Legence Corp.

Listed Company

LGNCIK 0002052568NasdaqNon-AcceleratedConstruction - Special Trade ContractorsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$2.55B

Net Income

$-59.78M

Total Assets

$2.68B

Equity

$392.20M

Shares Out

—

Op. Cash Flow

$256.87M

Business

Legence Corp. is a publicly listed company in Construction - Special Trade Contractors, incorporated in Delaware. Common stock trades on Nasdaq under the ticker LGN.

Auto-generated from company profile

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Revenue	2,550	2,099	1,615
Cost of revenue	2,015	1,668	1,300
Gross profit	536	431	315
Selling, general and administrative	343	243	186
Depreciation and amortization	100	97	80
Acquisition-related costs	6	6	4
Changes in fair value of contingent consideration liabilities (including $13,424 for the year ended December 31, 2023 from related parties)	0	0	31
Gain on sale of property and equipment	−326,000	0	0
Goodwill impairment	25	18	5
Long-lived asset impairment	2	0	0
Equity in earnings of joint venture	−1	−3	−1
Income from operations	62	70	10
Interest expense, net of capitalized interest (including $13,340, $13,316, and $12,396 for years ended December 31, 2025, 2024, and 2023, respectively, from related parties)	102	92	68
Interest income	−4	−5	−4
Loss on debt extinguishment	7	0	0
Credit agreement amendment fees	6	8	0
Other expense (income) , net	6	−473,000	257,000
Total other expense, net	117	93	64
Loss before income tax	−55	−23	−54
Income tax expense (benefit)	22	5	−8
Net loss	−77	−28	−46
Net (loss) income attributable to noncontrolling interests	−18	912,000	0
Net loss attributable to Legence	−60	−29	−46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-08-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	230	—	81	—	—
Accounts receivable, net	584	—	449	—	—
Contract assets, net	260	—	188	—	—
Prepaid expenses and other current assets	36	—	39	—	—
Total current assets	1,110	—	756	—	—
Property and equipment, net	92	—	73	—	—
Operating lease right-of-use assets (including $20,025 and $23,375 as of December 31, 2025 and 2024, respectively, from related parties)	117	—	91	—	—
Goodwill	764	—	781	676	—
Intangible assets, net	551	—	624	—	—
Other assets	44	—	26	—	—
Total assets	2,679	—	2,353	—	—
Accounts payable	246	—	127	—	—
Accrued compensation and benefits	68	—	55	—	—
Accrued and other current liabilities	16	—	28	—	—
Contract liabilities	339	—	164	165	—
Current portion of operating lease liabilities (including $3,920 and $3,654 as of December 31, 2025 and 2024, respectively, from related parties)	21	—	14	—	—
Current portion of long-term debt	17	—	23	—	—
Total current liabilities	708	—	411	—	—
Long-term debt, net of current portion (including $84,735 and $211,039 as of December 31, 2025 and 2024, respectively, from related parties)	812	—	1,586	—	—
Operating lease liabilities, net of current portion (including $17,282 and $20,960 as of December 31, 2025 and 2024, respectively, from related parties)	104	—	81	—	—
Tax receivable agreement liability - related party	207	147	0	—	—
Deferred tax liabilities, net	47	—	35	—	—
Other long-term liabilities	12	—	36	—	—
Total liabilities	1,891	—	2,149	—	—
Commitments and contingencies (Note 21)	—	—	—	—	—
Member's equity	—	—	444	—	—
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding as of December 31, 2025	0	—	—	—	—
Additional paid-in capital	702	—	—	—	—
Accumulated deficit	−310	—	−250	—	—
Accumulated other comprehensive (loss) income	−698,000	—	9	—	—
Total Legence stockholders' equity / Member's equity	392	—	—	—	—
Noncontrolling interests	397	—	—	—	—
Total stockholders' equity / Member's equity	789	—	—	—	—
Total Legence stockholders' equity / Member's equity	—	—	203	—	—
Noncontrolling interests	—	—	912,000	—	—
Total stockholders' equity / Member's equity	—	—	204	523	541
Total liabilities and stockholders' equity / Member's equity	2,679	—	2,353	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Amortization of intangible assets	82	81	70
Depreciation of property and equipment	32	30	23
Amortization of debt issuance costs and discounts	3	5	5
Stock-based compensation	68	5	10
Deferred taxes	15	−14	−13
Tax receivable agreement liability remeasurement	3	0	0
Return on investment in joint venture	2	1	1
Operating lease right-of-use asset lease expense	18	13	9
Other	1	4	1
Accounts receivable, net	−130	18	−81
Contract assets	−71	−51	−24
Prepaid expenses and other current assets	3	4	3
Accounts payable	118	11	−5
Accrued compensation and benefits	12	−3	7
Accrued and other current liabilities	−14	−37	1
Contract liabilities	172	−15	46
Operating lease liabilities, current and long-term	−15	−11	−9
Other long-term assets and liabilities	2	−909,000	78,000
Cash provided by operating activities	257	29	34
Purchases of property and equipment	−38	−19	−17
Consideration paid for acquisitions, net of cash acquired	−16	−225	−120
Proceeds from sale of property and equipment	390,000	269,000	353,000
Return of investment in joint venture	0	0	3
Cash used in investing activities	−54	−244	−134
Term loan borrowings (including $2,968, $103,500, and $15,000 for the years ended December 31, 2025, 2024, and 2023, respectively, from related parties)	60	565	155
Term loan payments (including $74,797 in 2025 to related parties)	−852	−14	−10
Notes payable payments	−8	−6	−5
Finance lease payments	−4	−2	−2
Cash distributions to Legence Parent	0	−302	−2
Cash contributions from Legence Parent	0	400,000	550,000
Proceeds from IPO, net of underwriting discounts and commissions	780	0	0
Debt issuance costs	−2	−1	−3
Payments for deferred offering costs	−28	−196,000	0
Payments of contingent consideration (including ($20,663) and $(5,520) for the years ended December 31, 2024 and 2023, respectively, from related parties)	0	−33	−6
Cash (used in) provided by financing activities	−54	207	128
Increase (decrease) in cash and cash equivalents	149	−8	28

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