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EarningsQ3 2026 Earnings Report
FIX Q3 2026 EPS Results
Actual EPS$13.91
Consensus EPS$12.85
Beat/MissBeat by +$1.06
One Year Ago EPS$8.25
FIX Q3 2026 Revenue Results
Actual Revenue$3.77B
Expected Revenue$3.40B
Beat/MissBeat by +$365.24M
YoY Revenue Growth+53.67%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeAfter Close
Conference CallThursday, October 22, 2026
FIX Upcoming Earnings
Comfort Systems's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
FIX Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Management reported record revenue, earnings, EBITDA, backlog, and demand, along with substantial growth in electrical, mechanical, technology, modular, and service activities. The company also raised its dividend, repurchased shares, expanded capacity, and expressed confidence in its 2026-2027 outlook. The principal challenges were electrical margin pressure, a cost mix with more equipment and materials, early-stage project economics, labor availability, and the need for additional diligence before adding programmatic modular customers, but management characterized these issues as manageable and maintained a confident outlook.Company Guidance
Record Earnings and Revenue Growth
Third-quarter revenue was $3.8 billion, an increase of $1.3 billion or 54% compared to last year. Earnings were $13.91 per share, $5.66 higher than the same quarter last year, and net income was $489 million versus $292 million in the prior-year quarter.
Strong Segment Revenue Performance
Electrical segment revenue grew by 85%, while mechanical revenue grew by 43%. Through nine months, same-store revenue increased 47%, and the company expects full-year same-store revenue growth to be in the mid-40% range.
Robust Backlog and Bookings
Backlog reached a record $17.8 billion, marking the eighth consecutive sequential backlog increase. Backlog increased by $8.4 billion or 90% year over year and by $3.8 billion or 27% sequentially. Management said the backlog is now roughly 18 to 24 months in duration, compared with approximately nine months historically.
Favorable Demand and 2026-2027 Outlook
Management said demand remains strong, bookings were especially strong in the technology sector, and the company expects continuing growth and strong results for the remainder of 2026 and into 2027. Full-year 2027 same-store revenue is estimated to grow in the mid-20% range.
Gross Profit and Operating Income Expansion
Third-quarter gross profit was $934 million, $327 million higher than a year ago, while gross profit margin remained strong at 24.8%. Operating income increased 65%, from $379 million to $625 million, and operating margin increased from 15.5% to 16.6%.
Mechanical Margin Improvement
Mechanical segment gross profit margin increased to 25.1% from 24.3% in the third quarter of 2025.
SG&A Leverage Despite Continued Investment
SG&A expense was $314 million, or 8.3% of revenue, compared with $230 million, or 9.4% of revenue, in the prior-year quarter. Management said it continues to invest to support the company's extraordinary growth.
EBITDA Growth
EBITDA increased 61% to $668 million from $400 million in the third quarter of 2025. Trailing 12-month EBITDA was approximately $2.3 billion.
Strong Cash Generation and Collections
Third-quarter free cash flow was $86 million, and year-to-date cash flow was roughly $2 billion. The company benefited from advantageous payment terms and favorable collections from large technology customers.
Modular Capacity Expansion
The company remains on track to have over 4 million square feet of modular space by the end of 2026 and expects approximately 6 million square feet of capacity by the end of 2027. The announced build-out is supported by current programmatic customers, while the company is also building products for new frontier lab and colocation customers.
Technology-Led Revenue Mix
Industrial customers accounted for 76% of revenue in the first nine months of 2026. Technology represented 59% of revenue, up from 42% in the prior year, and was a major driver of pipeline and backlog.
Service Business Growth
Service revenue increased 13% in the quarter. Service represented 10% of total revenue, and management said service profitability was stronger than ever and remains a growing and reliable source of profit and cash flow.
Acquisitions Expand Capabilities
The company acquired Lewis Electrical in Melbourne, Florida, and Neopod, a health care module company based in New Braunfels, Texas, on August 1. Management expects the two companies to contribute over $100 million in annual revenue at good margins.
Shareholder Returns Increased
The quarterly dividend was increased by $0.10 to $1 per share. Year to date, the company returned $349 million to shareholders and retired approximately 212,000 shares, including approximately $200 million of share repurchases during the quarter.
Prefabrication and Capacity Investment
The company invested over $100 million in capital expenditures to expand prefabrication facilities for its traditional construction business. Full-year capital expenditures are estimated at 4% to 5% of revenue, with elevated levels expected during the first half of 2027.
Positive CFO Succession Plan
CFO William George announced his retirement after 30 years with the company. Julie Shaeff will be promoted to CFO shortly after the company reports its 2026 results, and management expressed confidence in her ability to lead the finance organization through the transition.
Strong Execution and Labor Position
Management said the company has labor planned against every dollar of backlog it has accepted and is confident it can execute its current backlog. The company had over 25,000 employees, supported by training, a traveling workforce, contract craft operations, and acquisitions that help place people where work is located.
Broad Geographic Strength
Management identified Texas as especially strong, with Georgia strengthening and notable activity in Mississippi, Louisiana, North and South Carolina, Utah, and Iowa. Arizona was described as having significant upcoming semiconductor work.
No Current Project Delays from Moratoriums
Management said it was not aware of any project whose trajectory had changed because of data center moratoriums or related political and regulatory considerations, and stated that current Comfort Systems work had not been delayed by any moratorium.
Disciplined Acquisition Approach
Management said the company has a very good acquisition pipeline but will not complete a transaction simply because it has available cash. The company emphasized patience, discipline, customer financial strength, payment timing, and constructible and versatile products when evaluating acquisitions and new modular relationships.
FIX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed