Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (February 2026)
20 slides from Comfort Systems Usa's investor presentation, Feb 20, 2026
Slide 1: Quality People. Building Solutions.
QUALITY PEOPLE. BUILDING SOLUTIONS. NYSE: FIX February 20, 2026
Slide 2: Safe Harbor
SAFE HARBOR Certain statements and information in this presentation may constitute forward-looking statements regarding our future business expectations, which are subject to applicable securities laws and regulations. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should
Slide 3: Comfort Systems USA
COMFORT SYSTEMS USA • Leading national mechanical, electrical, and plumbing (“MEP”) installation and service provider • $9.0+ billion yearly revenue • 67% industrial • 22,000+ employees • History of profitable growth and cash flow • Leading mechanical, electrical, and modular construction and servic
Slide 4: National Footprint: 190 Locations, 142 Cities, 22,000+ Employees
NATIONAL FOOTPRINT 190 LOCATIONS | 142 CITIES | 22,000+ EMPLOYEES 3
Slide 5: Market Outlook
MARKET OUTLOOK STRONG MARKETS • Technology – Data Centers and Chip Manufacturing • Life Sciences – Pharmaceuticals • Food Processing • Manufacturing • Healthcare • Energy Storage TRENDS • Technology • On-Shoring • Modular • Service 4
Slide 6: Segment Breakdown – 2025
SEGMENT BREAKDOWN – 2025 ELECTRICAL ELECTRICAL 27% 28% MECHANICAL MECHANICAL 73% 72% REVENUE GROSS PROFIT 2025 Revenue = $9,101.6 million 2025 Gross Profit = $2,195.9 million 5
Slide 7: Revenue Breakdown – 2025
REVENUE BREAKDOWN – 2025 HEALTHCARE RETAIL SERVICE PROJECTS OTHER 9% 4% 3% OFFICE BUILDINGS 6% SERVICE & MAINTENANCE EDUCATION 7% 5% 7% MODULAR GOVERNMENT 5% 18% MANUFACTURING EXISTING CONSTRUCTION 22% TECHNOLOGY 23% NEW CONSTRUCTION 45% 46% MARKET ACTIVITY 6
Slide 8: Backlog
BACKLOG ($ in millions) $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $763 $948 $1,166 $1,602 $1,511 $2,312 $4,064 $5,157 $5,994 $11,945 $- 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 7
Slide 9: Service Maintenance Base
SERVICE MAINTENANCE BASE ($ in millions) $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $111 $116 $123 $127 $130 $147 $161 $165 $174 $182 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 8
Slide 10: Recent Financial Performance
RECENT FINANCIAL PERFORMANCE THREE MONTHS ENDED TWELVE MONTHS ENDED ($ in millions, except per share information) 12/31/25 12/31/24 12/31/25 12/31/24 Revenue $2,646.1 $1,867.8 $9,101.6 $7,027.5 Net Income $330.8 $145.9 $1,022.6 $522.4 Diluted EPS $9.37 $4.09 $28.88 $14.60 Adjusted EBITDA (1) $464.0
Slide 11: Financial Strength
FINANCIAL STRENGTH • Positive free cash flow for 27 consecutive years • Increased dividend for 14 consecutive years • Debt/TTM EBITDA = 0.10 • $981.9M cash at 12/31/25 • $145.2M total debt at 12/31/25 • Debt capacity – $100M borrowings at 12/31/25 – $1.10B senior credit facility – 2030 maturity 10
Slide 12: Capital Allocation
CAPITAL ALLOCATION ($ in thousands) AVERAGE 2007 - 2025 $16,408 11% $28,588 18% $108,384 71% Acquisitions Share Repurchases Dividends 11
Slide 13: Capital Returned
CAPITAL RETURNED ($ in thousands) FISCAL PERIOD SHARE REPURCHASES DIVIDENDS CAPITAL RETURNED 2016 $13,088 $10,264 $23,352 2017 $9,007 $10,987 $19,994 2018 $28,533 $12,268 $40,801 2019 $19,550 $14,543 $34,093 2020 $30,120 $15,499 $45,619 2021 $27,054 $17,384 $44,438 2022 $38,216 $20,077 $58,293 2023
Slide 14: Modular Off-Site Construction
MODULAR OFF-SITE CONSTRUCTION
Slide 15: Sustainability Overview
SUSTAINABILITY OVERVIEW Our sustainability goals are embedded in how we operate as a business – they are part of our very foundation and core values of being safe, honest, respectful, collaborative, and innovative – and we have diligently sought to develop transparent disclosures to support our sust
Slide 16: Innovation with an Emphasis on Productivity
INNOVATION WITH AN EMPHASIS ON PRODUCTIVITY FUTURE • Pilots of emerging technologies • Partnerships with industry leading tech firms • Data analytics to drive business insights INNOVATION 2015 – PRESENT • Investments in advanced BIM technologies • EAS & TAS modular construction • Mobile technology d
Slide 17: Our Values
OUR VALUES Be safe Be honest Be respectful Be innovative Be collaborative 16
Slide 18: Our Strengths
OUR STRENGTHS • Unmatched workforce • Consistent free cash flow • Strong Balance Sheet • Strong acquisition record • Attractive geographies • Leading innovation 17
Slide 19: Thank You
THANK YOU 22,000+ EMPLOYEES 22,000+ of the most qualified HVAC and electrical contracting personnel in America 190 LOCATIONS $9.0+ BILLION 50 operating companies across Approximately $9.0+ billion in America at 190 locations in 142 cities yearly revenue CONTACT: Chrissy Nelson Director – Investor Re
Slide 20: Appendix I – GAAP Reconciliation to Adjusted EBITDA
APPENDIX I – GAAP RECONCILIATION TO ADJUSTED EBITDA Three Months Ended December 31, Twelve Months Ended December 31, ($ in thousands) 2025 2024 2025 2024 Net Income $330,806 $145,870 $1,022,558 $522,433 Provision for Income Taxes 87,693 40,168 270,895 144,128 Other Expense (Income), Net 32 (109) 258
Comfort Systems USA — Investor Presentation (February 2026) on 6ix