Comfort Systems USA's backlog has nearly doubled in a year. It stood at $17.81bn on 30 September 2026, up from $9.38bn a year earlier and $14.06bn on 30 June 2026, the company reported on 22 October 2026. Third-quarter revenue rose to $3.77bn from $2.45bn, and net income was $489.0m, or $13.91 per diluted share, against $291.6m, or $8.25, in Q3 2025.
- Revenue · Q3 20263.77 $bn
- Diluted EPS · Q3 202613.91 $
- Operating cash flow · Q3 20261.01 $bn
- Backlog · 30 September 202617.81 $bn
- Same-store backlog · 30 September 202617.39 $bn
“Relentless demand, together with our competence and reputation, produced sequential backlog growth of $3.8 billion, and a year over year backlog increase exceeding $8.0 billion.”
Margins and cash
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue ($m) | 3,766.3 | 2,451.0 |
| Gross margin | 24.8% | 24.8% |
| Operating income ($m) | 624.6 | 378.9 |
| Operating margin | 16.6% | 15.5% |
| Adjusted EBITDA, non-GAAP ($m) | 667.9 | 413.9 |
| Free cash flow, non-GAAP ($m) | 805.6 | 519.0 |
Source: Comfort Systems USA Form 8-K, Exhibit 99.1, Q3 2026.
Gross margin held at 24.8% of revenue in Q3 2026, the same as a year earlier, while selling, general and administrative expenses rose to $314.2m from $229.6m but fell to 8.3% of revenue from 9.4%. Operating cash flow was $1.01bn, against $553.3m in Q3 2025. The quarterly dividend was $0.90 per share, up from $0.50 a year earlier. On a same-store basis, backlog rose to $17.39bn on 30 September 2026 from $9.38bn a year earlier.
The company cautions that backlog can be adjusted or cancelled and may fail to translate into actual revenue or profits. For the first nine months of 2026, revenue was $9.90bn, against $6.46bn a year earlier, and diluted EPS was $36.94, against $19.52. Comfort Systems has 211 locations in 155 US cities.
- Comfort Systems USA, Third Quarter 2026 Results (Form 8-K, Exhibit 99.1, SEC EDGAR), 22 Oct 2026, 22:10 CEST