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Comfort Systems USA
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Latest analysis
Updated Oct 28, 2026
Comfort Systems USA posts $17.8B backlog and $9.9B YTD revenue through Q3 2026, with technology sector now 59% of project mix.
Comfort Systems USA's Q3 2026 investor presentation reveals a company operating at a fundamentally different scale than one year ago: backlog reached $17.8 billion at Q3 2026, up from $11.9 billion at year-end 2025, while nine-month revenue of $9.9 billion and Adjusted EBITDA of $1.79 billion reflect the acceleration of technology-sector megaproject demand. With technology projects comprising 59% of YTD 2026 revenue, data center and chip manufacturing concentration is now the defining characteristic of the business, not a growth supplement. The balance sheet is effectively unlevered — Debt/TTM EBITDA of 0.02x with $2.16 billion cash — giving the company unambiguous capacity to pursue acquisitions or absorb project-level stress.
Tone: bullishRevenue
$9.1B
FIX 10-K · FY 2025
Employees
22,700
Revenue FY2024
$7B
Founded
1997
Profile
FIX 10-K Item 1 · Feb 19, 2026Comfort Systems USA is a national mechanical and electrical contracting company serving commercial, industrial, and institutional markets across the United States. The company installs, maintains, repairs, and replaces MEP systems through 50 operating units in 142 cities. Technology sector work — primarily data centers — represented 45% of 2025 revenue, making it the dominant end market.
Read filing description ↓ Collapse description ↑
Comfort Systems USA, Inc., a Delaware corporation established in 1997, provides mechanical and electrical contracting services through two business segments: mechanical and electrical. The mechanical segment principally includes heating, ventilation and air conditioning (HVAC), plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. The electrical segment includes installation and servicing of electrical systems. The Company builds, installs, maintains, repairs and replaces mechanical, electrical and plumbing (MEP) systems through its 50 operating units with 190 locations in 142 cities throughout the United States. Approximately 63.2% of consolidated 2025 revenue was attributable to installation services in newly constructed facilities, with the remaining 36.8% from renovation, expansion, maintenance, repair and replacement services in existing buildings. The Company operates primarily in the commercial, industrial and institutional MEP markets, performing most services in manufacturing, healthcare, education, office, technology, retail and government facilities. The technology sector — which includes data centers — was the largest end market at 45.0% of 2025 revenue, followed by manufacturing at 22.1%. As of December 31, 2025, the Company had 8,427 projects in process with an aggregate contract value of approximately $24.17 billion. The Company believes that commercial, industrial, and institutional mechanical and electrical contracting generates annual revenue in the United States of approximately $700 billion.
Primary products
- HVAC installation and servicing
- Plumbing and piping
- Controls and building automation
- Off-site and modular construction
- Fire protection
- Electrical system installation and servicing
Business segments
End markets
Geographies
Named competitors
“We believe that we are larger than most of our competitors, which are generally small, owner-operated companies in a specific area.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue increased from approximately $7.03 billion in 2024 to approximately $9.10 billion in 2025, driven by growth in the technology end market and expanded scale following headcount additions.
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