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Comfort Systems USA Income Statement 2025-2008 | FIX
Brief overview of income trends at Comfort Systems USA
This overview is based on financial performance over the past five years. Comfort Systems USA reported revenue of $2.9 billion in 2020 and $9.1 billion by 2025. The five-year change reached +218.6%, while CAGR stood at 26.1%. This pace points to rapid expansion of the business.
At the gross-profit level, the result moved from $547 million to $2.2 billion, a change of +301.5%. Direct costs grew more slowly than revenue and improved the economics of sales. The gross margin was 19.1% at the start and 24.1% at the end. The margin shift points to a more favorable sales-and-cost structure.
The five-year EBITDA result moved by +530.1%: from $219 million to $1.4 billion. EBITDA expanded faster than the top line. The EBITDA share of revenue changed from 7.7% to 15.1%. The increased EBITDA share is a positive sign.
The net result moved from 150 million dollars to 1 billion dollars, or +581.1%. The period finished with its strongest net-income result.
Over the period, capitalization shifted from $2.3 billion to $48.4 billion (+2050%). A large part of future progress may already be reflected in the valuation.
Overall conclusion
The financial trajectory looks strong and well balanced. The financial profile benefits from an improving EBITDA margin, improving net profitability and improving gross profitability. The key question is whether sales can be converted into sustainable profit.
Annual Income Statement Comfort Systems USA
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
48.4 B | 13.7 B | 8.92 B | 4.46 B | 3.12 B | 2.25 B | 1.77 B | 1.78 B | 1.62 B | 1.26 B | 1.06 B | 625 M | 651 M | 469 M | 461 M | 390 M | 370 M | - |
Shares |
35.3 M | 35.7 M | 35.8 M | 35.9 M | 36.3 M | 36.5 M | 36.9 M | 37.2 M | 37.2 M | 37.3 M | 37.4 M | 37.5 M | 37.2 M | 37.1 M | 37.4 M | 37.5 M | 38 M | - |
Historical Prices |
1.37 K | 385 | 249 | 124 | 86 | 61.6 | 41.5 | 52.3 | 39.8 | 36.7 | 26.7 | 17.6 | 15.3 | 11.4 | 10.3 | 10.4 | 9.72 | 13 |
Net Income |
1.02 B | 522 M | 323 M | 246 M | 143 M | 150 M | 114 M | 113 M | 55.3 M | 64.9 M | 49.4 M | 23.1 M | 27.3 M | 13.5 M | -36.8 M | 14.7 M | 34.2 M | - |
Revenue |
9.1 B | 7.03 B | 5.21 B | 4.14 B | 3.07 B | 2.86 B | 2.62 B | 2.18 B | 1.79 B | 1.63 B | 1.58 B | 1.41 B | 1.36 B | 1.33 B | 1.24 B | - | - | - |
Cost of Revenue |
6.91 B | 5.55 B | 4.22 B | 3.4 B | 2.51 B | 2.31 B | 2.11 B | 1.74 B | 1.42 B | 1.29 B | 1.26 B | 1.16 B | 1.12 B | 1.12 B | 1.06 B | 874 M | 903 M | - |
Gross Profit |
2.2 B | 1.48 B | 991 M | 742 M | 563 M | 547 M | 502 M | 446 M | 366 M | 344 M | 318 M | 250 M | 240 M | 208 M | 181 M | 190 M | 226 M | - |
Operating Income |
1.31 B | 749 M | 418 M | 254 M | 188 M | 191 M | 164 M | 150 M | 99.3 M | 102 M | 90 M | 42.2 M | 46.3 M | 22.3 M | -42.6 M | 31.4 M | 56.6 M | - |
Interest Expense |
9.01 M | 6.65 M | 10.3 M | 13.4 M | 6.2 M | 8.38 M | 9.32 M | 3.71 M | 3.16 M | 2.34 M | 1.75 M | 1.86 M | 1.35 M | 1.6 M | 1.89 M | 1.7 M | 1.2 M | - |
EBITDA |
1.38 B | 798 M | 457 M | 287 M | 217 M | 219 M | 214 M | 192 M | 137 M | 127 M | 113 M | 63.5 M | 64.2 M | 42.4 M | 29.4 M | 42.7 M | 66.7 M | - |
Operating Expenses |
- | - | - | - | - | - | 340 M | 297 M | 267 M | 243 M | 229 M | 208 M | 194 M | 186 M | 172 M | - | - | - |
General and Administrative Expenses |
883 M | 730 M | 574 M | 489 M | 376 M | 358 M | 340 M | 297 M | 267 M | 243 M | 229 M | 208 M | 194 M | 186 M | 172 M | 159 M | 169 M | - |
All numbers in USD currency
Quarterly Income Statement Comfort Systems USA
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
35.2 M | 35.2 M | 35.3 M | 35.3 M | 35.5 M | 35.7 M | 35.7 M | 35.7 M | 35.8 M | 35.8 M | 35.8 M | - | 35.9 M | 36 M | 36.1 M | 36.1 M | 36.3 M | 36.4 M | 36.3 M | 36.2 M | 36.6 M | 36.6 M | 36.7 M | 36.7 M | 36.8 M | 36.9 M | 36.9 M | 36.9 M | 37.3 M | 37.2 M | 37.2 M | 37.2 M | 37.2 M | 37.3 M | 37.2 M | 37.2 M | 37.4 M | 37.4 M | 37.3 M | 37.4 M | 37.6 M | 37.5 M | 37.3 M | 37.3 M | 37.6 M | 37.7 M | 37.6 M | 37.6 M | 37.3 M | 37.2 M | 37.1 M | - | 37.2 M | 37.2 M | 37.1 M | - | 37.3 M | 37.6 M | 37.5 M |
Net Income |
442 M | 370 M | 292 M | 231 M | 169 M | 146 M | 134 M | 96.3 M | 105 M | 69.5 M | 57.2 M | - | 61.5 M | 42.2 M | 86.8 M | - | 46.3 M | 33 M | 26.5 M | 42.8 M | 50.1 M | 39.5 M | 17.7 M | 34.1 M | 36.2 M | 24.2 M | 19.9 M | 25.2 M | 38.5 M | 32.5 M | 16.7 M | 7.54 M | 22.3 M | 18 M | 7.48 M | 16.9 M | 20.5 M | 17.7 M | 9.76 M | 13.2 M | 17.7 M | 13.4 M | 5.07 M | 10.7 M | 7.6 M | 4.4 M | 375 K | 5.94 M | 28.6 M | 28.6 M | 28.6 M | 5.14 M | 11.8 M | 11.8 M | 11.8 M | 2.08 M | -36.5 M | -36.5 M | -36.5 M |
Revenue |
3.27 B | 2.87 B | 2.45 B | 2.17 B | 1.83 B | 1.81 B | 1.81 B | 1.54 B | 1.38 B | 1.3 B | 1.17 B | - | 1.12 B | 1.02 B | 885 M | - | 834 M | 714 M | 670 M | 699 M | 714 M | 743 M | 700 M | 720 M | 707 M | 650 M | 538 M | 588 M | 595 M | 535 M | 465 M | 461 M | 481 M | 465 M | 381 M | 392 M | 429 M | 428 M | 386 M | 384 M | 411 M | 417 M | 370 M | 356 M | 370 M | 363 M | 321 M | 330 M | 350 M | 351 M | 326 M | 316 M | 335 M | 353 M | 327 M | 314 M | 328 M | 312 M | 282 M |
Cost of Revenue |
2.42 B | 2.11 B | 1.84 B | 1.66 B | 1.43 B | 1.43 B | 1.45 B | 1.24 B | 1.1 B | 1.07 B | 969 M | - | 918 M | 843 M | 732 M | - | 675 M | 587 M | 546 M | - | 567 M | 598 M | 583 M | - | 564 M | 530 M | 432 M | - | 467 M | 424 M | 376 M | - | 380 M | 370 M | 305 M | - | 336 M | 338 M | 312 M | - | 323 M | 335 M | 305 M | - | 304 M | 301 M | 269 M | - | 283 M | 291 M | 274 M | - | 280 M | 299 M | 284 M | - | 279 M | 265 M | 248 M |
Gross Profit |
844 M | 754 M | 608 M | 510 M | 403 M | 382 M | 364 M | 297 M | 277 M | 228 M | 205 M | - | 202 M | 175 M | 153 M | - | 159 M | 126 M | 123 M | 137 M | 147 M | 146 M | 117 M | 133 M | 143 M | 120 M | 107 M | 118 M | 128 M | 111 M | 89.1 M | 93.7 M | 101 M | 95.7 M | 76 M | 88.3 M | 92.8 M | 89.4 M | 73.5 M | 83.9 M | 87.5 M | 82 M | 64.7 M | 69.3 M | 66.5 M | 61.9 M | 52.1 M | 61.4 M | 67 M | 60 M | 51.5 M | 55.1 M | 55.5 M | 54.1 M | 42.9 M | 50.5 M | 49 M | 47.9 M | 34.2 M |
Operating Income |
558 M | 486 M | 379 M | 300 M | 209 M | 203 M | 185 M | 135 M | 135 M | 92.1 M | 70.9 M | - | 81.4 M | 56.7 M | 35.7 M | - | 64.1 M | 39.4 M | 35.6 M | - | 56.7 M | 61 M | 24.7 M | - | 53.4 M | 35.7 M | 28 M | - | 52.8 M | 40.2 M | 19.2 M | - | 34.3 M | 29.3 M | 11.8 M | - | 32 M | 28.6 M | 15.5 M | - | 29.9 M | 24.8 M | 11.2 M | 14.9 M | 14.8 M | 10.6 M | 1.9 M | 9.06 M | 17.7 M | 14.4 M | 5.09 M | 8.1 M | 9.77 M | 7.44 M | -3 M | 4.74 M | -46.7 M | 6.82 M | -7.47 M |
Interest Expense |
708 K | 464 K | 280 K | -530 K | 24 K | 87 K | 119 K | 117 K | -44 K | 3.92 M | 4.08 M | - | 3.61 M | 3.03 M | 2.13 M | - | 1.59 M | 1.36 M | 1.5 M | - | 1.73 M | 2.55 M | 2.62 M | - | 2.78 M | 3.05 M | 1.06 M | - | 1.15 M | 736 K | 713 K | - | 961 K | 1.04 M | 390 K | - | 563 K | 606 K | 701 K | - | 399 K | 454 K | 505 K | - | 561 K | 462 K | 336 K | - | 347 K | 347 K | 338 K | - | 406 K | 428 K | 397 K | - | 478 K | 466 K | 487 K |
EBITDA |
578 M | 504 M | 395 M | 315 M | 223 M | 215 M | 196 M | 147 M | - | - | 80.1 M | - | 106 M | 56.7 M | 43.7 M | - | 85.2 M | 39.4 M | 42.7 M | - | 77.5 M | 74.6 M | 31.2 M | - | 71.6 M | 47.7 M | 33.8 M | - | 69.4 M | 51.1 M | 24.7 M | - | 49 M | 38.9 M | 16.3 M | - | 45.4 M | 37.6 M | 19.7 M | - | 41.6 M | 28.8 M | 15 M | 14.9 M | 18.4 M | 13.9 M | 4.95 M | 9.06 M | 20.6 M | 17.2 M | 7.93 M | 8.1 M | 12.7 M | 10.4 M | 54 K | 4.74 M | -43.8 M | 9.83 M | -4.31 M |
General and Administrative Expenses |
287 M | 269 M | 230 M | 210 M | 195 M | 180 M | 180 M | 163 M | 143 M | 136 M | 135 M | - | 121 M | 119 M | 118 M | - | 95.3 M | 87.5 M | 88.2 M | - | 90.9 M | 85 M | 92.9 M | - | 90 M | 84.5 M | 78.9 M | - | 75.3 M | 71.2 M | 70 M | - | 66.7 M | 66.6 M | 63.2 M | - | 61 M | 61 M | 58.2 M | - | 57.9 M | 57.4 M | 53.7 M | - | 52.2 M | 50.6 M | 50.4 M | - | 49.4 M | 45.7 M | 46.5 M | - | 45.9 M | 46.9 M | 46.1 M | - | 41.5 M | 41.9 M | 42.6 M |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Comfort Systems USA (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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