Legence Corp.LGN

Legence Corp. Earnings Per Share Disclosure

10-KFiled Mar 30, 20261 min read
Earnings Per Share
The following table sets forth the computation of basic and diluted EPS of Class A Common Stock and represents the period from September 12, 2025 to December 31, 2025, the period where the Company had Class A Common Stock and Class B Common Stock outstanding. Prior to the IPO, Legence Holdings was a single-member limited liability company and did not present earnings per share. Due to the IPO and Corporate Reorganization, the Company’s capital structure before and after the IPO is not comparable and would not be meaningful to the users of these consolidated financial statements. As a result, only earnings per share for periods subsequent to the IPO are presented.
(in thousands, except per share data)September 12, 2025 through December 31, 2025
Numerator:
Net loss$(55,951)
Less: Net loss attributable to noncontrolling interests(22,155)
Net loss attributable to Legence$(33,796)
Denominator:
Weighted-average Class A Common Stock outstanding—basic and diluted59,381
Net loss per share—basic and diluted$(0.57)
The effect of potentially dilutive securities is not included in the computation of diluted EPS for the period from September 12, 2025 to December 31, 2025, as there is net loss attributable to Legence, and to do so would be anti-dilutive.
Anti-dilutive securities which could potentially dilute EPS in the future are set forth below (in thousands):
September 12, 2025 through December 31, 2025
Stock options669
RSUs686
LGN B Units exchangeable for Class A Common Stock41,480

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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