Comfort Systems USA stock builds momentum with record backlog

Published on 11/02/2026 at 10:53 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Comfort Systems USA stock follows a quarter of sharp revenue and profit growth. Record backlog and stronger cash flow support the company outlook through 2027.

Results Lift Backlog And Cash Flow

Third-quarter revenue rose 54 percent year over year to USD 3.77 billion.
Net income increased to USD 489.0 million, while diluted earnings per share reached USD 13.91.
Backlog climbed to USD 17.81 billion at September 30, supporting management's outlook for growth through year-end and 2027.

Comfort Systems USA, US1999081045, Illustration mit AI erstellt.

Comfort Systems USA reported strong third-quarter results on Thursday, October 22, 2026, with revenue, net income and cash generation rising sharply from the prior-year period. The company said demand remained strong across its commercial, industrial and institutional building-services operations. Comfort Systems USA published the results for the quarter ended September 30.

Comfort Systems USA stock traded at 1,119.50 euros on Lang & Schwarz at 10:44 CET on Monday, November 2, 2026. The real-time quote of Comfort Systems USA stock is available separately.

Revenue And Earnings Accelerate

Third-quarter revenue rose to USD 3.77 billion from USD 2.45 billion a year earlier. Net income increased to USD 489.0 million from USD 291.6 million, while diluted earnings per share advanced to USD 13.91 from USD 8.25. The company said the year-over-year increases represented 50 percent revenue growth and a 70 percent gain in per-share earnings.

Operating income reached USD 624.6 million, compared with USD 378.9 million in the prior-year quarter. Adjusted EBITDA rose to USD 667.9 million from USD 413.9 million, lifting the adjusted EBITDA margin to 17.7 percent from 16.9 percent. These figures indicate that higher volume was accompanied by improved operating leverage, although project execution, labor availability and contract costs remain important risks for building-services contractors.

Backlog Sets A New High

Backlog stood at USD 17.81 billion on September 30, up from USD 14.06 billion at June 30 and USD 9.38 billion a year earlier. On a same-store basis, backlog reached USD 17.39 billion. The sequential increase of USD 3.8 billion gives the company a larger revenue base to convert into future work, but backlog remains exposed to cancellations, execution issues and changes in customer spending.

Chief Executive Officer Brian Lane attributed the increase to ongoing demand and execution by the company's teams. He said Comfort Systems USA believed it was positioned to grow organically through year-end and 2027 while maintaining high profitability and solid cash flow. The statement is management's outlook rather than formal earnings guidance.

Cash Generation Supports Investment

Operating cash flow reached USD 1.01 billion in the quarter, compared with USD 553.3 million a year earlier. After capital spending and asset-sale proceeds, free cash flow was USD 805.6 million versus USD 519.0 million. For the first nine months, operating cash flow rose to USD 2.54 billion from USD 717.8 million, while free cash flow reached USD 2.05 billion.

Revenue for the first nine months rose to USD 9.90 billion from USD 6.46 billion, and net income increased to USD 1.30 billion from USD 691.8 million. Quarterly dividends per share were USD 0.900, compared with USD 0.500 in the year-earlier period. Investors will focus on whether demand and backlog conversion remain strong when the company reports its full-year 2026 results and files its annual report.