FIX Filings — Comfort Systems Usa, Inc. - FilingSpy
FIX
Comfort Systems Usa, Inc.
A company that designs, installs, and maintains the heating, cooling, ventilation, electrical, and plumbing systems inside commercial, industrial, and institutional buildings — from data centers and factories to hospitals and schools. Founded in 1997 when a dozen independent regional mechanical contractors merged into one national firm, it has since grown through acquisitions while keeping local crews in dozens of cities. Fun fact: its ticker is "FIX," a fitting nod to the repair-and-maintenance work that makes up a big part of its business.
Q2 2026 revenue rose 56.5% to $2.87B with gross margin at 26.3% and backlog at a record $14.06B
reached a record $14.06B, up 73.1% . rose 56.5% to $2.87B and held at 26.3% as technology-sector data center demand drove both and volume. The company enters the second half with visibility from a near-doubled backlog and no debt drawn on its revolving facility.
Key takeaways
reached a record $14.06B, up 73.1% , with $1.39B in sequential same-store in technology-sector projects driving the increase.
rose 56.5% to $2.87B and held at 26.3%, with Q1's $43.1M in favorable close-out adjustments and change orders carrying the rate above the prior quarter's 23.5%.
rose 132.3% to $485.7M and rose 121.3% to $10.51, while fell to 9.4% of from 10.6% on .
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue surged 50.3% to $3.27B on strong technology-sector demand, with gross margin expanding to 25.9%.
⌄
rose 50.3% to $3.27B, driven by a 43.8% increase, particularly from technology-sector data center projects.
grew 65.6% to $844.2M, with margin improving from 23.5% to 25.9% due to higher volume and better execution.
was $388.8M, a $476.8M swing from the $88.0M use a year earlier, driven by higher earnings and a $317.4M benefit from timing of and tax payments; first-half operating cash flow was $1.53B including a $684.7M customer advance-payment benefit.
fell 71.9% sequentially to $39.1M and no borrowings were outstanding on the as of June 30, 2026.
Management expects high demand from manufacturing and technology customers to support earnings through the rest of 2026.
What changed
Q2 2026 at 26.3% settled the prior watch item on whether the 26.3% Q1 rate would hold as electrical and modular mix evolved — it held, with Q2 narrative showing 25.9% for the quarter excluding the Q1 adjustments carried in.
after the $12.45B Q1 total rose to $14.06B, confirming the pace of technology and manufacturing continued rather than faded.
The $317.4M Q1 and tax timing benefit reversed partially as Q2 was $388.8M, down 17.0% from Q1's $468.5M-equivalent pace but still positive versus the year-ago use.
contribution from 2025 acquisitions (Feyen-Zylstra, Meisner Electric, Right Way, Century) beyond the $150.2M addition was not separately quantified this quarter.
Since the FY2025 10-K, the remains at $1.10B with maturity extended to 2030 and no draw as of June 30, 2026, while fell to $39.1M from $139.1M.
What to watch
Q3 2026 to see if the 26.3% rate holds as electrical and modular construction mix evolves and Q1 adjustments roll off.
Q3 2026 after the $14.06B Q2 record and the pace of technology and manufacturing .
Q3 2026 as the $684.7M first-half customer advance-payment benefit and Q1 timing benefit work through.
contribution from 2025 acquisitions (Feyen-Zylstra, Meisner Electric, Right Way, Century) in Q3 results beyond the $150.2M addition.
as a percentage of fell to 8.8% from 9.7%, despite a 36.4% dollar increase, reflecting .
reached a record $14.06B, up 73.1% , fueled by $1.39B in sequential in technology.
was $1.53B for the first half, boosted by a $684.7M benefit from customer advance payments and higher earnings.
Management expects high demand from manufacturing and technology customers to support solid earnings through the rest of 2026.
Quantitative and Qualitative Disclosures About Market Risk
Primary market risk is interest rates; commodity-cost exposure from tariffs is monitored but not expected to be material.
⌄
The company’s main market risk is adverse interest-rate changes, and it may use derivatives to manage that exposure.
Commodity and material price fluctuations from tariffs or macro factors are monitored, but higher costs are often recoverable and not expected to materially hit results.
No borrowings were outstanding on the as of June 30, 2026; the weighted-average rate was about 5.0% at December 31, 2025.
Fixed-rate debt consists of notes to former owners of acquired companies and acquired notes payable.
No other significant financial-market or foreign-currency risk from derivatives is present.
No impairments were recorded in the current year on assets measured at on a nonrecurring basis.
We are subject to certain legal and regulatory claims, including lawsuits arising in the normal course of business. We maintain various insurance coverages to minimize financial risk associated with these claims. We have estimated and provided accruals for probable losses and…
⌄
We are subject to certain legal and regulatory claims, including lawsuits arising in the normal course of business. We maintain various insurance coverages to minimize financial risk associated with these claims. We have estimated and provided accruals for probable losses and related legal fees associated with certain litigation in our consolidated financial statements. While we cannot predict the outcome of these proceedings, in management’s opinion and based on reports of counsel, any liability arising from these matters individually and in the aggregate will not have a material effect on our operating results, cash flows, or financial condition, after giving effect to provisions already recorded.
As of June 30, 2026, we recorded an accrual for unresolved matters, which is not material to our financial statements, based on our analysis of likely outcomes related to the respective matters; however, it is possible that the ultimate outcome and associated costs will deviate from our estimates and that, in the event of an unexpectedly adverse outcome, we may experience additional costs and expenses in future periods.
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part 1, “Item 1A. Risk Factors” in our Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition, or futu…
⌄
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part 1, “Item 1A. Risk Factors” in our Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition, or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or future results.