Legence Q4 Revenue Up 34.6% to $737.6M, Backlog Hits $3.7B
Legence posted record Q4 2025 revenues of $737.6 million, up 34.6% year-over-year, with non-GAAP adjusted EBITDA up 53% to $87.0 million and backlog rising 49% to $3.7 billion. The company raised 2026 guidance to $3.7–3.9 billion in revenue and $400–430 million in adjusted EBITDA and acquired a Seattle engineering firm.
1. Q4 2025 Financial Highlights
Legence reported Q4 2025 revenues of $737.6 million, up 34.6% year-over-year, and non-GAAP adjusted EBITDA of $87.0 million, a 53.2% increase. Gross margin stood at 21.2% on a non-GAAP basis, while net loss attributable was $32.7 million, or $0.55 per diluted share.
2. Full Year 2025 Performance
Full-year 2025 revenues reached $2.55 billion, a 21.5% increase, with non-GAAP adjusted EBITDA climbing 30.1% to $298.8 million and non-GAAP gross margin improving to 21.6%. The net loss for the year widened to $59.8 million from $28.6 million in 2024.
3. Backlog Growth and Strategic Acquisitions
Total backlog and awarded contracts surged 49% to $3.7 billion, driven by data center, technology, government and life sciences projects. The company completed a tuck-in acquisition of a Seattle-area engineering firm, bolstering its service capabilities.
4. 2026 Guidance Outlook
For Q1 2026, Legence targets revenues of $925 million to $950 million and non-GAAP adjusted EBITDA of $90 million to $100 million. Full-year 2026 guidance was raised to $3.7 billion–$3.9 billion in revenue and $400 million–$430 million in EBITDA.