Comfort Systems USA reported record quarterly revenue exceeding $2 billion for the first time, reaching $2.2 billion in Q2 2025, a 20% increase year-over-year.
Earnings per share were $6.53, a 75% increase compared to the prior year.
EBITDA reached $334 million, a 50% increase year-over-year, and 12-month trailing EBITDA exceeded $1 billion for the first time.
Free cash flow was $222 million, including a $118 million tax refund and normalization of advanced customer payments.
Gross profit was $510 million, up $146 million from last year, with gross profit margin rising to 23.5% from 20.1%.
Mechanical segment revenue increased by 13%, while Electrical segment revenue grew by 49%.
Net income was $231 million, or $6.53 per share, compared to $134 million, or $3.74 per share, in Q2 2024.
Operating income increased over 60% to $300 million, with operating margin improving to 13.8% from 10.2%.
SG&A expenses increased to $210 million, or 9.7% of revenue, mainly due to investments in people to support higher activity levels.
Adjusted earnings per share of $1.78 exceeded the high end of guidance, with a pretax margin in the top 3 of the industry.
Alaska Air Group reported a second quarter GAAP net income of $172 million and adjusted net income of $215 million, excluding special items and fuel hedge adjustments.
Fuel price averaged $2.39 per gallon in Q2, trending down through June, with an expected $2.45 average in Q3.
Liquidity ended the quarter at $3 billion, net leverage at 2.4x, and debt to capital at 60%.
Second quarter unit costs were up 6.5% year-over-year, driven by airport real estate cost growth, maintenance, and new labor contracts.
The company generated a record $3.7 billion in revenue, with year-over-year unit revenue performance expected to lead the industry.
The company repurchased $428 million in shares in Q2, totaling $535 million year-to-date.
CASM ex fuel was up 6% year-over-year in Q2, better than initial guidance of 6.5% to 8.5%.
Cost savings from operational improvements and disruption management contributed $25 million in EBIT, marking the seventh consecutive quarterly cost beat.
International Transatlantic unit revenues rose low single digits year-over-year.
JetBlue produced a modest operating profit in Q2 2025 despite an uncertain macro backdrop.
JetBlue's on-time performance improved by 3 points year-over-year and completion factor increased by 0.5 point, contributing approximately $15 million incremental EBIT in H1 2025.
JetForward initiatives delivered $90 million EBIT in the first half of 2025, adding to $90 million realized in 2024, totaling $180 million EBIT to date.
Liquidity ended Q2 at $3.4 billion excluding $600 million undrawn revolver, representing 37% of trailing 12 months revenue.
Premium cabin unit revenues were up mid-single digits year-over-year; Loyalty remunerations increased 9% year-over-year.
Second quarter Net Promoter Score increased double digits year-over-year, reflecting strong customer satisfaction.
Unit revenue declined 1.5% year-over-year in Q2, but was 2 points above the top end of guidance range.
Dafinchi