FIX · Comfort Systems USA, Inc.

Comfort Systems USA delivered exceptional first quarter 2026 results, with net income surging to $370.4 million ($10.51 per diluted share) from $169.3 million ($4.75 per diluted share) in the same period last year. Revenue increased 57% to $2.87 billion, driven by organic growth of 51% and contributions from acquisitions. Gross profit margin expanded to 26.3% from 22.0%, reflecting improved project execution and mix. Operating income rose to $485.7 million (17.0% of revenue) compared to $209.1 million (11.4% of revenue) in Q1 2025. Adjusted EBITDA grew to $524.4 million (18.3% margin) from $242.7 million (13.3% margin). Backlog reached a record $12.45 billion, up from $6.89 billion a year earlier, indicating strong demand across end markets. Operating cash flow was $388.8 million, a significant improvement from an outflow of $88.0 million in the prior year. The company also announced a 14% increase in its quarterly dividend to $0.80 per share, payable on May 26, 2026 to shareholders of record on May 15, 2026. Management expressed optimism about future prospects, citing robust demand and strong pipelines.