Legence (LGN) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of $737.6 million in Q4 2025, up 35% year-over-year, primarily from organic growth.

• Full-year 2025 revenue reached $2.55B, a 21.5% increase from 2024.

• Backlog and awarded contracts hit a record $3.7B, up 49% year-over-year, with a Q4 book-to-bill ratio of 1.9x.

• Completed strategic acquisitions, including Metrix Engineers and Bowers, expanding capabilities and regional presence.

Financial highlights

• Q4 2025 revenue: $737.6M (+34.6% YoY); full-year 2025 revenue: $2.55B (+21.5% YoY).

• Q4 2025 Adjusted Gross Profit: $156.6M (+39% YoY); Adjusted EBITDA: $87M (+53% YoY).

• Full-year 2025 non-GAAP Adjusted EBITDA: $298.8M, up 30.1% from 2024.

• Net loss for Q4 2025: $(54.7)M; full-year net loss: $(77.3)M.

• Q4 2025 gross profit was $147.5M (gross margin 20.0%), up from $112.9M (20.6%) in Q4 2024.

Outlook and guidance

• Q1 2026 revenue guidance: $925M–$950M; full-year 2026 revenue guidance: $3.7B–$3.9B.

• Q1 2026 Adjusted EBITDA guidance: $90M–$100M; full-year 2026 Adjusted EBITDA: $400M–$430M.