Comfort Systems USA Reports Second Quarter 2025 Results

Comfort Systems USA, Inc. (NYSE:FIX) (the "Company") today reported results for the quarter ended June 30, 2025.

For the quarter ended June 30, 2025, net income was $230.8 million, or $6.53 per diluted share, as compared to $134.0 million, or $3.74 per diluted share, for the quarter ended June 30, 2024. Revenue for the second quarter of 2025 was $2.17 billion compared to $1.81 billion in 2024. The Company reported operating cash flow of $252.5 million in the current quarter compared to $189.9 million in 2024.

Brian Lane, Comfort Systems USA's President and Chief Executive Officer, said, "Our businesses and their stellar teams continue to demonstrate world class performance, as we achieved earnings that far surpass all prior quarters. Per share earnings in the second quarter of 2025 was $6.53, more than 70% higher than the spectacular results we achieved in the second quarter of 2024. For the first half of 2025, our per share earnings have grown by over 75% as compared to the record results in the same period of 2024. This quarter, we are also happy to report strong operating cash flow of over $250 million."

Backlog as of June 30, 2025 was $8.12 billion as compared to $6.89 billion as of March 31, 2025 and $5.77 billion as of June 30, 2024. On a same-store basis, backlog increased from $5.77 billion as of June 30, 2024 to $7.93 billion as of June 30, 2025.

Mr. Lane continued, "Our backlog continues to reflect the extraordinary demand that we are experiencing in our most important markets, increasing sequentially by over $1 billion. For the first time, our backlog has exceeded $8 billion, and it is $2.4 billion higher than it was at this time last year. Our strong earnings, backlog surge, and strong pipelines clearly demonstrate continued strength in our execution, customer relationships, and prospects. Overall, we remain optimistic that we will achieve continued success into 2026."

The Company reported net income of $400.1 million, or $11.28 per diluted share, for the six months ended June 30, 2025, compared to $230.3 million, or $6.43 per diluted share, in 2024. The income tax provision for the first six months of 2025 includes a benefit of $0.25 per diluted share related to interest income on a prior year tax refund that was received in April 2025. The Company also reported revenue of $4.00 billion for the six months ended June 30, 2025, as compared to $3.35 billion in 2024. Operating cash flow for the six months ended June 30, 2025 was $164.5 million, as compared to $336.4 million in 2024.

The Company will host a webcast and conference call to discuss its financial results and position on Friday, July 25, 2025 at 10:00 a.m. Central Time. To register for the call, please visit https://register-conf.media-server.com/register/BI7df7054a19084f858658bf83a267b6ec. Upon registering, participants will receive dial-in information and a unique PIN to join the call. The call and the slide presentation to accompany the remarks can be accessed on the Company's website at www.comfortsystemsusa.com under the "Investors" tab. A replay of the entire call will be available on the Company's website on the next business day following the call.

Comfort Systems USA® is a leading provider of commercial, industrial and institutional heating, ventilation, air conditioning and electrical contracting services, with 180 locations in 135 cities across the nation. For more information, visit the Company's website at www.comfortsystemsusa.com.

Certain statements and information in this press release may constitute forward-looking statements regarding our future business expectations, which are subject to applicable securities laws and regulations. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," or other similar expressions are intended to identify forward-looking statements, which are generally not historic in nature. These forward-looking statements are based on the current expectations and beliefs of Comfort Systems USA, Inc. and its subsidiaries (collectively, the "Company") concerning future developments and their effect on the Company. While the Company's management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates, and the Company's actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of our results or developments in subsequent periods. All comments concerning the Company's expectations for future revenue and operating results are based on the Company's forecasts for its existing operations and do not include the potential impact of any future acquisitions. The Company's forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company's control) and assumptions that could cause actual future results to differ materially from the Company's historical experience and its present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the use of incorrect estimates for bidding a fixed-price contract; undertaking contractual commitments that exceed the Company's labor resources; failing to perform contractual obligations efficiently enough to maintain profitability; national or regional weakness in construction activity and economic conditions; rising inflation and fluctuations in interest rates; shortages of labor and specialty building materials or material increases to the cost thereof; the Company's business being negatively affected by health crises or outbreaks of disease, such as epidemics or pandemics (and related impacts, such as supply chain disruptions); financial difficulties affecting projects, vendors, customers, or subcontractors; the Company's backlog failing to translate into actual revenue or profits; failure of third party subcontractors and suppliers to complete work as anticipated; difficulty in obtaining, or increased costs associated with, bonding and insurance; impairment to goodwill; errors in the Company's cost-to-cost input method of accounting; the result of competition in the Company's markets; the Company's decentralized management structure; material failure to comply with varying state and local laws, regulations or requirements; debarment from bidding on or performing government contracts; retention of key management; seasonal fluctuations in the demand for mechanical and electrical systems; the imposition of past and future liability from environmental, safety, and health regulations including the inherent risk associated with self-insurance; adverse litigation results; an increase in our effective tax rate; a material information technology failure or a material cyber security breach; risks associated with acquisitions, such as challenges to our ability to integrate those companies into our internal control environment; our ability to manage growth and geographically-dispersed operations; our ability to obtain financing on acceptable terms; extreme weather conditions (such as storms, droughts, extreme heat or cold, wildfires and floods), including as a result of climate change, and any resulting regulations or restrictions related thereto; and other risks detailed in our reports filed with the Securities and Exchange Commission (the "SEC").

For additional information regarding known material factors that could cause the Company's results to differ from its projected results, please see its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether because of new information, future events, or otherwise.

— Financial tables follow —

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Julie Shaeff, Chief Accounting Officer

[email protected]; 713-830-9687

675 Bering Drive, Suite 400

Houston, Texas 77057

713-830-9600