Filing Flows › Comfort Systems USA (FIX) › Q4 2025
Comfort Systems USA (FIX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Comfort Systems USA (FIX) reported revenue of $2.6B for the fourth quarter 2025 (Q4 2025), +42% from a year earlier and +8% from the quarter before. Operating margin was 16.1%, net earnings $331M (12.5% of revenue).
Comfort Systems USA, Q4 2025: revenue $2.6B (+42% year over year), operating margin 16.1%, net earnings $331M, operating cash flow $469M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.6B | +8% | +42% |
| Gross profit | $675M | +11% | +56% |
| Operating profit | $427M | +13% | +89% |
| Net earnings | $331M | +13% | +127% |
| Operating cash flow | $469M | -15% | +123% |
| Free cash flow | $403M | — | +135% |
What changed
Revenue was $2.6B in Q4 2025, up 42% year over year and up 8% from the previous quarter.
Gross margin was 25.5%, up 2.3 points from a year earlier. Operating profit was $0.43B, a 16.1% margin (up 4.0 points year over year). Of the extra revenue versus a year earlier, 26% reached operating profit, above the 12% margin then. Operating expenses grew 20% against revenue growth of 42%. Net earnings were $0.33B, up 127% year over year. The effective tax rate was 21.0%.
Operating cash flow was $0.47B (up 123% year over year), 142% of net earnings. Non-cash charges added back $0.04B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.09B. After purchases of property and equipment, net ($0.07B), free cash flow as the company reports it was $0.40B.
Questions
What was Comfort Systems USA's revenue in the fourth quarter 2025?
Comfort Systems USA (FIX) reported revenue of $2.6B for the fourth quarter 2025 (Q4 2025), +42% from a year earlier and +8% from the quarter before.
Was Comfort Systems USA profitable in the fourth quarter 2025?
Operating profit was $427M (16.1% of revenue) and net earnings $331M.