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Mar 31, 2025
Comfort Systems USA Q1 2025 Earnings Report
Comfort Systems USA reported strong revenue and record net income in Q1 2025, achieving its highest ever quarterly EPS despite seasonal headwinds.
Key Takeaways
Comfort Systems USA delivered an outstanding Q1 2025 with a sharp increase in both revenue and net income, supported by a significant rise in backlog and resilient project performance across its operations.
Net income rose to $169.3M, up from $96.3M a year ago.
EPS hit $4.75, the highest for any quarter despite Q1 being historically weakest.
Revenue increased to $1.83B from $1.54B in Q1 2024.
Backlog grew to $6.89B, with over $800M added on a same-store basis.
Forward Guidance
The company remains optimistic about its outlook for 2025 and beyond, driven by strong booked work, robust pipelines, and continued execution strength.
Positive Outlook
- Record EPS achieved in Q1 despite seasonal challenges.
- Substantial same-store backlog increase of over $800M.
- Strong customer relationships and project pipelines highlighted.
- Expectation for continued strong earnings and cash generation in 2025.
- Management remains confident in performance heading into 2026.
Challenges Ahead
- Cash flow from operations turned negative at -$87.95M.
- Significant reduction in cash and cash equivalents from year-end.
- Noted need to normalize working capital following payments to key customer.
- Operating cash outflows followed prior year inflows of $146.6M.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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