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NYSE · ELECTRICAL WORK · LARGE CAP

Comfort Systems USA Inc. FIX

17 fiscal years on record · USD · FY2025 reported · SEC filings only
13 YEARS OF DIVIDEND GROWTH
$9.1B
▲ 29.5% YoY
$1.0B
▲ 95.7% YoY
$1.0B
▲ 39.8% YoY
In brief

What this company does

Comfort Systems USA, Inc. provides mechanical and electrical contracting services. As of December 31, 2025, the company had approximately 22,700 employees, compared with approximately 18,300 employees as of December 31, 2024. It builds, installs, maintains, repairs and replaces mechanical, electrical and plumbing (MEP) systems through 50 operating units with 190 locations in 142 cities throughout the United States. Approximately 63.2% of its 2025 revenue was attributable to installation services in newly constructed facilities, and 36.8% was attributable to renovation, expansion, maintenance, repair and replacement services in existing buildings. Its consolidated 2025 revenue was 73.3% from mechanical services and 26.7% from electrical services. Its mechanical segment principally includes heating, ventilation and air conditioning (HVAC), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection, while its electrical segment includes installation and servicing of electrical systems. Comfort Systems USA, Inc., a Delaware corporation, was established in 1997.

Written from the business description in COMFORT SYSTEMS USA INC's annual report to the U.S. Securities and Exchange Commission, filed 19 February 2026. Every sentence was checked against that document before publication.

Growth
USD 9.1B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 9.1 · Net income 1.0
4B8B200920112013201520172019202120232025
Compound annual growth
+30.0%
+26.1%
+19.1%
+15.4%
+60.8%
+46.8%
+61.8%
+47.8%
+36.4%
+33.2%
+51.6%
+35.6%
+22.8%
+16.4%
+70.6%
+45.6%
+35.2%
+23.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +26.1% a year over five years — but profit grew faster: net income at +46.8%, earnings per share at +47.8%.

The share count fell from 0.04B to 0.04B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
11 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 14.4% · Net 11.2%
5%10%-1%-2%-3%200920112013201520172019202120232025
ROE
FY2025 · ROE 49.2%
20%40%200920112013201520172019202120232025

Each USD of equity produced 49 cents of profit this year.

Cash & shareholders
USD 284.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 1.0
0.4B0.8B200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2025 · Dividends 68.8 · Net buybacks 215.2
100M200MDividendsNet buybacks200920112013201520172019202120232025

USD 68.8M in dividends and USD 215.2M in buybacks — 28% of the year's profit went back to shareholders.

Total assetsUSD 6.4B
EquityUSD 2.4B
CashUSD 981.9M
Gross debtUSD 145.2M
Net debtUSD -836.7M
Current ratio1.21×

The company holds more cash than debt.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B9.17.05.24.13.12.92.62.21.81.61.61.41.41.31.21.11.1
Operating income $B1.30.70.40.30.20.20.20.20.10.10.10.00.00.0−0.00.00.1
EBITDA $B1.40.80.50.30.20.20.20.20.10.10.10.10.10.0−0.00.00.1
Income tax $B0.30.10.1−0.00.00.00.00.00.00.00.00.00.00.0−0.00.00.0
Net income $B1.00.50.30.20.10.20.10.10.10.10.10.00.00.0−0.00.00.0
Free cash flow $B1.00.70.50.30.20.30.10.10.10.10.10.00.00.00.00.00.0
EPS, diluted $28.8814.609.016.823.934.093.083.001.471.721.300.610.730.36−0.990.390.89
Dividend / sh $1.951.200.850.560.480.420.400.330.290.280.250.230.210.200.200.200.19
Payout %7898121013112016193729····
ROE %49.235.028.427.219.123.421.124.713.917.915.17.79.6····
Shares out B0.040.040.040.040.040.040.040.040.040.040.040.040.04····

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

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This company against its peers

Provenance
Company facts, as filed
How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityElectrical Work
Listed onNYSE
Incorporated innot stated in the filings
Fiscal year endsDecember 31
Data on record since2009

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