Comfort Systems USA (FIX) Q4 FY2025 earnings: revenue $2.6 billion, up 41.7% on the year

Comfort Systems USA Inc. (FIX) reported revenue of $2.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 41.7% on the same quarter a year earlier. Net income was $331 million, up 126.8% on the year, and diluted earnings per share $9.37. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue

$2.6 billion

+41.7% on the year · +8.0% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

16.1%

12.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$331 million

+126.8% on the year · +13.4% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$9.37

+129.1% on the year · +13.6% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Quarterly EPS and net income doubled: Net income was $330.8 million, or $9.37 per diluted share, against $145.9 million, or $4.09 per diluted share, a year earlier. Management said quarterly EPS doubled.
Revenue rose to $2.65 billion: Fourth-quarter revenue was $2.65 billion, compared with $1.87 billion a year earlier, an increase of about 42%.
Backlog reached $11.94 billion: Backlog at year end was $11.94 billion, up from $9.38 billion at September 30, 2025 and $5.99 billion a year earlier. Management said backlog roughly doubled since the start of the year.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,646	2,451	1,868	+8.0%	+41.7%
Cost of revenue	1,971	1,843	1,434	+7.0%	+37.5%
Gross profit	675	608	434	+11.0%	+55.6%
Gross margin	25.5%	24.8%	23.2%
Selling, general and administrative	248	230	208	+8.2%	+19.6%
Operating income	427	379	226	+12.6%	+88.5%
Operating margin	16.1%	15.5%	12.1%
Interest expense	2.8	3.0	1.6	-5.5%	+78.4%
Pre-tax income	418	370	186	+13.0%	+125.0%
Income tax	87.7	78.8	40.2	+11.2%	+118.3%
Effective tax rate	21.0%	21.3%	21.6%
Net income	331	292	146	+13.4%	+126.8%
Net margin	12.5%	11.9%	7.8%
Diluted EPS	$9.37	$8.25	$4.09	+13.6%	+129.1%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	469	553	210	-15.3%	+122.6%
Capital expenditure	66.1	35.3	40.7	+87.1%	+62.5%
Free cash flow	402	518	170	-22.3%	+137.0%
Free cash flow margin	15.2%	21.1%	9.1%
Cash from investing	-231	-53.0	-39.5
Cash from financing	-116	28.6	-36.6
Depreciation and amortisation	37.6	35.6	34.9	+5.7%	+7.8%
Share-based compensation	6.1	3.6	4.5	+70.6%	+34.2%
Buybacks	91.6	13.1	15.9	+597.1%	+476.4%
Dividends paid	21.2	17.6	12.4	+19.9%	+70.0%
Dividend per share	n/a	$0.50	n/a
Diluted shares, weighted	35m	35m	36m	-0.1%	-1.0%
Shares outstanding at period end	35m	35m	36m	-0.3%	-1.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	2,449	2,233	1,705	+9.6%	+43.7%
Debt	145	136	68.3	+6.8%	+112.5%
Operating lease liabilities	303	258	212	+17.3%	+42.7%
Other liabilities	3,545	3,150	2,726	+12.5%	+30.0%
Total liabilities and equity	6,441	5,778	4,711	+11.5%	+36.7%
Fixed assets	388	337	277	+15.0%	+40.0%
Goodwill	1,026	928	875	+10.5%	+17.2%
Intangible assets	485	432	434	+12.3%	+11.7%
Cash and equivalents	982	861	550	+14.1%	+78.5%
Inventory	84.1	78.8	59.2	+6.6%	+41.9%
Other assets	3,477	3,141	2,515	+10.7%	+38.2%
Total assets	6,441	5,778	4,711	+11.5%	+36.7%

Questions

What was Comfort Systems USA's revenue in Q4 FY2025?

Comfort Systems USA (FIX) reported revenue of $2.6 billion for Q4 FY2025, the quarter ended 31 December 2025, up 41.7% on the same quarter a year earlier.

How much did Comfort Systems USA earn in Q4 FY2025?

Net income for Q4 FY2025 was $331 million, up 126.8% on the year, and diluted earnings per share $9.37.

When did Comfort Systems USA report Q4 FY2025 results?

Comfort Systems USA filed its 10-K for the year that ended with the quarter on 19 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	856	885	1,018	1,120	1,117	1,175	1,296	1,378	1,358	1,537	1,810	1,812	1,868	1,831	2,173	2,451	2,646	2,865	3,266	3,766
Cost of revenue	702	732	843	918	906	969	1,069	1,101	1,078	1,240	1,447	1,431	1,434	1,428	1,663	1,843	1,971	2,111	2,421	2,832
Gross profit	154	153	175	202	211	205	228	277	280	297	364	382	434	403	510	608	675	754	844	934
Gross margin	18%	17%	17%	18%	19%	17%	18%	20%	21%	19%	20%	21%	23%	22%	23%	25%	25%	26%	26%	25%
SG&A	105	118	119	121	132	135	136	143	160	163	180	180	208	195	210	230	248	269	287	314
Operating income	49.3	35.7	56.7	81.4	80.1	70.9	92.1	135	120	135	185	203	226	209	300	379	427	486	558	625
Operating margin	6%	4%	6%	7%	7%	6%	7%	10%	9%	9%	10%	11%	12%	11%	14%	15%	16%	17%	17%	17%
Interest expense	1.8	2.1	3.0	3.6	4.6	4.1	3.9	1.9	0.4	1.6	1.7	1.7	1.6	1.6	1.6	3.0	2.8	2.2	1.4	1.5
Pre-tax income	51.0	37.7	53.5	74.4	70.2	65.8	85.2	125	112	123	170	188	186	208	296	370	418	482	566	635
Tax rate	26%	-130%	21%	17%	21%	13%	18%	16%	18%	22%	21%	22%	22%	19%	22%	21%	21%	23%	22%	23%
Net income	37.6	86.8	42.2	61.5	55.4	57.2	69.5	105	91.6	96.3	134	146	146	169	231	292	331	370	442	489
Net margin	4%	10%	4%	5%	5%	5%	5%	8%	7%	6%	7%	8%	8%	9%	11%	12%	13%	13%	14%	13%
Diluted EPS	$1.03	$2.40	$1.17	$1.71	$1.54	$1.59	$1.93	$2.93	$2.55	$2.69	$3.74	$4.09	$4.09	$4.75	$6.53	$8.25	$9.37	$10.51	$12.53	$13.91
Operating cash flow	27.5	63.7	44.6	61.2	132	127	125	214	173	147	190	302	210	-88.0	252	553	469	389	1,139	1,010
Capital expenditure	6.5	9.2	11.0	14.6	13.6	16.5	24.6	28.4	25.3	25.0	23.4	22.1	40.7	22.2	31.3	35.3	66.1	147	141	211
Free cash flow	21.0	54.5	33.5	46.7	118	110	101	186	148	122	166	280	170	-110	221	518	402	241	998	800
Buybacks	1.5	14.1	18.8	3.6	1.8	3.6	3.2	1.8	12.6	0.3	10.8	30.9	15.9	91.4	19.9	13.1	91.6	2.5	5.7	338
Dividends paid	4.7	4.7	5.0	5.0	5.4	6.3	7.2	8.0	8.9	8.9	10.7	10.7	12.4	14.2	15.9	17.6	21.2	24.6	28.2	31.6
Shares outstanding	36m	36m	36m	36m	36m	36m	36m	36m	36m	36m	36m	36m	36m	35m	35m	35m	35m	35m	35m	35m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 19 February 2026: the filing.