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FIXComfort Systems USA

Industrials · Electrical Contractors · NYSE
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The 10-K against last year's

117 changes: 9 added, 9 removed, 98 reworded, 1 quiet changes

10-K Feb 19, 2026 vs Feb 20, 2025
Risk FactorsRedline ↓
19.7%
of the text changed · 9,176 words now
14.8%
of the text changed · 7,149 words now
Legal ProceedingsRedline ↓
15.6%
of the text changed · 279 words now
Accounting PoliciesRedline ↓
9.8%
of the text changed · 2,811 words now

10-K 0001104659-26-017530 (2026-02-19) vs 10-K 0001558370-25-001222 (2025-02-20)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 189 words changed in this paragraph; it is 52% similar to last year's version.
We generated $849.1 million $1.19 billion of net cash flow from operating activities during 2024 2025 compared to $639.6 $849.1 million during 2023. 2024. The $209.5 $337.3 million increase in cash provided by operating activities was primarily driven by higher earnings before non-cash expenses such as amortization of intangible assets in the current year and a $366.4 an $877.9 million benefit from changes in billings in excess of costs and estimated earnings and deferred revenue driven by the timing of customer billings and payments. These increases were partially offset by a $778.9 million decrease in accounts payable and accrued other current liabilities driven by the size and timing of payments, including postponement of federal tax payments. On July 22, 2024, due to Hurricane Beryl, the Internal Revenue Service announced tax relief that extended the due dates for our federal tax payments until February 3, 2025. We thus made an $80.0 million federal tax payment in the first quarter of 2025 that otherwise would have been paid in the second half of 2024. These increases were partially offset by 2024, as a $317.0 million change in billings in excess result of costs and deferred revenue tax relief from the Internal Revenue Service due to more advance payments Hurricane Beryl. In 2023, we filed our 2022 federal tax return requesting a refund of our $107.1 million overpayment, which was received in April 2025 and positively impacted our second quarter cashflows. Along with the prior year. We have refund, we received large advance payments $11.3 million (or $8.9 million, net of tax) of interest income that reduced our provision for income taxes in the current and prior years that will reverse when project costs are incurred, except to the extent that additional advance payments are received. first quarter of 2025.

Source: Item 7, 10-K 0001104659-26-017530 vs Item 7, 10-K 0001558370-25-001222

Risk Factors 129 words changed in this paragraph; it is 47% similar to last year's version.
While we have security, internal control Moreover, cyberattacks are expected to accelerate on a global basis in frequency and technology measures magnitude as threat actors are becoming increasingly sophisticated in place using techniques and tools—including artificial intelligence to protect our systems engage in automated, targeted, and networks, these measures could fail as a result of a cyber-attack, other third-party action, employee error, malfeasance or other coordinated attacks—that circumvent security failure. In the ordinary course of business, we have been targeted by malicious cyber-attacks. controls, evade detection and remove forensic evidence. Because the techniques used to obtain unauthorized access or sabotage systems change frequently and generally are not identified until they are launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. As a result, we may be required to expend significant resources to protect against the threat of system disruptions and security breaches or to alleviate problems caused by these disruptions and breaches. Any of these events could damage our reputation and have a material adverse effect on our business, results of operations, financial condition and cash flows.

Source: Item 1A, 10-K 0001104659-26-017530 vs Item 1A, 10-K 0001558370-25-001222

Accounting Policies 71 words changed in this paragraph; it is 31% similar to last year's version.
We have As of December 31, 2025, we had a $6.8 $34.4 million investment in a construction-focused technology fund U.S. Treasury bills with a fair value that is not readily determinable and is maturities greater than ninety days but less than one year, which are recorded at cost. This investment amortized cost and is included in “Other Noncurrent Assets” “Prepaid Expenses and Other” in our Consolidated Balance Sheet and is reviewed quarterly for impairment. We did not recognize any impairments in the current year related to this investment. Sheet.

Source: Item 8, Note 2 – Summary of Significant Accounting Policies and Estimates, 10-K 0001104659-26-017530 vs Item 8, Note 2 – Summary of Significant Accounting Policies and Estimates, 10-K 0001558370-25-001222

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of FIX's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-20. Each links to the text at sec.gov.

RemovedRisk Factors
We could be adversely impacted by the effects of inflation, supply chain disruptions, capital market volatility and an economic recession or downturn.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
In the past we have expanded, and it is possible we will continue to expand, the number and percentage of total contract dollars that require an underlying bond. Historically, surety market conditions have experienced times of difficulty as a result of significant losses incurred by many surety companies and the results of macroeconomic trends outside of our control, such as the current volatility in the capital markets and the possibility of an extended economic downturn or recession. Consequently, during times when less overall bonding capacity is available in the market, surety

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
As cybersecurity threats continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities. The inability to implement, maintain and upgrade adequate safeguards could have a material adverse effect on our business.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
The costs of employee health insurance have been increasing in recent years due to rising healthcare costs, legislative changes, and general economic conditions. Additionally, we may incur additional costs as a result of the Patient Protection and Affordable Care Act (the “Affordable Care Act”) that was signed into law in March 2010. Future legislation could also have an impact on our business, including potential healthcare reform efforts under the Trump administration, the nature and impact of which are uncertain. The status of the Affordable Care Act, any amendment, repeal or replacement thereof, is currently uncertain. For example, in December 2019, the United States Court of Appeals for the Fifth Circuit struck down a central provision of the Affordable Care Act, ruling that the requirement that people have health insurance was unconstitutional, sending the case back to a federal district judge in Texas to determine which of the law’s many parts could survive without the mandate. On March 2, 2020, the United States Supreme Court granted certiorari to review this case, and on June 17, 2021, the U.S. Supreme Court dismissed a challenge on procedural grounds that argued the Affordable Care Act is unconstitutional in its entirety because the “individual mandate” was repealed by Congress. The Affordable Care Act will remain in effect in its current form; however, we continue to evaluate the effect that the Affordable Care Act has on our business.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
Changes in United States trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our business and results of operations.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedRisk Factors
As a result of policy changes or shifting proposals by the U.S. government, there may be greater restrictions and economic disincentives on international trade. For example, the U.S. government has adopted an evolving approach to trade policy, including renegotiating or terminating certain existing bilateral or multi-lateral trade agreements. It has also imposed tariffs on certain foreign goods and raised the possibility of imposing significant, additional tariff increases or expanding the tariffs to capture other types of goods. These tariffs and other changes in U.S. trade policy have in the past and could continue to trigger retaliatory actions by affected countries, and certain foreign governments have instituted or are considering imposing retaliatory measures on certain U.S. goods. If we are unable to pass the costs of such tariffs on to our customer base or otherwise mitigate such costs, or if demand for our services decreases due to the higher cost, our results of operations could be materially adversely affected. In response to Russia’s invasion of Ukraine in 2022, the United States and other countries imposed trade sanctions against Russia and Belarus, which impacted global operations and financial performance. We, our suppliers and our customers import certain raw materials, components and other products from foreign suppliers. As such, the adoption and expansion of trade restrictions such as those adopted in response to Russia’s invasion of Ukraine, the occurrence of a trade war, or other governmental action related to tariffs or trade agreements or policies has in the past and may continue to adversely impact demand for our services, our costs, our customers, our suppliers, and the United States economy, which in turn could have an adverse effect on our business, financial condition and results of operations.

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Interest expense on notes to former owners $ 3,616 $ 1,365 $ 1,139 Interest expense on borrowings and unused commitment fees 1,434 7,507 10,955 Interest expense (income) on interest rate swaps ​ — ​ — ​ (332) Interest expense on finance leases ​ — ​ — ​ 4 Letter of credit fees 911 724 800 Amortization of debt financing costs 687 685 786 Total $ 6,648 $ 10,281 $ 13,352

Read it in 10-K 2025-02-20 at sec.gov ↗

RemovedMD&A
The Facility contains financial covenants defining various financial measures and the levels of these measures with which we must comply. Covenant compliance is assessed as of each quarter end.

Read it in 10-K 2025-02-20 at sec.gov ↗

Show the other 1
RemovedMD&A
As of December 31, 2024, we have $80.0 million in letter of credit commitments, of which $56.1 million will expire in 2025 and $23.9 million will expire in 2026. The substantial majority of these letters of credit are posted with

Read it in 10-K 2025-02-20 at sec.gov ↗

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