New York, Feb 20, 2026, 15:37 EST — Regular session.
- The contractor’s shares climbed roughly 6% in afternoon trading, lifted by a surge in profit and an all-time high for its backlog.
- Comfort Systems bumped its quarterly dividend up to $0.70 a share.
- Investors want to see if all that data center demand actually translates into contracts — and money in hand.
Shares of Comfort Systems USA, Inc. jumped roughly 6% Friday, building on earlier momentum after the HVAC contractor posted record backlog figures and bumped up its quarterly dividend. By 3:37 p.m. EST, the stock was higher by $82.21 at $1,455.73, having reached as much as $1,468.19 earlier in the session.
It matters now—investors have looked to Comfort Systems as something of a proxy for the ongoing data-center expansion, with multi-year construction pipelines driven by power and cooling contracts.
Backlog refers to contracted work that hasn’t hit revenue yet. Traders often look at this number first when gauging visibility.
Houston-based company’s fourth-quarter net income jumped to $330.8 million, or $9.37 a share, up from $145.9 million, or $4.09 per share, a year ago, according to a Feb. 19 SEC filing. Revenue touched $2.65 billion. Backlog at Dec. 31 hit $11.94 billion, compared with $9.38 billion as of late September. “Backlog is just under $12 billion, and it has roughly doubled since the beginning of the year,” CEO Brian Lane said.
Executives told analysts Friday that technology work, mainly data centers, will account for 45% of revenue next year—up from 33% in 2024. They also said modular operations, which use prefabricated systems built off-site, are holding steady at roughly 3 million square feet of capacity, with plans to push that to about 4 million by the close of 2026. 1
The board also bumped up its quarterly dividend by 10 cents to $0.70 per share, setting March 17 for the payout.
Contractors saw gains across the board. EMCOR Group ticked up roughly 1.2%, while MYR Group jumped 4.6%. Primoris Services picked up 2.2%. The SPDR S&P 500 ETF advanced 0.6%, and the Invesco QQQ climbed about 0.8%.
William Blair analyst Tim Mulrooney called it: “A very strong fourth-quarter result was necessary to sustain this momentum, and the company did not disappoint.” 2
The surge comes with its risks. Barron’s points out that Comfort Systems now trades at a forward price-to-earnings multiple of about 43—a lofty figure that leaves the stock vulnerable if bookings slow or margins get squeezed. 3
Investors are watching to see if the record backlog actually drives revenue, and whether the company can deliver without overtaxing its workforce or stumbling operationally. Up next: March 6, the record date to qualify for the higher dividend, according to a filing. 4
