COMFORT SYSTEMS USA INC

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 19, 2026

FIX$1,105.93-0.7%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)


· · · · · · · · ·
· · Year Ended December 31, ·
	2025		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$1,022,558		$522,433	$323,398
Adjustments to reconcile net income to net cash provided by operating activities—
Amortization of identifiable intangible assets		79,580		97,266	43,404
Depreciation expense		62,379		48,219	38,162
Change in right-of-use assets		33,848		30,950	25,964
Bad debt expense		6,609		6,952	4,944
Deferred tax provision (benefit)		(5,277)		(66,613)	95,296
Amortization of debt financing costs		1,018		687	685
Gain on sale of assets		(1,974)		(3,030)	(2,302)
Changes in the fair value of contingent earn-out obligations		33,473		88,146	23,607
Stock-based compensation		21,809		16,646	12,939
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures—
(Increase) decrease in—
Receivables, net		(594,298)		(333,233)	(381,555)
Inventories		(24,411)		6,544	(29,688)
Prepaid expenses and other current assets		(91,359)		(7,868)	(11,137)
Costs and estimated earnings in excess of billings and unbilled accounts receivable		(19,945)		(82,081)	7,350
Other noncurrent assets		(386)		(2,220)	(152)
Increase (decrease) in—
Accounts payable and other current liabilities		(276,051)		502,888	136,467
Billings in excess of costs and estimated earnings and deferred revenue		910,084		32,173	349,166
Other long-term liabilities		28,699		(8,802)	3,020
Net cash provided by operating activities		1,186,356		849,057	639,568
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment		(154,903)		(111,071)	(94,838)
Proceeds from sales of property and equipment		3,695		5,538	5,951
Cash paid for acquisitions, net of cash acquired		(279,610)		(235,466)	(102,261)
Payments for investments		(64,201)		(2,510)	(1,860)
Proceeds from investments		27,747		—	—
Net cash used in investing activities		(467,272)		(343,509)	(193,008)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility		200,000		182,000	285,000
Payments on revolving credit facility		(100,000)		(182,000)	(500,000)
Proceeds from other debt		—		640	—
Payments on other debt		(43,059)		(26,576)	(12,033)
Debt financing costs		(3,709)		—	—
Payments of dividends to stockholders		(68,833)		(42,766)	(30,379)
Share repurchases		(215,999)		(57,912)	(21,184)
Shares received in lieu of tax withholding		(10,016)		(8,915)	(4,725)
Proceeds from exercise of options		793		184	18
Deferred acquisition payments		—		(50)	—
Payments for contingent consideration arrangements		(46,302)		(25,364)	(15,321)
Net cash used in financing activities		(287,125)		(160,759)	(298,624)
NET INCREASE IN CASH AND CASH EQUIVALENTS		431,959		344,789	147,936
CASH AND CASH EQUIVALENTS, beginning of period		549,939		205,150	57,214
CASH AND CASH EQUIVALENTS, end of period		$981,898		$549,939	$205,150

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