Comfort Systems USA, Inc. (NYSE: FIX) reported fourth‑quarter 2025 results that exceeded analyst expectations, with revenue of $2.65 billion and net income of $330.8 million, translating to earnings per share of $9.37. The company beat consensus revenue estimates of $2.34 billion and EPS estimates of $6.77, a $2.60 billion revenue beat and a $2.60 EPS beat, underscoring strong demand and disciplined cost management.
Full‑year 2025 figures were equally impressive: revenue rose 29% to $9.10 billion, net income climbed 93% to $1.02 billion, and diluted EPS reached $28.88. Year‑over‑year, revenue grew from $7.03 billion in 2024, while net income more than doubled from $522.4 million, and EPS increased from $14.60 to $28.88, reflecting a robust expansion of the company’s high‑margin data‑center and modular construction businesses.
The results were driven by a surge in data‑center construction contracts and the continued rollout of modular construction capabilities, which together accounted for a large portion of the revenue lift. Backlog reached a record $11.94 billion at year‑end, nearly doubling the $5.99 billion reported in 2024, providing strong visibility into future revenue streams.
Margin performance improved markedly: gross profit margin expanded to 25.5% from 23.2% in Q4 2024, while operating margin grew to 16.1% from 12.1%. The gains were driven by higher pricing power in the data‑center segment, efficient execution of modular projects, and effective cost controls that offset inflationary pressures in materials and labor.
CEO Brian Lane praised the teams’ performance, stating, "We are deeply grateful for the amazing performance of our teams across the country. Their commitment and dedication continue to deliver excellent results for our customers, provide increasing opportunities for our employees, and bring crucial services to our communities." He added, "Careful discipline and great execution resulted in quarterly EPS that doubled compared to the same quarter last year." Lane also expressed optimism for 2026, noting, "We continue to experience persistent demand and strong pipelines. Given the strength and excellence of our workforce, we are optimistic about our prospects for 2026."
Investors responded positively to the earnings, citing the company’s strong execution, margin expansion, and record backlog as key factors that reinforce confidence in its continued growth trajectory.
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