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Operating cash flow reached $1.1B in 2026Q2 (2.58x net income), but included a $529.9M working capital inflow, while capex intensity rose to 4.3% of revenue for modular expansion.
Comfort Systems USA, Inc. (FIX) cash flow statement — 29-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 2.55B | 1.19B | 849.06M | 639.57M | 301.53M | 180.15M | 286.51M | 142.03M | 147.19M | 114.09M | 91.19M | 97.87M | 42.55M | 38.42M | 30.51M | 29.68M | 32.15M | 54.25M | 82.85M | 83.64M | 17.73M | 37.45M | 26.18M | 13.5M | 14.09M | 66.83M | 58.17M | 18.4M | -5.5M | -1.7M |
| Operating CF Margin % | - | 13.03% | 12.08% | 12.28% | 7.28% | 5.86% | 10.03% | 5.43% | 6.74% | 6.38% | 5.58% | 6.19% | 3.02% | 2.83% | 2.29% | 2.39% | 2.9% | 4.81% | 6.24% | 7.54% | 1.68% | 4.2% | 3.36% | 1.81% | 1.76% | 7.73% | 6.45% | 1.34% | -0.64% | -0.57% |
| Operating CF Growth % | 1099.09% | 39.73% | 32.75% | 112.11% | 67.38% | -37.12% | 101.73% | -3.51% | 29.01% | 25.12% | -6.82% | 129.99% | 10.75% | 25.94% | 2.8% | -7.68% | -40.74% | -34.52% | -0.95% | 371.65% | -52.64% | 43.01% | 93.9% | -4.16% | -78.92% | 14.88% | 216.15% | 434.55% | -223.53% | - |
| Net Income | 1.43B | 1.02B | 522.43M | 323.4M | 245.95M | 143.35M | 150.14M | 114.32M | 112.9M | 55.27M | 64.9M | 57.44M | 28.6M | 28.56M | 11.85M | -36.49M | 14.74M | 34.18M | 49.69M | 32.47M | 28.72M | -6.23M | 10.71M | -5.58M | -209.08M | 13.12M | -16.85M | 42.3M | 35M | 3.5M |
| Depreciation & Amortization | 89.17M | 79.58M | 145.49M | 81.57M | 81.35M | 68.94M | 60.63M | 51.57M | 42.69M | 37.46M | 26.17M | 23.42M | 21.34M | 18.57M | 20.63M | 20.05M | 17.44M | 13.5M | 12.69M | 6.96M | 5.37M | 5.11M | 8.45M | 6.84M | 9.24M | 24.47M | 24.9M | 23.1M | 14M | 4.8M |
| Stock-Based Compensation | 38.23M | 21.81M | 16.65M | 12.94M | 10.53M | 10.59M | 6.93M | 5.88M | 7.16M | 6.38M | 5.04M | 5.61M | 4.81M | 3.97M | 2.8M | 3.6M | 3.69M | 3.45M | 3.85M | 2.52M | 1.76M | 519K | 372K | 176K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -3.15M | -5.28M | -66.61M | 95.3M | -94.5M | 6.9M | -7.95M | -4.25M | 4.46M | 4.18M | -1.24M | -414K | -4.58M | 4.51M | 3.54M | -9.53M | -3.48M | 3.15M | -3.18M | -729K | -887K | 3.34M | -367K | 809K | 3.71M | -1.41M | -2.59M | 1.3M | 1M | -600K |
| Other Non-Cash Items | 250.38M | 135.35M | 123.7M | 52.9M | 28.25M | 7.32M | 11.93M | 21.54M | 5.07M | -2.72M | -1.15M | 764K | 1.7M | -1.97M | 1.41M | 54.32M | 3.61M | 3.36M | 3.38M | 1.56M | 351K | 27.86M | 3.48M | 19.01M | 219.09M | 10.37M | 36.4M | 1.3M | 1M | 4.7M |
| Working Capital Changes | 741.04M | -67.67M | 107.4M | 73.47M | 29.96M | -56.95M | 64.84M | -47.04M | -25.09M | 13.53M | -2.52M | 11.05M | -9.31M | -15.22M | -9.72M | -2.28M | -3.85M | -3.4M | 16.42M | 40.87M | -17.58M | 6.84M | 3.54M | -7.75M | -8.87M | 20.28M | 16.32M | -49.6M | -56.5M | -14.1M |
| Change in Receivables | -896.7M | -614.24M | -415.31M | -374.2M | -223.18M | -58.05M | 38.49M | -49.51M | -68.62M | -37.8M | 7.04M | -3.58M | -18.34M | -12.43M | 2.91M | 20.95M | -3.82M | 17.11M | 6.96M | 20.05M | -27.46M | -136.98M | -11.45M | -97.12M | 13.29M | 23.1M | -36.79M | -73.5M | 0 | 0 |
| Change in Inventory | -33.73M | -24.41M | 6.54M | -29.69M | -13.49M | -5.65M | -1.46M | 2.37M | -1.54M | -584K | 213K | 956K | 281K | 1.21M | 1.2M | -270K | 1.03M | 1.7M | -33K | -345K | -713K | 1.55M | -764K | 2.06M | 2.43M | 940K | 1.1M | -4.8M | -800K | 1.1M |
| Change in Payables | 259.58M | -276.05M | 502.89M | 136.47M | 165.89M | -37.88M | 8.37M | -4.27M | 28.29M | 22.07M | 2.74M | 11.62M | -4.08M | 6.78M | -15.6M | -21.48M | 47K | -22.89M | 9.55M | 20.75M | 17.19M | 12.03M | 15.45M | 3.67M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -751.75M | -467.27M | -343.51M | -193.01M | -97.18M | -246.72M | -207.8M | -224.45M | -95.71M | -128.97M | -79.32M | -25.63M | -74.14M | -16.25M | -23.17M | -35.75M | -43M | -18.82M | -65.03M | -18.13M | 17.72M | -6.77M | -2.48M | -3.86M | 150.59M | -4M | -15.39M | -46.5M | -143.1M | -57.5M |
| Capital Expenditures | -390.26M | -154.9M | -111.07M | -94.84M | -48.36M | -22.33M | -24.13M | -31.75M | -27.27M | -35.47M | -23.22M | -20.81M | -19.18M | -17.4M | -11.78M | -8.67M | -7.09M | -9.46M | -14.57M | -11.09M | -8.11M | -6.19M | -5M | -3.41M | -5.32M | -5.98M | -18.04M | -47.5M | -11.1M | -3.9M |
| CapEx % of Revenue | 3.48% | 1.7% | 1.58% | 1.82% | 1.17% | 0.73% | 0.84% | 1.21% | 1.25% | 1.98% | 1.42% | 1.32% | 1.36% | 1.28% | 0.89% | 0.7% | 0.64% | 0.84% | 1.1% | 1% | 0.77% | 0.69% | 0.64% | 0.46% | 0.67% | 0.69% | 2% | 3.47% | 1.3% | 1.31% |
| Acquisitions | -318.36M | -279.61M | -235.47M | -102.26M | -49.22M | -227.49M | -185.94M | -194.86M | -70.14M | -94.86M | -57.16M | -6.16M | -56.31M | 43K | -12.49M | -29.8M | 1.51M | -14.13M | -41.19M | -7.31M | 25.36M | -2.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -49.28M | -32.76M | 5.54M | 5.95M | 2.86M | 3.1M | 2.27M | 2.16M | 1.7M | 1.36M | 1.06M | 1.34M | 1.35M | 1.11M | 1.11M | 717K | -42.73M | 770K | 656K | 265K | 477K | 2.36M | 2.52M | -457K | 155.91M | 1.98M | 2.65M | 1M | -132M | -53.6M |
| Cash from Financing | -275.23M | -287.13M | -160.76M | -298.62M | -205.91M | 70.45M | -74.6M | 87.59M | -42.4M | 19.35M | -36.26M | -47.84M | 11.6M | -10.87M | -17.82M | -29.04M | -30.65M | -24.59M | -40.43M | -16.16M | -762K | -7.66M | -1.27M | -5.61M | -169.2M | -68.22M | -30.43M | 24.7M | 137.5M | 66.6M |
| Debt Issued (Net) | -104.08M | 56.94M | -25.94M | -227.03M | -138.16M | 115.5M | -19.53M | 124.22M | 3.87M | 43.91M | -10.84M | -28.94M | 36.38M | -5.4M | -7.35M | -14.39M | -18.64M | -6.34M | -11.09M | -1.05M | 0 | -8.82M | -1.57M | -6.52M | -166.73M | -69.06M | -30.73M | 35.3M | 124.2M | -11.1M |
| Equity Issued (Net) | 86.68M | -215.21M | -57.91M | -21.18M | -41.46M | -27.05M | -30.12M | -19.55M | -28.53M | -9.01M | -12.81M | -8.33M | -7.97M | 3.05M | -2.86M | -7.26M | -5.07M | -11.62M | -24.05M | -10.24M | 2.42M | 2.56M | 1.26M | 914K | 696K | 833K | 298K | -10.6M | 16.7M | 79.9M |
| Dividends Paid | -91.58M | -68.83M | -42.77M | -30.38M | -20.08M | -17.38M | -15.5M | -14.54M | -12.27M | -10.99M | -10.26M | -9.36M | -8.44M | -7.88M | -7.5M | -7.52M | -7.53M | -7.27M | -7.13M | -6.13M | -5.67M | -999K | 0 | 0 | 0 | 0 | 0 | 0 | -1M | -2.1M |
| Share Repurchases | 86.29M | -216M | -57.91M | -21.18M | -38.22M | -27.05M | -30.12M | -19.55M | -28.53M | -9.01M | -14.39M | -8.33M | -7.97M | -1.83M | -2.86M | -7.26M | -5.69M | -13.04M | -26.05M | -11.54M | 0 | 0 | 0 | 0 | 0 | 0 | -1.22M | -12.9M | 0 | 0 |
| Other Financing | -166.24M | -60.03M | -34.15M | -20.03M | -6.22M | -610K | -9.45M | -2.53M | -5.47M | -4.57M | -2.34M | -1.21M | -8.37M | -649K | -115K | 124K | 597K | 641K | 1.85M | 1.25M | 2.49M | -400K | -963K | 0 | -3.17M | 0 | 0 | 0 | -2.4M | -100K |
| Net Change in Cash | 1.52B | 431.96M | 344.79M | 147.94M | -1.56M | 3.88M | 4.11M | 5.17M | 9.08M | 4.47M | -24.39M | 24.4M | -19.99M | 11.3M | -10.48M | -35.11M | -41.5M | 10.84M | -22.62M | 49.34M | 34.69M | 23.02M | 22.44M | 4.03M | -4.52M | -5.4M | 12.36M | -3.3M | 137.5M | 9.9M |
| Free Cash Flow | 2.16B | 1.03B | 737.99M | 544.73M | 253.17M | 157.82M | 262.38M | 110.28M | 119.92M | 78.62M | 67.97M | 77.06M | 23.37M | 21.02M | 18.73M | 21.01M | 25.06M | 44.79M | 68.28M | 72.55M | 9.62M | 31.26M | 21.19M | 10.1M | 8.77M | 60.85M | 40.13M | -29.1M | -16.6M | -5.6M |
| FCF Margin % | 19.24% | 11.33% | 10.5% | 10.46% | 6.11% | 5.13% | 9.18% | 4.22% | 5.49% | 4.4% | 4.16% | 4.88% | 1.66% | 1.55% | 1.41% | 1.69% | 2.26% | 3.97% | 5.14% | 6.54% | 0.91% | 3.5% | 2.72% | 1.35% | 1.1% | 7.04% | 4.45% | -2.12% | -1.94% | -1.88% |
| FCF Growth % | 285.01% | 39.77% | 35.48% | 115.16% | 60.42% | -39.85% | 137.93% | -8.04% | 52.53% | 15.67% | -11.79% | 229.75% | 11.18% | 12.24% | -10.88% | -16.15% | -44.05% | -34.4% | -5.89% | 654.12% | -69.22% | 47.54% | 109.8% | 15.17% | -85.59% | 51.62% | 237.92% | -75.3% | -196.43% | - |
| FCF per Share | 61.26 | 29.13 | 20.63 | 15.18 | 7.02 | 4.33 | 7.14 | 2.97 | 3.19 | 2.09 | 1.80 | 2.03 | 0.62 | 0.56 | 0.50 | 0.56 | 0.66 | 1.16 | 1.71 | 1.76 | 0.23 | 0.80 | 0.54 | 0.27 | 0.23 | 1.62 | 1.07 | -0.73 | -0.48 | -0.29 |
| FCF Conversion (FCF/Net Income) | 1.51x | 1.16x | 1.63x | 1.98x | 1.23x | 1.26x | 1.91x | 1.24x | 1.30x | 2.06x | 1.41x | 1.98x | 1.85x | 1.41x | 2.27x | -0.81x | 2.18x | 1.59x | 1.67x | 2.58x | 0.62x | -6.01x | 2.44x | -2.42x | -0.07x | 5.09x | -3.45x | 0.43x | -0.16x | 0.81x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.41M | 0 | 799K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.54M | 0 | 15.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying FIX stock.
Comfort Systems USA, Inc. (FIX) generated $1.19B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Comfort Systems USA, Inc. (FIX) generated $1.03B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Comfort Systems USA, Inc. (FIX) spent $154.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Comfort Systems USA, Inc. (FIX) returned $68.8M to shareholders via cash dividends and spent $216.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Margin normalization risk
Metrics are mathematically derived from official filings.
Cash Conversion Surges on Working Capital
Operating cash flow reached $1.1B in 2026Q2, 2.58 times net income, according to recent SEC filings, driven by a $529.9M working capital inflow, suggesting strong project milestone collections.
The OCF/NI ratio of 2.58 in 2026Q2 is exceptionally high, far exceeding the typical range of 1.0-1.5 seen in prior quarters. This appears to be driven by a massive working capital release, likely from advanced billings on large data center projects. While this boosts cash conversion, investors should monitor whether such timing benefits are sustainable or if they will reverse in subsequent quarters.
FCF Margin Expansion Accelerates
Free cash flow margin jumped to 30.6% in 2026Q2 from 8.4% in 2026Q1, as reported in financial statements, reflecting a $998.1M FCF print that far exceeds net income of $441.6M.
The FCF trajectory is sharply upward, with 2026Q2 FCF of $998.1M representing a 4.1x increase from the prior quarter. This appears to be driven by both strong operating cash flow and relatively modest capex. The FCF margin of 30.6% is well above the peer average of around 5%, indicating that FIX is converting revenue into cash at an exceptional rate, though this may normalize as growth moderates.
Capex Intensity Rises with Modular Expansion
Capital expenditures rose to $141.4M in 2026Q2, representing 4.3% of revenue, up from 1.4% in 2025Q2, as per quarterly reports, indicating increased investment in modular fabrication capacity.
The capex/revenue ratio has more than tripled year-over-year, suggesting that management is investing heavily in expanding modular manufacturing capabilities to support data center demand. This appears to be growth-oriented capex rather than maintenance, as the company is scaling its off-site fabrication footprint. While this increases capital intensity, the strong FCF generation suggests the investments are being funded internally without straining the balance sheet.
Working Capital Volatility Signals Timing Shifts
Working capital swung from a $313.8M outflow in 2025Q1 to a $529.9M inflow in 2026Q2, based on reported cash flow data, indicating significant project timing and billing variability.
The extreme swings in working capital changes highlight the lumpy nature of large-scale construction projects. The 2026Q2 inflow of $529.9M suggests that FIX is collecting on receivables and receiving advance payments, possibly from hyperscale clients. However, the negative working capital in 2025Q1 and 2026Q1 indicates that such inflows are not consistent, and investors should expect continued volatility as project milestones vary.
Capital Deployment Balances Acquisitions and Returns
In 2026Q2, FIX deployed $156.7M on acquisitions, $28.2M on dividends, and $22.4M on buybacks, as reported in filings, while maintaining a near-zero debt profile.
The capital deployment strategy appears focused on strategic acquisitions to expand regional presence and technical capabilities, with $156.7M spent in 2026Q2 alone. Dividends and buybacks are modest but growing, reflecting a balanced approach to returning cash to shareholders. The near-zero debt suggests that all these activities are funded from internal cash generation, which is a testament to the company's financial discipline.
Cash Flow Strength May Mask Timing Benefits
The 2026Q2 operating cash flow of $1.1B includes a $529.9M working capital inflow, as per cash flow statements, which may not recur and could obscure underlying earnings quality.
While the cash flow numbers are impressive, the significant working capital inflow in 2026Q2 appears to be a timing benefit from project billings and collections. This may not be sustainable, as evidenced by the negative working capital in prior quarters. Additionally, the company's use of percentage-of-completion accounting means that reported earnings are subject to management estimates, and the gap between net income and operating cash flow could narrow as projects progress. Investors should monitor whether cash conversion normalizes to historical levels.