Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Q2 2025 Earnings Presentation
13 slides from Comfort Systems Usa's earnings presentation, Jul 25, 2025
Slide 1: Q2 2025 Earnings
Q2 2025 Earnings | all NYSE: FIX July 25, 2025 SvstemsU) AA
Slide 2: Forward-looking statements
Certain statements and information in this presentation may constitute forward-looking statements within the meaning of applicable securities laws and regulations. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are i
Slide 3: Q2 2025 results highlights
Q2 2025 Revenue was $2.17 billion compared to $1.81 billion in Q2 2024 Gross Profit percentage increased to 23.5% vs. 20.1% in Q2 2024 SG&A increased to $210.5 million from $179.5 million in Q2 2024 EPS was $6.53 per diluted share compared to $3.74 in Q2 2024 Q2 2025 Cash Flow from Operations was $2
Slide 4: Revenue, Cost of Services, Gross Profit (Three Months)
($ Thousands, Except Per Share Data) (Unaudited) For the Three Months Ended June 30, Variance 2025 2024 $ % Revenue $ 2,173,319 100.0% $ 1,810,290 100.0% $ 363,029 20.1% Cost of Services 1,663,422 76.5% 1,446,694 79.9% 216,728 15.0% Gross Profit 509,897 23.5% 363,596 20.1% 146,301 40.2% Selling, Gen
Slide 5: Cash, Working Capital, Goodwill
($ Millions) 6/30/2025 12/31/2024 (Unaudited) Cash $ 331.7 $ 549.9 Working Capital $ 343.7 $ 207.5 Goodwill $ 927.8 $ 875.3 Intangible Assets, Net $ 451.4 $ 434.4 Total Debt $ 73.0 $ 68.3 Equity $ 1,971.2 $ 1,704.7
Slide 6: 2025 YTD results highlights
2025 YTD Revenue was $4.00 billion compared to $3.35 billion for the same period in 2024 Gross Profit percentage increased to 22.8% from 19.7% for the same period in 2024 SG&A increased to $405.3 million from $342.3 million for the same period in 2024 EPS was $11.28 per diluted share compared to $6.
Slide 7: Revenue, Cost of Services, Gross Profit (Six Months)
($ Thousands, Except Per Share Data) (Unaudited) For the Six Months Ended June 30, Variance 2025 2024 $ % Revenue $ 4,004,605 100.0% $ 3,347,306 100.0% $ 657,299 19.6% Cost of Services 3,091,292 77.2% 2,686,347 80.3% 404,945 15.1% Gross Profit 913,313 22.8% 660,959 19.7% 252,354 38.2% Selling, Gener
Slide 8: Backlog
BACKLOG ($ Millions) (Unaudited) $9,000 $8,124 $8,000 $7,000 $6,000 $5,994 $5,157 $5,000 $ $4,064 4,000 $3,000 $2,312 $2,000 $1,602 1511 $1,166 $1,000 9758 $763 $948 $598 $630 $618 $604 l $712 (] J BEEBEBETEEREREEEEE 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q225 7 S
Slide 9: Revenue by Type of Customer
REVENUE BY TYPE OF CUSTOMER (YTD) ace Retail / Restaurant / oSicrons / entertain LNs, oO Resi Other 4.0% 2”, S) Healthcare << 9.6% > Education o} 8.9% % Government 5.1% Manufacturing Technology 23.1% 40.2% ff Svstems USA
Slide 10: Revenue by Activity Type
REVENUE BY ACTIVITY TYPE Annual 2024 y- YTD 2025 @yew Construction Existing Building Construction @ Service Projects @service Calls, Maintenance & Monitoring 9 SOMFORTUGA.
Slide 11: Appendix
APPENDIX SOMFoRT USGA
Slide 12: Net Income to Adjusted EBITDA reconciliation
($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net Income $ 230,848 $ 134,009 $ 400,137 $ 230,328 Provision for Income Taxes 65,636 35,646 104,359 62,383 Other Expense (Income), net 530 (119) 506 (236) Changes in the Fair Value of Contingent Earn-
Slide 13: Free cash flow reconciliation
($ Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Cash from Operating Activities $ 252,495 $ 189,858 $ 164,545 $ 336,415 Purchases of Property and Equipment (31,273) (23,384) (53,481) (48,336) Proceeds from Sales of Property and Equipment 969 815 2,0