Jun 2026 (Q2 FY26) — Jul 24, 2026
Comfort Systems USA Q2 FY26 — Record Revenue, EPS, and Backlog Driven by Technology Sector
Read the full callComfort Systems USA (FIX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Comfort Systems USA earnings: last reported Fri, 24 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,266 | +50.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 17.1 | +3.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 442 | +91.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
11 of 11 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hunt Electric acquisition closing | close in early May 2026 | Mar 2026 | a transaction we mentioned last quarter and that closed on May 1 | Achieved |
| Full-year same-store revenue growth | mid-teen to high-teen percent, weighted to first half | Dec 2025 | we estimate the 2026 same-store revenue growth will likely finish with a full year increase that is in the mid- to high 30% range | Revised Up |
| Full-year capital expenditure as % of revenue | approximately 5% of revenue | Mar 2026 | full year CapEx expenditures will be approximately 5% of our revenue | On Track |
7 of COMFORT SYSTEMS USA INC's 18 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 15 more targets are in the full ledger.
Claimed
- Quarterly revenue exceeded $3 billion for the first time, reaching $3.3 billion, an increase of $1.1 billion YoY.
- Diluted EPS was $12.53, a 92% increase compared to Q2 FY25.
- Gross profit percentage increased to 25.9% from 23.5% in Q2 FY25, and operating income percentage surged to 17.1% from 13.8%.
- Backlog reached a new record high of $14.1 billion, up $5.9 billion or 73% YoY, with $5.6 billion of the increase being same-store.
- Free cash flow for the quarter was $999 million, contributing to a net cash position of over $1.8 billion.
Qualified
- The Q2 gross profit percentage of 25.9% ticked down slightly from Q1, though it increased from Q1's adjusted 25.2% when excluding unique gains.
- Full-year CapEx expenditures are estimated to be approximately 5% of revenue, including significant investments in production facilities.
- The company faces "really, really heavy comparables" in Q3 and particularly Q4, which will impact reported growth rates.
Price
$1,464.07 +1.74% · +$25
Performance +76.8% 1Y
1Y: $827.92 on 17 Oct 2025 → $1,464.07. High $2,066.51 (22 Jun 2026), low $790.72 (22 Oct 2025).
- Previous close
- $1,439.07
- 52-week range
- $790.72 – $2,066.51
- One year
- +74.97%
Overview
- Symbol
- FIX
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
11 of 11 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hunt Electric acquisition closing | close in early May 2026 | Mar 2026 | a transaction we mentioned last quarter and that closed on May 1 | Achieved |
| Full-year same-store revenue growth | mid-teen to high-teen percent, weighted to first half | Dec 2025 | we estimate the 2026 same-store revenue growth will likely finish with a full year increase that is in the mid- to high 30% range | Revised Up |
| Full-year capital expenditure as % of revenue | approximately 5% of revenue | Mar 2026 | full year CapEx expenditures will be approximately 5% of our revenue | On Track |
Claimed
- Quarterly revenue exceeded $3 billion for the first time, reaching $3.3 billion, an increase of $1.1 billion YoY.
- Diluted EPS was $12.53, a 92% increase compared to Q2 FY25.
- Gross profit percentage increased to 25.9% from 23.5% in Q2 FY25, and operating income percentage surged to 17.1% from 13.8%.
- Backlog reached a new record high of $14.1 billion, up $5.9 billion or 73% YoY, with $5.6 billion of the increase being same-store.
- Free cash flow for the quarter was $999 million, contributing to a net cash position of over $1.8 billion.
Qualified
- The Q2 gross profit percentage of 25.9% ticked down slightly from Q1, though it increased from Q1's adjusted 25.2% when excluding unique gains.
- Full-year CapEx expenditures are estimated to be approximately 5% of revenue, including significant investments in production facilities.
- The company faces "really, really heavy comparables" in Q3 and particularly Q4, which will impact reported growth rates.
The full ledger
Open COMFORT SYSTEMS USA INC’s full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 24, 2026
Comfort Systems USA Q1 FY26 — Record $12.5B backlog and all-time-high margins on data-center demand
Read the full callDec 2025 (Q4 FY25) — Feb 20, 2026
Comfort Systems USA Q4 FY25 — Record Earnings, Backlog, and Cash Flow Driven by Technology Sector Demand
Read the full callEvery analysed call
Comfort Systems USA earnings calls (FIX)
Financials
What the filings say
Net profit, year on year: +91% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,812 | 1,868 | 1,831 | 2,173 | 2,451 | — | 2,865 | 3,266 |
| Operating profit | 203 | 226 | 209 | 300 | 379 | — | 486 | 558 |
| Operating margin | 11.2% | 12.1% | 11.4% | 13.8% | 15.5% | — | 16.9% | 17.1% |
| Other income | -15 | -40 | -1 | -3 | -8 | — | -4 | 8 |
| Interest | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 1 |
| Profit before tax | 188 | 186 | 208 | 296 | 370 | 418 | 482 | 566 |
| Tax rate | 22.1% | 21.6% | 18.6% | 22.1% | 21.3% | 20.9% | 23.2% | 22.0% |
| Net profit | 146 | 146 | 169 | 231 | 292 | 331 | 370 | 442 |
| EPS ($ per share) | 4.10 | — | 4.77 | 6.54 | 8.26 | — | 10.52 | 12.54 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 269 | 369 | 503 | 629 | 855 | 1,148 | 1,627 | 2,581 |
| Total liabilities | 565 | 920 | 1,061 | 1,403 | 1,598 | 2,028 | 3,006 | 3,992 |
| Fixed assets | 100 | 110 | 117 | 129 | 144 | 209 | 277 | 388 |
| Total assets | 1,063 | 1,505 | 1,757 | 2,209 | 2,597 | 3,306 | 4,711 | 6,441 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 147 | 142 | 287 | 180 | 302 | 640 | 849 | 1,186 |
| Cash from investing | -96 | -224 | -208 | -247 | -97 | -193 | -344 | -467 |
| Cash from financing | -42 | 88 | -75 | 70 | -206 | -299 | -161 | -287 |
| Net cash flow | 9 | 5 | 4 | 4 | -2 | 148 | 345 | 432 |
| Capital expenditure | -27 | -32 | -24 | -22 | -48 | -95 | -111 | -155 |
| Free cash flow | 120 | 110 | 262 | 158 | 253 | 545 | 738 | 1,031 |
FIX revenue by segment
Electrical grew from 21% to 30% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Mechanical | 79% | 78% | 77% | 75% | 74% | 69% | 72% | 70% | +40.2% |
| Electrical | 21% | 22% | 23% | 25% | 26% | 31% | 28% | 30% | +81.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
FIX operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 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 | +12.8% |
| 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 | — |
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.
Insider filings
82 filings between Oct 29, 2025 and Aug 26, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$185.18M
30 sales by 12 insiders
Compensation
not trading decisions- 20
- Award — granted as compensation
- 1
- Option exercise — converted options into shares
- 24
- Tax withheld — shares kept back by the company to cover tax
Also filed: 7 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Lane Brian E. | — | $68.05M | Aug 26, 2026 |
| MYERS FRANKLIN | — | $52.10M | Aug 11, 2026 |
| GEORGE WILLIAM III | — | $31.67M | Aug 17, 2026 |
| ANDERSON DARCY | — | $10.00M | Mar 3, 2026 |
| SANDBROOK WILLIAM J | — | $6.21M | Apr 29, 2026 |
| Shaeff Julie | — | $5.41M | May 11, 2026 |
| Mercado, Pablo G. | — | $4.11M | Apr 30, 2026 |
| Reed Terrence | — | $2.54M | Mar 3, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 26, 2026 | Lane Brian E. CHIEF EXECUTIVE OFF. | Sale | 16,024 | $25.77M |
| Aug 17, 2026 | GEORGE WILLIAM III CHIEF FINANCIAL OFFICER | Sale | 2,554 | $4.75M |
| Aug 11, 2026 | MYERS FRANKLIN Director | Sale | 4,000 | $6.78M |
| Aug 10, 2026 | MYERS FRANKLIN Director | Sale | 3,500 | $5.92M |
| Jun 24, 2026 | MYERS FRANKLIN Director | Sale | 6,700 | $13.09M |
| May 27, 2026 | Hardy Rhoman J Director | Sale | 342 | $649.8K |
| May 21, 2026 | MYERS FRANKLIN Director | Gift | 273 | $0 |
| May 18, 2026 | Wallis-Lage Cindy L. Director | Award | 105 | $0 |
| May 18, 2026 | Kapoor Gaurav Director | Award | 105 | $0 |
| May 18, 2026 | Mercado, Pablo G. Director | Award | 105 | $0 |
| May 18, 2026 | ANDERSON DARCY Director | Award | 105 | $0 |
| May 18, 2026 | Skidmore Constance Ellen Director | Award | 105 | $0 |
| May 18, 2026 | SANDBROOK WILLIAM J Director | Award | 105 | $0 |
| May 18, 2026 | Hardy Rhoman J Director | Award | 105 | $0 |
| May 18, 2026 | MYERS FRANKLIN Director | Award | 105 | $0 |
| May 18, 2026 | BULLS HERMAN E Director | Award | 105 | $0 |
| May 11, 2026 | GEORGE WILLIAM III CHIEF FINANCIAL OFFICER | Sale | 1,000 | $2.02M |
| May 11, 2026 | Shaeff Julie CHIEF ACCOUNTING OFFICER | Sale | 1,123 | $2.25M |
| May 8, 2026 | GEORGE WILLIAM III CHIEF FINANCIAL OFFICER | Sale | 4,000 | $7.79M |
| May 7, 2026 | MYERS FRANKLIN Director | Sale | 4,500 | $8.56M |
| May 7, 2026 | MYERS FRANKLIN Director | Gift | 256 | $0 |
| May 7, 2026 | MYERS FRANKLIN Director | Gift | 205 | $0 |
| May 7, 2026 | MYERS FRANKLIN Director | Gift | 51 | $0 |
| May 5, 2026 | Lane Brian E. CHIEF EXECUTIVE OFF. | Sale | 11,113 | $21.89M |
| Apr 30, 2026 | Mercado, Pablo G. Director | Sale | 500 | $889.9K |
| Apr 29, 2026 | SANDBROOK WILLIAM J Director | Sale | 1,500 | $2.60M |
| Apr 1, 2026 | Shaeff Julie CHIEF ACCOUNTING OFFICER | Tax withheld | 87 | $124.4K |
| Apr 1, 2026 | Shaeff Julie CHIEF ACCOUNTING OFFICER | Tax withheld | 87 | $124.4K |
| Apr 1, 2026 | GEORGE WILLIAM III CHIEF FINANCIAL OFFICER | Tax withheld | 500 | $714.8K |
| Apr 1, 2026 | Shaeff Julie CHIEF ACCOUNTING OFFICER | Tax withheld | 145 | $207.3K |
| Apr 1, 2026 | GEORGE WILLIAM III CHIEF FINANCIAL OFFICER | Tax withheld | 297 | $424.6K |
| Apr 1, 2026 | Trent T McKenna PRESIDENT/CHIEF OPERATING OFF. | Tax withheld | 266 | $380.3K |
| Apr 1, 2026 | GEORGE WILLIAM III CHIEF FINANCIAL OFFICER | Tax withheld | 284 | $406.0K |
| Apr 1, 2026 | Reed Terrence SVP & CHRO | Tax withheld | 93 | $133.0K |
| Apr 1, 2026 | Eslicker Rachel R. SVP & GENERAL COUNSEL | Tax withheld | 43 | $61.5K |
| Apr 1, 2026 | Eslicker Rachel R. SVP & GENERAL COUNSEL | Tax withheld | 25 | $35.7K |
| Apr 1, 2026 | Eslicker Rachel R. SVP & GENERAL COUNSEL | Tax withheld | 31 | $44.3K |
| Apr 1, 2026 | Reed Terrence SVP & CHRO | Tax withheld | 82 | $117.2K |
| Apr 1, 2026 | Reed Terrence SVP & CHRO | Tax withheld | 98 | $140.1K |
| Apr 1, 2026 | Lane Brian E. CHIEF EXECUTIVE OFF. | Tax withheld | 1,512 | $2.16M |
| Apr 1, 2026 | Lane Brian E. CHIEF EXECUTIVE OFF. | Tax withheld | 941 | $1.35M |
| Apr 1, 2026 | Lane Brian E. CHIEF EXECUTIVE OFF. | Tax withheld | 1,146 | $1.64M |
| Apr 1, 2026 | Trent T McKenna PRESIDENT/CHIEF OPERATING OFF. | Tax withheld | 341 | $487.5K |
| Apr 1, 2026 | Trent T McKenna PRESIDENT/CHIEF OPERATING OFF. | Tax withheld | 210 | $300.2K |
| Mar 23, 2026 | Trent T McKenna PRESIDENT/CHIEF OPERATING OFF. | Award | 1,208 | $0 |
| Mar 23, 2026 | Shaeff Julie CHIEF ACCOUNTING OFFICER | Tax withheld | 84 | $118.3K |
| Mar 23, 2026 | Shaeff Julie CHIEF ACCOUNTING OFFICER | Award | 220 | $0 |
| Mar 23, 2026 | Shaeff Julie CHIEF ACCOUNTING OFFICER | Award | 194 | $0 |
| Mar 23, 2026 | GEORGE WILLIAM III CHIEF FINANCIAL OFFICER | Tax withheld | 300 | $422.5K |
| Mar 23, 2026 | GEORGE WILLIAM III CHIEF FINANCIAL OFFICER | Award | 764 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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