FIX
Updated: 25/09/2026, 01:25:03
Comfort Systems USA, Inc., together with its subsidiaries, provides mechanical and electrical installation, renovation, maintenance, repair, and replacement services for the mechanical and electrical services industry in the United States. The company operates through two segments: Mechanical and Electrical. It offers heating, ventilation, and air conditioning systems, as well as plumbing, electrical, piping and controls, off-site construction, monitoring, and fire protection. The company is also involved in the design, engineering, integration, installation, and start-up of mechanical, electrical, and plumbing (MEP) and related systems in new buildings; and renovation, expansion, maintenance, monitoring, repair, and replacement of systems in existing buildings. In addition, it provides remote monitoring of power usage, temperature, pressure, humidity and air flow for MEP and other building systems. The company serves building owners and developers, general contractors, architects, consulting engineers, and property managers in the commercial, industrial, and institutional markets. Comfort Systems USA, Inc. was founded in 1917 and is headquartered in Houston, Texas.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
1.0B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
1.0B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
0.2B
FY 2025 · Reported
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Delaware corp established 1997; mechanical and electrical contracting via 50 operating units, 190 locations in 142 US cities
“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.”
Two operating segments
Mechanical (HVAC, plumbing, piping, controls, off-site construction, monitoring, fire protection) and Electrical (installation/servicing of electrical systems)
“Our mechanical segment principally includes heating, ventilation and air conditioning (“HVAC”), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. Our electrical segment includes installation and servicing of electrical systems.”
End markets served
Commercial, industrial and institutional markets; work performed mostly in manufacturing, healthcare, education, office, technology, retail and government facilities
“We operate primarily in the commercial, industrial and institutional MEP markets and perform most of our services in manufacturing, healthcare, education, office, technology, retail and government facilities.”
2025 revenue by end-use sector
Technology 45.0%, Manufacturing 22.1%, Healthcare 8.9%, Education 7.3%, Government 5.0%, Office 5.0%, Retail/Restaurants/Entertainment 3.7%, Multi-Family 1.4%, Other 1.6%
“Technology 45.0 % Manufacturing 22.1 % Healthcare 8.9”
2025 revenue mix by service activity
Mechanical 73.3%, Electrical 26.7%; new construction installation 63.2%, renovation/maintenance/repair 36.8%
“Mechanical Services 73.3 % Electrical Services 26.7”
Government sector revenue share
5.0% of FY2025 revenue attributable to projects in the government sector.
“Because 5.0% of our revenue for the year ended December 31, 2025 was attributable to projects in the government sector”
Government sector revenue share
5.0% of FY2025 revenue attributable to projects in the government sector
“because 5.0% of our revenue for the year ended December 31, 2025 was attributable to projects in the government sector”
Skilled labor scarcity
Skilled labor increasingly scarce; focused on growing and improving skilled labor force via recruitment and training
“We believe that skilled labor forces in the building and services trades have become increasingly scarce and valuable”
Growth through acquisitions
Seeks growth through opportunistic acquisitions in new markets or service lines
“We believe that we can further increase our cash flow and operating income by continuing to opportunistically enter new markets or service lines through acquisition.”
Modular/off-site construction and service growth
Invested in modular/off-site construction via acquisitions; ongoing Service Growth Initiative to expand maintenance revenue
“we plan to continue to improve our unmatched capability in mechanical off-site or modular construction.”
Continued selective acquisition strategy
Expects to continue to pursue selective acquisitions of businesses
“We expect to continue to pursue selective acquisitions of businesses.”
Inflation and labor/material cost inflation
Inflation increased costs for labor, materials, utilities and other goods and services; may not be offset by price increases
“The global economy has recently experienced high rates of inflation, which increased our costs for labor, materials, utilities and other goods and services.”
Labor costs and supply chain delays
Expects labor cost pressures and intermittent supply chain delays to persist over the next several quarters
“We anticipate that cost pressures and intermittent delays in our supply chain will persist over the next several quarters.”
Energy price exposure, particularly gasoline
Exposed to increases in energy prices, particularly gasoline prices
“We are also exposed to increases in energy prices, particularly as they relate to gasoline prices.”
Facility utilization at December 31, 2025
$100.0M borrowings outstanding, $79.0M letters of credit, $921.0M available under revolver at Dec 31, 2025
“we had $100.0 million of outstanding borrowings on the revolving credit facility, $79.0 million in letters of credit outstanding and $921.0 million of credit available”
Revolving credit facility amended to $1.10 billion
Senior credit facility upsized from $850.0 million to $1.10 billion, expires October 1, 2030, accordion up to greater of $500M or 1.0x Adjusted EBITDA
“increases our borrowing capacity from $850.0 million to $1.10 billion. The Facility expires on October 1, 2030”
Credit facility
Credit facility not expiring until October 2030; $921.0 million available as of Dec 31, 2025
“We have a credit facility in place with terms we believe are favorable that does not expire until October 2030. As of December 31, 2025, we had $921.0 million of credit available to borrow under our credit facility.”
Letter of credit commitments and usage
$79.0M letter of credit commitments ($60.7M expiring 2026, $18.3M in 2027), mostly posted to insurers for self-insurance programs; fees 1.00-2.00% based on Net Leverage Ratio
“we have $79.0 million in letter of credit commitments, of which $60.7 million will expire in 2026 and $18.3 million will expire in 2027”
Variable rate debt interest rate exposure
Debt service obligations on variable rate indebtedness increase as interest rates rise
“we have exposure to changes in interest rates under our revolving credit facility, and as interest rates increase, our debt service obligations on our variable rate indebtedness will increase”
Liquidity outlook
27 consecutive years of positive net free cash flow; significant borrowing capacity and reasonable cash balances expected to fund operations for foreseeable future
“We have generated positive net free cash flow for the last 27 calendar years”
Demand outlook for 2026
Increasing demand since 2022, unprecedented in 2025; expects demand, especially manufacturing and technology, to remain high during 2026
“We currently expect that the demand environment, especially for manufacturing and technology customers, will remain at high levels during 2026.”
Facility amendment costs and share repurchase
Repurchased 0.4M shares for ~$217.9M (avg $489.40/share incl. excise tax); $0.3M unamortized costs written off and ~$3.7M financing/professional costs from Facility amendment
“ased 0.4 million shares for approximately $217.9 million, inclusive of the applicable excise tax, at an average price of $489.40 per share”
Off-balance sheet arrangements
Off-balance sheet obligations involving letters of credit and surety guarantees common in the industry; no significant purchase/operating commitments outside ordinary-course project work
“we have entered into certain off-balance sheet arrangements in the ordinary course of business that result in risks not directly reflected in our Consolidated Balance Sheets, such as obligations involving letters of credit and surety guarantees”
Environmental regulation of HVAC refrigerants
Clean Air Act and ozone-depleting refrigerant regulations; technician licensing standards.
“including the federal Clean Air Act and those regulating the production, servicing and disposal of certain ozone-depleting refrigerants used in HVAC systems”
Multi-state contractor licensing regulatory exposure
190 locations in 27 states; multi-jurisdiction contractor licensing compliance risk.
“Our 190 locations are located in 27 states, which exposes us to a variety of different state and local laws and regulations, particularly those pertaining to contractor licensing requirements”
Surety bond dependency risk
Approximately 10-20% of business historically required performance/payment bonds; sureties can decline to issue bonds at any time; interruption would likely cause near-term revenue and profit declines
“Historically, approximately 10% to 20% of our business has required bonds”
Fixed-price contract cost overrun risk
Company bears risk of cost overruns in most contracts; may guarantee project completion or performance testing levels
“Because we bear the risk of cost overruns in most of our contracts, we may experience reduced profits or, in some cases, losses under these contracts”
Backlog adjustment/cancellation risk
Backlog subject to unexpected adjustments and cancellations
“Backlog is subject to unexpected adjustments and cancellations, which means that amounts included in our backlog may not result in actual revenue or translate into profits”
Competition from price-bidding and emerging technologies
Highly fragmented, competitive markets; smaller competitors win bids on price; technology adoption (AI, data analytics) affects bidding competitiveness
“if our competitors develop or utilize more cost-effective or customer-preferred technologies (such as data analytics, artificial intelligence and other new and emerging technologies)”
Third-party subcontractor and supplier dependency with labor shortages
Depends on third-party subcontractors and suppliers; labor shortages may raise wages and third-party service costs
“We hire third-party subcontractors to perform work and depend on third-party suppliers to provide equipment and materials necessary to complete our projects.”
Litigation exposure from operations and indemnification
Defendant in claims including FLSA/state wage-and-hour class actions; plaintiff against customers for unpaid contractual amounts; indemnification of third parties.
“we may be subject to class action lawsuits involving allegations of violations of the Fair Labor Standards Act and state wage and hour laws”
Warranty obligations on services
Service warranties against workmanship/material defects; historical claims not material.
“We typically warrant the services we provide, guaranteeing the work performed against defects in workmanship and the material we supply”
Government contractor debarment risk
Violations could bar bidding on future government contracts.
“A violation of these laws and regulations could result in imposition of fines and penalties, the termination of a government contract or debarment from bidding on government contracts in the future”
Safety performance risk
Has experienced serious accidents including fatalities; poor safety could raise costs and damage customer relationships.
“we have experienced serious accidents, including fatalities, in the past and may experience additional accidents in the future”
Tariff and trade policy risk
Trade policy/tariff changes could raise input costs for materials and supplies.
“adopting responsive trade policies making it more difficult or costly for us to purchase materials or supplies”
Goodwill and intangible asset impairment risk
Significant goodwill and intangibles; past impairment determinations may recur
“We have determined in the past and may again determine in the future that a significant impairment has occurred in the value of our unamortized intangible assets”
ESG and sustainability reporting exposure
Diverging ESG reporting requirements could expand compliance scope and complexity.
“including expanding mandatory and voluntary reporting, diligence and disclosure on topics such as climate change, human capital, labor and risk oversight”
Acquisition integration risks
Acquisitions expose company to integration, liability, and retention risks
“The failure to successfully integrate acquisitions could have an adverse effect on our business, financial condition, results of operations, and cash flows.”
Government spending reduction exposure
Reduction in government spending could adversely affect business given 5.0% government-sector revenue
“a reduction in federal, state, or local government spending in our industries and markets could have an adverse effect on our business”
Technology is the largest end-use sector at 45.0% of 2025 revenue, and management expects technology customer demand to remain high in 2026.
“Technology 45.0 %”
Demand depends on construction project activity; recessions reduce demand and increase payment risk from vendors and contractors.
“The demand for our services is dependent upon the existence of construction projects and service requirements within the markets in which we operate.”
Increasing labor costs and skilled labor scarcity pressure margins on fixed-price project work; labor is the majority of cost of service.
“we have also experienced increases in labor costs and delays in delivery of certain materials and equipment”
Manufacturing accounts for 22.1% of 2025 revenue; demand expected to remain high in 2026.
“Manufacturing 22.1 %”
Labor shortages drive higher wages, overtime, and third-party service costs, reducing profitability.
“Recent labor shortages may also lead to higher wages for employees and higher costs to purchase the services of third parties.”
Inflation raises labor, materials, and utilities costs which may not be passed to customers.
“rising inflation may result in higher costs for labor and materials needed to complete our contracts, and we may be unable to pass these heightened costs to our customers”
Project completion depends on third-party subcontractors and suppliers performing as anticipated.
“We hire third-party subcontractors to perform work and depend on third-party suppliers to provide equipment and materials necessary to complete our projects.”
10-20% of business requires surety bonds; if sureties decline to issue bonds, revenue and profits would likely decline in the near term.
“such an interruption would likely cause our revenue and profits to decline in the near term”
Growing emphasis on air quality, sustainability and energy efficiency drives replacement of aging systems with modern energy-efficient MEP systems.
“growing emphasis on internal air quality, environmental sustainability and energy efficiency”
Under standard surety market terms, sureties issue bonds project-by-project and can decline at any time; changes in market conditions or sureties' risk assessments could restrict bonding capacity.
“sureties issue bonds on a project-by-project basis and can decline to issue bonds at any time”
Demand tied to national nonresidential construction, driven by GDP, interest rates, business investment, employment, demographics and government fiscal condition.
“macroeconomic factors they believe drive the sector, including trends in gross domestic product, interest rates, business investment, employment, demographics and the fiscal condition of federal, state and local governments”
Company files federal and virtually all state income taxes in the U.S.; changes in tax laws and audits could materially impact results.
“file income taxes in federal and virtually all state jurisdictions”
Many customers, particularly on new construction, require performance and payment bonds; loss of bonding capacity could push customers away and raise creditworthiness concerns among customers and suppliers.
“Many customers, particularly in connection with new construction, require us to post performance and payment bonds issued by a financial institution known as a surety”
Facility borrowings bear floating Base Rate or SOFR-based interest, exposing interest expense to rate movements; interest expense on borrowings rose to $3.8M in 2025 from $1.4M in 2024.
“There are two interest rate options for borrowings under the Facility, the Base Rate Loan (as defined in the Facility) option and the Secured Overnight Financing Rate (“SOFR”) Loan option”
Variable rate indebtedness under revolving credit facility raises debt service costs as rates rise.
“we have exposure to changes in interest rates under our revolving credit facility”
Competitors using AI/data analytics in bidding could take market share if company does not adopt new technologies.
“or if our competitors develop or utilize more cost-effective or customer-preferred technologies (such as data analytics, artificial intelligence and other new and emerging technologies)”
Price competition from local/regional participants is expected to continue; price for value is the most influential customer selection factor.
“we expect price competition to continue as local and regional industry participants compete for customers”
Clean Air Act and refrigerant regulations govern HVAC production, servicing, and disposal, imposing compliance costs and licensing requirements.
“HVAC systems are subject to various environmental statutes and regulations, including the federal Clean Air Act”
Potential FLSA and state wage-and-hour class action lawsuits could impose costs and damages on the company.
“class action lawsuits involving allegations of violations of the Fair Labor Standards Act and state wage and hour laws”
5.0% of FY2025 revenue from government-sector projects; reduced government spending would hurt revenue.
“because 5.0% of our revenue for the year ended December 31, 2025 was attributable to projects in the government sector”
$37.1 million of unrecognized tax benefits on the balance sheet represent potential tax exposure.
“$37.1 million of liabilities for uncertain tax positions, or unrecognized tax benefits”
Company exposed to increases in energy prices, particularly gasoline.
“We are also exposed to increases in energy prices, particularly as they relate to gasoline prices.”
Changes in U.S. trade policy and responsive foreign tariffs could make materials and supplies more difficult or costly to purchase.
“adopting responsive trade policies making it more difficult or costly for us to purchase materials or supplies”
5.0% of FY2025 revenue is from government sector projects, exposing the company to government contracting rules, audits, and debarment risk.
“5.0% of our revenue for the year ended December 31, 2025 was attributable to projects in the government sector”
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