Please don't bump threads with "bump" posts.

Yes, your companion will eventually get tired of waiting and you will get a message "Your companion has gotten tired of waiting and returned home" or something similar. If the companion was Lydia, for example, she will eventually either show up at your house in Whiterun, if you own it, or if you don't, in the hall at Dragonsreach. Other companions will return to where ever you met them or hired them.