Legence Corp. reports record revenue and soaring backlog in 2025
Legence Corp. has reported strong financial results for 2025, with significant growth in revenue and backlog. The company's annual revenue climbed to $2.55 billion, a 21.5% rise from the previous year. Investors responded positively, pushing share prices up by 5.7% after the latest quarterly update. The final quarter of 2025 proved particularly strong, with revenue jumping 34.6% compared to the same period in 2024. Installation and maintenance operations alone brought in $565.1 million, a 44.4% increase from the prior year. By the end of December, the company's total backlog had swelled to $3.674 billion—up 48.6% from 2024.
The company also maintained a healthy order book, with a book-to-bill ratio of 1.9x in Q4 and 1.6x over the trailing twelve months. Cash reserves stood at $230.2 million, while total debt reached approximately $825.1 million.
Legence expanded its operations in early 2026 by acquiring Bowers on January 2 and Metrix on March 1. Looking ahead, the company has raised its 2026 revenue forecast to between $3.7 billion and $3.9 billion. Adjusted EBITDA for the same period is expected to fall between $400 million and $430 million. The latest financial figures highlight Legence's rapid expansion in key sectors. With a growing backlog and raised projections for 2026, the company appears well-positioned for continued growth. Share performance has already reflected investor confidence in its recent results.
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