Comfort Systems USA (FIX) financial statements
Comfort Systems USA reported revenue of $1.8B in fiscal 2025, up 1.3% a year over 9 years.
Net income was $1.0B and the operating margin 11.4%, against 6.2% in 2016.
Free cash flow was $1.0B, and the company returned $69M in dividends and $216M in net buybacks.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Comfort Systems USA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.8B | $2.2B | $2.6B | $2.9B | $3.1B | $4.1B | $5.2B | $7.0B | $1.8B |
| Cost of revenue | $1.3B | $1.4B | $1.7B | $2.1B | $2.3B | $2.5B | $3.4B | $4.2B | $5.6B | $1.4B |
| Gross profit | $344M | $366M | $446M | $502M | $547M | $563M | $742M | $991M | $1.5B | $403M |
| Selling, general and admin | $243M | $267M | $297M | $340M | $358M | $376M | $489M | $574M | $730M | $195M |
| Operating income | $102M | $99M | $150M | $164M | $191M | $188M | $254M | $418M | $749M | $209M |
| Interest expense | $2M | $3M | $4M | $9M | $8M | $6M | $13M | $10M | $7M | $9M |
| Pre-tax income | $101M | $101M | $149M | $152M | $192M | $190M | $236M | $388M | $667M | $208M |
| Income tax | $36M | $46M | $36M | $37M | $41M | $47M | -$10M | $65M | $144M | $271M |
| Net income | $65M | $55M | $113M | $114M | $150M | $143M | $246M | $323M | $522M | $1.0B |
| EPS (diluted) | $1.72 | $1.47 | $3.00 | $3.08 | $4.09 | $3.93 | $6.82 | $9.01 | $14.60 | $28.88 |
| Diluted shares | 38M | 38M | 38M | 37M | 37M | 36M | 36M | 36M | 36M | 35M |
| Gross margin | 21.0% | 20.5% | 20.4% | 19.2% | 19.1% | 18.3% | 17.9% | 19.0% | 21.0% | 22.0% |
| Operating margin | 6.2% | 5.6% | 6.9% | 6.3% | 6.7% | 6.1% | 6.1% | 8.0% | 10.7% | 11.4% |
| Net margin | 4.0% | 3.1% | 5.2% | 4.4% | 5.3% | 4.7% | 5.9% | 6.2% | 7.4% | 55.8% |
Balance sheet
Fiscal years, from Comfort Systems USA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $32M | $37M | $46M | $51M | $55M | $59M | $57M | $205M | $550M | $982M |
| Receivables | $319M | $383M | — | — | — | — | — | — | — | — |
| Inventory | $9M | $10M | $12M | $10M | $13M | $22M | $35M | $66M | $59M | $84M |
| Total current assets | $416M | $489M | $610M | $790M | $812M | $1.0B | $1.3B | $1.9B | $2.8B | $4.1B |
| Property, plant and equipment | $68M | $88M | $100M | $110M | $117M | $129M | $144M | $209M | $277M | $388M |
| Goodwill | $149M | $201M | $235M | $332M | $464M | $592M | $612M | $667M | $875M | $1.0B |
| Total assets | $709M | $881M | $1.1B | $1.5B | $1.8B | $2.2B | $2.6B | $3.3B | $4.7B | $6.4B |
| Total current liabilities | $318M | $374M | $467M | $608M | $693M | $837M | $1.2B | $1.7B | $2.6B | $3.4B |
| Long-term debt | $2M | $60M | $74M | $205M | $236M | $385M | $247M | $39M | $62M | $139M |
| Total liabilities | $332M | $463M | $565M | $920M | $1.1B | $1.4B | $1.6B | $2.0B | $3.0B | $4.0B |
| Shareholders' equity | $377M | $418M | $498M | $585M | $696M | $806M | $1000M | $1.3B | $1.7B | $2.4B |
| Net debt | -$30M | $24M | $31M | $175M | $181M | $329M | $199M | -$161M | -$482M | -$837M |
Cash flow
Fiscal years, from Comfort Systems USA's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $91M | $114M | $147M | $142M | $287M | $180M | $302M | $640M | $849M | $1.2B |
| Capital spending | $23M | $35M | $27M | $32M | $24M | $22M | $48M | $95M | $111M | $155M |
| Free cash flow | $68M | $79M | $120M | $110M | $262M | $158M | $253M | $545M | $738M | $1.0B |
| Stock-based compensation | $5M | $6M | $7M | $6M | $7M | $11M | $11M | $13M | $17M | $22M |
| Dividends paid | $10M | $11M | $12M | $15M | $15M | $17M | $20M | $30M | $43M | $69M |
| Share buybacks (net) | -$13M | -$9M | -$29M | -$20M | -$30M | -$27M | -$38M | -$21M | -$58M | -$216M |
| Free cash flow margin | 4.2% | 4.4% | 5.5% | 4.2% | 9.2% | 5.1% | 6.1% | 10.5% | 10.5% | 56.3% |
| Dividends per share | $0.27 | $0.29 | $0.33 | $0.39 | $0.42 | $0.48 | $0.56 | $0.85 | $1.20 | $1.94 |
Questions
What was Comfort Systems USA's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Comfort Systems USA generate?
$1.0B in fiscal 2025 (operating cash flow minus capital spending).
From Comfort Systems USA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.