Comfort Systems USA Inc 2025年度报告

W H E R E W E O P E RAT E COMFORT SYSTEMS USAis a leading provider of commercial, industrial, and institu-tional heating, ventilation, air conditioning, electrical, and modular contracting services. 2 0 2 5 P E R F O R M A N C E H I G H L I G H T S The following summarizes the Company’s key financial and business results for 2025. DEAR FELLOWSHAREHOLDERS 2025was the best year ever for the peoplewho make Comfort SystemsUSAgreat, forthe customers who invest in our unmatchedbuilding solutions, and for the companies whotrust their legacy to Comfort SystemsUSA. 2025was also a year of great results for you,our owners, who have shown your trust byinvesting in us for your future. Our teamsacross theUnited Statesachieved unmatchedresults that exceeded even the amazing resultswe have achieved over our past few years ofrapid growth in revenue and profitability. Our revenue in2025was$9.1billion and our earnings per sharewas$28.88, a30%increase in annual revenue and a98%surgein annual earnings per share compared to the prior year.Operating income grew75%to$1.3billion, while operating cashflow surged by40%to$1.2billion. During2025our backlogclimbed sharply from$6.0billion as the year began, to$11.9billionas we entered2026. WE BUILD LEGACIES For more than25years our tagline has been:Quality People.Building Solutions.More recently we adopted our core purpose:We Build Legacies.These statements represent our commitmentto invest in opportunities for our teams, to provide solid andenduring solutions for our customers, and to preserve and growthe legacies of our multitude of amazing individual businesses. QUALITY PEOPLE Our workforce of over22,000people represents one of the largestand most skilled teams of craft professionals in the United States.Hard work and skill are at the heart of everything that we accom-plish for our customers, our communities, and for our investors. We emphasize a long-term view as we strive to deserve theloyalty and excellence of our amazing workforce. For over20yearswe have led our industry in attracting, retaining, and developingtalented team members. We constantly invest in training, inno-vation, equipment, and systems to help our employees deliverstrong projects, grow in their skills and abilities, and hopefully,build their lifelong career with us in the vital construction andservices industry. Most importantly, we make every effort to send our employeeshome safely each day. In2025we improved ourOSHArecordableincident rate, already far below the most recently published ratesfor our industry, but we are never satisfied. We are committedto increasing our focus on and investment in worker safetybecause it is the most important thing we can do to protect ourpeople and honor their commitment. BUILDING SOLUTIONS Our customers are making generational investments in their builtenvironments, and the buildings and processes that we constructand service for them are essential resources for their people andbusinesses to thrive. We are committed to being an indispensableresource when our customers make these important investments. In addition to our relentless effort to retain the best people, wedevote our resources to ensure that we have the best facilities,tools, processes, and systems. We have a focused strategy to seizethe many opportunities for efficiency from innovation, and weactively seek, augment, and co-develop leading innovations inour industry. We continuously pilot and adopt evolving tools andtechnologies, fromAIassisted robotic welding in our facilities toaugmented and evolving design and estimating solutions. Our workforce of over22,000people represents one of thelargest and most skilledteams of craft professionalsin the United States.Hard work and skill areat the heart of everythingthat we accomplish for ourcustomers, our communities,and for our investors. 2 0 2 5 BY T H E N U M B E R S 2025 was a year of remarkable earnings, cash flow, and growthfor Comfort Systems USA, including a surging backlog of future work. PRESERVING & GROWINGBUISNESSES THAT JOIN US As Comfort SystemsUSAhas grown, we have consistently provenour commitment to preserving and growing the legacies of theexceptional businesses that join Comfort SystemsUSA. When a great mechanical or electrical business joins us, they joina team of like-minded businesses ready to collaborate and inno-vate together. Our new partners receive support to continue togrow along their own chosen path, and prospective partners areencouraged to take the time to learn about us as they considerwhat is best for their people and their business’s future. Many of the companies acquiring businesses today in the mechan-ical, electrical, and plumbing(MEP)industry are acquiringbusinesses as inventory to their business of buying, combining,altering, marketing, and selling equity investments. Businessesthat sell to these owners are frequently forced to make ill-advisedrapid changes, endure unreasonable pressure to grow and meetunrealistic a