Comfort Systems USA

Comfort Systems USA, Inc. designs, installs, maintains and repairs mechanical and electrical systems in commercial, industrial and institutional buildings in the United States, from 211 locations in 155 cities. Its mechanical segment (HVAC, plumbing, piping, controls, off-site construction and fire protection) made 68.6% of revenue in Q3 2026, and its electrical segment made 31.4%. Technology customers, mainly data centers, made 60.8% of Q3 2026 revenue, against 45.8% a year earlier, and manufacturing made 16.8%. New construction was 76.2% of revenue.

Revenue was $3.77 billion in Q3 2026, and backlog was $17.81 billion at September 30, 2026. Brian Lane is Chief Executive Officer. The company has almost no debt and paid a dividend of $0.90 per share in Q3 2026. The pick is the common stock on the NYSE (FIX), in US dollars.

The market prices Comfort Systems as a builder whose profit is tied to a data center building boom that may not last. Data centers drive most of the growth: technology customers were 60.8% of revenue in Q3 2026, and backlog grew to $17.81 billion from $9.38 billion a year earlier. Revenue rose 54% in Q3 2026 and net income per diluted share rose 69% to $13.91. The company says that it expects to grow organically through 2027 and to keep profit levels high, and it expects 65% to 75% of backlog to become revenue within 12 months.

For the price to rise, backlog must keep turning into revenue at the current profit margin, and new orders must replace the data center work that ends. Fixed-price contracts lose money if labor and materials cost more than bid. The Q4 report in February 2027 and its backlog are the next test. If backlog and margins hold, the gap can close within about two years.

1. Feb 18, 2027 · est.Pending

   Q4 2026 results: backlog and marginBacklog above $17.81 billion with adjusted EBITDA of 17% of revenue or more passes; a lower backlog or margin fails.
2. Oct 2027 · est.Pending

   Q3 2027 results: revenue growthRevenue above $3.77 billion for the quarter passes; lower revenue fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Comfort Systems said that its board added 994,606 shares to its stock repurchase program, so that up to 1,000,000 shares can be bought. Since the program began, it bought 11,752,570 shares for $1,711,769,315 through November 4, 2026.
• October 22, 2026Comfort Systems reported Q3 2026 results. Revenue rose to $3.77 billion from $2.45 billion, net income was $489.0 million ($13.91 per diluted share) and adjusted EBITDA was $667.9 million, or 17.7% of revenue. Backlog was $17.81 billion, against $14.06 billion at June 30, 2026. Operating cash flow was $1.01 billion. The company declared a quarterly dividend for holders of record on November 12, 2026.
• October 22, 2026In its Form 10-Q, Comfort Systems said that it had no borrowings on its revolving credit facility at September 30, 2026, against $100.0 million at December 31, 2025. It held cash of $2,158.0 million.

Last earnings

October 22, 2026 (8-K on sec.gov)

Next earnings

Expected about February 18, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled November 5, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled October 28, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 22, 2026 · fix-20260930x10q
• 8-KEarnings release and Other company newsFiled October 22, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled October 22, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled August 3, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 23, 2026 · fix-20260630x10q
• 8-KEarnings release and Other company newsFiled July 23, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled June 22, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled May 21, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1035983)

• Data center dependence. Technology customers made 60.8% of revenue in Q3 2026. A pause in spending by a few large customers would cut new orders and, later, revenue and profit.
• Contract estimates may be wrong. Comfort Systems books revenue as costs are incurred, and many jobs have fixed prices. If labor or materials cost more than bid, it must reverse profit that it already booked.
• Labor and equipment. Over the last several years, Comfort Systems has seen higher labor costs and late deliveries of some materials and equipment. A shortage of skilled workers can slow jobs and raise costs.
• The profit margin is high. Adjusted EBITDA was 17.7% of revenue in Q3 2026, against 16.9% a year earlier and 15.3% for the first nine months of 2025. A return to lower margins would cut earnings per share even if revenue grows.

At September 30, 2026, Comfort Systems had cash of $2,158.0 million and total debt of $49.6 million, with no borrowings on its revolving credit facility. Debt was notes to former owners of $48.95 million and other debt of $0.6 million. Read more

Yield at the current rate

0.3% (current annual rate, at today’s price)

Dividend yield

0.3% (last 12 months, at today’s price of $1,161.63)

Paid per share

$3.40 in the last 12 months (4 payments)

Current annual rate

$4.00 ($1.00 × 4 a year)

Payout ratio

7% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 12, 2026, $1.00 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 35.6% a year. From 2015 to 2025, the dividend grew by about 22.8% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.