Comfort Systems Backlog Reaches $17.81 Billion

The Tip Desk · October 22, 2026 · 2 min read

Third-quarter revenue was $3.77 billion, up 50% from a year earlier, while diluted earnings rose 70% to $13.91 a share.

Comfort Systems USA (FIX), a commercial, industrial and institutional HVAC and electrical contractor, reported third-quarter revenue of $3.77 billion, up 50% from $2.45 billion a year earlier, matching the year-over-year increase it posted in the second quarter.

Net income was $489.0 million, or $13.91 a share, compared with $291.6 million, or $8.25 a share, a year earlier. That 70% jump in per-share earnings followed a 92% increase in the second quarter.

Gross profit margin held at 24.8% of revenue. Operating income was $624.6 million, or 16.6% of revenue, versus $378.9 million, or 15.5% of revenue, a year earlier. SG&A was $314.2 million, or 8.3% of revenue, compared with $229.6 million, or 9.4% of revenue. Adjusted EBITDA was $667.9 million, or 17.7% of revenue, versus $413.9 million, or 16.9% of revenue.

Operating cash flow was $1.01 billion in the third quarter, compared with $553.3 million a year earlier, after $1.14 billion in the second quarter. Free cash flow was $805.6 million. Cash and cash equivalents stood at $2.16 billion as of September 30, 2026.

Backlog was $17.81 billion as of September 30, 2026, up from $14.06 billion as of June 30, 2026, a sequential increase of $3.8 billion, and from $9.38 billion as of September 30, 2025. On a same-store basis, backlog was $17.39 billion as of September 30, 2026. Chief Executive Officer Brian Lane said relentless demand, together with the company’s competence and reputation, produced that sequential backlog growth and a year-over-year backlog increase exceeding $8.0 billion.

The company said it is well-positioned to grow organically through year-end and for 2027 and to maintain high levels of profitability and solid ongoing cash flow.

The board declared a quarterly dividend of $1.00 a share, a $0.10 increase from the most recent dividend, payable November 23, 2026.

For the nine months ended September 30, 2026, net income was $1.30 billion, or $36.94 a share, compared with $691.8 million, or $19.52 a share, in 2025. Revenue for the nine months was $9.90 billion, versus $6.46 billion. Operating cash flow for the nine months was $2.54 billion, compared with $717.8 million.

The company operates 211 locations in 155 cities.