Comfort Systems Q4 EPS Soars to $9.37 as Backlog Nears $12 Billion
Comfort Systems USA reported Q4 EPS of $9.37, beating consensus by $2.62, and revenue climbed 41.7% to $2.65 billion, driven by tech-sector projects accounting for 45% of sales. Backlog nearly doubled to $11.94 billion and full-year net income exceeded $1.02 billion.
1. Q4 Financial Performance
Comfort Systems USA delivered Q4 2025 adjusted EPS of $9.37, exceeding estimates by $2.62, and reported revenue of $2.65 billion, up 41.7% year over year, with gross margin expanding to 25.5% and adjusted EBITDA rising to $464 million (17.5% margin).
2. Backlog and Cash Flow
The company’s backlog climbed 99.3% year over year to $11.94 billion, driven largely by technology-sector projects, while operating cash flow reached $1.19 billion and free cash flow totaled $1.04 billion, leaving $981.9 million in cash against $145.2 million of debt.
3. Dividend Increase and Outlook
The board raised the quarterly dividend to $0.70 per share, up $0.10, and CEO Brian Lane highlighted sustained AI-driven data center demand and persistent project pipelines as catalysts for continued growth in 2026.