Comfort Systems USA Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,023	522.43	323.4	245.95	143.35
Depreciation & Amortization	141.96	145.49	81.57	81.35	68.94
Other Amortization	1.02	0.69	0.69	0.79	0.54
Loss (Gain) From Sale of Assets	-1.97	-3.03	-2.3	-1.59	-1.54
Stock-Based Compensation	21.81	16.65	12.94	10.53	10.59
Provision & Write-off of Bad Debts	6.61	6.95	4.94	2.67	-1.45
Other Operating Activities	62.04	52.48	144.87	-68.13	16.67
Change in Accounts Receivable	-614.24	-415.31	-374.21	-232.82	-75.32
Change in Inventory	-24.41	6.54	-29.69	-13.5	-5.65
Change in Accounts Payable	-276.05	502.89	136.47	93.11	-5.17
Change in Unearned Revenue	910.08	32.17	349.17	226.02	53.8
Change in Other Net Operating Assets	-63.05	-18.89	-8.27	-42.85	-24.61
Operating Cash Flow	1,186	849.06	639.57	301.53	180.15
Operating Cash Flow Growth	39.73%	32.76%	112.11%	67.38%	-37.12%
Capital Expenditures	-154.9	-111.07	-94.84	-48.36	-22.33
Sale of Property, Plant & Equipment	3.7	5.54	5.95	2.86	3.1
Cash Acquisitions	-279.61	-235.47	-102.26	-49.22	-227.49
Investment in Securities	-36.45	-2.51	-1.86	-2.46	-
Investing Cash Flow	-467.27	-343.51	-193.01	-97.18	-246.72
Long-Term Debt Issued	200	182.64	285	555	275
Long-Term Debt Repaid	-143.06	-208.58	-512.03	-693.16	-159.5
Net Debt Issued (Repaid)	56.94	-25.94	-227.03	-138.16	115.5
Issuance of Common Stock	0.79	0.18	0.02	1.09	5.63
Repurchase of Common Stock	-226.02	-66.83	-25.91	-41.46	-29.42
Common Dividends Paid	-68.83	-42.77	-30.38	-20.08	-17.38
Other Financing Activities	-50.01	-25.41	-15.32	-7.31	-3.88
Financing Cash Flow	-287.13	-160.76	-298.62	-205.92	70.45
Net Cash Flow	431.96	344.79	147.94	-1.56	3.88
Free Cash Flow	1,031	737.99	544.73	253.17	157.82
Free Cash Flow Growth	39.77%	35.48%	115.16%	60.42%	-39.85%
Free Cash Flow Margin	11.33%	10.50%	10.46%	6.12%	5.13%
Free Cash Flow Per Share	29.13	20.63	15.18	7.02	4.33
Cash Interest Paid	7.9	6.43	9.86	12.92	6.05
Cash Income Tax Paid	253.55	102.82	100.25	44.3	52.2
Levered Free Cash Flow	774.22	836.36	345.19	237.65	97.49
Unlevered Free Cash Flow	778.83	839.83	350.93	245.21	100.83
Change in Working Capital	-67.67	107.4	73.47	29.96	-56.95

Source: S&P Global Market Intelligence. Standard template. Financial Sources.