COMFORT SYSTEMS USA INC

Listed Company

FIXCIK 0001035983NYSELarge AcceleratedElectrical WorkFY ends Dec 31

Period

FY 2025

Revenue

$9.10B

Net Income

$1.02B

Total Assets

$6.44B

Equity

$2.45B

Shares Out

35.20M

Op. Cash Flow

$1.19B

Business

COMFORT SYSTEMS USA INC provides mechanical and electrical contracting services. The company offers HVAC, plumbing, piping, controls, off‑site/modular construction, monitoring, fire protection, and electrical system installation, servicing, maintenance, repair and replacement for MEP systems. Its operations are organized into mechanical and electrical segments and delivered through multiple operating units and locations across the company’s network. The company serves commercial, industrial and institutional markets throughout the United States, performing work in new construction, renovation/expansion and ongoing service and monitoring arrangements.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
REVENUE	9,102	7,027	5,207	4,140	3,074
COST OF SERVICES	6,906	5,551	4,216	3,399	2,510
Gross profit	2,196	1,476	991	742	563
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	883	730	574	489	376
GAIN ON SALE OF ASSETS	−2	−3	−2	−2	−2
Operating income	1,315	749	418	254	188
Interest income	22	12	3	46,000	24,000
Interest expense	−9	−7	−10	−13	—
Changes in the fair value of contingent earn-out obligations	−33	−88	−24	−5	8
Other	−258,000	432,000	202,000	134,000	188,000
Other income (expense)	−21	−83	−30	−18	2
INCOME BEFORE INCOME TAXES	1,293	667	388	236	190
PROVISION FOR INCOME TAXES	271	144	65	−10	47
NET INCOME	1,023	522	323	246	143
Basic (per share)	28.93	14.64	9.03	6.84	3.95
Diluted (per share)	28.88	14.6	9.01	6.82	3.93
Basic (shares)	35	36	36	36	36
Diluted (shares)	35	36	36	36	36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	982	550	205	57	59
Billed accounts receivable, less allowance for credit losses of $19,708 and $15,286, respectively	2,578	1,861	1,319	1,024	774
Unbilled accounts receivable, less allowance for credit losses of $1,508 and $1,475, respectively	123	96	73	77	62
Other receivables, less allowance for credit losses of $325 and $553, respectively	116	86	166	38	57
Inventories	84	59	66	35	22
Prepaid expenses and other	139	46	54	48	24
Costs and estimated earnings in excess of billings, less allowance for credit losses of $255 and $271, respectively	89	92	28	27	30
Total current assets	4,111	2,790	1,911	1,308	1,027
PROPERTY AND EQUIPMENT, NET	388	277	209	144	129
LEASE RIGHT-OF-USE ASSETS	323	229	206	131	125
GOODWILL	1,026	875	667	612	592
IDENTIFIABLE INTANGIBLE ASSETS, NET	485	434	280	274	305
DEFERRED TAX ASSETS	84	85	18	116	23
OTHER NONCURRENT ASSETS	25	19	15	14	9
Total assets	6,441	4,711	3,306	2,597	2,209
Current maturities of long-term debt	6	6	5	9	3
Accounts payable	696	655	420	337	255
Accrued compensation and benefits	292	229	169	128	130
Billings in excess of costs and estimated earnings and deferred revenue	2,120	1,149	910	548	307
Accrued self-insurance	43	42	28	28	22
Other current liabilities	236	502	190	121	106
Total current liabilities	3,394	2,583	1,721	1,171	837
LONG-TERM DEBT	139	62	39	247	385
LEASE LIABILITIES	303	212	188	112	108
DEFERRED TAX LIABILITIES	4	2	1	—	2
OTHER LONG-TERM LIABILITIES	153	147	78	68	72
Total liabilities	3,992	3,006	2,028	1,598	1,403
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Preferred stock, $.01 par, 5,000,000 shares authorized, none issued and outstanding	—	—	—	—	—
Common stock, $.01 par, 102,969,912 shares authorized, 41,123,365 and 41,123,365 shares issued, respectively	411,000	411,000	411,000	411,000	411,000
Treasury stock, at cost, 5,946,145 and 5,562,453 shares, respectively	−496	−274	−210	−187	−151
Additional paid-in capital	363	351	340	332	327
Retained earnings	2,581	1,627	1,148	855	629
Total stockholders' equity	2,449	1,705	1,278	1,000	806
Total liabilities and stockholders' equity	6,441	4,711	3,306	2,597	2,209

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of identifiable intangible assets	80	97	43	48	41
Depreciation expense	62	48	38	34	28
Change in right-of-use assets	34	31	26	22	18
Bad debt expense	7	7	5	3	−1
Deferred tax provision (benefit)	−5	−67	95	−95	7
Amortization of debt financing costs	1	687,000	685,000	786,000	538,000
Gain on sale of assets	−2	−3	−2	−2	−2
Stock-based compensation	22	17	13	11	11
Receivables, net	−594	−333	−382	−223	−58
Inventories	−24	7	−30	−13	−6
Prepaid expenses and other current assets	−91	−8	−11	−26	−9
Costs and estimated earnings in excess of billings and unbilled accounts receivable	−20	−82	7	−10	−17
Other noncurrent assets	−386,000	−2	−152,000	−995,000	−1
Accounts payable and other current liabilities	−276	503	136	93	−5
Billings in excess of costs and estimated earnings and deferred revenue	910	32	349	226	54
Other long-term liabilities	29	−9	3	−16	−15
Net cash provided by operating activities	1,186	849	640	302	180
Purchases of property and equipment	−155	−111	−95	−48	−22
Proceeds from sales of property and equipment	4	6	6	3	3
Cash paid for acquisitions, net of cash acquired	−280	−235	−102	−49	−227
Payments for investments	−64	−3	−2	−2	—
Proceeds from investments	28	—	—	—	—
Net cash used in investing activities	−467	−344	−193	−97	−247
Proceeds from revolving credit facility	200	182	285	555	275
Payments on revolving credit facility	−100	−182	−500	−560	−125
Proceeds from other debt	—	640,000	—	—	—
Payments on other debt	−43	−27	−12	−12	−16
Debt financing costs	−4	—	—	−2	—
Payments of dividends to stockholders	−69	−43	−30	−20	−17
Share repurchases	−216	−58	−21	−38	−27
Shares received in lieu of tax withholding	−10	−9	−5	−3	−2
Proceeds from exercise of options	793,000	184,000	18,000	1	6
Deferred acquisition payments	—	−50,000	—	−50,000	−400,000
Payments for contingent consideration arrangements	−46	−25	−15	−5	−3
Net cash used in financing activities	−287	−161	−299	−206	70
NET INCREASE IN CASH AND CASH EQUIVALENTS	432	345	148	−2	4

Filings

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