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Comfort Systems USA (FIX) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 22, 2026 · Comfort Systems USA (FIX) Q3 2026 earnings results →

Q3 2026 Revenue up 54% year over year to $3.8B · 13¢ of every $1 of revenue kept as net profit · operating margin 16.6%

Comfort Systems USA made $3.8B in Q3 2026 (+54% Y/Y): New construction $2.9B, Existing building construction $528M, Service projects $191M. Operating margin 16.6%, net earnings $489M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.

Revenue$3.8B
Year over year+54%
Operating margin16.6%
Net earnings$489M
Operating cash flow$1.0B

Drawing the Sankey…

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Comfort Systems USA Q3 2026 revenue breakdown: Sankey diagram of revenue (New construction, Existing building construction, Service projects, Service calls, maintenance, and monitoring), costs, profit and cash flow
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What changed this quarter

Revenue was $3.8B in Q3 2026, up 54% year over year and up 15% from the previous quarter. New construction was the largest line at 76% of revenue. New construction added $1.3B year over year (up 80%), 97% of the total change.

Gross margin was 24.8%, unchanged from Q3 2025. Operating profit was $0.62B, a 16.6% margin (up 1.1 points year over year). Of the extra revenue versus Q3 2025, 19% reached operating profit, above the 15% margin then. Operating expenses grew 35% against revenue growth of 54%. Net earnings were $0.49B, up 68% year over year. The effective tax rate was 23.0%.

Operating cash flow was $1.0B (up 83% year over year), 207% of net earnings. Non-cash charges added back $0.05B of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items added $0.47B. After purchases of property and equipment, net ($0.20B), free cash flow as the company reports it was $0.81B.

Quarterly history

Comfort Systems USA revenue by quarterComfort Systems USA revenue by quarter$1.8BQ1 2025$2.2BQ2 2025$2.5BQ3 2025$2.6BQ4 2025$2.9BQ1 2026$3.3BQ2 2026$3.8BQ3 2026
Comfort Systems USA net earnings by quarterComfort Systems USA net earnings by quarter$169MQ1 2025$231MQ2 2025$292MQ3 2025$331MQ4 2025$370MQ1 2026$442MQ2 2026$489MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 22, 2026$3.8B+54%16.6%$489M$1.0B
Q2 202610-QJul 23, 2026$3.3B+50%17.1%$442M$1.1B
Q1 202610-QApr 23, 2026$2.9B+56%17.0%$370M$389M
Q4 202510-KFeb 19, 2026$2.6B+42%16.1%$331M$469M
Q3 202510-QOct 23, 2025$2.5B+35%15.5%$292M$553M
Q2 202510-QJul 24, 2025$2.2B+20%13.8%$231M$252M
Q1 202510-QApr 24, 2025$1.8B+19%11.4%$169M−$88.0M

Charts

Comfort Systems USA: revenue growth, year over year and quarter over quarterComfort Systems USA: revenue growth, year over year and quarter over quarterY/YQ/Q+19%Q1 2025+20%+19%Q2 2025+35%+13%Q3 2025+42%+8%Q4 2025+56%+8%Q1 2026+50%+14%Q2 2026+54%+15%Q3 2026
Latest (Q3 2026): Y/Y +54%, Q/Q +15%.
Comfort Systems USA: where the cash came from (+) and went (−), TTM to Q3 2026Comfort Systems USA: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$3.0BCash drawn (+) / kept (−)−$1.3BCapital spending−$566MBuybacks−$438MAcquisitions−$414MDividends−$106MNet borrowing (+) / repaid (−)−$100MOther investing−$49.2MOther financing−$26.5MTaxes on employees’ shares−$20.3MAsset & business sales$8.8MShares issued$383K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Comfort Systems USA: profit against cash, quarter by quarterComfort Systems USA: profit against cash, quarter by quarterNet incomeOperating cash flow$146M$210MQ4 2024$169M−$88.0MQ1 2025$231M$252MQ2 2025$292M$553MQ3 2025$331M$469MQ4 2025$370M$389MQ1 2026$442M$1.1BQ2 2026$489M$1.0BQ3 2026
Latest (Q3 2026): Net income $489M, Operating cash flow $1.0B.
Comfort Systems USA: diluted shares by fiscal yearComfort Systems USA: diluted shares by fiscal year37MFY202036MFY202136MFY202236MFY202336MFY202435MFY2025
-3.6% since FY2020: buybacks shrank the count.
Comfort Systems USA: long-term debt falling due (FY2025)Comfort Systems USA: long-term debt falling due (FY2025)$6.2M2026$24.2M2027$14.3M2028$545K2029$100M2030
Cash $982M, short-term investments —, long-term debt $145M at 2025-12-31.
Comfort Systems USA in its industry: growth against margin (4 companies, SIC 1731)Comfort Systems USA in its industry: growth against margin (4 companies, SIC 1731)revenue growth, year over year →↑ operating marginmedian +54%median 14%PWREMEIESCFIX (+54%, 17%)
Electrical Work; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · Construction & electrical contractors

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About Comfort Systems USA

Comfort Systems USA, Inc., a Delaware corporation, was established in 1997. We provide mechanical and electrical contracting services. Our mechanical segment principally includes heating, ventilation and air conditioning (“HVAC”), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes installation and servicing of electrical systems. We build, install, maintain, repair and replace mechanical, electrical and plumbing (“MEP”) systems through our 50 operating units with 190 locations in 142 cities throughout the United States.

In its own words, from its 10-K, filed Feb 19, 2026.

Comfort Systems USA against its Electrical Work peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +54% against the peers' median +54%. Operating margin: 16.6% against the peers' median 14.4%.

CompanyQuarterRevenueY/YOp. margin
FIX Comfort Systems USAQ3 2026$3.8B+54%16.6%
PWR Quanta ServicesQ3 2026$12.0B+57%8.5%
EME EMCOR GroupQ3 2026$5.5B+29%9.8%
IESC IES HoldingsQ3 FY26$1.2B+40%14.4%

Source: Comfort Systems USA 10-Q on SEC EDGAR · CIK 1035983 · Electrical Work

13F: who owns FIX and who is buying

Largest holders of FIX (13F)Largest holders of FIX (13F)BlackRock$6.7BVanguard Capital Management LLC$4.6BVanguard Group$4.0BVanguard Portfolio Management LLC$3.7BFMR LLC$3.3BState Street$3.0BGeode Capital Management, LLC$2.3BAQR Capital Management LLC$2.1BCapital World Investors$1.4BInvesco$1.3B
Funds' net buying of FIX by quarter (13F)Funds' net buying of FIX by quarter (13F)$4.6M2024-09−$56.2M2024-12$133M2025-03−$105M2025-06−$123M2025-09$15.0M2025-12−$1.4B2026-03−$470M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on FIX

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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