Legence Raises 2026 Outlook After Record Backlog and Q4 Revenue Jump

Overview

• Legence shares rose 5.7% to $56 after the company posted strong Q4 and full-year 2025 results.
• Q4 revenue climbed 34.6% to $737.6 million, with installation and maintenance up 44.4% on data center and tech demand.
• The year-end backlog reached a record $3.674 billion, up 48.6%, with a Q4 book-to-bill of 1.9x and a 12‑month ratio of 1.6x.
• Management raised 2026 targets to $3.7–$3.9 billion in revenue and $400–$430 million in adjusted EBITDA after acquiring Bowers on January 2 and Metrix on March 1.
• Adjusted EBITDA rose to $87.0 million in Q4 and $298.8 million for 2025, while GAAP net loss widened to $59.8 million as cash ended at $230.2 million against about $825.1 million in debt.