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Comfort Systems USA cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$800M in Q3 2026 · $2.4B over twelve months

Operating cash flow$1.0B
Capital spending−$211M
Free cash flow+$800M
Cash / net income2.1×

Analysis

In Q3 2026, Comfort Systems USA generated $1.0B of operating cash flow and spent $211M on capital projects, leaving free cash flow of $800M. That is $282M more than in Q3 2025 ($518M).

Over the twelve months to Sep 30, 2026, operating cash flow was $3.0B; the largest uses were capital spending ($566M), buybacks ($438M), acquisitions ($414M); besides operations, cash came from asset & business sales ($8.8M), shares issued ($383K); the cash balance rose by $1.3B.

Operating cash flow was $1.0B against net income of $489M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$631M, receivables −$534M, payables +$466M.

Free cash flow

Comfort Systems USA: free cash flow by quarterComfort Systems USA: free cash flow by quarter$170MQ4 2024−$110MQ1 2025$221MQ2 2025$518MQ3 2025$402MQ4 2025$241MQ1 2026$998MQ2 2026$800MQ3 2026
Operating cash flow less capital spending.
Comfort Systems USA: operating cash flow against capital spendingComfort Systems USA: operating cash flow against capital spendingOperating cash flowCapital spending$210M$40.7MQ4 2024−$88.0M$22.2MQ1 2025$252M$31.3MQ2 2025$553M$35.3MQ3 2025$469M$66.1MQ4 2025$389M$147MQ1 2026$1.1B$141MQ2 2026$1.0B$211MQ3 2026
Latest (Q3 2026): Operating cash flow $1.0B, Capital spending $211M.

Capital allocation, year by year

Comfort Systems USA: where the cash came from (up) and went (down), by fiscal yearComfort Systems USA: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $180MFY2021: Net borrowing $131MFY2021: Shares issued $5.6MFY2021: Asset sales $3.1MFY2021: Capital spending −$22.3MFY2021: Acquisitions −$227MFY2021: Buybacks −$27.1MFY2021: Dividends −$17.4M$320MFY2021FY2022: Operating cash flow $302MFY2022: Net borrowing −$126MFY2022: Shares issued $1.1MFY2022: Asset sales $2.9MFY2022: Capital spending −$48.4MFY2022: Acquisitions −$49.2MFY2022: Buybacks −$38.2MFY2022: Dividends −$20.1M$305MFY2022FY2023: Operating cash flow $640MFY2023: Net borrowing −$215MFY2023: Shares issued $18KFY2023: Asset sales $6.0MFY2023: Capital spending −$94.8MFY2023: Acquisitions −$102MFY2023: Buybacks −$21.2MFY2023: Dividends −$30.4M$646MFY2023FY2024: Operating cash flow $849MFY2024: Shares issued $184KFY2024: Asset sales $5.5MFY2024: Capital spending −$111MFY2024: Acquisitions −$235MFY2024: Buybacks −$57.9MFY2024: Dividends −$42.8M$855MFY2024FY2025: Operating cash flow $1.2BFY2025: Net borrowing $100MFY2025: Shares issued $793KFY2025: Asset sales $3.7MFY2025: Capital spending −$155MFY2025: Acquisitions −$280MFY2025: Buybacks −$216MFY2025: Dividends −$68.8M$1.3BFY2025
Over these 5 years operating cash flow totalled $3.2B; the largest uses were acquisitions ($894M) and capital spending ($432M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.2B
Debt$49.6M
Net cash$2.1B
Due within a year$6.2M

Comfort Systems USA funds itself: free cash flow was $2.4B over the last twelve months, and $2.2B of cash and investments stands against $49.6M of debt ($6.2M due within a year, 350.2× covered by cash).

Comfort Systems USA: debt maturities by year (FY2025)Comfort Systems USA: debt maturities by year (FY2025)$6.2MYear 1$24.2MYear 2$14.3MYear 3$545KYear 4$100MYear 5
Principal due in each year as disclosed in the annual report, against $2.2B of cash and investments now.

Where the cash came from and went

Comfort Systems USA: sources (+) and uses (−) of cash, Q3 2026Comfort Systems USA: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.0BBuybacks−$338MCash drawn (+) / kept (−)−$303MCapital spending−$211MAcquisitions−$100MDividends−$31.6MOther investing−$16.6MOther financing−$15.8MAsset & business sales$6.1MTaxes on employees’ shares−$467K
Comfort Systems USA: sources (+) and uses (−) of cash, TTM to Q3 2026Comfort Systems USA: sources (+) and uses (−) of cash, 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 profit to cash

Comfort Systems USA: net income to operating cash flow, Q3 2026Comfort Systems USA: net income to operating cash flow, Q3 2026Net income$489MDepreciation & amortization$47.5MStock-based pay$2.6MDeferred taxes−$4.7MGains on disposals−$4.3MReceivables−$534MInventory−$15.5MPayables$466MDeferred revenue$631MContract assets−$58.4MPrepaid and other assets−$32.7MOther liabilities$2.2MOperating cash flow$1.0B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.0B−$211M−$100M−$338M−$31.6M——−$303M$800M
Q2 2026$1.1B−$141M−$157M−$5.7M−$28.2M——−$805M$998M
Q1 2026$389M−$147M−$6.1M−$2.5M−$24.6M−$100M$383K−$68.3M$241M
Q4 2025$469M−$66.1M−$151M−$91.6M−$21.2M——−$121M$402M
Q3 2025$553M−$35.3M−$4.5M−$13.1M−$17.6M—$340K−$529M$518M
Q2 2025$252M−$31.3M−$55.7M−$19.9M−$15.9M——−$127M$221M
Q1 2025−$88.0M−$22.2M−$68.4M−$91.4M−$14.2M——$345M−$110M
Q4 2024$210M−$40.7M—−$15.9M−$12.4M—$157K−$134M$170M

Comfort Systems USA: income statement and cash flow

Comfort Systems USA, Q3 2026: revenue $3.8B (+54% year over year), operating margin 16.6%. The chart follows the revenue to costs, profit and cash.

Comfort Systems USA: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.