$17.81 billion. That is the backlog Comfort Systems USA Inc. (FIX) reported at the end of September, up from $14.06 billion three months earlier and $9.38 billion a year ago, according to its third quarter release on Thursday, October 22, 2026. Chief Executive Brian Lane put the gains down to steady demand and the work of its teams.

The Houston mechanical and electrical contractor posted revenue of $3.77 billion for the quarter, against $2.45 billion in the same period of 2025. That is a rise of 53.7%, as calculated by Trend & Ticker. Net income reached $489.0 million, or $13.91 a diluted share, compared with $291.6 million, or $8.25.

• Backlog grew 89.9% from a year earlier, as calculated by Trend & Ticker.
• Same-store backlog, which leaves out acquired businesses, rose to $17.39 billion from $9.38 billion.
• Gross margin held at 24.8% of revenue, the same as a year earlier.
• Free cash flow (cash left after capital spending, by the company's measure) was $805.6 million, against $519.0 million.
• The quarterly dividend rises to $1.00 a share from $0.90.

Bookings ran at twice the pace of revenue

Backlog grew by $3.75 billion in a quarter in which the company recognized $3.77 billion of revenue. That implies about $7.5 billion of new work signed or added in three months, including any acquired contracts, as calculated by Trend & Ticker.

The order book at the end of September covers about 4.7 quarters of revenue at the third quarter's pace, as calculated by Trend & Ticker. Only $420 million of it sits outside the same-store figure.

Lane said in the release, "Strong ongoing demand and consistent excellence by our teams resulted in extraordinary results across every metric this quarter." The company gave no numeric outlook. Lane said he believes the business can keep growing without acquisitions for the rest of 2026 and in 2027.

Cash piles up faster than profit

Cash from operations was $1.01 billion in the quarter, more than twice net income. Over nine months, free cash flow reached $2.05 billion, 3.2 times the $632.2 million of the same stretch last year, as calculated by Trend & Ticker.

At the end of September, the balance sheet in the release showed $2.16 billion of cash. Debt, current maturities plus long term debt, came to $49.6 million, as calculated by Trend & Ticker from the $5.7 million and $43.8 million lines.

Bill George hands the finance job to Julie Shaeff

In a separate release, the company said Bill George, chief financial officer since May 2005, will retire after it files its annual report for 2026. He helped found the company in 1997.

Julie Shaeff, senior vice president and chief accounting officer, will become executive vice president and chief financial officer when he steps down. Lane called her "an integral part of our finance organization for over 25 years."

The higher dividend is payable on November 23 to holders of record on November 12. Management takes questions on a conference call at 10:00 a.m. Central time on Friday, October 23.