Comfort Systems’ Backlog Reaches $17.81 Billion After 90% Annual Increase
Key Facts
Comfort Systems USA had about $17.81 billion in backlog on September 30, 2026, up 90.0% from the same date a year earlier and 26.7% from the end of June, according to the company’s quarterly report. The company reported revenue of $3.77 billion in the third quarter, compared with $2.45 billion in the same period of 2025. Net income rose to $489 million from $291.6 million. The chief executive said “strong continued demand and the consistent excellence of our teams” contributed to results he described as exceptional across metrics. He added that earnings per share increased 70% year over year and operating cash flow exceeded $1 billion during the quarter.
On a same-store basis, backlog was $17.39 billion on September 30, 2026, compared with $9.38 billion on the same date in 2025, according to the company’s filing with the U.S. Securities and Exchange Commission. Total backlog at the end of September was $17.81 billion, according to the quarterly report. In the first nine months of 2026, the company reported revenue of $9.90 billion, compared with $6.46 billion in the same period last year. Net income for those months was $1.30 billion, up from $691.8 million. The results put backlog growth alongside the increases in revenue and income recorded over the same period.
The company said technology was the main driver of the annual increase in backlog, with notable contributions from its Texas and Virginia operations. Backlog at its large conventional Texas operation within the technology segment increased by $2.72 billion year over year through September 30. The balance at its Texas electrical operation also rose by $2.64 billion. One of the company’s Texas operations recorded an increase of $1.04 billion, while one of its Virginia operations rose by $793.1 million. These contributions span different operations included in the company’s explanation of annual backlog growth.
Industrial customers accounted for 76% of total revenue in the first nine months of 2026, according to the earnings call transcript. Technology, part of the industrial segment, accounted for 59% of revenue, compared with 42% in the same period of 2025. The company said industrial customers are a key driver of its business and backlog trends. Conventional work accounted for 17% of revenue year to date through the third quarter. These figures link the industrial segment’s weight in revenue with the role of technology and conventional work in the company’s business.
Management expects conventional work to exceed 4 million square feet by the end of 2026, with capacity reaching about 6 million square feet by the end of 2027. It said the plan to reach the targeted capacity is based on existing programs with current customers. The company also said it is working with an advanced laboratory and colocation data center providers, without yet describing those arrangements as programmatic. The plan comes alongside orders and investments that the company says are aimed at meeting demand for conventional work. Management had linked the capacity expansion to existing programs, rather than to forecasts separate from its current customer base.
The project mix affected quarterly margins: management said the higher share of equipment and materials in the cost mix supported sequential revenue growth while also weighing on margins compared with the previous quarter. In its quarterly report, the company forecast that demand would remain elevated for the rest of 2026 and in 2027, particularly from manufacturing and technology customers. It also expected continued cost pressures and intermittent supply-chain delays in the coming quarters. The company reported $1.01 billion in available credit facilities for borrowing on September 30, 2026. The facility agreement expires in October 2030, according to the report.
FIX shares closed at $1279.37 on October 22, compared with $1401.27 at the previous session’s close, according to EL7 data. The company had announced that third-quarter results would be released after the market close on October 22, 2026. The closing price that day therefore does not reflect a move after the results announcement. The company scheduled its earnings call for October 23 at 10:00 a.m. Central U.S. time. The call gives management an opportunity to present details of the results, capacity plan and expected demand as the company anticipates elevated demand levels in the period ahead.