Comfort Systems USA (FIX) 10-K Summaries & Annual Filing History
Review Comfort Systems USA, Inc. (FIX) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Comfort Systems USA, Inc. filed its annual report, disclosing growth in revenue and improved cash generation. The company's operational results reflect strong performance in its mechanical services business.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$9.1B
Revenue reported for the fiscal year.
Operating income
$1.3B
Income from operations reported for the year.
Net income
$1B
Net income reported for the year.
Operating cash flow
$1.2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $4.1B | +34.7% |
| Dec 31, 2023 | $5.2B | +25.8% |
| Dec 31, 2024 | $7B | +35.0% |
| Dec 31, 2025 | $9.1B | +29.5% |
Business overview
Comfort Systems USA provides mechanical services including heating, ventilation, air conditioning, plumbing, piping, and related building systems. The company serves commercial, industrial, and institutional customers across the United States, focusing on both installation and service work.
Financial performance
Revenue increased from the prior year driven by higher demand for the company's services. Net income and operating income also rose, while cash flow from operations strengthened significantly. The company reported a substantial free cash flow for the period.
Material risks
The company's risk factors include potential customer retention delays, which are customary in the industry, and reliance on working capital to fund operations. Changes in demand for mechanical services could affect financial results. The company also faces risks related to project execution and cost management.
Liquidity and capital
Operating cash flow was the primary source of liquidity, with the business not requiring significant fixed asset investment. The company uses its free cash flow to support working capital needs and return capital to shareholders.
What to watch
Investors should monitor any changes in the company's customer payment patterns, particularly retention amounts, which directly affect cash conversion.