Comfort Systems USA (FIX) FY2025 10-K Annual Report
Comfort Systems USA (FIX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Comfort Systems USA FY2025 10-K Analysis
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
Comfort Systems USA FY2025 Key Financial MetricsXBRL
Revenue
$9.1B
▲ +29.5% YoY
Net Income
$1.0B
▲ +95.7% YoY
Gross Margin
24.1%
▲ +312bp YoY
Operating Margin
14.4%
▲ +378bp YoY
Net Margin
11.2%
▲ +380bp YoY
ROE
41.8%
▲ +1111bp YoY
Total Assets
$6.4B
▲ +36.7% YoY
EPS (Diluted)
$28.88
▲ +97.8% YoY
Operating Cash Flow
$1.2B
▲ +39.7% YoY
Source: XBRL data from Comfort Systems USA FY2025 10-K filing on SEC EDGAR. All figures in USD.
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