Comfort Systems USA (FIX) FY2025 results: revenue $9.1 billion, up 29.5% on the year

Comfort Systems USA builds, installs, maintains, repairs and replaces the mechanical, electrical and plumbing systems inside buildings. It is a Delaware corporation established in 1997 and works through 50 operating units with 190 locations in 142 cities across the United States. The mechanical segment covers heating, ventilation and air conditioning, plumbing, piping and controls, along with off-site construction, monitoring and fire protection; the electrical segment covers the installation and servicing of electrical systems. Mechanical services were 73.3% of 2025 revenue and electrical services 26.7%.

Who buys and what for

Customers are commercial, industrial and institutional, and the work is done mostly in manufacturing, healthcare, education, office, technology, retail and government facilities, along with multi-family residential projects. Approximately 63.2% of 2025 revenue came from installation in newly constructed facilities and 36.8% from renovation, expansion, maintenance, repair and replacement in existing buildings. The company puts the size of commercial, industrial and institutional mechanical and electrical contracting in the United States at approximately $700 billion a year.

Two ways a project comes

New construction and installation work splits into design and build and plan and spec. In a design and build project the contractor is responsible for designing, engineering and installing a system tailored to the building owner, with cost and terms negotiated directly, which the company says tends to produce long-term relationships with owners, developers, general contractors, architects, consulting engineers and property managers. In a plan and spec project a third-party architect or consulting engineer designs the systems and the installation is put out to bid. The filing argues that plan and spec work usually takes longer and produces less efficient outcomes because design and installation are not integrated, and it points to its own investment in design and building information modelling as the alternative.

Service and maintenance

The other half of the business is maintaining, repairing, replacing, reconfiguring and monitoring systems already installed, together with building automation controls. The company connects demand here to the growth and ageing of the installed base, more technology in buildings, and the appetite for more efficient systems and more capable controls. Because control and monitoring systems now run on electronic sensors and microprocessors that need specialist training to install and maintain, many owners and property managers contract the work out, often under service agreements.

Strategy

The stated objectives are to improve profitability and grow the operations, to enable efficient building environments, to raise workforce productivity and to acquire complementary businesses. Seven core competencies are named: safety, customer service, design and build expertise, pre-construction processes, job and cost tracking, energy efficient and sustainable design, and servicing of existing building systems. Modular and off-site construction, meaning building plants and systems away from the site, has been expanded through acquisitions and further investment afterwards. A service growth initiative has put managerial and sales resource behind selling and performing service work. Acquisition targets are described as businesses with assembled workforces, good safety records, design and energy efficiency capability, good market positions, consistent positive cash flow and desirable locations.

People

The company had approximately 22,700 employees at 31 December 2025 against approximately 18,300 a year earlier, with collective bargaining agreements covering 9 employees. It states that skilled labour in the building and service trades has become scarce, and it is focused on recruiting, developing and training hourly workers as well as running programmes for project managers, field superintendents, service managers, technicians, sales managers and estimators.

From Comfort Systems USA's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.