Comfort USA : Investor Presentation - May 2026
FIX
Published on 05/01/2026 at 08:21 pm EDT
NYSE: FIX May 1, 2026
Leading national mechanical, electrical, and plumbing
("MEP") installation and
service provider
$10.0+ billion yearly revenue
75% industrial
23,000+ employees
History of profitable growth and cash flow
Unmatched modular
capabilities
Financial stability with a strong balance sheet
NATIONAL FOOTPRINT
Mechanical Electrical
STRONG MARKETS
Technology - Data Centers and Chip
Manufacturing
Life Sciences - Pharmaceuticals
Food Processing
Manufacturing
Healthcare
Energy Storage
TRENDS
Technology
On-Shoring
Modular
Service
ELECTRICAL
28%
MECHANICAL
72%
ELECTRICAL
27%
MECHANICAL
73%
REVENUE
YTD 2026 Revenue = $2,865.3 million
GROSS PROFIT
YTD 2026 Gross Profit = $754.4 million
HEALTHCARE
GOVERNMENT
5%
4%
8%
RETAIL
3%
3%
OTHER
2%
MANUFACTURING
1tı%
TECHNOLOGY
56%
EDUCATION
OFFICE BUILDINGS
SERVICE PROJECTS
5%
MODULAR
17%
SERVICE & MAINTENANCE
6%
EXISTING CONSTRUCTION
15%
NEW CONSTRUCTION
57%
MARKET ACTIVITY
($ in millions) (Unaudited)
$13,000
$12,455
$12,000
$11,000
$10,000
$tı,000
$8,000
$7,000
$6,000
$5,157
$5,000
$4,000
$3,000
$1,511
$1,602
$2,312
$2,000
$1,000
$-
$tı48
$4,064
$5,tıtı4
$11,tı45
$1,166
$763
2016 2017 2018 201tı 2020 2021 2022 2023 2024 2025 Q1 2026
($ in millions) (Unaudited)
$127
$130
$147
$111
$116
$123
$200
$180
$165
$160
$140
$120
$100
$80
$60
$40
$20
$0
$161
$174
$182
$184
2016 2017 2018 201tı 2020 2021 2022 2023 2024 2025 Q1 2026
THREE MONTHS ENDED
(Unaudited)
TWELVE MONTHS ENDED
($ in millions, except per share information)
3/31/26
3/31/25
12/31/25
Revenue
$2,865.3
$1,831.3
$9,101.6
Net Income
$370.4
$169.3
$1,022.6
Diluted EPS
$10.51
$4.75
$28.88
Adjusted EBITDA (1)
$524.4
$242.7
$1,454.6
Operating Cash Flow
$388.8
($88.0)
$1,186.4
(1) Adjusted EBITDA is a non-GAAP financial measure. See Appendix I for a GAAP reconciliation to Adjusted EBITDA.
Positive free cash flow for 27 consecutive years
Increased dividend for
14 consecutive years
Debt/TTM EBITDA = 0.02
$1.05B cash at March 31, 2026
$39.1M total debt at March 31, 2026
Debt capacity
No borrowings at March 31, 2026
$1.10B senior credit facility
2030 maturity
($ in thousands)
AVERAGE 2007 - 2025
$16,408
11%
$28,588
18%
$108,384
71%
($ in thousands)
FISCAL PERIOD
SHARE REPURCHASES
DIVIDENDS
CAPITAL RETURNED
2016
$13,088
$10,264
$23,352
2017
$tı,007
$10,tı87
$1tı,tıtı4
2018
$28,533
$12,268
$40,801
2019
$1tı,550
$14,543
$34,0tı3
2020
$30,120
$15,4tıtı
$45,61tı
2021
$27,054
$17,384
$44,438
2022
$38,216
$20,077
$58,2tı3
2023
$21,184
$30,37tı
$51,563
2024
$57,tı12
$42,766
$100,678
2025
$215,tıtıtı
$68,833
$284,832
YTD 2026
$2,548
$24,623
$27,171
MODULAR OFF-SITE CONSTRUCTION
Our sustainability goals are embedded in how we operate as a business - they are part of our very foundation and core values of being safe, honest, respectful, collaborative, and innovative - and we have diligently sought to develop transparent disclosures to support our sustainability commitments. As a company, we recognize that while our work lends itself to sustainable best practices, there is more we can do to create a positive impact. We are committed to a continual improvement approach to sustainability.
PLANET
PARTNERS
PEOPLE
Material Topics Material Topics Material Topics
EкsĩhQ EfficisкcQ
GHG Emissioкs
Operate with the intention to positively impact the environment through our work and the services we provide to our customers
Comfort Systems USA has completed a Greenhouse Gas ("GHG") Inventory covering all relevant Scope 1 and 2 emissions across our operations since 2021, facilitating a deeper analysis and comparative data in our 2024 Sustainability Report.
In 2024, we conducted a Scope 3 emissions readiness assessment.
In April 2025, we announced a target to reduce Scope 1 and 2 emissions on an intensity basis by 35% by 2035, using a 2023 baseline.
14
To meet our reduction goals, we're conducting energy efficiency audits at opcos and have kicked off an electric vehicle pilot program.
DaЧa Pĩi»acQ/ +QbsĩsscuĩiЧQ kis½
Be reliable, honest, and innovative partners to
our customers and suppliers
100% of all operational sites have completed an internal audit/risk assessment concerning business ethics issues.
Bronze EcoVadis Sustainability Rating achieved in 2024.
Best in-class cybersecurity program.
We report under the GRI, SASB, and IFRS Sustainability Disclosure Standards and are a signatory to the UN Global Compact.
Developed a Supplier Diversity Program and launched a Supplier Code of Conduct in 2021.
Developed and implemented a Human Rights Policy in 2022.
EmploQss Hiĩiкh aкd ksЧsкЧioк ľĩaiкiкh aкd Ds»slopmsкЧ Woĩ½sĩ HsalЧ" aкd SafsЧQ Di»sĩsiЧQ, EquiЧQ, aкd Iкclusioк
Foster a safe, collaborative, and inclusive environment for our employees
Recently launched a Talent Advisory Group, consisting of a broad group of internal stakeholders to ensure the Company continually takes meaningful steps to remain an inclusive place of business.
100% of operational sites have conducted an employee health and safety risk assessment and utilize the CAUSE Mapping program and the "5x5" initiative.
As part of our commitment to employee health and well-being, Comfort Systems USA offers all employees and family members in their household access to 24/7 support for confidential emotional support, work-life solutions, legal guidance, financial resources, and suicide prevention.
INNOVATION WITH AN EMPHASIS ON PRODUCTIVITY
FUTURE
Pilots of emerging technologies
Partnerships with industry leading tech firms
INNOVATION
Practical, broad-based deployment of AI
Investments in advanced BIM technologies
EAS & TAS modular construction
Mobile technology deployment in service
2015 - PRESENT
Early adoption of BIM
Industry-leading prefabrication
Best practice sharing across subsidiaries
2005 - 2015
15 TIME
Be safe Be honest
Be respectful Be innovative Be collaborative
Unmatched workforce
Consistent free cash flow
Strong Balance Sheet
Strong acquisition record
Attractive geographies
Leading innovation
23,000+ EMPLOYEES
23,000+ of the most qualified HVAC and
electrical contracting personnel in America
50 operating companies across America at 197 locations in 143 cities
1tı7 LOCATIONS
$10.0+ BILLION
Approximately $10.0+ billion in yearly revenue
CONTACT:
Chrissy Nelson
Director - Investor Relations 1-800-723-8431
[email protected] https://www.comfortsystemsusa.com
APPENDIX I - GAAP RECONCILIATION TO ADJUSTED EBITDA
Three Months Ended March 31,
Twelve Months Ended December 31,
($ in thousands) (Unaudited)
2026
2025
2025
Net Income
$370,378
$169,289
$1,022,558
Provision for Income Taxes
111,768
38,723
270,895
Other Expense (Income), Net
(464)
(24)
258
Changes in the Fair Value of Contingent Earn-out Obligations
10,370
3,758
33,473
Interest Income, Net
(6,334)
(2,648)
(12,595)
Gain on Sale of Assets
(302)
(556)
(1,974)
Amortization
20,3tı4
20,115
79,580
Depreciation
18,566
14,010
62,379
Adjusted EBITDA
$524,376
$242,667
$1,454,574
Note: The Company defines adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") as net income, provision for income taxes, other expense (income), net, changes in the fair value of contingent earn-out obligations, interest income, net, gain on sale of assets, goodwill impairment, other one-time expenses or gains and depreciation and amortization. Other companies may define Adjusted EBITDA differently. Adjusted EBITDA is presented because it is a financial measure that is frequently requested by third parties. However, Adjusted EBITDA is not considered under generally accepted accounting principles as a primary measure of an entity's financial results, and accordingly, Adjusted EBITDA should not be considered an alternative to operating income, net income, or cash flows as determined under generally accepted accounting principles and as reported by the Company.
Disclaimer
Comfort Systems USA Inc. published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 02, 2026 at 00:20 UTC.