Comfort Systems USA(FIX) - 2025 Q3 - Quarterly Results

Financial Performance - For Q3 2025, net income was $291.6 million, or $8.25 per diluted share, compared to $146.2 million, or $4.09 per diluted share in Q3 2024, representing a 99% increase in net income year-over-year[2] - Revenue for Q3 2025 was $2.45 billion, up 35.4% from $1.81 billion in Q3 2024[2] - For the nine months ended September 30, 2025, net income was $691.8 million, or $19.52 per diluted share, compared to $376.6 million, or $10.52 per diluted share in the same period of 2024, marking an 83.5% increase[4] - Revenue for the nine months ended September 30, 2025, was $6.46 billion, compared to $5.16 billion in 2024, representing a 25.1% increase[4] - The company reported a gross profit margin of 24.8% for Q3 2025, compared to 21.1% in Q3 2024[12] - Adjusted EBITDA for the three months ended September 30, 2025, was $413,866, reflecting a 16.9% increase compared to $238,291 in 2024[13] Cash Flow and Assets - Operating cash flow for Q3 2025 was $553.3 million, compared to $302.2 million in Q3 2024, indicating an increase of 83.2%[2] - Cash provided by operating activities for the three months ended September 30, 2025, was $553,271, up from $302,179 in 2024, indicating an increase of 83.2%[17] - Free cash flow for the three months ended September 30, 2025, was $519,027, an increase from $281,902 in 2024, representing an 84.3% rise[17] - Total current assets as of September 30, 2025, reached $3,703,528, compared to $2,790,241 as of December 31, 2024, marking a growth of 32.7%[16] - Total assets as of September 30, 2025, were $5,777,851, compared to $4,711,088 as of December 31, 2024, showing an increase of 22.6%[16] - Billed accounts receivable, net, increased to $2,306,295 as of September 30, 2025, from $1,861,212 as of December 31, 2024, a growth of 23.8%[16] Backlog and Acquisitions - Backlog as of September 30, 2025, was $9.38 billion, up from $8.12 billion as of June 30, 2025, and $5.68 billion as of September 30, 2024, reflecting a 65.5% year-over-year increase[3] - The company acquired two electrical companies expected to generate over $200 million in incremental annual revenue and $15 to $20 million in incremental annual EBITDA[3] Expenses and Equity - SG&A expenses as a percentage of revenue decreased from 10.1% in the first nine months of 2024 to 9.8% in 2025, indicating improved operational efficiency[12] - The company reported a provision for income taxes of $78,843 for the three months ended September 30, 2025, compared to $41,577 in 2024, an increase of 89.5%[13] - Long-term debt increased to $131,322 as of September 30, 2025, from $62,293 as of December 31, 2024, reflecting a rise of 111.5%[16] - Total stockholders' equity as of September 30, 2025, was $2,233,386, up from $1,704,676 as of December 31, 2024, indicating a growth of 30.9%[16]