Legence Corp. (LGN) reported third-quarter 2026 results on November 12, 2026, with revenue of $1.31 billion, an 85.1% increase driven by the Bowers acquisition and organic demand in the data center sector. Excluding approximately $322.7 million in revenue contributed by Bowers, organic revenue growth was 39.5%.

Adjusted EBITDA rose 99.3% year over year to $177.0 million, lifting the adjusted EBITDA margin to 13.5%, up 100 basis points, which management attributed to improved project execution and fixed cost leverage despite a shift in revenue mix toward the Installation & Maintenance segment. Installation & Maintenance revenue reached $1.11 billion, up 124%, while Engineering & Consulting revenue fell 5.8% to $199.9 million after the completion of projects for NBC Studios.S2

Net income was $89.6 million, compared with a net loss of $0.6 million a year earlier, and diluted earnings per share were $1.15 against a loss of $0.02. Backlog and awards stood at $5.9 billion, up 92.5% year over year, driven by data center and technology end markets, with a quarterly book-to-bill ratio of 1.2x and a trailing twelve-month ratio of 1.3x.S2

The company disclosed a $100 million acquisition of CTI, paid with $90 million in cash and approximately 260,000 common shares, and a $150 million share repurchase authorization. Pro forma net leverage fell to 1.2x from 2.4x a year earlier, and total liquidity was $510 million. Net interest expense declined about $13 million to $14 million on lower average rates and debt balances.S2

For 2027, Legence guided to revenue of $5.3 billion to $5.6 billion and adjusted EBITDA of $690 million to $730 million, reflecting current backlog and project timing. The company expects about $32 million in capital expenditures in the fourth quarter and $16 million to $18 million in cash tax payments, within a $50 million full-year estimate.S2