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Legence cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$50.3M in Q2 2026 · $323M over twelve months

Operating cash flow$74.4M
Capital spending−$24.0M
Free cash flow+$50.3M
Cash conversion cycle30 days

Analysis

In Q2 2026, Legence generated $74.4M of operating cash flow and spent $24.0M on capital projects, leaving free cash flow of $50.3M. That is $26.1M more than in Q2 2025 ($24.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was $389M; the largest uses were net borrowing (+) / repaid (−) ($594M), acquisitions ($297M), capital spending ($65.6M); besides operations, cash came from other financing ($762M), asset & business sales ($444K); the cash balance rose by $194M.

Operating cash flow was $74.4M against net income of −$34.6M. The largest differences: receivables −$91.9M, payables +$79.2M, stock-based pay +$59.8M.

Its cash conversion cycle was 30 days (receivables 63 + inventory 1 − payables 34).

Free cash flow

Legence: free cash flow by quarterLegence: free cash flow by quarter−$193KQ4 2024$24.1MQ1 2025$24.3MQ2 2025$89.0MQ3 2025$81.5MQ4 2025$102MQ1 2026$50.3MQ2 2026
Operating cash flow less capital spending.
Legence: operating cash flow against capital spendingLegence: operating cash flow against capital spendingOperating cash flowCapital spending$6.0M$6.2MQ4 2024$29.5M$5.4MQ1 2025$33.1M$8.8MQ2 2025$99.6M$10.6MQ3 2025$94.7M$13.2MQ4 2025$120M$17.8MQ1 2026$74.4M$24.0MQ2 2026
Latest (Q2 2026): Operating cash flow $74.4M, Capital spending $24.0M.

Capital allocation, year by year

Legence: where the cash came from (up) and went (down), by fiscal yearLegence: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2023: Operating cash flow $33.9MFY2023: Net borrowing $143MFY2023: Asset sales $353KFY2023: Capital spending −$17.1MFY2023: Acquisitions −$120M$177MFY2023FY2024: Operating cash flow $29.3MFY2024: Net borrowing $549MFY2024: Asset sales $269KFY2024: Capital spending −$19.0MFY2024: Acquisitions −$225M$578MFY2024FY2025: Operating cash flow $257MFY2025: Net borrowing −$796MFY2025: Shares issued $780MFY2025: Asset sales $390KFY2025: Capital spending −$37.9MFY2025: Acquisitions −$16.5M$1.0BFY2025
Over these 3 years operating cash flow totalled $320M; the largest uses were net borrowing ($796M) and acquisitions ($362M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$292M
Debt$1.0B
Net debt$749M
Due within a year$13.0M

Legence funds itself: free cash flow was $323M over the last twelve months, and $292M of cash and investments stands against $1.0B of debt ($13.0M due within a year, 22.5× covered by cash).

Legence: debt maturities by year (FY2025)Legence: debt maturities by year (FY2025)$13.0MYear 1$18.6MYear 2$19.7MYear 3$8.0MYear 4$8.0MYear 5$758MAfter year 5
Principal due in each year as disclosed in the annual report, against $292M of cash and investments now.

Where the cash came from and went

Legence: sources (+) and uses (−) of cash, Q2 2026Legence: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$74.4MCash drawn (+) / kept (−)−$47.4MCapital spending−$24.0MNet borrowing (+) / repaid (−)−$4.1MOther financing$955KAsset & business sales$87KAcquisitions$37K
Legence: sources (+) and uses (−) of cash, TTM to Q2 2026Legence: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$762MNet borrowing (+) / repaid (−)−$594MOperating cash flow$389MAcquisitions−$297MCash drawn (+) / kept (−)−$194MCapital spending−$65.6MAsset & business sales$444K

From profit to cash

Legence: net income to operating cash flow, Q2 2026Legence: net income to operating cash flow, Q2 2026Net income−$34.6MDepreciation & amortization$38.0MStock-based pay$59.8MDeferred taxes−$7.3MImpairments$21.6MGains on disposals−$118KOther non-cash$724KReceivables−$91.9MPayables$79.2MAccrued liabilities$7.8MEmployee-related liabilities$18.7MDeferred revenue−$27.7MContract assets−$28.0MPrepaid and other assets−$1.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20266313430
Q1 20266113231
Q4 20257323738

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$74.4M−$24.0M$37K−$4.1M−$47.4M$50.3M
Q1 2026$120M−$17.8M−$281M$194M−$14.5M$102M
Q4 2025$94.7M−$13.2M−$16.0M−$1.1M−$54.1M$81.5M
Q3 2025$99.6M−$10.6M—−$785M−$78.1M$89.0M
Q2 2025$33.1M−$8.8M—−$5.1M−$8.8M$24.3M
Q1 2025$29.5M−$5.4M−$453K−$5.0M−$8.0M$24.1M
Q4 2024$6.0M−$6.2M−$5.1M$310M−$1.9M−$193K

Legence: income statement and cash flow

Legence, Q2 2026: revenue $1.3B (+111% year over year), operating margin -0.5%. The chart follows the revenue to costs, profit and cash.

Legence: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.