What is the revenue and EPS growth rate for Comfort Systems USA year over year?

What factors drove the changes in Comfort Systems USA's revenue and profit?

What does Comfort Systems USA do and what are its main business segments?

What were the key takeaways from Comfort Systems USA's earnings call?

Did Comfort Systems USA beat or miss consensus estimates last quarter?

What were the key takeaways from Comfort Systems USA’s earnings call?

What is the market's earnings forecast for Comfort Systems USA next quarter?

What guidance did Comfort Systems USA's management provide for the next earnings period?

- **Record Q3 Results**: $8.25 EPS, 33% same-store revenue growth, 24.8% gross margin.
- **Strategic Acquisitions**: $170M for FZ Electrical & Meisner Electric, adding $200M+ annual revenue.
- **Cash Flow Strength**: $519M free cash flow, $125M share buybacks YTD.
- **Backlog Growth**: $9.4B backlog (+65% YoY), 3M sq ft modular capacity fully booked.
- **Sectors Driving Growth**: Technology (42% of revenue), industrial (65%), service (+11%).

**【CEO Opening Remarks】**
- Q3 2025 EPS of $8.25, doubling the prior year, driven by 33% same-store revenue growth and 24.8% gross margin.
- Acquired FZ Electrical and Meisner Electric, adding $200M+ annual revenue and $15-20M EBITDA.
- Increased quarterly dividend by 20% to $0.60/share and repurchased $125M of shares YTD.
- Backlog reached $9.4B, up $3.7B YoY, with $1.3B sequential growth.

**【CFO Financial Review】**
- Q3 revenue $2.5B (+35% YoY), EBITDA $414M (+74%), free cash flow $519M.
- Gross profit $608M (+58%), with mechanical margins 24.3% vs 20.3% YoY, electrical 26.2% vs 23.9%.
- SG&A $230M (9.4% of rev), up due to hiring to support growth.
- 2026 outlook: same-store revenue growth 10-15%, EBITDA >$1.2B.

**【COO Operational Update】**
- Backlog $9.4B, 65% YoY growth, with 62% same-store increase.
- Technology sector revenue 42% of total, up from 32% YoY.
- Modular capacity to reach 3M sq ft by early 2026, fully booked.
- Service revenue +11%, now 14% of total, with strong margins.

**【Q&A Highlights】**
- **Capital Allocation**: Prioritize acquisitions, share buybacks, and dividend growth. Recent $170M acquisition funding via credit facility.
- **Cash Flow Sustainability**: Free cash flow tracks net income; Q3 surge due to favorable project closeouts.
- **Backlog Visibility**: 86% of backlog in construction, 61% new buildings, 25% existing.
- **Hiring**: +15% headcount YoY, focused on skilled trades; apprenticeship programs expand capacity.
- **Pharma Pipeline**: Mid-Atlantic pharma projects in planning stages, but technology sector remains priority.

Comfort Systems USA, Inc. (FIX) Q3 2025 Earnings Call Transcript

Mechanical Services

Electrical Services

FIX

FIX fundamentals

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