1) Strong Financial Performance - Earnings per share reached $13.91, an increase of $5.66 compared to Q3 2025. - Revenue for Q3 2026 was $3.8 billion, up 54% YoY, with mechanical revenue growing by 43% and electrical revenue by 85%. - Gross profit increased to $934 million, maintaining a gross profit margin of 24.8%. - Operating income rose 65% YoY to $625 million, with an operating income margin of 16.6%. - Net income was $489 million, compared to $292 million in Q3 2025.

2) Record Backlog and Bookings - Backlog reached a record $17.8 billion, up 90% YoY and 27% sequentially. - Strong bookings were particularly noted in the technology sector, contributing to the backlog increase. - The company expects continued growth in backlog, with $8.4 billion more than the previous year.

3) Strategic Acquisitions and Leadership Transition - The company announced the acquisition of Lewis Electrical and Neopod, expected to contribute over $100 million in annual revenue. - Bill George, the CFO, announced his retirement after 30 years, with Julie Shaeff promoted to succeed him, ensuring continuity in leadership.

4) Operational Insights and Market Dynamics - The company experienced a higher proportion of equipment and materials in its cost mix, impacting margins despite revenue growth. - Service revenue grew by 13%, with service profitability at record levels. - The company is focused on maintaining high-quality work and labor availability, which is critical in the current market.

5) Guidance and Future Outlook - The company anticipates continued strong demand and growth into 2027, with same-store revenue growth expected in the mid-20% range. - CapEx is projected to be 4% to 5% of revenue, with ongoing investments in modular expansions. - There is a cautious optimism regarding future bookings, with the leadership confident in their ability to manage increased workload without compromising quality.

Bottom line: Comfort Systems USA is positioned for sustained growth, backed by strong financial results, a record backlog, and strategic acquisitions. The leadership transition appears well-managed, ensuring continuity as the company navigates a favorable market environment.