Revenue growth accelerated to 56.5% in 2026Q1, while gross margins expanded to 26.3% from 19.3% in 2024Q1, reflecting improved pricing power in specialized industrial segments.
| 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 |
|---|
| Sales/Revenue | 10.14B | 9.1B | 7.03B | 5.21B | 4.14B | 3.07B | 2.86B | 2.62B | 2.18B | 1.79B | 1.63B | 1.58B | 1.41B | 1.36B | 1.33B | 1.24B | 1.11B | 1.13B | 1.33B | 1.11B | 1.06B | 892.55M | 778.62M | 746.22M | 798.57M | 864.22M | 902.29M | 1.37B | 854M | 297.6M |
| Revenue Growth % | 38.43% | 29.52% | 34.97% | 25.76% | 34.71% | 7.6% | 9.23% | 19.81% | 22.09% | 9.4% | 3.41% | 12.03% | 3.94% | 1.96% | 7.35% | 11.89% | -1.83% | -15.02% | 19.73% | 5.02% | 18.37% | 14.63% | 4.34% | -6.56% | -7.6% | -4.22% | -34.14% | 60.42% | 186.96% | - |
| Cost of Goods Sold | 7.59B | 6.91B | 5.55B | 4.22B | 3.4B | 2.51B | 2.31B | 2.11B | 1.74B | 1.42B | 1.29B | 1.26B | 1.16B | 1.12B | 1.12B | 1.07B | 924.86M | 903.36M | 1.07B | 912.47M | 885.51M | 744.41M | 656.66M | 628.72M | 660.76M | 702.88M | 736.19M | 1.07B | 640.6M | 217.5M |
| COGS % of Revenue | - | 75.87% | 78.99% | 80.98% | 82.09% | 81.68% | 80.85% | 80.81% | 79.56% | 79.51% | 78.95% | 79.87% | 82.3% | 82.33% | 84.4% | 86.06% | 83.45% | 80.02% | 80.62% | 82.24% | 83.81% | 83.4% | 84.34% | 84.25% | 82.74% | 81.33% | 81.59% | 77.81% | 75.01% | 73.08% |
| Gross Profit | 2.55B | 2.2B | 1.48B | 990.51M | 741.61M | 563.21M | 546.98M | 501.94M | 446.28M | 366.28M | 344.01M | 318.13M | 249.77M | 239.88M | 207.62M | 172.84M | 183.43M | 225.55M | 257.4M | 197.06M | 171.02M | 148.14M | 121.96M | 117.5M | 137.8M | 161.34M | 166.1M | 304M | 213.4M | 80.1M |
| Gross Margin % | 25.13% | 24.13% | 21.01% | 19.02% | 17.91% | 18.32% | 19.15% | 19.19% | 20.44% | 20.49% | 21.05% | 20.13% | 17.7% | 17.67% | 15.6% | 13.94% | 16.55% | 19.98% | 19.38% | 17.76% | 16.19% | 16.6% | 15.66% | 15.75% | 17.26% | 18.67% | 18.41% | 22.19% | 24.99% | 26.92% |
| Gross Profit Growth % | - | 48.73% | 49.06% | 33.56% | 31.68% | 2.97% | 8.97% | 12.47% | 21.84% | 6.47% | 8.14% | 27.37% | 4.12% | 15.54% | 20.12% | -5.77% | -18.68% | -12.37% | 30.62% | 15.23% | 15.44% | 21.47% | 3.8% | -14.73% | -14.59% | -2.86% | -45.36% | 42.46% | 166.42% | - |
| Operating Expenses | 957.96M | 883.28M | 727.04M | 572.12M | 487.76M | 374.77M | 356.33M | 338.3M | 296.04M | 267.02M | 242.44M | 228.09M | 207.55M | 193.63M | 185.32M | 165.42M | 158.49M | 168.92M | 178.16M | 147.19M | 126.5M | 113.28M | 100.84M | 113.67M | 125.82M | 149.41M | 187.59M | 210.9M | 144.4M | 73.9M |
| OpEx % of Revenue | - | 9.7% | 10.35% | 10.99% | 11.78% | 12.19% | 12.47% | 12.94% | 13.56% | 14.93% | 14.83% | 14.43% | 14.71% | 14.27% | 13.92% | 13.34% | 14.3% | 14.96% | 13.41% | 13.27% | 11.97% | 12.69% | 12.95% | 15.23% | 15.76% | 17.29% | 20.79% | 15.39% | 16.91% | 24.83% |
| Selling, General & Admin | 709.04M | 883.28M | 730.07M | 574.42M | 489.34M | 376.31M | 357.78M | 340M | 296.99M | 266.59M | 243.2M | 228.97M | 207.65M | 194.21M | 185.81M | 172.14M | 163.43M | 169.02M | 182.17M | 147.16M | 126.62M | 113.28M | 108M | 114.54M | 123.72M | 141.08M | 153.56M | 187.8M | 130.4M | 69.1M |
| SG&A % of Revenue | - | 9.7% | 10.39% | 11.03% | 11.82% | 12.24% | 12.52% | 13% | 13.61% | 14.91% | 14.88% | 14.49% | 14.72% | 14.31% | 13.96% | 13.88% | 14.75% | 14.97% | 13.71% | 13.26% | 11.98% | 12.69% | 13.87% | 15.35% | 15.49% | 16.32% | 17.02% | 13.71% | 15.27% | 23.22% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 558K | 0 | -3.03M | -2.3M | -1.58M | -1.54M | -1.45M | -1.7M | -945K | 435K | -761K | -880K | -103K | -589K | -491K | -6.72M | -4.94M | -106K | -4.01M | 34K | -125K | 0 | -7.16M | -868K | 2.1M | 8.33M | 34.02M | 23.1M | 14M | 4.8M |
| Operating Income | 1.59B | 1.31B | 749.37M | 418.39M | 253.85M | 188.44M | 190.65M | 163.64M | 150.24M | 99.26M | 101.57M | 90.04M | 42.22M | 46.26M | 22.3M | 7.42M | 25.25M | 56.63M | 79.45M | 49.87M | 44.52M | 34.86M | 21.12M | 3.82M | 11.98M | 11.93M | -21.49M | 93.1M | 69M | 6.2M |
| Operating Margin % | 15.7% | 14.42% | 10.66% | 8.04% | 6.13% | 6.13% | 6.67% | 6.26% | 6.88% | 5.55% | 6.21% | 5.7% | 2.99% | 3.41% | 1.68% | 0.6% | 2.28% | 5.02% | 5.98% | 4.49% | 4.21% | 3.91% | 2.71% | 0.51% | 1.5% | 1.38% | -2.38% | 6.8% | 8.08% | 2.08% |
| Operating Income Growth % | - | 75.16% | 79.11% | 64.82% | 34.71% | -1.16% | 16.51% | 8.92% | 51.36% | -2.27% | 12.8% | 113.26% | -8.72% | 107.41% | 200.62% | -70.62% | -55.41% | -28.72% | 59.3% | 12.01% | 27.73% | 65.07% | 452.22% | -68.09% | 0.43% | 155.53% | -123.08% | 34.93% | 1012.9% | - |
| EBITDA | 1.71B | 1.45B | 894.85M | 499.95M | 335.2M | 257.38M | 251.28M | 215.21M | 192.93M | 136.72M | 127.73M | 113.46M | 63.56M | 64.83M | 42.93M | 27.47M | 42.69M | 70.13M | 92.14M | 56.83M | 49.89M | 39.97M | 29.57M | 10.66M | 21.23M | 36.4M | 3.42M | 116.2M | 83M | 11M |
| EBITDA Margin % | 16.85% | 15.98% | 12.73% | 9.6% | 8.1% | 8.37% | 8.8% | 8.23% | 8.84% | 7.65% | 7.82% | 7.18% | 4.51% | 4.78% | 3.23% | 2.22% | 3.85% | 6.21% | 6.94% | 5.12% | 4.72% | 4.48% | 3.8% | 1.43% | 2.66% | 4.21% | 0.38% | 8.48% | 9.72% | 3.7% |
| EBITDA Growth % | 76.55% | 62.55% | 78.99% | 49.15% | 30.23% | 2.43% | 16.76% | 11.55% | 41.12% | 7.03% | 12.58% | 78.51% | -1.96% | 51% | 56.28% | -35.65% | -39.12% | -23.88% | 62.13% | 13.92% | 24.81% | 35.18% | 177.29% | -49.76% | -41.68% | 965.8% | -97.06% | 40% | 654.55% | - |
| D&A (Non-Cash Add-back) | 117.17M | 141.96M | 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 |
| EBIT | 1.09B | 1.3B | 671.61M | 397.07M | 247.96M | 195.25M | 198.55M | 160.16M | 151.53M | 103.17M | 102.38M | 89.38M | 41.06M | 47.16M | 23.13M | -36.9M | 32.67M | 57.23M | 82.05M | 49.87M | 44.52M | 1.06M | 24.09M | 7.05M | 13.86M | 11.17M | 3.86M | 93.1M | 69M | 6.2M |
| Net Interest Income | 9.95M | 12.6M | 4.91M | -6.79M | -13.64M | -5.67M | -7.94M | -9.09M | -3.64M | -3.09M | -2.34M | -1.68M | -1.84M | -1.33M | -1.57M | -1.76M | -1.31M | -617K | 1.16M | 2.67M | 1.97M | -309K | -1.39M | -3.83M | -4.88M | -21.78M | -26.37M | 0 | -7.6M | 0 |
| Interest Income | 25.85M | 21.6M | 11.55M | 3.49M | 46K | 24K | 103K | 224K | 73K | 70K | 9K | 72K | 18K | 23K | 24K | 128K | 193K | 585K | 2.54M | 3.29M | 2.58M | 766K | 172K | 66K | 71K | 186K | 514K | 0 | 0 | 0 |
| Interest Expense | 5.21M | 9.01M | 6.65M | 10.28M | 13.68M | 5.7M | 8.04M | 9.32M | 3.71M | 3.16M | 2.35M | 1.75M | 1.86M | 1.35M | 1.59M | 1.89M | 1.5M | 1.2M | 1.38M | 615K | 616K | 1.07M | 1.57M | 3.89M | 4.95M | 21.96M | 26.89M | 0 | 7.6M | 0 |
| Other Income/Expense | -23.23M | -19.16M | -82.81M | -30.19M | -17.99M | 1.84M | 889K | -11.9M | -1.56M | 1.68M | -508K | -1.38M | -1.99M | 522K | -764K | -52.08M | -4.87M | -600K | 1.35M | 2.67M | 2.07M | -34.88M | -2.43M | 0 | -3.5M | -7.54M | -11.6M | -19.1M | -7M | -700K |
| Pretax Income | 1.57B | 1.29B | 666.56M | 388.19M | 235.86M | 190.27M | 191.54M | 151.74M | 148.68M | 100.94M | 101.06M | 88.66M | 40.23M | 46.78M | 21.54M | -44.66M | 20.38M | 56.03M | 80.59M | 52.55M | 46.59M | -21K | 18.68M | -4.02M | 8.48M | 4.39M | -33.09M | 74M | 62M | 5.5M |
| Pretax Margin % | 15.47% | 14.21% | 9.49% | 7.46% | 5.7% | 6.19% | 6.71% | 5.8% | 6.81% | 5.65% | 6.18% | 5.61% | 2.85% | 3.45% | 1.62% | -3.6% | 1.84% | 4.96% | 6.07% | 4.74% | 4.41% | -0% | 2.4% | -0.54% | 1.06% | 0.51% | -3.67% | 5.4% | 7.26% | 1.85% |
| Income Tax | 343.94M | 270.89M | 144.13M | 64.8M | -10.09M | 46.93M | 41.4M | 37.42M | 35.77M | 45.67M | 36.16M | 31.22M | 11.61M | 18.15M | 10.04M | -8.17M | 6.36M | 21.44M | 30.9M | 20.08M | 17.87M | 14.85M | 7.33M | -1.86M | 4.17M | 6.36M | -3.19M | 31.7M | 27M | 7.6M |
| Effective Tax Rate % | 21.94% | 20.94% | 21.62% | 16.69% | -4.28% | 24.66% | 21.61% | 24.66% | 24.06% | 45.24% | 35.79% | 35.22% | 28.87% | 38.79% | 46.64% | 18.3% | 31.21% | 38.26% | 38.34% | 38.21% | 38.36% | -70704.76% | 39.22% | 46.23% | 49.19% | 144.93% | 9.65% | 42.84% | 43.55% | 138.18% |
| Net Income | 1.22B | 1.02B | 522.43M | 323.4M | 245.95M | 143.35M | 150.14M | 114.32M | 112.9M | 55.27M | 64.9M | 49.36M | 23.06M | 27.27M | 13.46M | -36.83M | 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 | -2.1M |
| Net Margin % | 12.07% | 11.23% | 7.43% | 6.21% | 5.94% | 4.66% | 5.26% | 4.37% | 5.17% | 3.09% | 3.97% | 3.12% | 1.63% | 2.01% | 1.01% | -2.97% | 1.33% | 3.03% | 3.74% | 2.93% | 2.72% | -0.7% | 1.38% | -0.75% | -26.18% | 1.52% | -1.87% | 3.09% | 4.1% | -0.71% |
| Net Income Growth % | 105.52% | 95.73% | 61.54% | 31.49% | 71.57% | -4.52% | 31.33% | 1.26% | 104.27% | -14.83% | 31.46% | 114.04% | -15.42% | 102.55% | 136.55% | -349.86% | -56.88% | -31.21% | 53.05% | 13.03% | 561.36% | -158.12% | 292.02% | 97.33% | -1693.11% | 177.87% | -139.84% | 20.86% | 1766.67% | - |
| Net Income (Continuing) | 1.22B | 1.02B | 522.43M | 323.4M | 245.95M | 143.35M | 150.14M | 114.32M | 112.9M | 55.27M | 64.9M | 57.44M | 28.61M | 28.63M | 11.49M | -36.49M | 14.02M | 34.6M | 49.8M | 32.47M | 28.72M | -14.87M | 11.36M | -2.16M | 4.31M | -1.97M | -29.9M | 42.3M | 35M | -2.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15K | -76K | 355K | 0 | -5.82M | -414K | -114K | 0 | 7K | 8.64M | -2.97M | -3.42M | -10.87M | 15.1M | 13.04M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.28M | 15.11M | 18.19M | 16.9M | 18.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 34.71 | 28.88 | 14.60 | 9.01 | 6.82 | 3.93 | 4.09 | 3.08 | 3.00 | 1.47 | 1.72 | 1.30 | 0.61 | 0.73 | 0.36 | -0.99 | 0.39 | 0.89 | 1.24 | 0.79 | 0.70 | -0.16 | 0.27 | -0.15 | -5.48 | 0.35 | -0.45 | 1.09 | 1.04 | -0.11 |
| EPS Growth % | 107.92% | 97.81% | 62.04% | 32.11% | 73.54% | -3.91% | 32.79% | 2.67% | 104.08% | -14.53% | 32.31% | 113.11% | -16.44% | 102.78% | 136.36% | -353.85% | -56.18% | -28.23% | 56.96% | 12.86% | 537.5% | -159.26% | 280% | 97.26% | -1665.71% | 177.78% | -141.28% | 4.81% | 1045.45% | - |
| EPS (Basic) | - | 28.93 | 14.64 | 9.03 | 6.84 | 3.95 | 4.11 | 3.10 | 3.03 | 1.48 | 1.74 | 1.32 | 0.61 | 0.73 | 0.36 | -0.99 | 0.39 | 0.90 | 1.26 | 0.80 | 0.71 | -0.16 | 0.28 | -0.15 | -5.56 | 0.35 | -0.45 | 1.10 | 1.06 | -0.11 |
| Diluted Shares Outstanding | 35.25M | 35.41M | 35.77M | 35.9M | 36.05M | 36.45M | 36.74M | 37.13M | 37.59M | 37.67M | 37.81M | 37.87M | 37.8M | 37.54M | 37.26M | 37.39M | 37.79M | 38.45M | 40.02M | 41.33M | 41.15M | 39.3M | 39.51M | 37.19M | 38.15M | 37.5M | 37.45M | 39.7M | 34.33M | 19.09M |
| Basic Shares Outstanding | 35.21M | 35.35M | 35.69M | 35.8M | 35.93M | 36.28M | 36.54M | 36.85M | 37.2M | 37.24M | 37.34M | 37.44M | 37.55M | 37.24M | 37.11M | 37.39M | 37.55M | 38.05M | 39.42M | 40.57M | 40.25M | 39.3M | 38.41M | 37.19M | 37.6M | 37.5M | 37.45M | 38.56M | 32.96M | 19.09M |
| Dividend Payout Ratio | - | 6.73% | 8.19% | 9.39% | 8.16% | 12.13% | 10.32% | 12.72% | 10.87% | 19.88% | 15.82% | 18.96% | 36.61% | 28.88% | 55.69% | - | 51.09% | 21.27% | 14.36% | 18.87% | 19.75% | - | - | - | - | - | - | - | 2.86% | - |
Project Execution and Labor
According to quarterly financial data, FIX achieved a significant revenue growth rate of 56.5% year-over-year in 2026Q1, signaling that the company is successfully capturing high-value demand from hyperscale data center and advanced manufacturing sectors, effectively decoupling its performance from broader, more cyclical commercial construction trends.
The acceleration in top-line growth suggests that the company's strategic pivot toward modular fabrication is yielding substantial market share gains. Investors should monitor whether this pace is sustainable or if it reflects a temporary surge in large-scale industrial project completions that may normalize in future periods.
As reported in recent income statements, FIX has expanded its gross margin to 26.3% in 2026Q1, a notable improvement from the 19.3% observed in 2024Q1, which suggests that the company's shift toward negotiated, complex industrial work is providing superior pricing power compared to traditional competitive-bid projects.
This margin expansion appears to be a direct result of the company's ability to move labor-intensive tasks into controlled off-site environments. The trend warrants further investigation to determine if these gains are structural or if they remain sensitive to potential volatility in raw material costs like copper and steel.
Based on the provided financial figures, operating income has scaled to $485.7M in 2026Q1, reflecting an operating margin of 17.0% that significantly outpaces historical levels, indicating that the company is successfully achieving economies of scale within its modular manufacturing operations as revenue volume continues to climb rapidly.
The ability to grow operating income faster than gross profit suggests that the company is managing its overhead efficiently despite the rapid expansion of its project pipeline. This leverage appears to be a key differentiator, potentially allowing the firm to maintain profitability even if labor costs face upward pressure.
Financial statements indicate that net income reached $370.4M in 2026Q1, with stock-based compensation remaining relatively contained at $19.4M, suggesting that the company's earnings growth is primarily driven by operational performance rather than accounting adjustments or excessive dilution of shareholder equity through aggressive equity-based incentive programs.
The consistency of the net margin improvement alongside EPS growth suggests a high quality of earnings that is supported by actual cash-generating activities. Investors should remain cautious, however, as the percentage-of-completion accounting method requires management to make significant estimates regarding costs to complete, which could introduce volatility.
While current growth is robust, the concentration of revenue in high-complexity industrial and data center projects, as evidenced by the 56.5% revenue surge, may expose the company to significant downside risk if capital expenditure cycles in the technology sector experience a sudden, unexpected contraction or delay.
Short-sellers might focus on the potential for margin compression if the company's reliance on specialized labor leads to wage inflation that cannot be fully passed through to clients. Furthermore, the reliance on unbilled receivables as a primary asset warrants close monitoring to ensure that project milestones are being met as projected.
Quick answers to the most common questions about buying FIX stock.
For fiscal year 2025, Comfort Systems USA, Inc. (FIX) reported total revenue of $9.10B. This represents a 2958.3% increase compared to $297.6M in 1997.
Comfort Systems USA, Inc. (FIX) is profitable, generating $1.02B in net income for the fiscal year ending 2025 with a net profit margin of 11.2%.
Comfort Systems USA, Inc. (FIX) reported an operating income of $1.31B, resulting in an operating profit margin of 14.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Comfort Systems USA, Inc. (FIX) generated $2.20B in gross profit for the year, representing a gross profit margin of 24.1%. This demonstrates the company's core pricing power and production efficiency.