Comfort Systems USA, Inc. (FIX) Q3 FY2026 earnings

Reported results

• Q3 2026 GAAP net income: $489.0 million, or $13.91 per diluted share, versus Q3 2025 GAAP net income: $291.6 million, or $8.25 per diluted share
• Q3 2026 revenue: $3.77 billion versus Q3 2025 revenue: $2.45 billion
• Q3 2026 operating cash flow: $1.01 billion versus Q3 2025 operating cash flow: $553.3 million
• Nine months ended September 30, 2026 GAAP net income: $1.30 billion, or $36.94 per diluted share, versus nine months 2025 GAAP net income: $691.8 million, or $19.52 per diluted share
• Nine months ended September 30, 2026 revenue: $9.90 billion versus nine months 2025 revenue: $6.46 billion
• Backlog as of September 30, 2026: $17.81 billion versus $9.38 billion as of September 30, 2025

Guidance

• Management stated belief that the company is ‘well-positioned to grow organically, and to maintain high levels of profitability and solid ongoing cash flow’ through year end and for 2027

Notes

Company presents non-GAAP Adjusted EBITDA: Q3 2026 $667.9 million (17.7% of revenue) versus Q3 2025 $413.9 million (16.9% of revenue); nine months 2026 $1.79 billion (18.1% of revenue) versus nine months 2025 $990.6 million (15.3% of revenue). Free cash flow (non-GAAP) also provided: Q3 2026 $805.6 million versus Q3 2025 $519.0 million. Backlog increased $3.8 billion sequentially (Q2 2026: $14.06 billion) and $8.0 billion year-over-year.

Price and volatility reaction

The stock moved -9.3% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -10.5 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-22 (8-K, Item 2.02). Read the original filing on sec.gov.