The cooling capacity of an HVAC system can be calculated using the equation Q = m \* Cp \* ΔT, where Q is the cooling capacity, m is the mass flow rate of air, Cp is the specific heat capacity of air, and ΔT is the temperature difference between the supply and return air. This equation is a fundamental principle in HVAC engineering and is used to size cooling coils, select equipment, and optimize system performance.