Comfort USA : Q1 2026 Earnings Release Summary

Published: 2026-04-23 17:28:39 ET FIX

Published on 04/23/2026 at 05:28 pm EDT

Q1 2026 Earnings Call

NYSE: FIX

April 24, 2026

Q1 2026 Revenue was $2.87 billion compared to $1.83 billion in Q1 2025

Gross Profit percentage increased to 26.3% vs. 22.0% in Q1

2025

SG&A increased to $269.0 million from $194.9 million in Q1 2025

EPS was $10.51 per diluted share compared to $4.75 in Q1 2025

Q1 2026 Cash Provided by Operations was $388.8 million compared to Cash Used in Operations of $88.0 million in Q1 2025

Q1 2026 Backlog was $12.45 billion compared to $11.94 billion in Q4 2025 and $6.89 billion in Q1 2025

($ Thousands, Except Per Share Data) (Unaudited)

For the Three Months Ended

March 31,

Variance

2026

2025

$

%

Revenue

$ 2,865,332

100.0%

$ 1,831,286

100.0%

$ 1,034,046

56.5%

Cost of Services

2,110,920

73.7%

1,427,870

78.0%

683,050

47.8%

Gross Profit

754,412

26.3%

403,416

22.0%

350,996

87.0%

Selling, General and Administrative Expenses

268,996

9.4%

194,874

10.6%

74,122

38.0%

Gain on Sale of Assets

(302)

-

(556)

-

254

(45.7%)

Operating Income

$ 485,718

17.0%

$ 209,098

11.4%

$ 276,620

132.3%

Net Income

$ 370,378

12.9%

$ 169,289

9.2%

$ 201,089

118.8%

Diluted EPS

$ 10.51

$ 4.75

$ 5.76

121.3%

Adjusted EBITDA (1)

$ 524,376

18.3%

$ 242,667

13.3%

$ 281,709

116.1%

(1) See Slide 9 for GAAP Reconciliation to Adjusted EBITDA

($ Millions)

3/31/2026

12/31/2025

Cash

$

(Unaudited)

1,050.2

$

981.9

Working Capital

$

870.1

$

716.7

Goodwill

$

1,025.5

$

1,025.5

Intangible Assets, Net

$

464.8

$

485.2

Total Debt

$

39.1

$

145.2

Equity

$

2,815.0

$

2,448.8

($ Millions) (Unaudited)

$14,000

$13,000

$12,000

$11,000

$10,000

$tı,000

$8,000

$7,000

$6,000

$5,000

$4,000

$3,000

$2,000

$1,000

$-

$763 $tı48 $1,166

$1,602 $1,511

$2,312

$4,064

$5,157

$5,tıtı4

$11,tı45

$12,455

2016 2017 2018 201tı 2020 2021 2022 2023 2024 2025 Q1 26

(YTD)

MULTI-FAMILY /

RESIDENTIAL

1.2%

EDUCATION

OTHER

1.1%

GOVERNMENT

4.8%

HEALTHCARE

4.5% 7.7%

OFFICE BUILDINGS

2.8%

RETAIL / RESTAURANT / ENTERTAINMENT

2.8%

MANUFACTURING

18.7%

TECHNOLOGY

56.4%

YTD 2026

Annual 2025

4.8%

5.5%

15.2%

74.5%

6.2%

7.3%

23.3%

63.2%

New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring

($ Thousands) (Unaudited)

Three Months Ended March 31,

2026

2025

Net Income

$ 370,378

$ 169,289

Provision for Income Taxes

111,768

38,723

Other Income, Net

(464)

(24)

Changes in the Fair Value of Contingent

Earn-out Obligations

10,370

3,758

Interest Income, Net

(6,334)

(2,648)

Gain on Sale of Assets

(302)

(556)

Amortization

20,394

20,115

Depreciation

18,566

14,010

Adjusted EBITDA

$ 524,376

$ 242,667

Note: The Company defines adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted

EBITDA") as net income, provision for income taxes, other 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.

($ Thousands) (Unaudited)

Three Months Ended March 31,

2026 2025

Cash from Operating Activities

$ 388,828

$ (87,950)

Purchases of Property and Equipment (147,473) (22,208) Proceeds from Sales of Property and Equipment 874 1,095

Free Cash Flow

$ 242,229

$ (109,063)

Note: Free cash flow is defined as cash flow from operating activities less customary capital expenditures, plus the proceeds from asset sales. Other companies may define free cash flow differently. Free cash flow is presented because it is a financial measure that is frequently requested by third parties. However, free cash flow is not considered under generally accepted accounting principles as a primary measure of an entity's financial results, and accordingly, free cash flow 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 April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:19 UTC.