On this page of StockholderLetter.com we present the latest annual shareholder letter from COMFORT SYSTEMS USA INC — ticker symbol FIX. Reading current and past FIX letters to shareholders can bring important insights into the investment thesis.
QUALITY PEOPLE BUILDING SOLUTIONS
WHERE WE OPERATE Comfort Systems USA is a leading provider of commercial, industrial and institutional heating, ventilation, air conditioning and electrical contracting services. SELECTED FINANCIAL INFORMATION FROM FORM 10-K (in thousands, except per share amounts) 2024 2023 2022 $ 7,027,476 $ 5,206,760 $ 4,140,364 Operating income 749,369 418,388 253,849 Net income 522,433 323,398 245,947 14.60 9.01 6.82 849,057 639,568 301,531 68,335 44,212 256,245 549,939 205,150 57,214 Stockholders equity 1,704,676 1,277,829 999,923 Total assets 4,711,088 3,305,579 2,597,478 Revenue Net income per diluted share Operating cash flow Debt Year-ending cash balance
COMFORT SYSTEMS USA > 2024 ANNUAL REPORT > 1

DEAR FELLOW SHAREHOLDERS DURING 2024 OUR EXTRAORDINARY TEAMS ACROSS THE UNITED STATES ACHIEVED REMARKABLE NEW MILESTONES FOR REVENUE, INCOME, CASH, AND BACKLOG. Our 2024 revenue was $7.0 billion, compared with $5.2 billion in 2023. We earned net income of $522 million, or $14.60 per share. Building on more than 25 consecutive years of positive cash flow, in 2024 our cash flow surged upward, with $849 million of operating cash flow, and free cash flow of $744 million. We enter 2025 with backlog of $6.0 billion, compared with a backlog of $5.2 billion a year earlier. COMFORT SYSTEMS USA > 2024 ANNUAL REPORT > 3
 • shareholder letter icon 4/7/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/6/2023 FIX Stockholder Letter
 • stockholder letter icon 4/8/2024 FIX Stockholder Letter
 • stockholder letter icon More "Construction" Category Stockholder Letters
 • Benford's Law Stocks icon FIX Benford's Law Stock Score = 89


FIX Shareholder/Stockholder Letter Transcript:

QUALITY
PEOPLE
BUILDING
SOLUTIONS

WHERE WE OPERATE
Comfort Systems USA
is a leading provider of commercial, industrial and institutional heating,
ventilation, air conditioning and electrical contracting services.
SELECTED FINANCIAL INFORMATION FROM FORM 10-K
(in thousands, except per share amounts)
2024
2023
2022
$ 7,027,476
$ 5,206,760
$ 4,140,364
Operating income
749,369
418,388
253,849
Net income
522,433
323,398
245,947
14.60
9.01
6.82
849,057
639,568
301,531
68,335
44,212
256,245
549,939
205,150
57,214
Stockholders    equity
1,704,676
1,277,829
999,923
Total assets
4,711,088
3,305,579
2,597,478

Revenue
Net income per diluted share
Operating cash flow
Debt
Year-ending cash balance

COMFORT SYSTEMS USA > 2024 ANNUAL REPORT > 1


DEAR FELLOW
SHAREHOLDERS
DURING 2024 OUR EXTRAORDINARY TEAMS ACROSS THE
UNITED STATES ACHIEVED REMARKABLE NEW MILESTONES
FOR REVENUE, INCOME, CASH, AND BACKLOG.
Our 2024 revenue was $7.0 billion, compared
with $5.2 billion in 2023. We earned net income
of $522 million, or $14.60 per share. Building
on more than 25 consecutive years of positive
cash flow, in 2024 our cash flow surged upward,
with $849 million of operating cash flow, and
free cash flow of $744 million.
We enter 2025 with backlog of $6.0 billion, compared with a backlog of $5.2 billion a year earlier.
COMFORT SYSTEMS USA > 2024 ANNUAL REPORT > 3



shareholder letter icon 4/7/2025 Letter Continued (Full PDF)
 

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