This HVAC Contractor’s Stock Pops 18%. It’s Seeing ‘Unprecedented Demand.’

Comfort Systems easily topped third-quarter earnings expectations. (Mark Elias/Bloomberg)

Key Points

• Comfort Systems USA reports third-quarter earnings of $8.25 a share, easily exceeding analysts’ estimates.
• Revenue for Comfort Systems reaches $2.45 billion, an increase from $1.81 billion a year earlier.
• The company’s same-store backlog increases by over $1 billion for the second consecutive quarter, driven by high demand.

Shares of Comfort Systems USA soared Friday after the HVAC and electrical contracting company breezed past earnings expectations amid “unprecedented demand” for its services.

The company posted earnings of $8.25 a share for the third quarter, surpassing analysts’ consensus estimates of $6.29. Revenue totaled $2.45 billion, up from $1.81 billion a year earlier and above Wall Street’s call for $2.16 billion.

Comfort Systems shares rose 18% in premarket trading Friday. The earnings print is another win in a stellar year for shareholders. The stock has risen 95% in 2025 as of Thursday’s close.

Comfort Systems’ same-store backlog of upcoming work rose by more than $1 billion for a second consecutive quarter due to surging demand, noted CEO Brian Lane. The company also announced the acquisition of private electrical contractors in Michigan and Florida.

“As more great new partners join our team, and in light of our strong backlog and robust pipelines, we are optimistic about our prospects for the fourth quarter and for 2026,” Lane said.

Write to Nate Wolf at nate.wolf@barrons.com