LGN Legence Corp.
Price Chart
Executive Summary
Legence Corp. reported Q1 2026 revenue of $1.04B (+105% YoY, +57% organic ex-Bowers) and GAAP diluted EPS of $0.13, beating the $0.17 consensus on an adjusted basis. The company raised full-year 2026 revenue guidance to $4.1B-$4.3B and Adjusted EBITDA guidance to $470M-$490M, reflecting strong demand in data center and technology end markets, record backlog of $5.38B, and successful integration of the Bowers acquisition.
Key Financial Metrics
Actionable Insight
The combination of a massive revenue beat, record backlog, and meaningfully raised guidance across both revenue and EBITDA signals accelerating momentum in data center and mission-critical construction. Watch for continued organic growth trajectory in Q2 (guided $1.05B-$1.1B revenue) and margin expansion as Bowers integration scales. The 1.2x book-to-bill suggests sustained demand visibility.
Key Facts
- Record quarterly revenue of $1.04B, up 105.1% YoY (57.1% organic ex-Bowers)
- GAAP net income attributable to Legence of $16.1M ($0.13 diluted) vs net loss of $21.2M in Q1 2025
- Non-GAAP Adjusted EBITDA of $118.1M, up 132.4% YoY
- Record backlog and awarded contracts of $5.38B, up 103.9% YoY
- Full-year 2026 revenue guidance raised to $4.1B-$4.3B (from $3.7B-$3.9B)
- Full-year 2026 Adjusted EBITDA guidance raised to $470M-$490M (from $400M-$430M)
- Installation & Maintenance segment revenue grew 141.9% YoY (74.4% organic ex-Bowers)
- Cash from operations of $120.1M vs $29.5M in prior year quarter
- Net leverage of 2.1x; adjusted net leverage of 1.8x including Bowers EBITDA
Financial Impact
Revenue beat consensus by ~$107M (11.5%); Adjusted EBITDA beat prior guidance midpoint by ~$23M (24%); guidance raised by $400M at the revenue midpoint and $65M at the EBITDA midpoint
Risk Factors
- Engineering & Consulting gross margin compressed to 30.4% from 41.0% YoY due to mix shift and subcontractor costs
- Total debt increased to $1.02B from $825M at year-end 2025, funded Bowers acquisition
- Integration risk from Bowers ($325M upfront) and Metrix ($30M) acquisitions
- GAAP net income margin remains thin at 1.7%; heavy stock-based compensation ($40.4M in Q1) dilutes EPS
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-222792 |
| Document: d151193d8k.htm | 0001193125-26-222792 |
| Document: 0001193125-26-222792-index-headers.html | 0001193125-26-222792 |
| Document: 0001193125-26-222792-index.html | 0001193125-26-222792 |
| Document: 0001193125-26-222792.txt | 0001193125-26-222792 |
| 8-K Data (Synthetic) | 0001193125-26-222792 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 14, 2026
26d ago
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8-K
| $89.00 $81.95 | ▼ −7.92% | ▼ −7.20% | $85.04 (−4.45%) |
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May 14, 2026
26d ago
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Press Release
| $89.00 $81.95 | ▼ −7.92% | ▼ −7.20% | $85.04 (−4.45%) |
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May 4, 2026
5w ago
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Press Release
| $91.41 $98.14 | ▲ +7.36% | ▲ +4.43% | $85.04 (−6.97%) |
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Apr 29, 2026
5w ago
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DEFA14A
| $80.74 $102.27 | ▲ +26.67% | ▲ +23.56% | $85.04 (+5.33%) |
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Apr 8, 2026
8w ago
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424B4
| $59.75 $68.80 | ▼ −15.15% | ▼ −11.96% | $85.04 (−42.33%) |
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Apr 8, 2026
9w ago
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EFFECT
| $57.74 $69.54 | ▲ +20.44% | ▲ +16.92% | $85.04 (+47.28%) |
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Apr 8, 2026
9w ago
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Press Release
| $57.74 $69.54 | ▲ +20.44% | ▲ +16.92% | $85.04 (+47.28%) |
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Apr 6, 2026
9w ago
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Press Release
| $55.09 $65.38 | ▼ −18.68% | ▼ −14.54% | $85.04 (−54.37%) |
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Apr 6, 2026
9w ago
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S-1
| $55.09 $65.38 | ▲ +18.68% | ▲ +14.54% | $85.04 (+54.37%) |
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Mar 27, 2026
10w ago
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Press Release
| $54.75 $55.09 | ▲ +0.62% | ▼ −3.24% | $85.04 (+55.32%) |
US Market Status
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