Limbach Guides 2026 Revenue to $730M–$760M After 24.7% 2025 Growth
Limbach posted 2025 revenue growth of 24.7%, adjusted EBITDA of $81.8 million and 26.2% gross margin, with Owner Direct Relationship revenues up 40.6% to 75% of total. It guided 2026 revenue of $730M–$760M (+13–17%), EBITDA of $90M–$94M (+10–16%), approved a $50M buyback and plans ODR expansion, bundling and Pioneer integration.
1. Record 2025 Performance
Limbach delivered 2025 revenue growth of 24.7% and record adjusted EBITDA of $81.8 million, representing a 28.4% increase year-over-year. Consolidated gross margin was 26.2% (28.2% ex-acquisitions), while Owner Direct Relationship (ODR) revenues surged 40.6%—including 17% organic gains—to comprise 75% of total mix.
2. Fourth-Quarter Highlights
In Q4, revenue rose 30.1% to $186.9 million, driven by a 51.8% jump in ODR revenue to $145 million and a 13% decline in GCR revenue. Consolidated gross margin narrowed to 25.7%, but adjusted EBITDA grew 30.8% to $27.2 million, with adjusted EPS of $1.40 surging from $1.15 a year earlier.
3. 2026 Guidance and Strategic Priorities
The company targets 2026 revenue of $730–760 million (+13–17%) and adjusted EBITDA of $90–94 million (+10–16%). Management plans to deepen ODR expansion, enhance margins through bundled customer solutions, pursue 1–3 selective acquisitions and complete Pioneer Power integration to boost exit margins.
4. Strong Cash Flow and Capital Allocation
Limbach generated $71.9 million of operating cash and $70.1 million of free cash flow in 2025, ending the year with net debt of $24.6 million (0.3x adjusted EBITDA) and $96.3 million liquidity. The board authorized a $50 million share buyback to enhance shareholder returns.