Comfort Systems USA, Inc. FIX delivered another blockbuster second quarter of 2026, raising the question of whether its latest earnings surge is merely the beginning of a longer growth cycle. The company’s second-quarter 2026 earnings per share (EPS) jumped 92% year over year to $12.53, while revenues soared 50.3% to $3.27 billion, marking the first quarter in which revenues surpassed $3 billion.
The growth was accompanied by powerful margin expansion. Gross margin improved to 25.9% from 23.5% a year ago, while operating margin expanded to 17.1% from 13.8%. Adjusted EBITDA surged 79.7% to $600.5 million, reflecting strong execution, favorable project economics and operating leverage.
FIX’s backlog reached a record $14.06 billion, up 73% year over year, with same-store backlog climbing 69%. Technology represented 57.6% of first-half 2026 revenues, underscoring the company’s increasing exposure to the data-center and AI infrastructure buildout. Management said demand from hyperscalers remains strong, with no signs of a slowdown. Its Modular business adds another growth lever. The company expects production capacity to rise from more than 3.5 million square feet currently to more than 4 million by year-end and roughly 5 million by late summer 2027, supported by customer commitments.
Cash generation further strengthens the outlook. Second-quarter 2026 operating cash flow reached $1.14 billion, while free cash flow was nearly $1 billion. With $1.85 billion of cash and just $54.1 million of debt, FIX has substantial financial flexibility for acquisitions, capacity expansion and shareholder returns. While exceptionally tough comparisons could moderate growth rates, record backlog, technology exposure, Modular expansion and strong execution suggest Comfort Systems’ earnings momentum could have further room to run.
Comfort Systems vs. Carrier Global & AAON: Profit Push?
Comfort Systems appears to have the strongest bottom-line momentum among the three, with the second-quarter 2026 EPS surging 92% and adjusted EBITDA jumping nearly 80%. Margin expansion, favorable project execution, disciplined capacity management and high-return Modular investments are helping amplify earnings growth.
Carrier Global Corporation CARR is pursuing profitability through operating efficiencies, portfolio actions, share repurchases and investments in commercial HVAC, while strong data-center orders are supporting earnings. Second-quarter 2026 adjusted EPS rose to 86 cents, and the company raised its full-year adjusted EPS outlook to $2.90. AAON, Inc. AAON delivered the fastest reported bottom-line growth, with second-quarter 2026 EPS soaring 258%, supported by higher throughput, capacity utilization and operating leverage. Pricing actions, sourcing initiatives and tighter cost discipline are expected to drive further margin improvement.
Overall, FIX stands out for the combination of earnings growth, margins and visibility, while AAON offers significant operating leverage and Carrier Global brings scale and portfolio-driven efficiency.
FIX Stock’s Price Performance & Valuation Trend
Shares of this Texas-based heating, ventilation, air conditioning and electrical contracting service provider have climbed 20.5% over the past six months, outperforming the Zacks Building Products - Air Conditioner and Heating industry, the Zacks Construction sector and the S&P 500 Index.
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FIX stock is currently trading at a premium compared with its industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 30.57, as the trend lines suggest below.
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Earnings Estimate Trend of FIX
FIX’s earnings estimates for 2026 and 2027 have increased over the past 60 days to $47.65 and $59.31 per share, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 65% and 24.5%, respectively.
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Comfort Systems currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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