Comfort Systems USA Q2 Revenue Surges 50% to $3.27B, Backlog Hits $14B

summarizeSummary

Comfort Systems USA reported Q2 2026 revenue of $3.27B (+50% YoY) and net income of $442M (+91% YoY). Backlog reached $14.06B, up 73% YoY, driven by strong demand in technology and data center construction.

check_boxKey Events · Earnings and Guidance · FIX

• Revenue Surges 50%

  Q2 2026 revenue reached $3.27 billion, up from $2.17 billion in Q2 2025, driven by a 43.8% same-store increase and contributions from recent acquisitions.

• Net Income Nearly Doubles

  Net income rose to $441.6 million ($12.53 diluted EPS) from $230.8 million ($6.53 diluted EPS) a year ago, reflecting higher volumes and improved margins.

• Backlog Hits Record $14.06B

  Backlog as of June 30, 2026 was $14.06 billion, a 73.1% increase year-over-year, with 65-75% expected to convert to revenue in the next 12 months.

• Gross Margin Expands to 25.9%

  Gross profit margin improved to 25.9% from 23.5% in Q2 2025, driven by better project execution and favorable change orders.

auto_awesomeAnalysis · FIX · Real Estate & Construction

A standout quarter for Comfort Systems USA saw revenue jump 50% year-over-year to $3.27 billion, while net income nearly doubled to $442 million. The backlog swelled to $14.06 billion, up 73% from a year ago, signaling sustained demand well into 2027. Gross margins expanded to 25.9%, and operating cash flow swung from $165 million to $1.53 billion, reflecting strong execution and favorable working capital dynamics. The acquisition of R.C. Hunt Electric adds to the electrical segment's growth. With no debt drawn on its $1.1 billion credit facility and $1.01 billion available, the balance sheet is in excellent shape. These results confirm that the technology-driven construction boom, particularly in data centers, continues to fuel exceptional growth.