Filing Flows › Legence (LGN) › Q1 2026 › vs Q4 2025
Legence (LGN) Q1 2026 vs Q4 2025 (quarter over quarter)
Legence's revenue rose $300M (+41%) from $738M in Q4 2025 to $1.0B in Q1 2026. The biggest changes: Installation & Maintenance +$307M (+54%); Engineering & Consulting −$6.8M (-4%). Gross margin 17.9% against 20.0% (-2.1 pts).
Legence, Q1 2026: revenue $1.0B (+105% year over year), operating margin 2.2%, net earnings $16.1M, operating cash flow $120M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 17.9% | 20.0% | -2.1 pts |
| Operating margin | 2.2% | -3.2% | +5.3 pts |
| Net margin | 1.6% | -4.4% | +6.0 pts |
| Free cash flow margin | 9.9% | 11.1% | -1.2 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Installation & Maintenance | $872M | $565M | $307M | +54% |
| Engineering & Consulting | $166M | $173M | −$6.8M | -4% |
| Revenue | $1.0B | $738M | $300M | +41% |
| Gross profit | $186M | $147M | $38.7M | +26% |
| Cost of revenue | $852M | $590M | $262M | +44% |
| Operating profit | $22.4M | −$23.5M | $45.9M | — |
| Operating expenses | $164M | $171M | −$7.2M | -4% |
| Pre-tax earnings | $4.0M | −$46.2M | $50.2M | — |
| Other expense, net | $18.4M | $22.7M | −$4.3M | -19% |
| SG&A | $116M | $115M | $1.3M | +1% |
| Other operating costs | $47.7M | $56.2M | −$8.5M | -15% |
| Income tax benefit | $13.4M | −$8.5M | $21.9M | — |
| Net earnings | $16.1M | −$32.7M | $48.8M | — |
| Minority interests | $1.3M | −$22.0M | $23.3M | — |
| Depreciation & amortization | $36.8M | $24.7M | $12.1M | +49% |
| Share-based compensation | $36.7M | $45.7M | −$9.0M | -20% |
| Working capital & other | $30.5M | $57.1M | −$26.5M | -46% |
| Operating cash flow | $120M | $94.7M | $25.4M | +27% |
| Free cash flow (OCF − capex) | $102M | $81.5M | $20.7M | +25% |
| Capital expenditures | $17.8M | $13.2M | $4.6M | +35% |
Questions
How much did Legence's revenue grow quarter over quarter in Q1 2026?
Legence's revenue rose $300M (+41%) from $738M in Q4 2025 to $1.0B in Q1 2026.
What drove Legence's revenue change in Q1 2026?
Installation & Maintenance +$307M (+54%); Engineering & Consulting −$6.8M (-4%).