Comfort Systems Q4 Earnings & Revenues Beat, Backlog Up Y/Y, Stock Up

Comfort Systems USA, Inc. FIX delivered stellar fourth-quarter 2025 results, with adjusted earnings and revenues surpassing the Zacks Consensus Estimate and increasing year over year.

FIX stock trended upward 4.8% during yesterday’s after-market trading session.

The quarterly performance reflects robust demand trends in the public infrastructure market, with strong growth in the technology sector, particularly in data centers. Besides, the company’s results benefited from the Feyen Zylstra, Meisner, Right Way, Century, Summit and J&S acquisitions, alongside increased same-store activity.

Moving into 2026, FIX remains optimistic about its growth trends as the market demand for public infrastructure is expected to further increase through the year.

FIX’s Q4 Discussion

The company reported adjusted earnings per share of $9.37, which topped the Zacks Consensus Estimate of $6.77 by 38.4% and grew a whopping 129.1% from $4.09 reported in the year-ago quarter.

Revenues of $2.65 billion also surpassed the consensus mark of $2.28 billion by 15.8% and increased 41.7% on a year-over-year basis.

Comfort Systems USA, Inc. Price, Consensus and EPS Surprise

Comfort Systems USA, Inc. price-consensus-eps-surprise-chart | Comfort Systems USA, Inc. Quote

As of Dec. 31, 2025, backlog stood at $11.94 billion, up year over year by 99.3% from $5.99 billion. Within the total backlog, the Mechanical segment contributed 75.6% while the Electrical segment contributed 24.4%. The year-over-year backlog growth included the acquisitions of Right Way ($106.2 million), Century ($91.6 million), Feyen Zylstra ($90.9 million) and Meisner ($72.5 million) and a same-store increase of 93.2%.

Operating Highlights of Comfort Systems

Gross profit increased year over year to $674.7 million from $433.7 million, with the gross margin expanding 230 basis points (bps) to 25.5%. The growth was driven by increased leverage from top-line growth and improved execution in its operations.

As a percentage of revenues, selling, general and administrative (SG&A) expenses contracted 170 bps to 9.4%.

Sneak Peek at FIX’s 2025

During the year, Comfort Systems’ revenues were up year over year by 29.4% to $9.1 billion.

Gross margin was up 310 bps to 24.1%, with the operating margin of 14.4% increasing 370 bps year over year.

Adjusted EPS was $28.88, up 97.8% from $14.60 reported in 2024.

Financial Details of Comfort Systems

As of 2025, Comfort Systems had cash and cash equivalents of $981.9 million, up from $549.9 million at 2024-end. As of Dec. 31, 2025, long-term debt was $139.1 million, up from $62.3 million at 2024-end.

During 2025, net cash from operations was $1.19 billion compared with $849.1 million a year ago. Free cash flow was $1.04 billion as of the year-end, up 39.2% from $743.5 million a year ago.

In 2025, FIX paid its shareholders $217.9 million through share repurchases and $68.8 million through dividends. Also, the company declared a quarterly dividend of 70 cents per share ($2.80 per share annually), reflecting 16.7% growth. It is payable on March 17, 2026, to stockholders as of March 6.

FIX’s Zacks Rank & Recent Construction Releases

Comfort Systems currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Quanta Services, Inc. PWR reported record fourth-quarter 2025 results, driven by robust demand in its Electric Infrastructure Solutions segment and contributions from recent acquisitions.

Quanta’s earnings growth was supported by higher revenues and improved operating leverage, partially offset by acquisition-related costs and higher amortization of intangibles. Revenue growth was primarily fueled by accelerating utility investments, power generation and load-center related projects within the Electric segment, along with incremental contributions from acquired businesses, including Tri-City, Wilson and Billings. For 2026, Quanta expects revenues between $33.25 billion and $33.75 billion, reflecting double-digit growth. Adjusted EPS is expected to be in the range of $12.65-$13.35.

Vulcan Materials Company VMC reported lower-than-expected fourth-quarter 2025 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate. On a year-over-year basis, the top line increased, but the bottom line declined.

Vulcan’s quarterly performance was supported by its aggregates-focused business and steady commercial and operational execution. Public construction activity remained healthy and continued to support shipment trends. Demand conditions stayed favorable across key regions, even as broader economic uncertainty persisted. Looking ahead to 2026, Vulcan remains positive on market conditions. The company expects public construction activity to stay strong and private nonresidential demand to improve. 

Martin Marietta Materials, Inc. MLM reported lower-than-expected results for the fourth quarter of 2025. The quarterly earnings (from continued operations) and revenues missed the Zacks Consensus Estimate, with the top line growing on a year-over-year basis while the bottom line declining.

Martin Marietta’s quarterly performance was backed by favorable weather across its business footprint and strong infrastructure activity, with nonresidential construction booming. The Aggregates business thrived during the quarter with strong pricing and increased shipments more than offsetting higher costs. However, elevated costs marred the bottom-line growth during the quarter, with a weak residential market limiting near-term growth prospects. Nonetheless, Martin Marietta remains well-positioned with its aggregates-led platform and execution of its SOAR 2030 initiatives for the long term, indicating sustained growth and shareholder value.

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