Legence Q1 Revenues Soar 105% to $1.04 B, EBITDA Jumps 132%
LGN•Legence posted record Q1 revenues of $1.04 billion, up 105% year-over-year (57% ex-Bowers), and non-GAAP adjusted EBITDA of $118.1 million, a 132% increase. The company ended Q1 with a $5.38 billion backlog (book-to-bill 1.2x) and raised full-year revenue guidance to $4.1–4.3 billion.
1. Q1 Financial Results
Legence reported consolidated revenues of $1.04 billion for Q1 2026, a 105.1% increase from $506.0 million a year ago, with non-GAAP revenue growth of 57.1% excluding the Bowers acquisition. Gross profit reached $186.2 million (17.9% margin), net income was $16.1 million, and non-GAAP adjusted EBITDA climbed 132.4% to $118.1 million.
2. Backlog and Guidance
The company ended the quarter with a record backlog and awards of $5.38 billion, up 104% year-over-year, and achieved a Q1 book-to-bill ratio of 1.2x. Legence set Q2 2026 guidance for revenues of $1.05–1.10 billion and non-GAAP adjusted EBITDA of $115–125 million, while raising full-year 2026 revenue guidance to $4.1–4.3 billion and EBITDA to $470–490 million.
3. Segment Performance
Installation & Maintenance revenue surged 141.9% to $872.1 million, driven by strong project demand and contributions from The Bowers Group, yielding a 15.6% gross margin. Engineering & Consulting revenue rose 14.0% to $165.8 million, with gross margin contracting to 30.4% due to service mix shifts and higher subcontractor expenses.
