Comfort Systems USA, Inc. stock research
FY2025 Q3
Comfort Systems USA (FIX) Gross Margin — Quarter Ended Sep 30, 2025
Revenue increased compared to both the prior quarter and the same quarter in the prior year, resulting in a higher gross profit. The gross margin strengthened sequentially and also improved from the same period a year ago.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue increased compared to both the prior quarter and the same quarter in the prior year, resulting in a higher gross profit. The gross margin strengthened sequentially and also improved from the same period a year ago.
- The gross profit grew at a faster rate than the cost of revenue relative to the preceding quarter, leading to an improved gross margin. This relationship indicates a positive margin driver from the revenue side.
- Compared to the immediately prior quarter of the same fiscal year, revenue, cost of revenue, gross profit, and gross margin were all higher. Relative to the same quarter one year earlier, all four metrics also showed improvement.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
24.8%
Gross profit
$607.9M
Revenue
$2.5B
Cost of revenue
$1.8B
Quarter-over-quarter change
+1.3 pts
Year-over-year change
+3.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Dec 31, 2024 | $1.9B | $433.7M | $1.4B | 23.2% |
| Mar 31, 2025 | $1.8B | $403.4M | $1.4B | 22.0% |
| Jun 30, 2025 | $2.2B | $509.9M | $1.7B | 23.5% |
| Sep 30, 2025 | $2.5B | $607.9M | $1.8B | 24.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+1.3 pts
Year-over-year change
Sep 30, 2024
+3.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross profit grew at a faster rate than the cost of revenue relative to the preceding quarter, leading to an improved gross margin. This relationship indicates a positive margin driver from the revenue side.
Compared to the immediately prior quarter of the same fiscal year, revenue, cost of revenue, gross profit, and gross margin were all higher. Relative to the same quarter one year earlier, all four metrics also showed improvement.
Monitor the trend in accounts receivable, including billed and unbilled balances, as they can indicate working capital demands and potential credit loss exposure.