Valued at $39.7 billion by market cap, Comfort Systems USA, Inc. (FIX) is a leading mechanical and electrical contracting company that designs, installs, and maintains HVAC, plumbing, piping, and building automation systems for commercial, industrial, and institutional facilities. Headquartered in Houston, Texas, the company delivers both large project installations and recurring maintenance services across complex end markets, including data centers, semiconductor fabs, healthcare, and manufacturing. Sh ...

Market Overview - U.S. stock futures rose on Friday after a decline on Thursday, with all major benchmark indices showing positive futures [1] - Wall Street is anticipating the release of fourth-quarter GDP data and the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditure Price Index [1] Treasury Bonds - The 10-year Treasury bond yielded 4.07%, while the two-year bond was at 3.47% [2] - The CME Group's FedWatch tool indicates a 94% likelihood that the Federal Reserve will keep interest rates unchanged in March [2] Index Performance - Dow Jones increased by 0.26%, S&P 500 by 0.37%, Nasdaq 100 by 0.47%, and Russell 2000 by 0.34% [3] Company Performance - Copart Inc. (NASDAQ: CPRT) dropped 6.64% after reporting quarterly earnings of 36 cents per share, missing the consensus estimate of 40 cents [6] - Comfort Systems USA Inc. (NYSE: FIX) rose 4.57% after better-than-expected fourth-quarter results and an increase in its quarterly dividend [6] - Candel Therapeutics Inc. (NASDAQ: CADL) declined 12.27% following the announcement of a $100 million public stock offering [7] Sector Insights - Utilities led gains with a 1.13% increase, while Financials experienced the steepest decline, dropping 0.86% [8] Analyst Insights - Scott Wren from Wells Fargo Investment Institute has upgraded the GDP growth forecast to 2.9% from 2.4%, maintaining a bullish outlook on the U.S. economy [9] - Wren recommends focusing on sectors sensitive to growth, specifically Financials and Industrials, which are expected to benefit from AI infrastructure developments [10] - Wren views market pullbacks as opportunities to invest in large- and mid-cap domestic equities rather than retreating into defensive assets [10] Upcoming Economic Data - Key economic data to be released includes fourth-quarter GDP, personal income, spending, and PCE data, along with February's S&P flash U.S. services and manufacturing PMI [13]

Core Viewpoint - Comfort Systems (FIX) reported strong quarterly earnings, significantly exceeding expectations and showing substantial year-over-year growth in both earnings and revenues [1][3]. Financial Performance - The company achieved earnings of $9.37 per share, surpassing the Zacks Consensus Estimate of $6.77 per share, and up from $4.09 per share a year ago, representing an earnings surprise of +38.34% [1][2]. - Revenues for the quarter reached $2.65 billion, exceeding the Zacks Consensus Estimate by 15.84%, compared to $1.87 billion in the same quarter last year [3]. Market Performance - Comfort Systems' shares have increased by approximately 41.4% since the beginning of the year, significantly outperforming the S&P 500, which gained only 0.5% [4]. - The stock currently holds a Zacks Rank of 3 (Hold), indicating expected performance in line with the market in the near future [7]. Future Outlook - The current consensus EPS estimate for the upcoming quarter is $5.88, with projected revenues of $2.27 billion, and for the current fiscal year, the EPS estimate is $30.61 on revenues of $10.02 billion [8]. - The outlook for the industry, particularly the Building Products - Air Conditioner and Heating sector, is currently in the bottom 17% of Zacks industries, which may impact stock performance [9].

Core Viewpoint - Comfort Systems USA, Inc. has announced a quarterly dividend increase, reflecting the company's strong financial performance and commitment to returning value to shareholders [1] Dividend Announcement - The board of directors declared a quarterly dividend of $0.70 per share, which is a $0.10 increase from the previous dividend [1] - The dividend is scheduled to be payable on March 17, 2026, to stockholders of record at the close of business [1]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-13011 Comfort Systems USA, Inc. (Exact name of registrant as specified in its charter) Delaware (State or Other Juri ...

Exhibit 99.1 CONTACT:Julie Shaeff, Chief Accounting Officer 9753 Katy Freeway, ir@comfortsystemsusa.com; 713-830-9687 Houston, Texas 77024 Suite 700 713-830-9600 FOR IMMEDIATE RELEASE COMFORT SYSTEMS USA REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS Houston, TX — February 19, 2026 — Comfort Systems USA, Inc. (NYSE: FIX) (the "Company") today reported results for the quarter and annual period ended December 31, 2025. For the quarter ended December 31, 2025, net income was $330.8 million, or $9.37 per dil ...

Core Insights - Comfort Systems (NYSE: FIX) has experienced significant stock growth, with a 242% increase in one year and nearly 1,000% over three years, indicating strong investor confidence and performance [1] - The company has a record backlog of $9.4 billion, driven by unprecedented demand, particularly from the technology sector, and has consistently exceeded earnings estimates for 14 consecutive quarters [2][3] Financial Performance - In the last quarter, Comfort Systems doubled its earnings per share (EPS) to $8.25, reflecting a 35% year-over-year revenue growth [3] - The company's backlog increased by 65% year-over-year, reaching an all-time high of $9.4 billion, showcasing robust demand [3] Market Opportunities - The technology sector, especially data centers, has become a significant growth opportunity for Comfort Systems, accounting for 42% of the company's revenue in the first nine months of 2025, up from 32% in the previous year [6] - The demand for data centers supporting AI workloads is driving growth, as these facilities require substantial power and cooling systems [5] Competitive Advantages - Comfort Systems is expanding its footprint by acquiring smaller mechanical and electrical operators, focusing on the high-growth data center market [6] - The modular segment, which represents 17% of the company's revenue in the first nine months of 2025, provides a competitive edge by allowing for cheaper and faster deployment of components at data center sites [7]

Core Viewpoint - Comfort Systems USA, Inc. is experiencing a positive trend in analyst price targets, indicating growing optimism about its performance and growth potential in the mechanical and electrical services industry [1] Group 1: Analyst Sentiment - The average price target for Comfort Systems increased to $1,253 last month, reflecting positive sentiment from analysts [2] - Three months ago, the average price target was $1,235.33, showing a steady increase in expectations over the quarter [3] - A year ago, the average price target was $1,120.83, indicating a significant increase in analysts' bullish outlook [4] Group 2: Financial Performance - The company's previous quarter earnings surpassed the Zacks Consensus Estimate by 33.1% and revenues by 13.7%, contributing to analyst confidence [2] - Comfort Systems has effectively converted a strong backlog and sophisticated project mix into sustained earnings growth, as noted in the October earnings report [3] Group 3: Strategic Initiatives and Market Opportunities - Analysts' increased optimism is likely due to the company's strategic initiatives and robust market opportunities [4] - The Harbor Small Cap Growth Fund's confidence in maintaining its position in Comfort Systems further supports the positive outlook [4] Group 4: Upcoming Events - Investors are closely monitoring Comfort Systems as it prepares to announce its fourth-quarter 2025 results on February 19 [4]

Core Viewpoint - Comfort Systems USA, Inc. (FIX) is expected to report strong fourth-quarter results driven by growth in technology and advanced manufacturing sectors, with significant contributions from AI and data center demand [2][6][20] Financial Performance - In the last reported quarter, FIX's earnings and revenues exceeded the Zacks Consensus Estimate by 33.1% and 13.7%, respectively, with year-over-year growth of 35.2% in revenues and 101.7% in earnings [2] - The Zacks Consensus Estimate for fourth-quarter EPS is $6.77, indicating a growth from the year-ago EPS of $4.09, while revenues are expected to reach $2.28 billion, reflecting a 22.3% year-over-year increase [3][4] - For the full year 2025, FIX is projected to achieve a 24.4% increase in revenues and an 80.2% increase in earnings compared to the previous year [4] Market Trends and Drivers - Broad-based strength across technology, industrial, and institutional markets is expected to support FIX's growth, particularly due to high demand for hyperscale data centers and AI facilities [6][8] - The company's disciplined bidding approach and focus on longer-cycle projects are anticipated to enhance growth prospects and visibility heading into 2026 [8][10] Margin Expansion - FIX's margin expansion efforts are expected to positively impact fourth-quarter performance, with a growing share of revenues from technology projects, which accounted for approximately 42% of revenues year-to-date [9] - Management's emphasis on disciplined bidding and avoiding low-return projects is likely to support higher gross profit margins [10] Acquisitions - Comfort Systems has completed five acquisitions as of October 2025, enhancing its geographic reach and technical capabilities, particularly in the industrial and healthcare sectors [11] Competitive Position - FIX has outperformed its peers in the construction sector, with a stock price increase of 92.3% over the past six months, significantly surpassing the performance of competitors like Quanta Services and EMCOR Group [15][17] - The company currently trades at a premium valuation, with a forward 12-month P/E ratio of 43.84, compared to its peers [18][19] Investment Outlook - The company presents a balanced investment case, with strong operating momentum and revenue visibility from key sectors, but faces challenges from elevated costs and competitive pricing [20][21] - With a Zacks Rank of 3 (Hold) and no clear indicators of an earnings beat, existing investors are advised to retain their positions, while new investors may consider waiting for a more favorable entry point [23]

Group 1 - Comfort Systems USA, Inc. has scheduled its quarterly conference call and webcast for February 20, 2026, to discuss the fourth quarter and full year 2025 financial results, which will be released after market close on February 19, 2026 [1] - The conference call will be available in listen-only mode on the company's website, and participants can register to ask questions [1] - Comfort Systems USA operates 190 locations across 142 cities in the United States, providing mechanical and electrical contracting services [1] Group 2 - Trent T. McKenna will be appointed as President and Chief Operating Officer effective January 1, 2026, while Brian E. Lane continues as Chief Executive Officer [1] - The company announced a quarterly dividend of $0.60 per share, reflecting a $0.10 increase from the previous dividend, payable on November 24, 2025 [1] - For the third quarter of 2025, Comfort Systems USA reported a net income of $291.6 million, or $8.25 per diluted share, compared to $146.2 million, or $4.09 per diluted share, for the same quarter in 2024 [1]