Q4 2025 Comfort Systems USA Inc Earnings Call Transcript
Key Points
- Comfort Systems USA Inc (FIX) reported record earnings and backlog, with same-store revenue growth of 35% for the fourth quarter.
- Quarterly gross margin exceeded 25% for the first time in company history, demonstrating strong execution.
- Backlog reached an all-time high of $12 billion, with significant growth in technology and other sectors.
- Operating cash flow for 2025 was $1.2 billion, supporting continued investment and expansion plans.
- The company increased its quarterly dividend by $0.10 to $0.70 per share, reflecting a commitment to shareholder returns.
- Despite strong performance, the company faces tough revenue comparables in 2026, which may impact growth rates.
- SG&A expenses increased by $153 million in 2025, reflecting higher activity levels and investments.
- The company anticipates seasonally lower margins in the first quarter of 2026, which could affect profitability.
- Labor shortages remain a concern, although the company is taking steps to address this with contract craft professionals.
- The expansion of modular capacity requires significant capital investment, which could impact cash flow and CapEx.
Good day, and thank you for standing by. Welcome to the Q4 2025 Comfort Systems USA earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to turn the call over to the speaker for today, Julie Shaeff, Chief Accounting Officer. Please go ahead.
Thanks, Lisa. Good morning. Welcome to Comfort Systems USA's fourth-quarter and full-year 2025 earnings call. Our comments today as well as our press releases contain forward-looking statements within the meaning of the applicable securities laws and regulations. What we will say today is based upon the current plans and expectations of Comfort Systems USA.
Those plans and expectations include risks and uncertainties that might cause actual future activities and results of our operations to be materially different from those in our comments. You can read a detailed listing and commentary concerning our specific risk factors in our most recent
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