Latest analysis
Updated Jul 24, 2026
Comfort Systems USA posts record $3.3B Q2 revenue, 92% EPS growth on data center and modular demand surge.
Comfort Systems USA delivered exceptional Q2 2026 results with quarterly revenue exceeding $3 billion for the first time, driven by 81% electrical segment growth and 40% mechanical segment expansion. Backlog reached a record $14.1 billion, up 73% year-over-year, with technology sector (58% of revenue) dominating through a combination of modular manufacturing and construction work. EPS grew 92% to $12.53 despite a slowing comparison base in the second half; management guided full-year same-store revenue growth to the mid-to-high 30% range, implying high 20s to low 30s growth in H2 2026. Modular operations booked $510 million in Q2 alone and are on track to expand from 3.5 million to 5 million square feet of capacity by late summer 2027, entirely allocated to existing hyperscaler customers under multiyear volume commitments.
Tone: bullishRevenue
$9.1B
FIX 10-K · FY 2025
Employees
22,700
Revenue FY2024
$7B
EBITDA margin
18.2%
Profile
FIX 10-K Item 1 · Feb 19, 2026Comfort Systems USA is a national mechanical and electrical contracting company serving commercial, industrial, and institutional markets across the United States. The company installs, maintains, repairs, and replaces MEP systems through 50 operating units in 142 cities. Technology sector work — primarily data centers — represented 45% of 2025 revenue, making it the dominant end market.
Read filing description ↓ Collapse description ↑
Comfort Systems USA, Inc., a Delaware corporation established in 1997, provides mechanical and electrical contracting services through two business segments: mechanical and electrical. The mechanical segment principally includes heating, ventilation and air conditioning (HVAC), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. The electrical segment includes installation and servicing of electrical systems. The Company builds, installs, maintains, repairs and replaces mechanical, electrical and plumbing (MEP) systems through its 50 operating units with 190 locations in 142 cities throughout the United States. Approximately 63.2% of consolidated 2025 revenue was attributable to installation services in newly constructed facilities, with the remaining 36.8% from renovation, expansion, maintenance, repair and replacement services in existing buildings. The Company operates primarily in the commercial, industrial and institutional MEP markets, performing most services in manufacturing, healthcare, education, office, technology, retail and government facilities. The technology sector — which includes data centers — was the largest end market at 45.0% of 2025 revenue, followed by manufacturing at 22.1%. As of December 31, 2025, the Company had 8,427 projects in process with an aggregate contract value of approximately $24.17 billion. The Company believes that commercial, industrial, and institutional mechanical and electrical contracting generates annual revenue in the United States of approximately $700 billion.
Primary products
- HVAC installation and servicing
- Plumbing and piping
- Controls and building automation
- Off-site and modular construction
- Fire protection
- Electrical system installation and servicing
Business segments
End markets
Geographies
Named customers
our top customer representing 12.8% of consolidated 2025 revenue
Named competitors
“We believe that we are larger than most of our competitors, which are generally small, owner-operated companies in a specific area.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue increased from approximately $7.03 billion in 2024 to approximately $9.10 billion in 2025, driven by growth in the technology end market and expanded scale following headcount additions.
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