FIX Comfort Systems USA (FIX) Q1 FY26 earnings call
A supply-constrained super-cycle quarter: data-center-led demand keeps backlog compounding faster than revenue while disciplined work selection lifts margins to record levels. Management frames labor — not demand — as the only ceiling, and is committing its own capital to owned modular capacity and an electrical bolt-on to widen it, while guiding to still-strong but moderating full-year same-store growth.
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FIX operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Backlog | $6BBacklog at the end of the year grew to a new all-time high of $6 billion.Source: earnings call transcript | $6.9BBacklog at the end of the first quarter was a record $6.9 billion, a same-store increase in both sequential and year-over-year backlog.Source: earnings call transcript | $11.9BBacklog at the end of the fourth quarter was $11.9 billion, a same-store increase in both sequential and year-over-year backlog.Source: earnings call transcript | $12.5BWe also ended the quarter with record backlog of $12.5 billion, reflecting persistent demand, including strong demand from our tech customers.Source: earnings call transcript | $14.1BBookings continued to trend upwards, and our backlog increased to a new high of $14.1 billion.Source: earnings call transcript | $17.8BBookings were strong and our backlog at the end of the quarter grew to a new high of $17.8 billion.Source: earnings call transcript | +26.2% |
| Employees | 18K+I want to close by thanking our over 18,000 employees for their hard work and dedication.Source: earnings call transcript | 19K+Before I turn the call over for questions, I want to join Brian and Bill in thanking our over 19,000 employees for their hard work and dedication.Source: earnings call transcript | 22K+I want to take this opportunity to close by thanking our over 22,000 employees for their hard work and dedication.Source: earnings call transcript | 23K+Before we turn the call over for questions, I want to join Brian and Bill and the team here in Houston in thanking our over 23,000 employees for their hard work and dedication.Source: earnings call transcript | 25K+I want to close by joining Brian and Bill and thanking our over 25,000 employees for their hard work and dedication.Source: earnings call transcript | 25K+I want to close by joining Brian and Bill in thanking our over 25,000 employees for their hard work and dedication, and I will now turn it back over to Michelle for questions.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.