Legence Corp. Class A (LGN)
NASDAQ:LGN
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Earnings Data
Report Date
May 14, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
―Same Quarter Last Year
Strong Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strongly positive operating and commercial performance: record quarterly revenue, sizable adjusted EBITDA growth and margin expansion, very robust backlog and book-to-bill, upgraded 2026 guidance, improved liquidity, and strategic acquisitions that add capacity and workforce. Notable negatives are largely noncash or one-time in nature (large book tax expense driven by non-deductible items, a $27.4M goodwill impairment, and legacy stock‑based compensation volatility) along with some margin compression in Engineering & Consulting and a lengthening backlog that pushes some revenue into later years. On balance, the operational achievements and upgraded outlook materially outweigh the lowlights.Company Guidance
Record Quarterly and Annual Revenue Growth
Q4 2025 revenue was $738.0M, up 35% year-over-year. Full year 2025 consolidated revenue was $2.6B, up 22% versus 2024.
Strong Adjusted EBITDA and Margin Expansion
Q4 2025 adjusted EBITDA was $87M, up 53% year-over-year, with adjusted EBITDA margin improving ~140 basis points to 11.8%. Full year adjusted EBITDA was ~$299M, up 30% with margin improvement of ~80 basis points to 11.7%.
Robust Backlog Growth and Book-to-Bill
Consolidated backlog and awards ended 2025 at $3.7B, up ~49% year-over-year and 20% sequentially. Q4 book-to-bill was 1.9x (1.6x for full year 2025), providing multi-year revenue visibility.
Installation & Maintenance Segment Outperformance
I&M revenue in Q4 was $565M, up 44% year-over-year. I&M backlog grew ~66% year-over-year. Installation and fabrication (including liquid-to-chip cooling systems) drove majority of growth; I&M adjusted gross margin improved to 18.3% from 15.6%.
Engineering & Consulting Growth and Diversified End Markets
E&C revenue increased 10% in Q4 to $173M with backlog growth across state & local government, life sciences & healthcare, and data centers. Management emphasized portfolio balance across data center, life sciences, hospitals and education.
Deleveraging, Liquidity and Pro Forma Management
Year-end cash of $230M and total liquidity of $424M. Net leverage fell to 2.0x (based on LTM adjusted EBITDA). Pro forma for Bowers acquisition, net debt would be a little over $1B with pro forma net leverage ~2.4x (flat vs. prior quarter).
Strategic Acquisitions and Capacity Expansion
Closed Bowers Group (closed Jan 2) and tuck-in Metrix (Mar 1). Bowers added ~1,700 union craftspeople, ~372k sq ft of fabrication capacity and roughly $1.5B backlog. Company expects fabrication capacity near 1.3M sq ft when expansions complete.
Upgraded 2026 Guidance
Q1 2026 guidance: revenue $925M–$950M and adjusted EBITDA $90M–$100M (includes full quarter of Bowers). Full year 2026 guidance increased to revenue $3.7B–$3.9B and adjusted EBITDA $400M–$430M (up from prior $3.475B–$3.757B and $370M–$400M ranges).
Workforce Growth and Labor Position
Unionized craftspeople grew from ~3,400 in June to ~4,500 at year-end 2025; with Bowers addition and subsequent hiring, total skilled craftspeople now ~6,600. Management reports no material labor constraints impacting execution.
LGN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
LGN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 27, 2026 | $52.98 | $54.75 | +3.34% |
Nov 14, 2025 | $33.32 | $40.27 | +20.86% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Legence Corp. Class A (LGN) report earnings?
Legence Corp. Class A (LGN) is schdueled to report earning on May 14, 2026, Before Open (Confirmed).
What is Legence Corp. Class A (LGN) earnings time?
Legence Corp. Class A (LGN) earnings time is at May 14, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What is LGN EPS forecast?
Currently, no data Available