Comfort Systems USA (FIX): what its 10-K says it depends on

Customers

Largest customer (unnamed)

earns from · approximately 12.8% of our consolidated revenuenamed as a risk

For example, in 2025, one customer represented approximately 12.8% of our consolidated revenue.Risk factors (Item 1A)

Also named by AEHR, AR, BF/B, BTU, CVLG, DLR, FDXF, KGS and 6 more

Government sector projects

earns from · 5.0% of our revenuenamed as a risk

Because 5.0% of our revenue for the year ended December 31, 2025 was attributable to projects in the government sector, prohibitions against bidding on future government contracts could have an adverse effect on our business, financial condition, results of operations, and cash flows.Risk factors (Item 1A)

Technology sector customers

concentrated in · 45.0

Our distribution of revenue in 2025 by end-use sector was as follows:Business (Item 1)

Manufacturing sector customers

earns from · 22.1

Our distribution of revenue in 2025 by end-use sector was as follows:Business (Item 1)

Suppliers

Caterpillar

depends on

The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).Business (Item 1)

Also named by APLD, GNRC, MOD, RBC, TRMB

ABB

depends on

The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).Business (Item 1)

Also named by APLD, ENS, POWL, VPG

Trane

depends on

The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).Business (Item 1)

Also named by MOD

Carrier

depends on

The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).Business (Item 1)

Also named by MOD

Daikin

depends on

The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).Business (Item 1)

Also named by SOLS

Schneider Electric

depends on

The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).Business (Item 1)

Also named by POWL

Eaton

depends on

The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).Business (Item 1)

Also named by POWL

Cummins

depends on

The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).Business (Item 1)

Also named by GNRC

Siemens

depends on

The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).Business (Item 1)

Also named by POWL

Johnson Controls

depends on

The primary manufacturers of the major components in a commercial MEP system are: Trane, Carrier, York, Daikin (chillers and roof top units), Baltimore Aircoil and SPX (cooling towers), Schneider Electric, Eaton, ABB (electrical switchgear), Caterpillar, Cummins, Kohler (power generators), Johnson Controls, Automated Logic and Siemens (building automation).Business (Item 1)

Partners and platforms

Surety bonds

depends onnamed as a risk

If we are unable to maintain a sufficient level of bonding capacity in the future, it could preclude our ability to bid for certain contracts or successfully contract with some customers.Risk factors (Item 1A)

Also named by ARLP, DHI, ECG, EME, LEN, PRIM, PWR, WCN

Other companies

Revolving credit facility

exposed to its price · $100,000named as a risk

We have exposure to changes in interest rates under our revolving credit facility.Market risk (Item 7A)

Also named by AAON, BRO, BX, CG, CRGY, FIVE, HEI, IR and 22 more

Commodities and inputs

Commodities and finished products (MEP components, steel, sheet metal, pipe, wire)

exposed to its price · between 40% and 45% of our average project costnamed as a risk

We estimate that the direct purchase of commodities and finished products comprises between 40% and 45% of our average project cost.Business (Item 1)

Gasoline

exposed to its pricenamed as a risk

We are also exposed to increases in energy prices, particularly as they relate to gasoline prices.Risk factors (Item 1A)

Also named by ADM, APG, BJ, CART, COST, DRVN, EME, GPC and 2 more

Commercial HVAC equipment, electrical switchgear and power generators

depends onnamed as a risk

Orders for manufactured commercial HVAC equipment, electrical switch gear, and large application power generators have experienced the longest lead-times, and it is not uncommon for lead-times to be greater than six months.Business (Item 1)

Regulators

Occupational Safety and Health Administration (OSHA)

subject to · 0.93

For example, our operations are subject to the requirements of OSHA and comparable state laws directed towards protection of employees.Business (Item 1)

Also named by BLDR, CSW, CTOS, ECG, GVA, HLIO, IBP, PRIM and 7 more

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

USEPA may at some point require the phase-out of HFCs and expand existing technician certification requirements to cover the handling of HFCs.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Laws and programs

U.S. tariffs

exposed to its pricenamed as a risk

There is some market risk from fluctuations in the prices of certain commodities and materials due to tariffs or other macroeconomic factors.Market risk (Item 7A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Clean Air Act

subject tonamed as a risk

Our operations are subject to the federal Clean Air Act, as amended, which governs air emissions and imposes specific requirements on the use and handling of ozone-depleting refrigerants generally classified as chlorofluorocarbons (“CFCs”) or hydrochlorofluorocarbons (“HCFCs”).Business (Item 1)

Also named by AEE, CTAS, CWST, EMN, HESM, KGS, NOC, NRP and 6 more

Fair Labor Standards Act

subject tonamed as a risk

In addition, we may be subject to class action lawsuits involving allegations of violations of the Fair Labor Standards Act and state wage and hour laws.Risk factors (Item 1A)

Also named by APG, CVLG, DPZ, DY, EME, FLO, SBUX

Government contracting regulations

subject tonamed as a risk

Violations of the applicable rules and regulations could result in a subsidiary being barred from future government contracts.Risk factors (Item 1A)

Also named by HWM, PBI, PRM, SNA