Slides
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QUALITY PEOPLE. BUILDING SOLUTIONS. Q4 2025 Earnings Call NYSE: FIX February 20, 2026
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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,” “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. NON-GAAP MEASURES Certain measures in this presentation are not measures calculated in accordance with generally accepted accounting principles (“GAAP”). They should not be considered a replacement for GAAP results. Non-GAAP financial measures appearing in these slides are identified in the footnote. See the Appendices for a reconciliation of these non-GAAP measures to the most comparable GAAP financial measures.
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Q4 2025 FINANCIAL RESULTS HIGHLIGHTS Revenue was $2.65 billion compared to $1.87 billion in Q4 2024 Gross Profit percentage increased to 25.5% vs. 23.2% in Q4 2024 SG&A increased to $248.4 million from $207.6 million in Q4 2024 EPS was $9.37 per diluted share compared to $4.09 in Q4 2024 Cash Flow from Operations was $468.5 million compared to $210.5 million in Q4 2024 Backlog was $11.94 billion compared to $9.38 billion in Q3 2025 and $5.99 billion in Q4 2024 2
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KEY FINANCIAL DATA – INCOME STATEMENT - QTD 3 ($ Thousands, Except Per Share Data) (Unaudited) 2025 $ % Revenue 2,646,067$ 100.0% 1,867,804$ 100.0% 778,263$ 41.7% Cost of Services 1,971,352 74.5% 1,434,066 76.8% 537,286 37.5% Gross Profit 674,715 25.5% 433,738 23.2% 240,977 55.6% Selling, General and Administrative Expenses 248,365 9.4% 207,635 11.1% 40,730 19.6% Gain on Sale of Assets (394) — (252) — (142) 56.3% Operating Income 426,744$ 16.1% 226,355$ 12.1% 200,389$ 88.5% Net Income 330,806$ 12.5% 145,870$ 7.8% 184,936$ 126.8% Diluted EPS 9.37$ 4.09$ 5.28$ 129.0% Adjusted EBITDA (1) 463,963$ 17.5% 260,987$ 14.0% 202,976$ 77.8% (1) See Slide 11 for GAAP Reconciliation to Adjusted EBITDA 2024 Variance For the Three Months Ended December 31,
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KEY FINANCIAL DATA – BALANCE SHEET 12/31/2025 12/31/2024 Cash 981.9$ 549.9$ Working Capital 716.7$ 207.5$ Goodwill 1,025.5$ 875.3$ Intangible Assets, Net 485.2$ 434.4$ Total Debt 145.2$ 68.3$ Equity 2,448.8$ 1,704.7$ 4 ($ Millions)
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2025 FINANCIAL RESULTS HIGHLIGHTS Revenue was $9.10 billion compared to $7.03 billion for 2024 Gross Profit percentage increased to 24.1% from 21.0% for 2024 SG&A increased to $883.3 million from $730.1 million for 2024 EPS was $28.88 per diluted share compared to $14.60 for 2024 Cash Flow from Operations was $1.19 billion compared to $849.1 million for 2024 5
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KEY FINANCIAL DATA – INCOME STATEMENT - YTD 6 $ % Revenue 9,101,641$ 100.0% 7,027,476$ 100.0% 2,074,165$ 29.5% Cost of Services 6,905,742 75.9% 5,551,065 79.0% 1,354,677 24.4% Gross Profit 2,195,899 24.1% 1,476,411 21.0% 719,488 48.7% Selling, General and Administrative Expenses 883,284 9.7% 730,072 10.4% 153,212 21.0% Gain on Sale of Assets (1,974) — (3,030) — 1,056 (34.9%) Operating Income 1,314,589$ 14.4% 749,369$ 10.7% 565,220$ 75.4% Net Income 1,022,558$ 11.2% 522,433$ 7.4% 500,125$ 95.7% Diluted EPS 28.88$ 14.60$ 14.28$ 97.8% Adjusted EBITDA (1) 1,454,574$ 16.0% 891,824$ 12.7% 562,750$ 63.1% (1) See Slide 11 for GAAP Reconciliation to Adjusted EBITDA 2024 For the Twelve Months Ended December 31, Variance 2025 ($ Thousands, Except Per Share Data)
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BACKLOG 7 ($ Millions) (Unaudited) $763 $948 $1,166 $1,602 $1,511 $2,312 $4,064 $5,157 $5,994 $11,945 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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GOVERNMENT 5.0% EDUCATION 7.3% HEALTHCARE 8.9% TECHNOLOGY 45.0% MANUFACTURING 22.1% RETAIL / RESTAURANT / ENTERTAINMENT 3.7% OFFICE BUILDINGS 5.0% OTHER 1.6% MULTI-FAMILY / RESIDENTIAL 1.4% REVENUE BY TYPE OF CUSTOMER (YTD) COMMERCIAL INDUSTRIAL INSTITUTIONAL 8
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REVENUE BY ACTIVITY TYPE 2025 2024 6.2% 7.3% 63.2% 23.3% 6.7% 8.9% 56.7% 27.7% New Construction Existing Building Construction Service Projects Service Calls, Maintenance & Monitoring 9
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APPENDIX 10
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Note: The Company defines adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) as net income, provision for income taxes, other expense (income), net, changes in the fair value of contingent earn-out obligations, interest income, net, gain on sale of assets, goodwill impairment, other one-time expenses or gains and depreciation and amortization. Other companies may define Adjusted EBITDA differently. Adjusted EBITDA is presented because it is a financial measure that is frequently requested by third parties. However, Adjusted EBITDA is not considered under generally accepted accounting principles as a primary measure of an entity’s financial results, and accordingly, Adjusted EBITDA should not be considered an alternative to operating income, net income, or cash flows as determined under generally accepted accounting principles and as reported by the Company. December 31, December 31, 2025 2024 2025 2024 Net Income 330,806$ 145,870$ 1,022,558$ 522,433$ Provision for Income Taxes 87,693 40,168 270,895 144,128 Other Expense (Income), Net 32 (109) 258 (432) Changes in the Fair Value of Contingent Earn-out Obligations 13,539 43,712 33,473 88,146 Interest Income, Net (5,326) (3,286) (12,595) (4,906) Gain on Sale of Assets (394) (252) (1,974) (3,030) Amortization 20,148 22,042 79,580 97,266 Depreciation 17,465 12,842 62,379 48,219 Adjusted EBITDA 463,963$ 260,987$ 1,454,574$ 891,824$ Three Months Ended Twelve Months Ended APPENDIX I – GAAP RECONCILIATION TO ADJUSTED EBITDA ($ Thousands) (Unaudited) 11
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December 31, December 31, 2025 2024 2025 2024 Cash from Operating Activities 468,540$ 210,463$ 1,186,356$ 849,057$ Purchases of Property and Equipment (66,090) (40,676) (154,903) (111,071) Proceeds from Sales of Property and Equipment 543 1,927 3,695 5,538 Free Cash Flow 402,993$ 171,714$ 1,035,148$ 743,524$ Three Months Ended Twelve Months Ended 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. APPENDIX II – GAAP RECONCILIATION TO FREE CASH FLOW ($ Thousands) (Unaudited) 12