Short answer
Comfort Systems USA (FIX) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $9.1B (+29.5% year over year) and net income of $1.0B.
- Top risk flagged: Legal risk: Compliance with Securities Exchange Act Rule 10b5-1 for share repurchases, limiting timing and method of stock buybacks
FY2025 key financial metrics · XBRL
- Revenue
- $9.1B
- +29.5% YoY
- Net income
- $1.0B
- +95.7% YoY
- Operating margin
- 14.4%
- +3.8 pp YoY
- Gross margin
- 24.1%
- +3.1 pp YoY
- EPS (diluted)
- $28.88
- +97.8% YoY
- ROE
- 41.8%
- +11.1 pp YoY
- Operating cash flow
- $1.2B
- +39.7% YoY
Source: XBRL data from the Comfort Systems USA (FIX) FY2025 10-K on SEC EDGAR. USD.
Comfort Systems USA FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model not described in this year's filing text provided
- No new products, services, or segments introduced or emphasized in filing excerpt
- No strategic shifts or changes in competitive positioning mentioned
- No quantitative metrics such as employee count or R&D spend disclosed in text
- Filing defers key business and governance information to amendment or proxy statement by May 1, 2026
Management Discussion & Analysis
- Share repurchases 0.4M shares for $217.9M at $489.40/share average in 2025; total 10.9M shares repurchased at $50.15 average price
- Revolving credit facility borrowing capacity increased to $1.1B; $100M borrowings outstanding, $921M credit available as of Dec 31, 2025
- Interest expense $9.0M in 2025 vs $6.6M in 2024; includes $3.1M on notes to former owners and $3.8M on borrowings
- Notes to former owners $44.6M outstanding; principal payments $6.1M (2026), $24.2M (2027), $14.3M (2028)
- Management expects sufficient liquidity with positive net free cash flow for 27 years and significant borrowing capacity; potential risk from bonding capacity constraints impacting near-term revenue and profits
Risk Factors
- Legal risk: Compliance with Securities Exchange Act Rule 10b5-1 for share repurchases, limiting timing and method of stock buybacks
- Macroeconomic risk: Revenue dependence on one customer representing 12.8% of consolidated revenue in 2025 in mechanical segment
- Operational risk: Incomplete internal control integration for recent acquisitions comprising 7.0% of assets and 2.2% of revenues as of 2025 year-end
- Competitive risk: Mechanical segment faces ongoing demand for service and maintenance vs electrical segment mainly new installations with different skill sets
- Financial risk: Large stock repurchases, $217.9 million in 2025 at average $489.40 per share, increasing leverage and cash outflows
Generated from the filing text; verify against the original. How to read a 10-K
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