Highlights

  • Third quarter 2026 revenue was USD 3,766.3 million, compared with USD 2,451.0 million in the third quarter of 2025.
  • Net income was USD 489.0 million, or USD 13.91 per diluted share, against USD 291.6 million, or USD 8.25.
  • Backlog reached USD 17.81 billion at September 30, 2026, compared with USD 9.38 billion a year earlier.
  • Nine-month share repurchases were USD 346.1 million, and dividend payments to stockholders were USD 84.4 million.

Comfort Systems USA, Inc. (NYSE: FIX) shares closed at USD 1,160.86 on October 23, 2026, down 9.26%. The company filed its quarterly report for the period ended September 30, 2026 on October 22, and the filing describes record backlog and sharply higher revenue and earnings.

Comfort Systems USA is a Delaware corporation headquartered in Houston, Texas. It is a national provider of mechanical and electrical installation, renovation, maintenance, repair and replacement services, working mainly in commercial, industrial and institutional markets. Its customers are in technology, manufacturing, healthcare, education, government, office and retail facilities. The company reports two segments, mechanical and electrical, and its fiscal year ends December 31.

Third Quarter 2026 Results

Revenue for the three months ended September 30, 2026 was USD 3,766.3 million, compared with USD 2,451.0 million a year earlier. Gross profit was USD 934.5 million against USD 607.9 million, and the company said same-store gross profit rose 49.7%. Selling, general and administrative expenses were USD 314.2 million, up from USD 229.6 million.

Operating income was USD 624.6 million, compared with USD 378.9 million. Net income was USD 489.0 million, or USD 13.91 per diluted share, against USD 291.6 million, or USD 8.25. The provision for income taxes was USD 146.0 million.

For the nine months, revenue was USD 9,897.3 million against USD 6,455.6 million, and net income was USD 1,301.0 million, or USD 36.94 per diluted share, compared with USD 691.8 million, or USD 19.52.

Segments and Demand

Mechanical segment revenue was USD 6.94 billion for the first nine months of 2026, or 70.1% of the total, up 43.1% from a year earlier. Electrical segment revenue was USD 2.96 billion, or 29.9%, up 84.3%. In the third quarter, electrical revenue rose 84.8% to USD 1.18 billion, with USD 174.1 million from the acquisitions of Boys Electrical, Hunt, Feyen Zylstra and Meisner.

The company attributed same-store growth largely to strong market conditions and its higher backlog, and said demand has been especially strong in the technology sector, particularly data centers. Nine-month revenue growth included 46.9% from same-store activity and 6.4% from acquisitions.

Backlog

Backlog was USD 17.81 billion at September 30, 2026, up 26.7% from USD 14.06 billion at June 30, 2026 and up 90.0% from USD 9.38 billion at September 30, 2025. The mechanical segment held USD 12.20 billion of the total and the electrical segment USD 5.61 billion.

The company noted that backlog reflects revenue to be recognized from contracted installation and replacement project work, usually over the next six to 12 months. It stated that service agreement revenue and short-duration work do not flow through backlog, so backlog represents only a portion of revenue in any future period.

Cash and Capital Returns

Cash and cash equivalents were USD 2,158.0 million at September 30, 2026, compared with USD 981.9 million at December 31, 2025. During the nine months, the company repaid debt of USD 25.5 million, paid USD 84.4 million in dividends to stockholders and repurchased shares for USD 346.1 million. Diluted weighted average shares for the third quarter were 35.2 million, compared with 35.4 million a year earlier.

Changes in the fair value of contingent earn-out obligations reduced third quarter other income by USD 4.3 million, against USD 12.1 million a year earlier.