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Comfort Systems USA vs IES: revenue, profit, margins and growth compared

Comfort Systems USA brought in $9.1B of revenue in fiscal 2025, IES $3.4B in fiscal 2024. Revenue changed by +29.5% at Comfort Systems USA and +16.9% at IES on the year before, so Comfort Systems USA grew faster. Comfort Systems USA kept 11.2% of its revenue as net profit, IES 9.1%. Free cash flow was $1B at Comfort Systems USA and $218.8M at IES.

Side by side, latest fiscal year

FIXIESC
Fiscal year endedFY2025 (December 31, 2025)FY2024 (September 30, 2025)
Revenue$9.1B$3.4B
Revenue growth+29.5%+16.9%
Net income$1B$306M
Net margin11.2%9.1%
Free cash flow$1B$218.8M
Free cash flow margin11.3%6.5%
Earnings per share (diluted)$28.88$15.02
Cash$981.9M$127.2M
Debt$145.2M$0
Price to earnings57.421.6
Market value$58.4B$6.5B
Dividend yield0.12%n/a
Rank by revenue in sector#70 of 451 · Industrials#166 of 451 · Industrials

Over the years

Revenue
FIX FY2018: $2.2BFIX FY2019: $2.6BFIX FY2020: $2.9BFIX FY2021: $3.1BFIX FY2022: $4.1BFIX FY2023: $5.2BFIX FY2024: $7BFIX FY2025: $9.1BIESC FY2018: $876.8MIESC FY2019: $1.1BIESC FY2020: $1.2BIESC FY2021: $1.5BIESC FY2022: $2.2BIESC FY2023: $2.4BIESC FY2024: $2.9BIESC FY2024: $3.4BFY18FY19FY20FY21FY22FY23FY24FY25
FIX $9.1BIESC $3.4B
Net income
FIX FY2018: $112.9MFIX FY2019: $114.3MFIX FY2020: $150.1MFIX FY2021: $143.3MFIX FY2022: $245.9MFIX FY2023: $323.4MFIX FY2024: $522.4MFIX FY2025: $1BIESC FY2018: -$14.2MIESC FY2019: $33.2MIESC FY2020: $41.6MIESC FY2021: $66.7MIESC FY2022: $34.8MIESC FY2023: $108.3MIESC FY2024: $219.1MIESC FY2024: $306MFY18FY19FY20FY21FY22FY23FY24FY25
FIX $1BIESC $306M
Net margin
FIX FY2018: 5.2%FIX FY2019: 4.4%FIX FY2020: 5.3%FIX FY2021: 4.7%FIX FY2022: 5.9%FIX FY2023: 6.2%FIX FY2024: 7.4%FIX FY2025: 11.2%IESC FY2018: -1.6%IESC FY2019: 3.1%IESC FY2020: 3.5%IESC FY2021: 4.3%IESC FY2022: 1.6%IESC FY2023: 4.6%IESC FY2024: 7.6%IESC FY2024: 9.1%FY18FY19FY20FY21FY22FY23FY24FY25
FIX 11.2%IESC 9.1%
Revenue growth
FIX FY2019: +19.8%FIX FY2020: +9.2%FIX FY2021: +7.6%FIX FY2022: +34.7%FIX FY2023: +25.8%FIX FY2024: +35.0%FIX FY2025: +29.5%IESC FY2019: +22.8%IESC FY2020: +10.6%IESC FY2021: +29.0%IESC FY2022: +41.0%IESC FY2023: +9.7%IESC FY2024: +21.3%IESC FY2024: +16.9%FY19FY20FY21FY22FY23FY24FY25
FIX +29.5%IESC +16.9%
Free cash flow
FIX FY2018: $119.9MFIX FY2019: $110.3MFIX FY2020: $262.4MFIX FY2021: $157.8MFIX FY2022: $253.2MFIX FY2023: $544.7MFIX FY2024: $738MFIX FY2025: $1BIESC FY2018: $7.7MIESC FY2019: $32.4MIESC FY2020: $72MIESC FY2021: $30.5MIESC FY2022: -$13MIESC FY2023: $136.2MIESC FY2024: $189.2MIESC FY2024: $218.8MFY18FY19FY20FY21FY22FY23FY24FY25
FIX $1BIESC $218.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Comfort Systems USA and IES

Which is bigger by revenue, Comfort Systems USA or IES?

Comfort Systems USA is bigger by revenue: $9.1B in fiscal 2025, against $3.4B for IES in fiscal 2024.

Which keeps more of its revenue as profit, Comfort Systems USA or IES?

Comfort Systems USA had a net margin of 11.2% in fiscal 2025; IES had 9.1% in fiscal 2024.

Which grew revenue faster, Comfort Systems USA or IES?

In their latest fiscal years revenue changed by +29.5% at Comfort Systems USA and +16.9% at IES.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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