Comfort Systems USA reported a strong fourth quarter and full year 2025, driven by significant revenue growth and substantial increases in net income and operating cash flow. The company benefited from unprecedented demand, leading to a record backlog and optimistic outlook for 2026.
Fourth quarter revenue increased to $2.65 billion from $1.87 billion in the prior year, a significant jump.
positiveFull year 2025 revenue reached $9.10 billion, up from $7.03 billion in 2024.
positiveDiluted EPS for the fourth quarter doubled year-over-year to $9.37 from $4.09.
positiveFull year 2025 net income was $1.02 billion, more than double the $522.4 million reported in 2024.
positiveOperating cash flow for the full year 2025 exceeded $1 billion, reaching $1.19 billion, up from $849.1 million in 2024.
positiveBacklog as of December 31, 2025, was $11.94 billion, nearly double the $5.99 billion at the end of 2024.
positiveAdjusted EBITDA for the full year 2025 was $1.45 billion, a significant increase from $891.8 million in 2024.
positiveBillings in excess of costs and estimated earnings and deferred revenue increased significantly to $2.12 billion from $1.15 billion in the prior year, potentially indicating a buildup of unearned revenue or longer project cycles.
attentionLong-term debt increased substantially from $62.3 million to $139.1 million, more than doubling year-over-year.
attentionOther current liabilities increased to $571.1 million from $772.5 million, a decrease, but still a significant liability.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Deeply grateful for the amazing performance of our teams across the country.
Careful discipline and great execution resulted in quarterly EPS that doubled compared to the same quarter last year.
Unprecedented demand and our reputation for delivering outcomes led to new levels of backlog despite ongoing burn.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.