The combination of strong organic growth, margin expansion in the Installation & Maintenance segment, and elevated backlog suggests sustained revenue momentum into 2026. Traders should monitor execution on the increased guidance and integration of recent acquisitions, particularly Bowers, which adds significant scale. The insider buy by Congressman Cisneros may signal confidence in the outlook.
Price Chart
Executive Summary
Legence Corp reported strong Q4 and full-year 2025 results with record quarterly revenue of $737.6 million, up 34.6% YoY, and non-GAAP Adjusted EBITDA up 53.2% to $87.0 million. The company raised full-year 2026 guidance for revenue to $3.7B–$3.9B and Adjusted EBITDA to $400M–$430M, driven by robust organic growth and recent acquisitions. Total backlog reached $3.7 billion, a 48.6% increase year-over-year.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $737.6 million, up 34.6% YoY from $548.2 million
- Q4 2025 non-GAAP Adjusted EBITDA: $87.0 million, up 53.2% YoY
- Full-year 2025 revenue: $2.55 billion, up 21.5% YoY
- Full-year 2025 non-GAAP Adjusted EBITDA: $298.8 million, up 30.1% YoY
- Backlog and awarded contracts: $3.7 billion at year-end 2025, up 48.6% YoY
- Raised 2026 full-year guidance: revenue $3.7B–$3.9B (up from $3.5B–$3.7B), Adjusted EBITDA $400M–$430M (up from $370M–$400M)
- Completed acquisition of Metrix Engineers for ~$30 million and Bowers for $325 million upfront plus potential $50 million deferred
Financial Impact
Revenue increased by $189.4 million YoY in Q4 and $451.9 million for full-year 2025, with Adjusted EBITDA up $30.2 million in Q4 and $69.2 million for the year. Raised 2026 revenue guidance by $200 million at midpoint and Adjusted EBITDA by $30 million.
Risk Factors
- Net loss attributable to Legence widened to $32.7 million in Q4 2025 from $18.7 million in Q4 2024 despite strong EBITDA growth
- Goodwill and long-lived asset impairments totaled $27.4 million in Q4, indicating potential integration or performance risks
- Increased leverage from Bowers acquisition: $325 million upfront cash payment funded by debt and cash on hand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3263675 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | 8-K | $63.24 $56.65 | ▼ −10.42% | ▼ −8.67% | $53.61 (−15.23%) |
Aug 9, 2026 7w ago | Institutional Cluster | $64.16 $57.04 | ▼ −11.10% | ▼ −10.18% | $53.61 (−16.44%) |
Jul 27, 2026 9w ago | Press Release | $67.63 $56.38 | ▼ −16.63% | ▼ −19.93% | $53.61 (−20.73%) |
Jun 11, 2026 16w ago | 8-K | $86.00 $73.66 | ▼ −14.35% | ▼ −16.13% | $53.61 (−37.66%) |
Jun 11, 2026 16w ago | Institutional Cluster | $85.12 $73.97 | ▼ −13.10% | ▼ −14.99% | $53.61 (−37.02%) |
May 14, 2026 20w ago | 8-K | $89.00 $86.00 | ▼ −3.37% | ▼ −2.51% | $53.61 (−39.76%) |
May 14, 2026 20w ago | Press Release | $89.00 $86.00 | ▼ −3.37% | ▼ −2.51% | $53.61 (−39.76%) |
May 4, 2026 21w ago | Press Release | $91.41 $86.55 | ▼ −5.32% | ▼ −10.96% | $53.61 (−41.35%) |
Apr 29, 2026 22w ago | DEFA14A | $80.74 $83.26 | ▲ +3.12% | ▼ −2.93% | $53.61 (−33.60%) |
Apr 8, 2026 25w ago | 424B4 | $59.75 $102.27 | ▼ −71.16% | ▼ −63.60% | $53.61 (+10.28%) |
US Market Status
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