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Sep 30
Comfort Systems USA Q3 2025 Earnings Report
reported record third-quarter 2025 results with strong revenue growth, higher earnings, and exceptional cash generation.
Key Takeaways
Comfort Systems USA achieved outstanding third-quarter 2025 results with revenue of $2.45 billion, up 35% year-over-year, and net income of $291.6 million, or $8.25 per diluted share. The company delivered record operating cash flow exceeding $550 million, supported by robust project execution and favorable developments across late-stage projects. Backlog reached an all-time high of $9.38 billion, reflecting continued strong demand for mechanical and electrical contracting services.
Revenue increased to $2.45 billion, up from $1.81 billion in Q3 2024.
Net income doubled to $291.6 million, or $8.25 per diluted share.
Operating cash flow reached a record $553.3 million for the quarter.
Backlog expanded to $9.38 billion, marking the second consecutive same-store increase of over $1 billion.
Comfort Systems USA
Comfort Systems USA
Comfort Systems USA Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Comfort Systems USA expects continued strong performance supported by record backlog, growing demand for mechanical and electrical services, and new acquisitions contributing to future growth.
Positive Outlook
- Backlog exceeded $9 billion, ensuring strong revenue visibility into 2026.
- Acquisitions of Feyen Zylstra and Meisner Electric expected to add $200 million in annual revenue.
- Strong same-store backlog growth of over $1 billion for the second consecutive quarter.
- Robust cash generation supports ongoing investment and shareholder returns.
- Positive outlook for industrial, healthcare, and institutional project demand.
Challenges Ahead
- Potential cost pressures from labor and material inflation.
- Integration risks related to recent acquisitions.
- Possible delays in large project completions due to supply chain constraints.
- Increased competitive intensity in key markets.
- Macroeconomic uncertainties could affect commercial construction activity.