STOCK TITAN

Comfort Systems USA (NYSE: FIX) Q2 earnings surge as backlog grows and dividend rises

(High)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Comfort Systems USA reported sharply higher results for the quarter ended June 30, 2026. Revenue rose to $3.27 billion from $2.17 billion, while net income increased to $441.6 million, or $12.53 per diluted share, versus $230.8 million, or $6.53, a year earlier. Management highlighted a 50% revenue increase and 92% growth in per share earnings. Operating income margin improved to 17.1% from 13.8%, and operating cash flow reached $1.14 billion, contributing to Adjusted EBITDA of $600,491 thousand, or 18.4% of revenue.

Backlog grew to $14.06 billion as of June 30, 2026, compared with $12.45 billion at March 31, 2026 and $8.12 billion a year earlier; same-store backlog was $13.70 billion. For the first half of 2026, revenue was $6.13 billion with net income of $812.0 million and diluted EPS of $23.03. The board of directors increased the quarterly dividend to $0.90 per share, up from $0.80, payable August 24, 2026 to stockholders of record on August 13, 2026.

Positive

  • Quarterly revenue rose to $3.27 billion and net income to $441.6 million, with diluted EPS of $12.53; management noted 50% revenue growth and 92% per-share earnings growth versus the prior-year quarter.
  • Operating cash flow reached $1.14 billion in Q2 2026 and $1.53 billion for the first half, supporting free cash flow of $999,320 thousand for the quarter and $1,241,549 thousand year-to-date.
  • Backlog expanded to $14.06 billion as of June 30, 2026, with same-store backlog of $13.70 billion, up from $8.12 billion a year earlier, enhancing visibility into future activity.
  • The board raised the quarterly dividend to $0.90 per share, a $0.10 increase from the prior $0.80 dividend, payable August 24, 2026 to stockholders of record on August 13, 2026.

Negative

  • None.

Filing Explained

At June 30, 2026, the company reported cash of $1,854,794 thousand, long-term debt of $53,849 thousand, and six-month free cash flow of $1,241,549 thousand.

The filing’s unaudited balance sheet at June 30, 2026 reports cash and equivalents of $1,854,794 thousand and long-term debt of $53,849 thousand, giving existing holders a quarter-end view of company liquidity and debt obligations.

For the six months ended June 30, 2026, operating activities provided $1,528,254 thousand; after property and equipment purchases and sales, reported free cash flow was $1,241,549 thousand. This adds cash-generation information to the period’s results without establishing a new ownership or issuance event.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $3,265,656 (in thousands) Revenue for the quarter ended June 30, 2026; also described as $3.27 billion
Q2 2026 Net Income $441,602 (in thousands) Net income for the quarter ended June 30, 2026
Q2 2026 Diluted EPS $12.53 Diluted earnings per share for the quarter ended June 30, 2026
Q2 2026 Operating Cash Flow $1,139,426 (in thousands) Cash provided by operating activities for the quarter ended June 30, 2026
Backlog June 30, 2026 $14.06 billion Total backlog as of June 30, 2026
Q2 2026 Adjusted EBITDA $600,491 (in thousands) Adjusted EBITDA and 18.4% margin for the quarter ended June 30, 2026
Quarterly Dividend $0.90 per share Dividend declared payable August 24, 2026 to stockholders of record August 13, 2026
Q2 2026 Free Cash Flow $999,320 (in thousands) Free cash flow for the quarter ended June 30, 2026
Adjusted EBITDA financial
"Supplemental Non-GAAP Information — Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
backlog financial
"Backlog as of June 30, 2026 was $14.06 billion as compared to $12.45 billion"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
free cash flow financial
"Free cash flow was $999,320 for the quarter and $1,241,549 for the six months"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
contingent earn-out obligations financial
"Changes in the fair value of contingent earn-out obligations"
Contingent earn-out obligations are future payments a buyer agrees to pay a seller after an acquisition only if the acquired business meets specific performance targets, such as revenue or profit milestones. They matter to investors because they shift part of the purchase price into the future based on results—like promising a bonus if a project succeeds—affecting expected cash flows, the true cost of a deal, and the risk that the buyer or shareholders may face additional payouts or dilution down the road.
Regulation FD regulatory
"uses any of the following to comply with its disclosure obligations under Regulation FD"
Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.
Q2 2026 revenue $3.27 billion up 50% year over year, as noted by management
Q2 2026 net income $441.6 million up from $230.8 million in Q2 2025
Q2 2026 diluted EPS $12.53 up 92% from $6.53 in Q2 2025
Q2 2026 operating cash flow $1.14 billion up from $252.5 million in Q2 2025
Q2 2026 Adjusted EBITDA $600,491 (in thousands) up from $334,078 (in thousands) in Q2 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Comfort Systems USA (FIX) Q2 2026 revenue and earnings?

Comfort Systems USA reported Q2 2026 revenue of $3.27 billion and net income of $441.6 million, or $12.53 diluted EPS. A year earlier, revenue was $2.17 billion and net income $230.8 million, or $6.53 diluted EPS, reflecting 50% revenue growth and 92% EPS growth.

How did Comfort Systems USA (FIX) cash flow perform in Q2 2026?

Operating cash flow for Q2 2026 was $1.14 billion, up from $252.5 million in Q2 2025. For the first six months, operating cash flow was $1.53 billion versus $164.5 million a year earlier, driving Q2 free cash flow of $999,320 thousand and year-to-date free cash flow of $1,241,549 thousand.

What is Comfort Systems USA (FIX) backlog as of June 30, 2026?

Backlog as of June 30, 2026 was $14.06 billion, compared with $12.45 billion at March 31, 2026 and $8.12 billion at June 30, 2025. Same-store backlog increased from $8.12 billion to $13.70 billion over the same period, indicating strong underlying demand.

What were Comfort Systems USA (FIX) first-half 2026 results?

For the six months ended June 30, 2026, Comfort Systems USA generated revenue of $6.13 billion and net income of $812.0 million, or $23.03 diluted EPS. In 2025, first-half revenue was $4.00 billion and net income $400.1 million, or $11.28 diluted EPS, showing substantial year-over-year growth.

What dividend did Comfort Systems USA (FIX) declare in July 2026?

The board declared a quarterly dividend of $0.90 per share, a $0.10 increase from the prior $0.80 dividend. The dividend is payable on August 24, 2026 to stockholders of record at the close of business on August 13, 2026.

How did margins and Adjusted EBITDA trend for Comfort Systems USA (FIX) in Q2 2026?

Q2 2026 operating margin was 17.1%, up from 13.8% a year earlier. Adjusted EBITDA was $600,491 thousand, or 18.4% of revenue, compared with $334,078 thousand and a 15.4% margin in Q2 2025, indicating improved profitability.
0001035983false00010359832026-07-232026-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 23, 2026

Comfort Systems USA, Inc.

(Exact name of registrant as specified in its charter)

Delaware

  ​ ​ ​

1-13011

  ​ ​ ​

76-0526487

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

9753 Katy Freeway, Suite 700

  ​ ​ ​

Houston, Texas

77024

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code (713) 830-9600

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

FIX

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

ITEM 2.02        Results of Operations and Financial Condition

Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of Comfort Systems USA, Inc. (the “Company”) dated July 23, 2026 reporting the Company’s financial results for the second quarter of 2026.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for any purpose, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such filing.

ITEM 8.01           Other Events

Attached and incorporated herein by reference as Exhibit 99.2 is a copy of a press release of the Company dated July 23, 2026 reporting the Company’s declaration of a quarterly dividend on the Company’s common stock to stockholders of record as of the close of business on the record date, August 13, 2026.

The Company uses any of the following to comply with its disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls or the Company’s website. The Company routinely posts important information on the Investors section of its website (https://investors.comfortsystemsusa.com), including information that may be deemed to be material. The Company encourages investors and others interested in the Company to monitor these distribution channels for material disclosures.

ITEM 9.01        Financial Statements and Exhibits

(d) The following Exhibits are included herein:

Exhibit 99.1 Press Release of Comfort Systems USA, Inc. dated July 23, 2026 reporting the Company’s financial results for the second quarter of 2026.

Exhibit 99.2 Press Release of Comfort Systems USA, Inc. dated July 23, 2026 reporting the Company’s declaration of a quarterly dividend on the Company’s common stock to stockholders of record as of the close of business on the record date, August 13, 2026.

2

EXHIBIT INDEX

Exhibit
Number

  ​ ​ ​

Exhibit Title or Description

99.1

Press Release of Comfort Systems USA, Inc. dated July 23, 2026 reporting the Company’s financial results for the second quarter of 2026.

99.2

Press Release of Comfort Systems USA, Inc. dated July 23, 2026 reporting the Company’s declaration of a quarterly dividend on the Company’s common stock to stockholders of record as of the close of business on the record date, August 13, 2026.

104

Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

COMFORT SYSTEMS USA, INC.

By:

/s/ Rachel R. Eslicker

Rachel R. Eslicker, Senior Vice President and General Counsel

Date:      July 23, 2026

4

Exhibit 99.1

Graphic

CONTACT:

Julie Shaeff, Chief Accounting Officer

9753 Katy Freeway, Suite 700

ir@comfortsystemsusa.com; 713-830-9687

Houston, Texas 77024

713-830-9600

FOR IMMEDIATE RELEASE

COMFORT SYSTEMS USA REPORTS SECOND QUARTER 2026 RESULTS

Houston, TX — July 23, 2026 — Comfort Systems USA, Inc. (NYSE: FIX) (the “Company”) today reported results for the quarter ended June 30, 2026.

For the quarter ended June 30, 2026, net income was $441.6 million, or $12.53 per diluted share, as compared to $230.8 million, or $6.53 per diluted share, for the quarter ended June 30, 2025. Revenue for the second quarter of 2026 was $3.27 billion compared to $2.17 billion in 2025. The Company reported operating cash flow of $1.14 billion in the current quarter compared to $252.5 million in 2025.

Brian Lane, Comfort Systems USA’s Chief Executive Officer, said, “Our people continued their unmatched execution in markets across the country, achieving great outcomes for our customers and communities every day. Their continued excellence produced record results in virtually every aspect of our overall business. As compared to the same quarter last year, Comfort Systems USA is reporting a 50% increase in revenue, a 92% increase in per share earnings, and remarkable and completely unprecedented quarterly cash flow of more than $1 billion.”

Backlog as of June 30, 2026 was $14.06 billion as compared to $12.45 billion as of March 31, 2026 and $8.12 billion as of June 30, 2025. On a same-store basis, backlog increased from $8.12 billion as of June 30, 2025 to $13.70 billion as of June 30, 2026.

Mr. Lane concluded, “Strong ongoing demand together with our capabilities and reputation produced solid sequential and year over year backlog growth. We are grateful for the hard work and amazing performance of our teams. Our excellent workforce, combined with our strong pipelines make us optimistic about our results for the remainder of 2026 and well into 2027.”

The Company reported net income of $812.0 million, or $23.03 per diluted share, for the six months ended June 30, 2026, compared to $400.1 million, or $11.28 per diluted share, in 2025. The Company also reported revenue of $6.13 billion for the six months ended June 30, 2026, as compared to $4.00 billion in 2025. Operating cash flow for the six months ended June 30, 2026 was $1.53 billion, as compared to $164.5 million in 2025.

The Company will host a webcast and conference call to discuss its financial results and position on Friday, July 24, 2026 at 10:00 a.m. Central Time. To register for the call, please visit https://register-conf.media-server.com/register/BI777a987fe0b945e9888811125e5fa190. Upon registering, participants will receive dial-in information and a unique PIN to join the call. The call and the slide presentation to accompany the remarks can be accessed on the Company’s website at https://comfortsystemsusa.com under the “Investors” tab. A replay of the entire call will be available on the Company’s website on the next business day following the call.


Comfort Systems USA® is a leading provider of commercial, industrial and institutional heating, ventilation, air conditioning and electrical contracting services, with 206 locations in 150 cities across the nation. For more information, visit the Company’s website at https://comfortsystemsusa.com.

The Company uses any of the following to comply with its disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls or the Company’s website. The Company routinely posts important information on the Investors section of its website (https://investors.comfortsystemsusa.com), including information that may be deemed to be material. The Company encourages investors and others interested in the Company to monitor these distribution channels for material disclosures.

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,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements, which are generally not historic in nature. These forward-looking statements are based on the current expectations and beliefs of Comfort Systems USA, Inc. and its subsidiaries (collectively, the “Company”) concerning future developments and their effect on the Company. While the Company’s management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that it anticipates, and the Company’s actual results of operations, financial condition and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of our results or developments in subsequent periods. All comments concerning the Company’s expectations for future revenue and operating results are based on the Company’s forecasts for its existing operations and do not include the potential impact of any future acquisitions. The Company’s forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company’s control) and assumptions that could cause actual future results to differ materially from the Company’s historical experience and its present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the use of incorrect estimates for bidding a fixed-price contract; undertaking contractual commitments that exceed the Company’s labor resources; failing to perform contractual obligations efficiently enough to maintain profitability; national or regional weakness in construction activity and economic conditions; economic downturns in the markets where the Company operates; shortages of labor and specialty building materials or material increases to the cost thereof; financial difficulties affecting projects, vendors, customers, or subcontractors; unexpected adjustments or cancellations in our backlog resulting in the Company’s backlog failing to translate into actual revenue or profits; inflation, supply chain disruptions, and capital market volatility; the loss of significant customers; intense competition in the Company’s industry; risks associated with acquisitions, including the ability to successfully integrate those companies; impairment charges for goodwill and intangible assets; reductions or reversals of previously recorded revenue or profits as a result of the Company’s cost-to-cost input method of accounting; difficulties in the financial and surety markets; delays and/or defaults in customer payments; difficult work environment; worldwide political and economic uncertainties, including international conflicts and epidemics or pandemics; attraction and retention of key management and employees; the Company’s decentralized management structure; our ability to effectively manage our backlog and the size and cost of our operations; failure of third party subcontractors and suppliers to complete work as anticipated; difficulty in obtaining, or increased costs associated with, bonding and insurance; our ability to remain in compliance with covenants under our credit agreement, service our indebtedness, or fund our other liquidity needs; our inability to properly utilize our workforce; increases and uncertainty in insurance costs; regulatory and legal risks, including adverse litigation results, failure to comply with laws and regulations; changes in United States trade policy, and tax-related risks; the imposition of past and future liability from environmental, safety, and health regulations including the inherent risk associated with self-insurance; an increase in our


effective tax rate; a material information technology failure or a material cybersecurity breach; risks related to our common stock; failure or circumvention of our disclosure controls and procedures or internal control environment; our ability to manage growth and geographically-dispersed operations; severe weather conditions (such as storms, droughts, extreme heat or cold, wildfires and floods), including as a result of climate change, and any resulting regulations or restrictions related thereto; force majeure events; deliberate, malicious acts, including terrorism and sabotage; findings of inadequate internal controls; changes in accounting rules and regulations; and other risks detailed in our reports filed with the Securities and Exchange Commission (the “SEC”).

For additional information regarding known material factors that could cause the Company’s results to differ from its projected results, please see its filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether because of new information, future events, or otherwise, except as otherwise required by law.

— Financial tables follow —


Comfort Systems USA, Inc.

Consolidated Statements of Operations

(In Thousands, Except per Share Amounts)

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

(Unaudited)

 

(Unaudited)

 

  ​ ​ ​

2026

  ​ ​ ​

%  

  ​ ​ ​ ​ ​ ​ ​

2025

  ​ ​ ​

%  

 

  ​ ​ ​

2026

  ​ ​ ​

%  

  ​ ​ ​ ​ ​ ​ ​

2025

  ​ ​ ​

%  

 

Revenue

$

3,265,656

100.0

%

$

2,173,319

100.0

%

$

6,130,988

100.0

%

$

4,004,605

100.0

%

Cost of services

 

2,421,428

74.1

%

 

1,663,422

76.5

%

 

4,532,348

73.9

%

 

3,091,292

77.2

%

Gross profit

 

844,228

25.9

%

 

509,897

23.5

%

 

1,598,640

26.1

%

 

913,313

22.8

%

SG&A

 

287,047

8.8

%

 

210,466

9.7

%

 

556,043

9.1

%

 

405,340

10.1

%

Gain on sale of assets

 

(785)

 

 

(442)

 

 

(1,087)

 

 

(998)

 

Operating income

 

557,966

17.1

%

 

299,873

13.8

%

 

1,043,684

17.0

%

 

508,971

12.7

%

Interest income, net

 

9,614

0.3

%

 

1,214

0.1

%

 

15,948

0.3

%

 

3,862

0.1

%

Changes in the fair value of contingent earn-out obligations

(2,045)

(0.1)

%

(4,073)

(0.2)

%

(12,415)

(0.2)

%

(7,831)

(0.2)

%

Other income, net

 

708

 

(530)

 

 

1,172

 

(506)

 

Income before income taxes

 

566,243

17.3

%

 

296,484

13.6

%

 

1,048,389

17.1

%

 

504,496

12.6

%

Provision for income taxes

 

124,641

 

65,636

 

236,409

 

104,359

Net income

$

441,602

13.5

%

$

230,848

10.6

%

$

811,980

13.2

%

$

400,137

10.0

%

Income per share

Basic

$

12.54

$

6.54

$

23.06

$

11.30

Diluted

$

12.53

$

6.53

$

23.03

$

11.28

Shares used in computing income per share:

Basic

 

35,221

 

35,307

 

35,216

 

35,415

Diluted

 

35,254

 

35,369

 

35,255

 

35,486

Dividends per share

$

0.800

$

0.450

$

1.500

$

0.850


Supplemental Non-GAAP Information — Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) — (Unaudited) (In Thousands)

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

  ​ ​ ​

2026

  ​ ​ ​

%  

  ​ ​ ​

2025

  ​ ​ ​

%  

 

  ​ ​ ​

2026

  ​ ​ ​

%  

  ​ ​ ​

2025

  ​ ​ ​

%  

 

Net income

$

441,602

$

230,848

$

811,980

$

400,137

Provision for income taxes

 

124,641

 

65,636

 

236,409

 

104,359

Other expense (income), net

 

(708)

 

530

 

(1,172)

 

506

Changes in the fair value of contingent earn-out obligations

2,045

4,073

12,415

7,831

Interest income, net

 

(9,614)

 

(1,214)

 

(15,948)

 

(3,862)

Gain on sale of assets

 

(785)

 

(442)

 

(1,087)

 

(998)

Amortization

23,274

 

19,791

43,668

39,906

Depreciation

 

20,036

14,856

 

38,602

 

28,866

Adjusted EBITDA

$

600,491

 

18.4

%  

$

334,078

 

15.4

%

$

1,124,867

 

18.3

%  

$

576,745

 

14.4

%

Note: The Company defines adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) as net income, provision for income taxes, other expense (income), net, changes in the fair value of contingent earn-out obligations, interest income, net, gain on sale of assets, goodwill impairment, other one-time expenses or gains and depreciation and amortization. Other companies may define Adjusted EBITDA differently. Adjusted EBITDA is presented because it is a financial measure that is frequently requested by third parties. However, Adjusted EBITDA is not considered under generally accepted accounting principles as a primary measure of an entity’s financial results, and accordingly, Adjusted EBITDA should not be considered an alternative to operating income, net income, or cash flows as determined under generally accepted accounting principles and as reported by the Company.


Comfort Systems USA, Inc.

Condensed Consolidated Balance Sheets

(In Thousands)

  ​ ​ ​

June 30,

  ​ ​ ​

December 31,

 

2026

2025

 

(Unaudited)

 

Cash and cash equivalents

$

1,854,794

$

981,898

Billed accounts receivable, net

 

3,278,811

 

2,577,858

Unbilled accounts receivable, net

 

136,617

 

123,197

Costs and estimated earnings in excess of billings, net

 

144,553

 

88,817

Other current assets, net

 

373,627

 

338,783

Total current assets

 

5,788,402

 

4,110,553

Property and equipment, net

 

653,873

 

387,952

Goodwill

 

1,101,475

 

1,025,515

Identifiable intangible assets, net

 

534,580

 

485,168

Other noncurrent assets

 

409,476

 

431,981

Total assets

$

8,487,806

$

6,441,169

Current maturities of long-term debt

$

215

$

6,163

Accounts payable

771,906

696,348

Billings in excess of costs and estimated earnings and deferred revenue

 

3,231,104

 

2,120,262

Other current liabilities

 

765,539

 

571,077

Total current liabilities

 

4,768,764

 

3,393,850

Long-term debt

 

53,849

 

139,063

Other long-term liabilities

 

447,924

 

459,482

Total liabilities

 

5,270,537

 

3,992,395

Total stockholders’ equity

 

3,217,269

 

2,448,774

Total liabilities and stockholders’ equity

$

8,487,806

$

6,441,169


Selected Cash Flow Data (Unaudited) (In Thousands)

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

 

Cash provided by (used in):

Operating activities

$

1,139,426

$

252,495

$

1,528,254

$

164,545

Investing activities

$

(283,463)

$

(86,205)

$

(467,464)

$

(182,988)

Financing activities

$

(51,333)

$

(39,338)

$

(187,894)

$

(199,786)

Free cash flow:

Cash from operating activities

$

1,139,426

$

252,495

$

1,528,254

$

164,545

Purchases of property and equipment

(141,364)

 

(31,273)

 

(288,837)

 

(53,481)

Proceeds from sales of property and equipment

 

1,258

 

969

 

2,132

 

2,064

Free cash flow

$

999,320

$

222,191

$

1,241,549

$

113,128

Note: Free cash flow is defined as cash flow from operating activities less customary capital expenditures, plus the proceeds from asset sales. Other companies may define free cash flow differently. Free cash flow is presented because it is a financial measure that is frequently requested by third parties. However, free cash flow is not considered under generally accepted accounting principles as a primary measure of an entity’s financial results, and accordingly, free cash flow should not be considered an alternative to operating income, net income, or cash flows as determined under generally accepted accounting principles and as reported by the Company.


Exhibit 99.2

Graphic

CONTACT:

Julie Shaeff, Chief Accounting Officer

9753 Katy Freeway, Suite 700

ir@comfortsystemsusa.com; 713-830-9687

Houston, Texas 77024

713-830-9600

FOR IMMEDIATE RELEASE

COMFORT SYSTEMS USA INCREASES QUARTERLY DIVIDEND

Houston, TX — July 23, 2026 — Comfort Systems USA, Inc. (NYSE: FIX), a leading provider of commercial, industrial and institutional heating, ventilation, air conditioning and electrical contracting services, today announced that its board of directors declared a quarterly dividend of $0.90 per share, which is a $0.10 increase from the Company’s most recent dividend, on Comfort Systems USA, Inc. common stock. The dividend is payable on August 24, 2026 to stockholders of record at the close of business on August 13, 2026.

Comfort Systems USA® is a premier provider of business solutions addressing workplace comfort, with 206 locations in 150 cities across the nation. For more information, visit the Company’s website at https://comfortsystemsusa.com.


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