FIXHIGH SIGNALFINANCIAL10-K

Comfort Systems USA delivered substantially higher profitability with net income roughly doubling year-over-year alongside meaningful expansion in operating performance.

The dramatic improvement in profitability metrics suggests either significant operational leverage from revenue growth, major efficiency gains, or potential one-time benefits that warrant closer examination. The company's expansion from 47 to 50 operating units and 178 to 190 locations indicates continued geographic growth supporting the strong financial performance.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

The company demonstrated robust financial expansion with gross profit approaching $2.2B and operating income reaching $1.3B, both substantially higher than the prior year. Cash position grew notably to nearly $1B while total assets expanded to $6.4B, reflecting a strengthened balance sheet. Operating cash flow reached $1.2B with proportionally higher capital expenditures of $155M, suggesting the company is reinvesting meaningfully in growth while generating strong cash returns.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+95.7%
$522.4M→$1.0B

Net income grew 95.7% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+78.5%
$549.9M→$981.9M

Cash position surged 78.5% — strong cash generation or capital raise providing significant financial cushion.

Operating Income
P&L
+75.4%
$749.4M→$1.3B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Gross Profit
P&L
+48.7%
$1.5B→$2.2B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Assets
Balance Sheet
+47.3%
$2.8B→$4.1B

Current assets grew 47.3% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+43.7%
$1.7B→$2.4B

Equity base grew 43.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Inventory
Balance Sheet
+41.9%
$59.2M→$84.1M

Inventory surged 41.9% — growing faster than typical sales pace; potential demand softening or supply chain overcorrection.

Operating Cash Flow
Cash Flow
+39.7%
$849.1M→$1.2B

Operating cash flow surged 39.7% — exceptional cash generation, highest quality earnings signal.

Capital Expenditure
Cash Flow
+39.5%
$111.1M→$154.9M

Capital expenditure jumped 39.5% — major investment cycle underway; assess returns on deployment.

Total Assets
Balance Sheet
+36.7%
$4.7B→$6.4B

Asset base grew 36.7% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
As of February 13, 2026, 35,174,967 shares of the registrant s common stock were outstanding (excluding treasury shares of 5,948,398).
These forward-looking statements are based on the current expectations and beliefs of the Company concerning future developments and their effect on the Company.
For additional information regarding known material factors that could cause the Company s results to differ from its projected results, please see its filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether because of new information, future events, or otherwise, except as otherwise required by law.
We build, install, maintain, repair and replace mechanical, electrical and plumbing ( MEP ) systems through our 50 operating units with 190 locations in 142 cities throughout the United States.
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REMOVED
As of February 14, 2025, 35,553,062 shares of the registrant s common stock were outstanding (excluding treasury shares of 5,570,303).
These forward-looking statements are based on the current expectations and beliefs of Comfort Systems USA, Inc.
and its subsidiaries (collectively, the Company ) concerning future developments and their effect on the Company.
Known material factors that could cause the Company s actual results to differ from those in the forward-looking statements are those described in Part I, Item 1A.
The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.
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