Limbach Holdings, Inc.LMB

Limbach Holdings, Inc. Segments Disclosure

10-KFiled Mar 2, 20262 min read
Operating Segments
As discussed in Note 1, the Company operates in two segments (i) ODR, in which the Company performs owner direct projects and/or provides maintenance or service primarily on MEPC systems, and specialty contracting projects to existing buildings direct to, or assigned by, building owners or operators, and (ii) GCR, in which the Company generally manages new construction or renovation projects that involve primarily MEPC systems awarded to the Company by general contractors or construction managers. Segment information is prepared on the same basis the Company’s Chief Operating Decision Maker (“CODM”) reviews operating results for the purposes of allocating resources and assessing performance. The Company's CODM is comprised of its President and Chief Executive Officer and Executive Vice President and Chief Financial Officer.
In accordance with ASC Topic 280 – Segment Reporting, the Company has elected to aggregate all of the ODR work performed at its branches into one ODR reportable segment and all of the GCR work performed at its branches into one GCR reportable segment. All transactions between segments are eliminated in consolidation.
All of the Company’s identifiable assets are located in the United States, which is where the Company is domiciled. The Company does not have sales outside of the United States. For the years ended December 31, 2025, 2024 and 2023, no ODR or GCR segment customers accounted for 10% or more of the Company’s consolidated total revenue.
Consolidated segment information for the periods presented is as follows: 
For the Years Ended December 31,
(in thousands)202520242023
Statement of Operations Data:
Revenue:
ODR$485,690 $345,500 $261,958 
GCR161,114 173,281 254,392 
Total revenue646,804 518,781 516,350 
Gross profit:
ODR129,876 107,775 76,090 
GCR39,438 36,506 43,200 
Total gross profit169,314 144,281 119,290 
Selling, general and administrative (1)
109,518 97,199 87,397 
Acquisition-related retention expense and contingent consideration1,985 3,770 729 
Amortization of intangibles8,357 4,688 1,880 
Operating income$49,454 $38,624 $29,284 
Other (expenses) income
Interest expense(3,133)(1,869)(2,046)
Interest income815 2,227 1,217 
Loss on early debt extinguishment— — (311)
(Loss) gain on change in fair value of interest rate swap(191)34 (124)
Gain on disposition of property and equipment1,684 950 80 
Total unallocated amounts(825)1,342 (1,184)
Total consolidated income before income taxes$48,629 $39,966 $28,100 
(1)    Included within selling, general and administrative expenses was $7.0 million, $5.8 million and $4.9 million of non-cash stock-based compensation expense for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment.

Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Mar 10, 2025
2023Mar 13, 2024
2022Mar 8, 2023
2021Mar 16, 2022
2020Mar 25, 2021
2019May 12, 2020
2018Apr 15, 2019
2017Apr 2, 2018
2016Apr 17, 2017

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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