Filing Flows › Comfort Systems USA (FIX) › Q3 2025
Comfort Systems USA (FIX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Comfort Systems USA (FIX) reported revenue of $2.5B for the third quarter 2025 (Q3 2025), +35% from a year earlier and +13% from the quarter before. Operating margin was 15.5%, net earnings $292M (11.9% of revenue).
Comfort Systems USA, Q3 2025: revenue $2.5B (+35% year over year), operating margin 15.5%, net earnings $292M, operating cash flow $553M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +13% | +35% |
| Gross profit | $608M | +19% | +59% |
| Operating profit | $379M | +26% | +87% |
| Net earnings | $292M | +26% | +99% |
| Operating cash flow | $553M | +119% | +83% |
| Free cash flow | $519M | — | +84% |
What changed
Revenue was $2.5B in Q3 2025, up 35% year over year and up 13% from the previous quarter. New Construction was the largest line at 65% of revenue. New Construction added $0.65B year over year (up 68%), 102% of the total change. Existing Building Construction declined 8%.
Gross margin was 24.8%, up 3.7 points from a year earlier. Operating profit was $0.38B, a 15.5% margin (up 4.3 points year over year). Of the extra revenue versus a year earlier, 28% reached operating profit, above the 11% margin then. Operating expenses grew 28% against revenue growth of 35%. Net earnings were $0.29B, up 99% year over year. The effective tax rate was 21.3%.
Operating cash flow was $0.55B (up 83% year over year), 190% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items added $0.22B. After purchases of property and equipment, net ($0.03B), free cash flow as the company reports it was $0.52B.
Questions
What was Comfort Systems USA's revenue in the third quarter 2025?
Comfort Systems USA (FIX) reported revenue of $2.5B for the third quarter 2025 (Q3 2025), +35% from a year earlier and +13% from the quarter before.
Was Comfort Systems USA profitable in the third quarter 2025?
Operating profit was $379M (15.5% of revenue) and net earnings $292M.