Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q3 2025 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Oct 24, 2025
Slide 1: Q3 2025 Earnings Call
QUALITY PEOPLE. BUILDING SOLUTIONS. Q3 2025 Earnings Call NYSE: FIX October 24, 2025
Slide 2: Safe Harbor / Non-GAAP Measures
SAFE HARBOR Certain statements and information in this press release 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,” “shoul
Slide 3: Q3 2025 Financial Results Highlights
Q3 2025 FINANCIAL RESULTS HIGHLIGHTS Q3 2025 Revenue was $2.45 billion compared to $1.81 billion in Q3 2024 Gross Profit percentage increased to 24.8% vs. 21.1% in Q3 2024 SG&A increased to $229.6 million from $180.2 million in Q3 2024 EPS was $8.25 per diluted share compared to $4.09 in Q3 2024 Q3
Slide 4: Key Financial Data – Income Statement – QTD
KEY FINANCIAL DATA – INCOME STATEMENT - QTD ($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended September 30, Variance 2025 2024 $ % Revenue $ 2,450,969 100.0% $ 1,812,366 100.0% $ 638,603 35.2% Cost of Services 1,843,098 75.2% 1,430,652 78.9% 412,446 28.8% Gross Profit 607,8
Slide 5: Key Financial Data – Balance Sheet
KEY FINANCIAL DATA – BALANCE SHEET ($ Millions) 9/30/2025 12/31/2024 (Unaudited) Cash $ 860.5 $ 549.9 Working Capital $ 671.3 $ 207.5 Goodwill $ 928.2 $ 875.3 Intangible Assets, Net $ 431.9 $ 434.4 Total Debt $ 136.0 $ 68.3 Equity $ 2,233.4 $ 1,704.7 4
Slide 6: 2025 YTD Financial Results Highlights
2025 YTD FINANCIAL RESULTS HIGHLIGHTS 2025 YTD Revenue was $6.46 billion compared to $5.16 billion for the same period in 2024 Gross Profit percentage increased to 23.6% from 20.2% for the same period in 2024 SG&A increased to $634.9 million from $522.4 million for the same period in 2024 EPS was $1
Slide 7: Key Financial Data – Income Statement – YTD
KEY FINANCIAL DATA – INCOME STATEMENT - YTD ($ Thousands, Except Per Share Data) (Unaudited) For the Nine Months Ended September 30, Variance 2025 2024 $ % Revenue $ 6,455,574 100.0% $ 5,159,672 100.0% $ 1,295,902 25.1% Cost of Services 4,934,390 76.4% 4,116,999 79.8% 817,391 19.9% Gross Profit 1,52
Slide 8: Backlog
BACKLOG ($ Millions) (Unaudited) $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $598 $630 $618 $604 $758 $712 $763 $948 $1,166 $1,602 $1,511 $2,312 $4,064 $5,157 $5,994 $9,377 $- 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 25 7
Slide 9: Revenue by Type of Customer
REVENUE BY TYPE OF CUSTOMER (YTD) INSTITUTIONAL EDUCATION AL GOVERNMENT 8.2% 5.1% CI ER HEALTHCARE RETAIL / RESTAURANT / 9.1% ENTERTAINMENT MM 3.9% MULTI-FAMILY / OTHER RESIDENTIAL CO 1.6% 1.5% OFFICE BUILDINGS 5.5% MANUFACTURING TECHNOLOGY 22.7% 42.4% TRIAL S 8 INDU
Slide 10: Revenue by Activity Type
REVENUE BY ACTIVITY TYPE YTD 2025 Annual 2024 6.5% 6.7% 7.6% 8.9% 25.2% 27.7% 60.7% 56.7% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
Slide 11: Appendix
APPENDIX 10
Slide 12: Appendix I – GAAP Reconciliation to Adjusted EBITDA
APPENDIX I – GAAP RECONCILIATION TO ADJUSTED EBITDA ($ Thousands) (Unaudited) Three Mont hs Ended Nine Mont hs Ended S ept em ber 30, S ept em ber 30, 2025 2024 2025 2024 Net Income $ 291,615 $ 146,235 $ 691,752 $ 376,563 Provision for Income Taxes 78,843 41,577 183,202 103,960 Other Expense (Income
Slide 13: Appendix II – GAAP Reconciliation to Free Cash Flow
APPENDIX II – GAAP RECONCILIATION TO FREE CASH FLOW ($ Thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Cash from Operating Activities $ 553,271 $ 302,179 $ 717,816 $ 638,594 Purchases of Property and Equipment (35,332) (22,059) (88,813) (70