$FIX Comfort Systems USA, Inc.

What Do They Do?

Installs and services heating, cooling, plumbing and piping systems for commercial, industrial and institutional building owners and developers. Also installs and services electrical systems for these customers and general contractors.

Who Are Their Customers?

Building owners, developers and property managers, as well as general contractors and other project professionals, hire the company for building-system work. Installation jobs are negotiated with customers or won through bids; existing-building service is arranged through calls or service agreements.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 14% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 56 cents of every revenue dollar as net income in FY2025 and turned 56 cents into free cash flow.

Net income, FY2025

56% of revenue

▲ +96% vs FY2024 ($522.4M, 7%)

Free cash flow, FY2025

56% of revenue

▲ +40% vs FY2024 ($738M, 11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +54%; vs $2.5B in Q3 FY2025
Net income: ▲ +68%; vs $291.6M in Q3 FY2025

Mechanical segment share of revenue vs 73.9% in Q3 FY2025

Revenue over time

Mechanical Segment Electrical Segment

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025