Comfort Systems USA, Inc.

Comfort Systems USA opened 2026 with revenue of $2.9 billion, an increase of 56% year over year, including same-store growth of 51% or $943 million, as Electrical segment revenue rose 88% and Mechanical rose 47%. GAAP EPS of $10.51 more than doubled from $4.75 a year ago, helped by an all-time high gross profit percentage of 26.3% versus 22.0%, which included $43 million of favorable late-stage project and change order developments worth almost $1 a share; excluding that, gross margin was about 25.2%. Advanced technology dominated by data center work increased to 56% of revenue and drove record backlog of $12.5 billion, a same-store year-over-year increase of $5.3 billion. Management guided full-year 2026 same-store revenue growth to the mid- to high 20% range and described labor, not demand, as the binding constraint, with headcount 3,000 or 4,000 people higher than the first quarter of 2025. Capital expenditures stepped up to $147 million, or 5.1% of revenue versus 1.2% a year ago, including a large modular assembly building purchase in Texas supporting the target of 4 million square feet of modular capacity by the end of 2026.