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American HVAC company
Comfort Systems USA, Inc. is an American company that provides mechanical and electrical contracting services, primarily HVAC, plumbing, piping and controls, off-site construction, monitoring and fire protection, and installation and servicing of electrical systems.3 From Wikipedia, CC BY-SA 4.0
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Last updated Oct 18, 2026.
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Comfort Systems USA, Inc. is an American company that provides mechanical and electrical contracting services, primarily HVAC, plumbing, piping and controls, off-site construction, monitoring and fire protection, and installation and servicing of electrical systems.3
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue by product, business segment and region, as the company reports it to the SEC.
Mechanical brought in 73% of the revenue Comfort Systems USA broke down this way in fiscal 2025.
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Mechanical | $3.9B | $5.5B | $6.7B |
| Electrical | $1.3B | $1.5B | $2.4B |
New Construction brought in 53% of the revenue Comfort Systems USA broke down this way in fiscal 2025.
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| New Construction | $2.9B | $4.0B | $5.8B |
| Existing Building Construction | $1.3B | $1.9B | $2.1B |
| Mechanical | $3.9B | $5.5B | $1.4B |
| Service Calls, Maintenance and Monitoring | $570.3M | $628.9M | $661.6M |
| Service Projects | $446.2M | $468.9M | $568.8M |
| Electrical | $1.3B | $1.5B | $429.1M |
Out of $1.2B of cash from operations.8
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| REVENUE | $9.1B | $7.0B | $5.2B |
| COST OF SERVICES | $6.9B | $5.6B | $4.2B |
| Gross profit | $2.2B | $1.5B | $990.5M |
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | $883.3M | $730.1M | $574.4M |
| GAIN ON SALE OF ASSETS | -$2.0M | -$3.0M | -$2.3M |
| Operating income | $1.3B | $749.4M | $418.4M |
| Interest income | $21.6M | $11.6M | $3.5M |
| Interest expense | -$9.0M | -$6.6M | -$10.3M |
| Changes in the fair value of contingent earn-out obligations | -$33.5M | -$88.1M | -$23.6M |
| Other | -$258.0K | $432.0K | $202.0K |
| Other income (expense) | -$21.1M | -$82.8M | -$30.2M |
| INCOME BEFORE INCOME TAXES | $1.3B | $666.6M | $388.2M |
| PROVISION FOR INCOME TAXES | $270.9M | $144.1M | $64.8M |
| NET INCOME | $1.0B | $522.4M | $323.4M |
| Basic | $28.93 | $14.64 | $9.03 |
| Diluted | $28.88 | $14.60 | $9.01 |
| Basic | 35.3M shares | 35.7M shares | 35.8M shares |
| Diluted | 35.4M shares | 35.8M shares | 35.9M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $981.9M | $549.9M | ||
| Billed accounts receivable, less allowance for credit losses of $19,708 and $15,286, respectively | $2.6B | $1.9B | ||
| Unbilled accounts receivable, less allowance for credit losses of $1,508 and $1,475, respectively | $123.2M | $95.8M | ||
| Other receivables, less allowance for credit losses of $325 and $553, respectively | $116.2M | $86.2M | ||
| Inventories | $84.1M | $59.2M | ||
| Prepaid expenses and other | $138.6M | $46.2M | ||
| Costs and estimated earnings in excess of billings, less allowance for credit losses of $255 and $271, respectively | $88.8M | $91.7M | ||
| Total current assets | $4.1B | $2.8B | ||
| PROPERTY AND EQUIPMENT, NET | $388.0M | $277.2M | ||
| LEASE RIGHT-OF-USE ASSETS | $322.9M | $229.1M | ||
| GOODWILL | $1.0B | $875.3M | $666.8M | |
| IDENTIFIABLE INTANGIBLE ASSETS, NET | $485.2M | $434.4M | ||
| DEFERRED TAX ASSETS | $84.1M | $85.4M | ||
| OTHER NONCURRENT ASSETS | $24.9M | $19.4M | ||
| Total assets | $6.4B | $4.7B | ||
| Current maturities of long-term debt | $6.2M | $6.0M | ||
| Accounts payable | $696.3M | $654.9M | ||
| Accrued compensation and benefits | $291.7M | $228.6M | ||
| Billings in excess of costs and estimated earnings and deferred revenue | $2.1B | $1.1B | ||
| Accrued self-insurance | $43.0M | $42.3M | ||
| Other current liabilities | $236.4M | $501.6M | ||
| Total current liabilities | $3.4B | $2.6B | ||
| LONG-TERM DEBT | $139.1M | $62.3M | ||
| LEASE LIABILITIES | $302.6M | $212.1M | ||
| DEFERRED TAX LIABILITIES | $3.9M | $2.2M | ||
| OTHER LONG-TERM LIABILITIES | $153.0M | $147.0M | ||
| Total liabilities | $4.0B | $3.0B | ||
| Common stock, $.01 par, 102,969,912 shares authorized, 41,123,365 and 41,123,365 shares issued, respectively | $411.0K | $411.0K | ||
| Treasury stock, at cost, 5,946,145 and 5,562,453 shares, respectively | -$496.0M | -$273.8M | ||
| Additional paid-in capital | $363.3M | $350.7M | ||
| Retained earnings | $2.6B | $1.6B | ||
| Total stockholders' equity | $2.4B | $1.7B | $1.3B | $999.9M |
| Total liabilities and stockholders' equity | $6.4B | $4.7B | ||
| Billed accounts receivable, allowance for credit losses (in dollars) | $19.7M | $15.3M | ||
| Unbilled accounts receivable, allowance for credit losses (in dollars) | $1.5M | $1.5M | ||
| Other receivables, allowance for credit losses (in dollars) | $325.0K | $553.0K | ||
| Costs and estimated earnings in excess of billings, allowance for credit losses (in dollars) | $255.0K | $271.0K | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized | 103.0M shares | 103.0M shares | ||
| Common stock, shares issued | 41.1M shares | 41.1M shares | ||
| Treasury stock, shares | 5.9M shares | 5.6M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $981.9M | $549.9M | ||
| Billed accounts receivable, less allowance for credit losses of $19,708 and $15,286, respectively | $2.6B | $1.9B | ||
| Unbilled accounts receivable, less allowance for credit losses of $1,508 and $1,475, respectively | $123.2M | $95.8M | ||
| Other receivables, less allowance for credit losses of $325 and $553, respectively | $116.2M | $86.2M | ||
| Inventories | $84.1M | $59.2M | ||
| Prepaid expenses and other | $138.6M | $46.2M | ||
| Costs and estimated earnings in excess of billings, less allowance for credit losses of $255 and $271, respectively | $88.8M | $91.7M | ||
| Total current assets | $4.1B | $2.8B | ||
| PROPERTY AND EQUIPMENT, NET | $388.0M | $277.2M | ||
| LEASE RIGHT-OF-USE ASSETS | $322.9M | $229.1M | ||
| GOODWILL | $1.0B | $875.3M | $666.8M | |
| IDENTIFIABLE INTANGIBLE ASSETS, NET | $485.2M | $434.4M | ||
| DEFERRED TAX ASSETS | $84.1M | $85.4M | ||
| OTHER NONCURRENT ASSETS | $24.9M | $19.4M | ||
| Total assets | $6.4B | $4.7B | ||
| Current maturities of long-term debt | $6.2M | $6.0M | ||
| Accounts payable | $696.3M | $654.9M | ||
| Accrued compensation and benefits | $291.7M | $228.6M | ||
| Billings in excess of costs and estimated earnings and deferred revenue | $2.1B | $1.1B | ||
| Accrued self-insurance | $43.0M | $42.3M | ||
| Other current liabilities | $236.4M | $501.6M | ||
| Total current liabilities | $3.4B | $2.6B | ||
| LONG-TERM DEBT | $139.1M | $62.3M | ||
| LEASE LIABILITIES | $302.6M | $212.1M | ||
| DEFERRED TAX LIABILITIES | $3.9M | $2.2M | ||
| OTHER LONG-TERM LIABILITIES | $153.0M | $147.0M | ||
| Total liabilities | $4.0B | $3.0B | ||
| Common stock, $.01 par, 102,969,912 shares authorized, 41,123,365 and 41,123,365 shares issued, respectively | $411.0K | $411.0K | ||
| Treasury stock, at cost, 5,946,145 and 5,562,453 shares, respectively | -$496.0M | -$273.8M | ||
| Additional paid-in capital | $363.3M | $350.7M | ||
| Retained earnings | $2.6B | $1.6B | ||
| Total stockholders' equity | $2.4B | $1.7B | $1.3B | $999.9M |
| Total liabilities and stockholders' equity | $6.4B | $4.7B | ||
| Billed accounts receivable, allowance for credit losses (in dollars) | $19.7M | $15.3M | ||
| Unbilled accounts receivable, allowance for credit losses (in dollars) | $1.5M | $1.5M | ||
| Other receivables, allowance for credit losses (in dollars) | $325.0K | $553.0K | ||
| Costs and estimated earnings in excess of billings, allowance for credit losses (in dollars) | $255.0K | $271.0K | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized | 5.0M shares | 5.0M shares | ||
| Preferred stock, shares issued | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized | 103.0M shares | 103.0M shares | ||
| Common stock, shares issued | 41.1M shares | 41.1M shares | ||
| Treasury stock, shares | 5.9M shares | 5.6M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $1.0B | $522.4M | $323.4M |
| Amortization of identifiable intangible assets | $79.6M | $97.3M | $43.4M |
| Depreciation expense | $62.4M | $48.2M | $38.2M |
| Change in right-of-use assets | $33.8M | $30.9M | $26.0M |
| Bad debt expense | $6.6M | $7.0M | $4.9M |
| Deferred tax provision (benefit) | -$5.3M | -$66.6M | $95.3M |
| Amortization of debt financing costs | $1.0M | $687.0K | $685.0K |
| Gain on sale of assets | -$2.0M | -$3.0M | -$2.3M |
| Changes in the fair value of contingent earn-out obligations | $33.5M | $88.1M | $23.6M |
| Stock-based compensation | $21.8M | $16.6M | $12.9M |
| Receivables, net | -$594.3M | -$333.2M | -$381.6M |
| Inventories | -$24.4M | $6.5M | -$29.7M |
| Prepaid expenses and other current assets | -$91.4M | -$7.9M | -$11.1M |
| Costs and estimated earnings in excess of billings and unbilled accounts receivable | -$19.9M | -$82.1M | $7.3M |
| Other noncurrent assets | -$386.0K | -$2.2M | -$152.0K |
| Accounts payable and other current liabilities | -$276.1M | $502.9M | $136.5M |
| Billings in excess of costs and estimated earnings and deferred revenue | $910.1M | $32.2M | $349.2M |
| Other long-term liabilities | $28.7M | -$8.8M | $3.0M |
| Net cash provided by operating activities | $1.2B | $849.1M | $639.6M |
| Purchases of property and equipment | -$154.9M | -$111.1M | -$94.8M |
| Proceeds from sales of property and equipment | $3.7M | $5.5M | $6.0M |
| Cash paid for acquisitions, net of cash acquired | -$279.6M | -$235.5M | -$102.3M |
| Payments for investments | -$64.2M | -$2.5M | -$1.9M |
| Proceeds from investments | $27.7M | ||
| Net cash used in investing activities | -$467.3M | -$343.5M | -$193.0M |
| Proceeds from revolving credit facility | $200.0M | $182.0M | $285.0M |
| Payments on revolving credit facility | -$100.0M | -$182.0M | -$500.0M |
| Proceeds from other debt | $640.0K | ||
| Payments on other debt | -$43.1M | -$26.6M | -$12.0M |
| Debt financing costs | -$3.7M | ||
| Payments of dividends to stockholders | -$68.8M | -$42.8M | -$30.4M |
| Share repurchases | -$216.0M | -$57.9M | -$21.2M |
| Shares received in lieu of tax withholding | -$10.0M | -$8.9M | -$4.7M |
| Proceeds from exercise of options | $793.0K | $184.0K | $18.0K |
| Deferred acquisition payments | -$50.0K | ||
| Payments for contingent consideration arrangements | -$46.3M | -$25.4M | -$15.3M |
| Net cash used in financing activities | -$287.1M | -$160.8M | -$298.6M |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | $432.0M | $344.8M | $147.9M |
No quarter-by-quarter statement was filed.
In June 1997, 12 companies were merged into the newly-formed Comfort Systems USA, which then became a public company via an initial public offering.
In February 2002, after a decline in business after the September 11 attacks and facing $205 million in debt due the following year, the company sold 19 subsidiaries to Emcor for $164 million in cash and the assumption of $22 million of debt.
From Wikipedia’s article on Comfort Systems USA, shared under CC BY-SA 4.0.6
Who has led Comfort Systems USA, and when. Pick a name to see everywhere that person has worked.
425 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 58 major events, 231 insider forms, 21 large holders, 95 other. The latest 20:
The 425 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 21 such filings since October 2021, the latest 10:
From Forms 4 and Schedules 13D and 13G filed with the SEC.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 3,397,683 | $6.7B | 0.1% | −115,244 |
| Vanguard Capital Management LLC | 2,297,509 | $4.6B | 0.1% | +11,560 |
| Vanguard Portfolio Management LLC | 1,866,170 | $3.7B | 0.2% | −15,014 |
| Fmr LLC | 1,659,799 | $3.3B | 0.1% | +210,282 |
| State Street Corp | 1,537,139 | $3.0B | 0.1% | +65,260 |
| Geode Capital Management, LLC | 1,151,350 | $2.3B | 0.1% | −87,269 |
| Aqr Capital Management LLC | 1,059,017 | $2.1B | 0.7% | −57,213 |
| Jpmorgan Chase & Co | 838,417 | $1.6B | 0.1% | −51,474 |
| Capital World Investors | 720,244 | $1.4B | 0.2% | −145,536 |
| Invesco Ltd. | 658,314 | $1.3B | 0.1% | +51,734 |
| Norges Bank | 471,564 | $934.6M | 0.1% | New |
| Morgan Stanley | 430,085 | $852.4M | 0.0% | −30,050 |
| First Trust Advisors LP | 375,090 | $743.4M | 0.4% | −40,796 |
| Westfield Capital Management Co LP | 355,433 | $704.5M | 2.3% | −265,482 |
| Federated Hermes, Inc. | 341,485 | $676.8M | 1.0% | +74,455 |
| Northern Trust Corp | 340,992 | $675.8M | 0.1% | +11,894 |
| Charles Schwab Investment Management Inc | 297,845 | $590.3M | 0.1% | +10,110 |
| Amundi | 292,904 | $580.5M | 0.1% | +156,069 |
| Dimensional Fund Advisors LP | 285,445 | $565.7M | 0.1% | +5,498 |
| Goldman Sachs Group Inc | 268,240 | $531.6M | 0.1% | +24,193 |
| Value Aligned Research Advisors, LLC | 243,607 | $482.8M | 2.9% | +29,970 |
| Deutsche Bank Ag\ | 223,896 | $443.8M | 0.1% | −16,895 |
| Franklin Resources Inc | 222,969 | $441.9M | 0.1% | +19,581 |
| Massachusetts Financial Services Co /ma/ | 220,776 | $440.0M | 0.1% | +220,548 |
| Arrowstreet Capital, Limited Partnership | 221,703 | $439.4M | 0.2% | −31,276 |
13F reports cover disclosed long positions in U.S. stocks only.
4 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Mar 27, 2026 | Alan ArmstrongRepublican, Senate | Buy | $1,001 - $15,000 | −13.3% | Report |
| Dec 4, 2025 | Byron DonaldsRepublican, House | Buy | $1,001 - $15,000 | +34.7% | Report |
| Dec 4, 2025 | Byron DonaldsRepublican, House | Buy | $1,001 - $15,000 | +34.7% | Report |
| Jan 13, 2025 | Robert P. Bresnahan, Jr.Republican, House | Sale | $1,001 - $15,000 | −204.5% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
The numbers on this page point here. Each one links to the record it came from.