Legence Corp.
wearelegence.comWhat Do They Do?
Designs, installs and maintains heating, cooling and other building systems for technology and industrial companies, healthcare and education institutions, and public agencies.
10-K for FY2025, filed Mar 30, 2026We are a leading provider of engineering, installation and maintenance services for mission-critical systems in buildings. We believe that…View ↗
We specialize in designing, fabricating and installing complex heating, ventilation and air conditioning (“HVAC”), process piping and other…View ↗
Our clients include large technology and industrial companies and public sector institutions who contract with us directly to provide…View ↗
How Do They Make Money?
Customers hire Legence for design, project management, installation and maintenance work; most contract work earns revenue as it is performed, while standalone custom-fabricated products earn revenue upon delivery.
10-K for FY2025, filed Mar 30, 2026Our Engineering & Consulting segment designs HVAC and other MEP systems for buildings, develops strategies to help reduce energy usage and…View ↗
Our Installation & Maintenance segment fabricates and installs HVAC systems, process piping and other MEP systems in new and existing…View ↗
The Company satisfies most performance obligations over time because the Company's performance typically either creates or enhances an…View ↗
Performance obligations related to certain standalone sales of custom-fabricated, construction-related products are satisfied at a point in…View ↗
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10-K for FY2025, filed Mar 30, 2026
FY2025 revenue by reportable segment ↗
$2.6B
-
10-K for FY2025, filed Mar 30, 2026
$2.6B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Engineering & Consulting
Recurring
10-K for FY2025, filed Mar 30, 2026 |
28% |
Engineering & Consulting, FY2025
$726.3M Sources
|
Recurring |
|
Installation & Maintenance
Recurring
10-K for FY2025, filed Mar 30, 2026 |
72% |
Installation & Maintenance, FY2025
$1.8B Sources
|
Recurring |
Who Are Their Customers?
Large technology and industrial companies and public institutions hire Legence directly; architects and general contractors also subcontract its building-system work.
10-K for FY2025, filed Mar 30, 2026Our clients include large technology and industrial companies and public sector institutions who contract with us directly to provide…View ↗
ClientsView ↗
In this Annual Report, we generally refer to the owner or operator of the building we work in as our “client.” Our contractual customer may…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $59.8M in FY2025, but brought in more cash than it spent: $218.9M of free cash flow.
10-K for FY2025, filed Mar 30, 2026
$61.6MView ↗
10-K for FY2025, filed Mar 30, 2026
−$59.8MView ↗
10-K for FY2025, filed Mar 30, 2026
$218.9MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$27.8MView ↗
- ▲ +428% (Loss)
- vs −$5.3M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
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Aug 13, 2026
Raises full-year revenue and adjusted EBITDA guidance
Raised full-year revenue guidance to $4.7 billion - $4.8 billion and adjusted EBITDA guidance to $565 million - $585 million.
Sources
8-K, filed Aug 13, 2026
Raise Full Year 2026 Guidance for Revenue to $4.7 Billion - $4.8 Billion and Non-GAAP Adjusted EBITDA of $565 Million - $585 MillionView ↗
Who Do They Compete With?
Competes with Affiliated Engineers, Stantec, WSP Global, Comfort Systems USA, ACCO Engineered Systems, and Southland Industries
10-K for FY2025, filed Mar 30, 2026We compete with national, regional, and local companies, including many small, owner-operated entities that operate their businesses in a…View ↗
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