The massive backlog growth (+90% YoY to $17.81B) and strong cash generation ($1.01B operating cash flow) suggest multi-quarter revenue visibility. Watch for the Q4 2026 earnings call for 2027 guidance and any commentary on capacity constraints or labor availability.
Price Chart
Executive Summary
Comfort Systems USA reported Q3 2026 results with revenue of $3.77B (up 54% YoY) and diluted EPS of $13.91 (up 69% YoY), beating consensus estimates of $3.46B and $13.15. Backlog surged to $17.81B, up 90% YoY, and operating cash flow reached $1.01B. The board also increased the quarterly dividend by $0.10 to $1.00/share.
Key Financial Metrics
Key Facts
- Q3 2026 revenue of $3.77B vs $2.45B in Q3 2025, a 54% increase
- Diluted EPS of $13.91 vs $8.25 in Q3 2025, a 69% increase
- Beat consensus EPS of $13.15 by 5.8% and revenue consensus of $3.46B by 9.0%
- Backlog of $17.81B, up from $9.38B a year ago (+90%) and up sequentially from $14.06B at Q2 2026
- Operating cash flow of $1.01B in Q3 2026 vs $553.3M in Q3 2025
- Quarterly dividend increased to $1.00/share from $0.90/share
- Adjusted EBITDA margin of 17.7% vs 16.9% in Q3 2025
- Nine-month revenue of $9.90B vs $6.46B in 2025 (+53%)
Financial Impact
Revenue beat consensus by $310M; EPS beat by $0.76; backlog growth of $8.43B YoY; dividend increase of $0.10/share
Risk Factors
- Backlog execution risk given rapid growth and potential labor/supply constraints
- Cyclicality in commercial/industrial construction demand
- Integration risk from acquisitions (goodwill increased to $1.15B)
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-118156 |
| Document: fix-20261022x8k.htm | 0001104659-26-118156 |
| Document: fix-ex99d2.htm | 0001104659-26-118156 |
| Document: 0001104659-26-118156-index-headers.html | 0001104659-26-118156 |
| Document: 0001104659-26-118156-index.html | 0001104659-26-118156 |
| Document: 0001104659-26-118156.txt | 0001104659-26-118156 |
| 8-K Data (Synthetic) | 0001104659-26-118156 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | Institutional Cluster | $1,160.86 | awaiting T+20 | — | $1,288.61 (+11.00%) |
Oct 22, 2026 5d ago | 8-K | $1,160.86 | awaiting T+20 | — | $1,288.61 (+11.00%) |
Oct 22, 2026 5d ago | 8-K | $1,160.86 | awaiting T+20 | — | $1,288.61 (+11.00%) |
Aug 18, 2026 10w ago | Insider Cluster | $1,696.06 $1,573.96 | ▼ −7.20% | ▼ −5.25% | $1,288.61 (−24.02%) |
Aug 3, 2026 12w ago | 8-K | $1,775.86 $1,554.37 | ▼ −12.47% | ▼ −11.23% | $1,288.61 (−27.44%) |
Jun 22, 2026 18w ago | 8-K | $1,908.07 $1,712.18 | ▼ −10.27% | ▼ −11.43% | $1,288.61 (−32.47%) |
May 1, 2026 25w ago | 8-K | $1,891.95 $1,787.88 | ▼ −5.50% | ▼ −11.15% | $1,288.61 (−31.89%) |
Apr 29, 2026 26w ago | Insider Cluster | $1,724.14 $1,867.09 | ▲ +8.29% | ▲ +2.83% | $1,288.61 (−25.26%) |
Apr 29, 2026 26w ago | Insider Cluster | $1,724.14 $1,867.09 | ▲ +8.29% | ▲ +2.83% | $1,288.61 (−25.26%) |
Apr 23, 2026 26w ago | 8-K | $1,726.12 $1,835.33 | ▲ +6.33% | ▲ +2.30% | $1,288.61 (−25.35%) |
US Market Status
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