M$1.6B$2.4BRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.