0002052568-26-000017 | 10-Q | XBRL Viewer

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Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2026 shares
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	214
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	149
Deferred consideration related to Bowers acquisition
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	992

Revenue Recognition and Related Balance Sheet Accounts - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Contract asset, retentions	$ 140.1		$ 98.5
Contract assets	70.1
Decrease in contract liabilities	(124.7)
Contract liability revenue recognized during the period	200.7	$ 72.8
Contracts receivable, retentions	9.6		$ 9.6
Revenue, remaining performance obligation	$ 4,196.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Disaggregation of Revenue [Line Items]
Revenue, performance obligation expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 \| Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation (as percent)	65.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 \| Maximum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation (as percent)	75.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Disaggregation of Revenue [Line Items]
Revenue, performance obligation expected timing of satisfaction period	2 years
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Installation & Maintenance \| One Customer
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	17.50%	6.20%

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Term loan borrowings (including $15,000 and $2,495 in 2026 and 2025, respectively, from related parties)	$ 200,000	$ 2,495
Related Party
Term loan borrowings (including $15,000 and $2,495 in 2026 and 2025, respectively, from related parties)	$ 15,000	$ 2,495

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ 17,394	$ (19,139)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Amortization of intangible assets	32,554	21,462
Depreciation of property and equipment	9,722	7,889
Amortization of debt issuance costs and discounts	425	1,084
Stock-based compensation	36,652	(4,458)
Compensation expense - Performance Interests	3,763	0
Deferred taxes	(19,321)	(1,452)
Equity in earnings of joint venture	(504)	(460)
Operating lease right-of-use asset lease expense	6,877	4,001
Other	31	(200)
Changes in operating assets and liabilities:
Accounts receivable, net	(59,199)	32,451
Contract assets	(25,711)	(9,991)
Prepaid expenses and other current assets	(1,549)	(664)
Accounts payable	26,144	(5,733)
Accrued compensation and benefits	24,044	11,009
Accrued and other current liabilities	(5,856)	1,919
Contract liabilities	79,141	(4,932)
Operating lease liabilities, current and long-term	(5,153)	(3,272)
Other long-term assets and liabilities	658	(53)
Cash provided by operating activities	120,112	29,461
Cash flows from investing activities:
Purchases of property and equipment	(17,822)	(5,364)
Consideration paid for acquisitions, net of cash acquired	(281,330)	(453)
Proceeds from sale of property and equipment	133	67
Cash used in investing activities	(299,019)	(5,750)
Cash flows from financing activities:
Term loan borrowings (including $15,000 and $2,495 in 2026 and 2025, respectively, from related parties)	200,000	2,495
Term loan payments	(2,494)	(6,604)
Revolver borrowings	25,000	0
Revolver payments	(25,000)	0
Notes payable payments	(1,905)	(3,379)
Finance lease payments	(1,288)	(849)
Debt issuance costs	(892)	0
Payments for deferred offering costs	(60)	(7,416)
Cash provided by (used in) financing activities	193,361	(15,753)
Increase in cash and cash equivalents	14,454	7,958
Cash and cash equivalents, beginning of period	230,166	81,167
Cash and cash equivalents, end of period	$ 244,620	$ 89,125

Fair Value Measurements - Schedule of Carrying Values and Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value \| Term loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	$ 997,965	$ 803,995
Fair Value \| Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	24,127	21,490
Carrying Value \| Term loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	989,346	792,515
Carrying Value \| Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total debt	$ 23,197	$ 22,906

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

+ Details

Stock-Based Compensation and Long-term Incentive Awards - Schedule of Compensation Expense And Corresponding Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Time Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (benefit)	$ 31,838	$ (4,486)
Performance Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (benefit)	3,763	0
Restricted Series C Common Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (benefit)	789	28
Selling, general and administrative \| Time Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (benefit)	25,284	(3,643)
Selling, general and administrative \| Performance Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (benefit)	3,055	0
Selling, general and administrative \| Restricted Series C Common Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (benefit)	359	13
Cost of revenue \| Time Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (benefit)	6,554	(843)
Cost of revenue \| Performance Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (benefit)	708	0
Cost of revenue \| Restricted Series C Common Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (benefit)	$ 430	$ 15

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Acquisitions - Schedule of Consideration Transferred (Details) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
	Mar. 01, 2026	Jan. 02, 2026	Oct. 01, 2025	Mar. 31, 2026	Dec. 31, 2025
Total 2026 Acquisitions
Business Combination [Line Items]
Cash				$ 308,285
Issuance of Legence Corp. Class A Common Stock				106,437
Contract liabilities				44,941
Holdback				299
Total consideration transferred				459,962
Bowers
Business Combination [Line Items]
Cash		$ 283,104
Issuance of Legence Corp. Class A Common Stock		98,635
Contract liabilities		44,941
Holdback		0
Total consideration transferred		$ 426,680
Metrix
Business Combination [Line Items]
Cash	$ 25,181
Issuance of Legence Corp. Class A Common Stock	7,802
Contract liabilities	0
Holdback	299
Total consideration transferred	$ 33,282
Total 2025 Acquisitions
Business Combination [Line Items]
Cash					$ 16,211
Issuance of Legence Corp. Class A Common Stock					4,038
Holdback					1,250
Purchase price receivable					(37)
Total consideration transferred				$ 21,500	21,462
IMD
Business Combination [Line Items]
Cash			$ 9,302
Issuance of Legence Corp. Class A Common Stock			3,589
Holdback			1,000
Purchase price receivable			(37)
Total consideration transferred			$ 13,854
Other 2025 Acquisition
Business Combination [Line Items]
Cash					6,909
Issuance of Legence Corp. Class A Common Stock					449
Holdback					250
Purchase price receivable					0
Total consideration transferred					$ 7,608

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following is a summary of changes in the carrying value of Goodwill by segment (in thousands):


Carrying value of Goodwill	Engineering & Consulting		Installation & Maintenance		Total
Balance, December 31, 2025	$	412,987	$	351,349	$	764,336
Acquisitions	5,425		72,197		77,622
Balance, March 31, 2026	$	418,412	$	423,546	$	841,958

Accumulated goodwill impairment
Balance, December 31, 2025	$	47,821	$	47,407	$	95,228
Balance, March 31, 2026	$	47,821	$	47,407	$	95,228

The Company’s identifiable intangible assets consist of the following (in thousands, except weighted-average remaining lives):


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-average Remaining Life (in years)
Customer relationships	$	877,398	$	(227,785)	$	649,613	8.7
Trade names	227,028		(86,545)		140,483		6.1
Contract backlog	60,770		(7,600)		53,170		1.7
	$	1,165,196	$	(321,930)	$	843,266


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-average Remaining Life (in years)
Customer relationships	$	658,798	$	(209,054)	$	449,744	8.3
Trade names	180,428		(80,068)		100,360		5.4
Contract backlog	1,570		(254)		1,316		1.4
	$	840,796	$	(289,376)	$	551,420

The value of acquired identifiable intangibles at the applicable acquisition dates in 2026 is $324.4 million. Refer to “Note 4—Acquisitions” for further information.

Future amortization of intangible assets as of March 31, 2026 was as follows (in thousands):


Year ended December 31:
2026 (nine months remaining)	$	99,394
2027	128,196
2028	98,604
2029	98,270
2030	97,007
Thereafter	321,795
	$	843,266

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Legence reports its results under two reportable segments: (1) Engineering & Consulting, and (2) Installation & Maintenance. Segments are presented according to the nature of the business activities, and reflect the Company’s consideration of financial information provided to the chief executive officer, who is the Chief Operating Decision Maker (“CODM”). The CODM primarily uses gross profit to assess performance and allocate resources, including decisions such as the annual budget review and approval, allocation of resources to hire additional key personnel, entering new markets and development of new technologies, evaluating executive performance, and determining performance-related bonus plans in each segment.

Engineering & Consulting: The Engineering & Consulting segment designs HVAC and other MEP systems for buildings, develops strategies to reduce energy usage and enhance building performance, improve reliability and drive efficiency and provides program and project management services for customers’ installation and retrofit projects. Within this segment, there are two primary service offerings – Engineering & Design and Program & Project Management.

Installation & Maintenance: The Installation & Maintenance segment fabricates and installs HVAC systems, process piping and other MEP systems in new and existing industrial, commercial and institutional buildings and provides ongoing preventive and corrective maintenance services for those systems. Within this segment, there are two primary service offerings – Installation & Fabrication and Maintenance & Service.

All intercompany transactions are eliminated in the Company's Condensed Consolidated Statements of Operations.

The following table presents relevant segment information (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenue:
Engineering & Consulting	$	165,801	$	145,447
Installation & Maintenance	872,092		360,506
Revenue	$	1,037,893	$	505,953
Cost of revenue:
Engineering & Consulting	$	115,388	$	85,794
Installation & Maintenance	$	736,351	$	308,455
Gross profit:
Engineering & Consulting	$	50,413	$	59,653
Installation & Maintenance	135,741		52,051
Gross profit	$	186,154	$	111,704

The following table presents the reconciliation from Gross profit to Income (loss) before income tax (in thousands):


	Three Months Ended March 31,
	2026		2025
Gross profit	$	186,154	$	111,704
Selling, general and administrative	116,095		69,459
Depreciation and amortization	36,828		26,092
Acquisition-related costs	11,432		157
Gain on sale of property and equipment	(64)		(98)
Equity in earnings of joint venture	(504)		(460)
Interest expense	17,000		29,641
Interest income	(1,320)		(755)
Credit agreement amendment fees	3,243		2,877
Other income, net	(569)		(108)
Income (loss) before income tax	$	4,013	$	(15,101)

Separate measures of Legence’s assets, including capital expenditures, are not produced or utilized by management to evaluate segment performance.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table presents relevant segment information (in thousands):


	Three Months Ended March 31,
	2026		2025
Revenue:
Engineering & Consulting	$	165,801	$	145,447
Installation & Maintenance	872,092		360,506
Revenue	$	1,037,893	$	505,953
Cost of revenue:
Engineering & Consulting	$	115,388	$	85,794
Installation & Maintenance	$	736,351	$	308,455
Gross profit:
Engineering & Consulting	$	50,413	$	59,653
Installation & Maintenance	135,741		52,051
Gross profit	$	186,154	$	111,704

The following table presents the reconciliation from Gross profit to Income (loss) before income tax (in thousands):


	Three Months Ended March 31,
	2026		2025
Gross profit	$	186,154	$	111,704
Selling, general and administrative	116,095		69,459
Depreciation and amortization	36,828		26,092
Acquisition-related costs	11,432		157
Gain on sale of property and equipment	(64)		(98)
Equity in earnings of joint venture	(504)		(460)
Interest expense	17,000		29,641
Interest income	(1,320)		(755)
Credit agreement amendment fees	3,243		2,877
Other income, net	(569)		(108)
Income (loss) before income tax	$	4,013	$	(15,101)

Variable Interest Entities and Equity Method Investments (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Carrying Amounts and Classification of the PCs' Assets and Liabilities

The table below shows the carrying amounts and classification of the PCs’ assets and liabilities included on the Company’s Condensed Consolidated Balance Sheets, excluding intercompany balances (in thousands):


	March 31, 2026		December 31, 2025
Cash	$	2,173	$	5,019
Accounts receivable, net	13,028		12,868
Contract assets, net	3,382		3,699
Total current assets	18,583		21,586
Other assets	210		224
Total assets	$	18,793	$	21,810

Accrued and other current liabilities	$	1,770	$	2,359
Contract liabilities	6,923		7,012
Total liabilities	$	8,693	$	9,371

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

Schedule of Ownership of Legence Holdings

The following table summarizes the change in ownership of Legence Holdings during the three months ended March 31, 2026. Please refer to “Note 10—Stockholders' Equity” for additional information related to activity during the three months ended March 31, 2026.


	Ownership			Ownership Percentage
	Legence Corp. (LGN A Units)	Non- controlling interests (LGN B Units)	Total	Legence Corp. (LGN A Units)		Non- controlling interests (LGN B Units)		Total
Balance, December 31, 2025	63,856,975	41,479,954	105,336,929	60.6	%	39.4	%	100.0	%
Issuance of Class A Common Stock for acquisitions	2,701,003	—	2,701,003	1.0	%	(1.0)	%	—	%
Effects of exercise of underwriters' overallotment option	780,121	(780,121)	—	0.7	%	(0.7)	%	—	%
Balance, March 31, 2026	67,338,099	40,699,833	108,037,932	62.3	%	37.7	%	100.0	%

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the input level used to determine the fair value of the financial instruments measured at fair value on a recurring basis (in thousands):


	March 31, 2026
	Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market	$	164,409	$	—	$	—
Interest rate swap instruments	$	—	$	2,593	$	—
Liabilities:
Interest rate swap instruments	$	—	$	635	$	—


	December 31, 2025
	Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market	$	572	$	—	$	—
Interest rate swap instruments	$	—	$	42	$	—
Liabilities:
Interest rate swap instruments	$	—	$	1,194	$	—

Schedule of Carrying Values and Fair Values of Debt Instruments

The table below shows the fair value and carrying value of the term loan and promissory notes (a component of notes payable) included in Total debt as shown in “Note 7—Debt” (in thousands):


	March 31, 2026				December 31, 2025
	Fair Value		Carrying Value		Fair Value		Carrying Value
Term loan	$	997,965	$	989,346	$	803,995	$	792,515
Promissory notes	$	24,127	$	23,197	$	21,490	$	22,906

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt obligations consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Term loan	$	995,278	$	797,772
Notes payable	26,167		27,345
Finance lease liabilities	12,818		10,642
Total debt	1,034,263		835,759
Less: Current portion	(18,297)		(16,694)
Less: Unamortized debt issuance costs and discounts	(7,197)		(6,667)
Long-term debt, net of current portion	$	1,008,769	$	812,398

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Loss Contingencies [Line Items]
Self insurance coverage	$ 0.3
Self Insurance Reserve, Current	2.8	$ 3.2
Outstanding surety bonds	1,562.4	561.5
Guarantor obligations, current carrying value	299.8	307.4
Insurance Claims
Loss Contingencies [Line Items]
Reasonable possible losses in excess of reserves established	2.9	2.6
Line of Credit \| Letter of Credit
Loss Contingencies [Line Items]
Letters of credit outstanding	30.7
Line of Credit \| Jefferies Finance LLC Revolving Line Of Credit \| Letter of Credit
Loss Contingencies [Line Items]
Letters of credit outstanding	$ 30.7	$ 5.7

Nature of Operations and Basis of Presentation	3 Months Ended
Nature of Operations and Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Organization Legence Corp. was incorporated as a Delaware corporation on January 9, 2025 as a holding company for the purpose of facilitating an initial public offering (“IPO”) and other related transactions in order to carry on the business of Legence Holdings LLC (“Legence Holdings”). Legence Holdings and its subsidiaries are a leading provider of engineering, installation and maintenance services for mission-critical systems in buildings. The Company focuses on high-growth sectors that have technically demanding buildings, including technology, life sciences, healthcare and education. The Company specializes in designing, fabricating and installing complex heating, ventilation and air conditioning (“HVAC”), process piping and other mechanical, electrical and plumbing (“MEP”) systems for new facilities and upgrading HVAC, lighting and building controls in existing facilities to enhance building performance, improve reliability and drive efficiency. Services are primarily provided on a fixed price basis. All references to the “Company” or “Legence” in this report are to Legence Corp. and its consolidated subsidiaries. Initial Public Offering and Organizational Transactions On September 15, 2025, the Company completed its IPO. In connection with the IPO, the Company completed a corporate reorganization (the “Corporate Reorganization”) that established an UP-C structure in which Legence Corp. became the managing member of Legence Holdings, Legence Holdings interests were recapitalized into LGN A Units and LGN B Units (collectively, “LGN Units”), Legence Parent II LLC (“Legence Parent II”), Legence Parent Management Aggregator LLC (“Management Aggregator I”) and Legence Parent II Management Aggregator LLC (“Management Aggregator II,” and together with Management Aggregator I, the “Management Aggregators”) were formed, and Legence Parent LLC (“Legence Parent”) subscribed for Class B common stock (“Class B Common Stock”) for nominal consideration and retained a portion of its pre-IPO ownership in Legence Holdings through LGN B Units. The number of LGN A Units corresponds on a one-for-one basis with shares of the Company’s Class A common stock, par value $0.01 (the “Class A Common Stock”), while the number of LGN B Units corresponds on a one-for-one basis with shares of the Company’s Class B Common Stock. Class A Common Stock (corresponding to LGN A Units) is held by Legence Parent and Legence Parent II (through their respective wholly-owned subsidiaries, since the fourth quarter of 2025, as described below) and public shareholders. The Corporate Reorganization was accounted for in a manner consistent with a reorganization of entities under common control. The unaudited Condensed Consolidated Financial Statements for periods prior to the IPO and Corporate Reorganization relate to Legence Holdings. Prior to the Corporate Reorganization, Legence Corp. had no operations. Additionally, as part of the Corporate Reorganization, Legence Corp. entered into an exchange agreement (the “Exchange Agreement”) in which the holders of LGN B Units may exchange their LGN B Units, together with an equal number of corresponding shares of Class B Common Stock, for shares of Class A Common Stock of Legence Corp. on a one-for-one basis or the cash equivalent thereof (based on the 10-day volume weighted average price of the shares of Class A Common Stock at the time of exchange) as determined by Legence (the “Exchange Right”). If the Company elects the exchange to be settled in cash, the cash used to settle the redemption must be funded through a private sale or public offering of Class A Common Stock. In the fourth quarter of 2025, Legence Parent and Legence Parent II formed Legence Parent ML LLC and Legence Parent II ML LLC (together, the “ML Entities”), which now hold the interests in Legence Holdings and Legence Corp. previously held by Legence Parent and Legence Parent II (collectively, the “Parent Entities”). The accompanying unaudited Condensed Consolidated Financial Statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these unaudited Condensed Consolidated Financial Statements do not include all information or notes required by GAAP for annual financial statements and should be read together with the Company’s audited Consolidated Financial Statements and notes thereto from the Form 10-K for the year ended December 31, 2025, filed with the SEC on March 30, 2026 (the “2025 Annual Report”). In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements include all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of the Company’s financial position, results of operations, comprehensive income (loss) and cash flows for the interim periods presented. The December 31, 2025 Condensed Consolidated Balance Sheet data was derived from the 2025 audited Consolidated Financial Statements but does not include all disclosures required by GAAP. The preparation of the unaudited Condensed Consolidated Financial Statements requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures as of the date of the financial statements. Actual results could differ from those estimates. Results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that will be realized for the year ended December 31, 2026, or for any future period. These condensed consolidated financial statements should be read in conjunction with the 2025 Annual Report.

Revenue Recognition and Related Balance Sheet Accounts (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company disaggregates revenue by service line as management believes this category best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See details in the following table (in thousands):


	Three Months Ended March 31,
Revenue by Service Line and Segment	2026		2025
Engineering & Consulting:
Engineering & Design	$	97,571	$	106,542
Program & Project Management	68,230		38,905
Total Engineering & Consulting segment	165,801		145,447
Installation & Maintenance:
Installation & Fabrication	758,592		289,682
Maintenance & Service	113,500		70,824
Total Installation & Maintenance segment	872,092		360,506
Revenue	$	1,037,893	$	505,953

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted EPS

The following table sets forth the computation of basic and diluted EPS. 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 Condensed Consolidated financial statements. As a result, only earnings per share for the three months ended March 31, 2026 are presented.


	Three Months Ended
(in thousands, except per share data)	March 31, 2026
Numerator—basic:
Net income	$	17,394
Less: Net income attributable to noncontrolling interests	1,300
Net income attributable to Legence—basic	$	16,094
Denominator—basic:
Weighted-average Class A Common Stock outstanding—basic	67,151
Earnings per share—basic	$	0.24

Numerator—diluted:
Net income attributable to Legence—basic	$	16,094
Net income effect of dilutive securities:
Effect of RSUs and stock options	(10)
Effect of assumed exchange of LGN B Units	(2,137)
Effect of assumed exchange of LGN B Units prior to exercise of underwriters' overallotment option	(3)
Net income attributable to Legence—diluted	$	13,944
Denominator—diluted:
Weighted-average Class A Common Stock outstanding—basic	67,151
Weighted-average effect of dilutive securities:
Effect of RSUs and stock options	519
Effect of assumed exchange of LGN B Units	40,700
Effect of assumed exchange of LGN B Units prior to exercise of underwriters' overallotment option	61
Weighted-average Class A Common Stock outstanding—diluted	108,431
Earnings per share—diluted	$	0.13

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Anti-dilutive securities that could potentially dilute EPS in the future are set forth below (in thousands):


			Three Months Ended
			March 31, 2026
Stock options			214
RSUs			149
Deferred consideration related to Bowers acquisition			992

Revenue Recognition and Related Balance Sheet Accounts - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 1,037,893	$ 505,953
Engineering & Consulting
Disaggregation of Revenue [Line Items]
Revenue	165,801	145,447
Installation & Maintenance
Disaggregation of Revenue [Line Items]
Revenue	872,092	360,506
Engineering & Design \| Engineering & Consulting
Disaggregation of Revenue [Line Items]
Revenue	97,571	106,542
Program & Project Management \| Engineering & Consulting
Disaggregation of Revenue [Line Items]
Revenue	68,230	38,905
Installation & Fabrication \| Installation & Maintenance
Disaggregation of Revenue [Line Items]
Revenue	758,592	289,682
Maintenance & Service \| Installation & Maintenance
Disaggregation of Revenue [Line Items]
Revenue	$ 113,500	$ 70,824

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Refer to “Note 10—Stockholders' Equity” for a discussion of the Subsequent Secondary Offering.

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap instruments	$ 0	$ 0
Interest rate swap instruments	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap instruments	2,593	42
Interest rate swap instruments	635	1,194
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap instruments	0	0
Interest rate swap instruments	0	0
Money Market Funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents - money market	164,409	572
Money Market Funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents - money market	0	0
Money Market Funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents - money market	$ 0	$ 0

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Derivatives - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI, Net of Tax [Roll Forward]
Beginning balance	$ 788,795
Beginning balance		$ 203,592
Other comprehensive income (loss)	3,110	(6,214)
Ending balance	951,039
Ending balance		178,272
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI, Net of Tax [Roll Forward]
Beginning balance	(698)
Beginning balance		9,111
Ending balance	1,221
Ending balance		2,897
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
AOCI, Net of Tax [Roll Forward]
Unrealized gain (loss) recognized in AOCI	3,483	(3,398)
Gain reclassified from AOCI to Interest expense	(373)	(2,816)
Other comprehensive income (loss)	3,110	(6,214)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest
AOCI, Net of Tax [Roll Forward]
Ending balance	$ 1,191
Ending balance		$ 0

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

The income tax (benefit) expense and effective income tax rate were as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Income tax (benefit) expense	$	(13,381)		$	4,038

Effective income tax rate	(333.4)		%	(26.7)		%

The Company evaluates its estimated annual effective income tax rate based on current and forecasted business results and enacted tax laws on a quarterly basis and applies this tax rate to ordinary income or loss to calculate the estimated tax liability or benefit, adjusted for discrete events arising in each respective quarter. Due to the nature of the legal structure, the effective tax rate is impacted by changes in the mix of earnings because some of the pass-through earnings are taxed at the Company level or through other corporations.

For the three months ended March 31, 2026, the effective tax rate was lower than the U.S. federal statutory rate of 21%, primarily due to the release of valuation allowance on deferred tax assets related to the future TRA payments. This resulted in a $20.3 million income tax benefit recognized in Income tax (benefit) expense on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2026. For the three months ended March 31, 2025, the effective tax rate was lower than the U.S. federal statutory rate of 21%, primarily due to the loss before income tax from pass-through business not subject to income taxes at the Company level.

A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. In prior periods, a partial valuation allowance was maintained against the deferred tax assets based on management’s assessment of the amount that was more-likely-than not to be realized. Each reporting period, management evaluates the realizability of deferred tax assets by considering all available positive and negative evidence, including forecasted taxable income, character of deductions, reversals of taxable temporary differences, and tax planning strategies. As of March 31, 2026, in part from the impact of the exercise of the underwriters’ overallotment option, management determined that there was sufficient positive evidence to conclude that it is more-likely-than-not that the deferred tax asset of $20.3 million associated with future TRA payments is realizable. The Company maintains a partial valuation allowance associated with the Company’s investment in Legence Holdings that would only be fully realized upon the sale of the Company’s interest in Legence Holdings.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
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-Name Accounting Standards Codification
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-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation and Long-term Incentive Awards (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Expense And Corresponding Income Tax Benefit

The compensation expense (benefit) for Time Interests was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Selling, general and administrative	$	25,284	$	(3,643)
Cost of revenue	6,554		(843)
Compensation expense (benefit)	$	31,838	$	(4,486)

The compensation expense for Performance Interests was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Selling, general and administrative	$	3,055	$	—
Cost of revenue	708		—
Compensation expense	$	3,763	$	—

The compensation expense for Restricted Series C Interests was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Selling, general and administrative	$	359	$	13
Cost of revenue	430		15
Compensation expense	$	789	$	28

Derivatives - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Interest rate swap instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 785.0	$ 785.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Acquisitions - Schedule of Asset and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 01, 2026	Jan. 02, 2026	Dec. 31, 2025	Oct. 01, 2025
Net assets acquired based on fair values:
Goodwill	$ 841,958			$ 764,336
Intangible assets	324,400
Total 2026 Acquisitions
Net assets acquired based on fair values:
Cash	27,968
Accounts receivable	183,803
Contract assets	70,107
Prepaid expenses and other current assets	3,513
Property and equipment	15,970
Operating lease right-of-use assets	22,581
Goodwill	77,622
Intangible assets	324,400
Other assets	468
Asset	726,432
Accounts payable	(79,881)
Accrued compensation and benefits	(28,156)
Accrued and other current liabilities	(11,509)
Contract liabilities	(124,677)
Current portion of operating lease liabilities	(4,180)
Current portion of long-term debt	(1,276)
Long-term debt, net of current portion	(1,391)
Operating lease liabilities, net of current portion	(15,400)
Liability	(266,470)
Net acquired assets	$ 459,962
Bowers
Net assets acquired based on fair values:
Cash			$ 27,934
Accounts receivable			180,536
Contract assets			67,416
Prepaid expenses and other current assets			3,432
Property and equipment			15,611
Operating lease right-of-use assets			21,679
Goodwill			72,197
Intangible assets			302,000
Other assets			468
Asset			691,273
Accounts payable			(79,834)
Accrued compensation and benefits			(28,156)
Accrued and other current liabilities			(11,505)
Contract liabilities			(123,752)
Current portion of operating lease liabilities			(4,000)
Current portion of long-term debt			(1,276)
Long-term debt, net of current portion			(1,391)
Operating lease liabilities, net of current portion			(14,679)
Liability			(264,593)
Net acquired assets			$ 426,680
Metrix
Net assets acquired based on fair values:
Cash		$ 34
Accounts receivable		3,267
Contract assets		2,691
Prepaid expenses and other current assets		81
Property and equipment		359
Operating lease right-of-use assets		902
Goodwill		5,425
Intangible assets		22,400
Other assets		0
Asset		35,159
Accounts payable		(47)
Accrued compensation and benefits		0
Accrued and other current liabilities		(4)
Contract liabilities		(925)
Current portion of operating lease liabilities		(180)
Current portion of long-term debt		0
Long-term debt, net of current portion		0
Operating lease liabilities, net of current portion		(721)
Liability		(1,877)
Net acquired assets		$ 33,282
Total 2025 Acquisitions
Net assets acquired based on fair values:
Cash				76
Accounts receivable				4,282
Contract assets				644
Prepaid expenses and other current assets				3
Property and equipment				1,341
Operating lease right-of-use assets				755
Goodwill				6,371
Intangible assets				11,760
Other assets				8
Asset				25,240
Accounts payable				(1,164)
Accrued compensation and benefits				(289)
Accrued and other current liabilities				(170)
Contract liabilities				(1,400)
Current portion of operating lease liabilities				(342)
Operating lease liabilities, net of current portion				(413)
Liability				(3,778)
Net acquired assets				$ 21,462
IMD
Net assets acquired based on fair values:
Cash					$ 0
Accounts receivable					3,293
Contract assets					419
Prepaid expenses and other current assets					0
Property and equipment					1,318
Operating lease right-of-use assets					634
Goodwill					3,232
Intangible assets					7,690
Other assets					0
Asset					16,586
Accounts payable					(1,100)
Accrued compensation and benefits					(215)
Accrued and other current liabilities					(152)
Contract liabilities					(631)
Current portion of operating lease liabilities					(238)
Operating lease liabilities, net of current portion					(396)
Liability					(2,732)
Net acquired assets					13,854
Other 2025 Acquisition
Net assets acquired based on fair values:
Cash					76
Accounts receivable					989
Contract assets					225
Prepaid expenses and other current assets					3
Property and equipment					23
Operating lease right-of-use assets					121
Goodwill					3,139
Intangible assets					4,070
Other assets					8
Asset					8,654
Accounts payable					(64)
Accrued compensation and benefits					(74)
Accrued and other current liabilities					(18)
Contract liabilities					(769)
Current portion of operating lease liabilities					(104)
Operating lease liabilities, net of current portion					(17)
Liability					(1,046)
Net acquired assets					$ 7,608

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company recognizes certain financial assets and liabilities at fair value on a recurring basis following the fair value hierarchy detailed in ASC Topic 820, Fair Value Measurement:

Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

Level 2: Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

Level 3: Inputs are unobservable inputs that reflect the reporting entity’s own assumptions on which assumptions the market participants would use in pricing the asset or liability based on the best available information.

The following table presents the input level used to determine the fair value of the financial instruments measured at fair value on a recurring basis (in thousands):


	March 31, 2026
	Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market	$	164,409	$	—	$	—
Interest rate swap instruments	$	—	$	2,593	$	—
Liabilities:
Interest rate swap instruments	$	—	$	635	$	—


	December 31, 2025
	Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market	$	572	$	—	$	—
Interest rate swap instruments	$	—	$	42	$	—
Liabilities:
Interest rate swap instruments	$	—	$	1,194	$	—

The carrying value of Cash approximates fair value due to its short-term nature.

Interest Rate Swap Instruments: Additional derivative instrument disclosures for the Company’s interest rate swaps can be found in “Note 9—Derivatives.”

For determining the fair value of the interest rate swap contracts, the Company uses significant observable market data or assumptions (Level 2 inputs) that market participants use in pricing similar assets or liabilities, including assumptions about counterparty risk. The fair value estimates reflect an income approach based on the terms of the interest rate swap contracts and inputs corroborated by observable market data, including interest rate curves.

Financial Instruments Not Carried at Fair Value: The table below shows the fair value and carrying value of the term loan and promissory notes (a component of notes payable) included in Total debt as shown in “Note 7—Debt” (in thousands):


	March 31, 2026				December 31, 2025
	Fair Value		Carrying Value		Fair Value		Carrying Value
Term loan	$	997,965	$	989,346	$	803,995	$	792,515
Promissory notes	$	24,127	$	23,197	$	21,490	$	22,906

The fair value of the term loan as of March 31, 2026 and December 31, 2025 was derived by taking the mid-point of the trading prices from observable market inputs in the secondary bond market for the term loan (Level 2 measurement) and multiplying it by the outstanding face value of the term loan.

The fair value of the promissory notes as of March 31, 2026 and December 31, 2025 was calculated using a discounted cash flow methodology under the income approach, using interest rate indices, risk premiums, and adjustments for the size and subordination of the instrument (Level 3 measurement).

The carrying value of the remaining notes payable and finance lease liabilities approximates fair value as of March 31, 2026 and December 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-Topic 820
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-Paragraph 6A
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Other Financial Information (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accounts Receivable Net

Accounts receivable, net consists of the following (in thousands):


	March 31, 2026		December 31, 2025
Contracts receivable, net	$	818,575	$	569,812
Accounts receivable—other	8,680		14,248
Accounts receivable, net	$	827,255	$	584,060

Schedule of Prepaid Expenses And Other Current Assets

Prepaid expenses and other current assets consists of the following (in thousands):


	March 31, 2026		December 31, 2025
Interest rate swaps	$	1,671	$	42
Prepaid expenses	23,754		22,597
Inventories	14,246		11,303
Deferred contract costs	3,303		2,237
Prepaid expenses and other current assets	$	42,974	$	36,179

Accrued and other current liabilities consists of the following (in thousands):


	March 31, 2026		December 31, 2025
Deferred consideration	$	46,129	$	—
Current portion of tax receivable agreement liability - related party	8,150		—
Other accrued liabilities	19,570		16,475
Accrued and other current liabilities	$	73,849	$	16,475

Schedule of Additional Cash Flow Information

Additional cash flow information was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for interest and taxes
Interest paid, net of interest rate swaps(1)	$	16,158	$	28,301
Income taxes paid, net of refunds	$	125	$	2,972
Non-cash investing activities
(Decrease) increase in Property and equipment additions included in Accounts payable	$	(1,846)	$	1,010
Non-cash financing activities
Deferred offering costs included in Accounts payable	$	—	$	4,767
Deferred offering costs included in Accrued and other current liabilities	$	—	$	2,556
Contribution from Legence Parent for Series A Interests and Restricted Series C Interests	$	22,825	$	—
Contribution from Legence Parent II for Series A Interests	$	13,565	$	—
Tax receivable agreement liability and deferred taxes arising from exchanges of Class B Common Stock	$	5,112	$	—
Supplemental non-cash lease information
Right-of-use assets obtained in exchange for new operating lease liabilities(2)	$	28,998	$	6,929
Right-of-use assets obtained in exchange for new finance lease liabilities(2)	$	1,296	$	1,746
Right-of-use asset modifications for operating leases	$	1,745	$	363

(1)The Company classifies the cash flows resulting from its interest rate swaps in Cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows consistent with the interest that is hedged. Refer to “Note 9 —Derivatives” for additional information on the Company’s interest rate swaps.

(2)Includes right-of-use assets acquired. Refer to “Note 4—Acquisitions”.

Debt - Term Loan (Details) - USD ($) $ in Thousands		3 Months Ended
Debt - Term Loan (Details) - USD ($) $ in Thousands	Jan. 02, 2026	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Credit agreement amendment fees		$ 3,243	$ 2,877
Term loan
Debt Instrument [Line Items]
Fees incurred from third parties	$ 4,100
Credit agreement amendment fees	3,200
Principal payments on term loans		$ 2,500
Incremental Term Loan \| Term loan
Debt Instrument [Line Items]
Principal amount	$ 200,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Goodwill [Line Items]
Gross Carrying Amount	$ 1,165,196	$ 840,796
Accumulated Amortization	(321,930)	(289,376)
Net Carrying Amount	843,266	551,420
Customer relationships
Goodwill [Line Items]
Gross Carrying Amount	877,398	658,798
Accumulated Amortization	(227,785)	(209,054)
Net Carrying Amount	$ 649,613	$ 449,744
Weighted-average Remaining Life (in years)	8 years 8 months 12 days	8 years 3 months 18 days
Trade names
Goodwill [Line Items]
Gross Carrying Amount	$ 227,028	$ 180,428
Accumulated Amortization	(86,545)	(80,068)
Net Carrying Amount	$ 140,483	$ 100,360
Weighted-average Remaining Life (in years)	6 years 1 month 6 days	5 years 4 months 24 days
Contract backlog
Goodwill [Line Items]
Gross Carrying Amount	$ 60,770	$ 1,570
Accumulated Amortization	(7,600)	(254)
Net Carrying Amount	$ 53,170	$ 1,316
Weighted-average Remaining Life (in years)	1 year 8 months 12 days	1 year 4 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Variable Interest Entities and Equity Method Investments - Schedule of Carrying Amounts and Classification of the PCs' Assets and Liabilities (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Variable Interest Entity [Line Items]

Contract assets, net

$ 355,750

$ 259,941

Total current assets

1,470,599

1,110,346

Total assets

^[1]

3,483,108

2,679,396

Accrued and other current liabilities

73,849

16,475

Total liabilities

^[1]

2,532,069

1,890,601

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity [Line Items]

Cash

2,173

5,019

Accounts receivable, net

13,028

12,868

Contract assets, net

3,382

3,699

Total current assets

18,583

21,586

Other assets

210

224

Total assets

18,793

21,810

Accrued and other current liabilities

1,770

2,359

Contract liabilities

6,923

7,012

Total liabilities

$ 8,693

$ 9,371

[1]

As of March 31, 2026, total assets include $18.8 million and total liabilities include $8.7 million for consolidated variable interest PCs as defined in “Note 6 —Variable Interest Entities and Equity Method Investments”. As of December 31, 2025, total assets include $21.8 million and total liabilities include $9.4 million for consolidated variable interest PCs. Substantially all of the remaining total assets and total liabilities are attributable to the consolidated Legence Holdings variable interest entity, excluding the Tax receivable agreement liability (refer to “Note 14—Tax Receivable Agreement”) and deferred tax assets net of valuation allowance of $51.9 million and $29.5 million included in Other assets as of March 31, 2026 and December 31, 2025, respectively. Assets of the variable interest entities can only be used to settle the liabilities of those entities. Refer to “Note 6 —Variable Interest Entities and Equity Method Investments” for additional information.

Acquisitions - Schedule of Supplemental Pro Forma Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Revenue	$ 682,737
Net loss attributable to Legence	$ (31,561)

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt obligations consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Term loan	$	995,278	$	797,772
Notes payable	26,167		27,345
Finance lease liabilities	12,818		10,642
Total debt	1,034,263		835,759
Less: Current portion	(18,297)		(16,694)
Less: Unamortized debt issuance costs and discounts	(7,197)		(6,667)
Long-term debt, net of current portion	$	1,008,769	$	812,398

Term loan

Legence Holdings has entered into a credit agreement (as amended from time to time) with Jefferies Finance LLC as the administrative agent for a group of lenders, which provides for a term loan credit facility and a revolving credit facility. The term loan matures on December 2031, and is secured by a lien on substantially all assets of Legence Holdings and its wholly-owned subsidiaries, subject to customary exclusions. A portion of the term loan is held by entities associated with the Company and BX Aggregators. They are subject to the same terms described below, including interest payments, principal payments and maturity. The credit agreement has been amended from time to time, including as described below:

•On January 2, 2026, Legence Holdings obtained a $200.0 million incremental term loan, and used the proceeds to fund acquisition-related payments. In connection with the amendment, Legence Holdings incurred $4.1 million of fees, of which $3.2 million relate to third parties and are recognized in Credit agreement amendment fees on the Condensed Consolidated Statements of Operations.

•On January 15, 2026, Legence Holdings amended its credit agreement to modify and clarify the terms governing letters of credit, while confirming that all existing letters of credit remain in effect and all other provisions of the agreement remain unchanged.

Interest on Secured Overnight Financing Rate (“SOFR”) rate term loans is payable based on the selected interest period if less than three months or quarterly if the selected interest period is three months or longer. Interest on base rate loans is payable quarterly.

As of March 31, 2026, principal payments on the term loans of $2.5 million are payable quarterly, with any remaining principal balance due on December 16, 2031. Subject to the requirements of the agreement, Legence Holdings may also be required, as applicable, to make additional principal payments based on its excess cash flow, as defined in the credit agreement. The credit agreement contains customary representations and warranties and customary events of default, as well as certain affirmative and negative covenants. Legence Holdings is in compliance with the financial covenants as of March 31, 2026.

Revolving Credit Facility

The credit agreement provides Legence Holdings with a revolving credit facility in an aggregate principal amount of $200.0 million. Borrowings under the revolving credit facility are secured by a lien on substantially all the assets of Legence Holdings and its wholly-owned subsidiaries on a pari passu basis with the term loan facility.

Advances, including standby letters of credit, under the revolving credit facility may be elected to be treated as either SOFR rate loans or base rate loans.

SOFR rate revolving loans bear interest at SOFR plus 2.25% and base rate revolving loans bear interest at 1.25% plus the base rate which is the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate and (c) the SOFR rate for one month plus 1.00%. Interest on SOFR rate revolving loans is payable based on the selected interest period if less than three months or quarterly if the selected interest period is three months or longer. Interest on base rate revolving loans is payable quarterly.

In January 2026, Legence Holdings borrowed and repaid $25.0 million under the revolving credit facility. The weighted-average interest rate was 5.95%.

In addition, a revolver commitment fee is payable quarterly for the unused portion of the revolving credit facility at a rate of 0.38% to 0.50% based on Legence Holdings’s Net Leverage Ratio. As of March 31, 2026, the rate for the unused portion of the revolving credit facility is 0.38%. The revolving credit facility may be used to issue standby letters of credit, which reduce the available borrowings. As of March 31, 2026, there are $30.7 million letters of credit outstanding under the revolving credit facility, with an interest rate of 2.38%.

As of March 31, 2026, $169.3 million was available to be borrowed under the revolving credit facility. There were no outstanding borrowings under the revolving credit facility as of March 31, 2026 and December 31, 2025.

The credit agreement, in addition to customary affirmative covenants, contains a springing financial maintenance covenant that requires the Consolidated First Lien Net Leverage Ratio to be less than 8.50 to 1.00 if certain testing conditions are satisfied. The springing financial maintenance covenant is only tested if as of the last day of a Test Period (generally quarterly) the amount of loans and/or letters of credit outstanding under the revolving credit facility is greater than 35% of the facility size. The springing financial maintenance covenant was not required to be tested during the periods presented in the Condensed Consolidated Financial Statements, and the Company is in compliance with the financial covenant as of March 31, 2026.

Notes payable

As part of the consideration transferred to acquire certain companies in prior years, the Company issued notes payable to former owners of acquired companies. The former owners are considered related parties when they are employees or Parent interests holders. The Company can prepay these notes without penalty.

The Company issued a promissory note payable in connection with a 2022 acquisition. As of March 31, 2026 and December 31, 2025, the outstanding balance is $10.8 million and $10.6 million, respectively, and the carrying value is $10.3 million and $10.1 million, respectively, recorded in Long-term debt, net of current portion on the Condensed Consolidated Balance Sheets. The stated interest rate is 5.5%. All principal and interest are due at the earlier of the end of the 5-year term in 2027 or upon a sale event as defined in the note agreement.

The Company issued promissory notes payable in connection with a 2023 acquisition and a 2022 acquisition, and the holders of the promissory notes were related parties as of March 31, 2026 and December 31, 2025. As of both March 31, 2026 and December 31, 2025, the outstanding balance is $13.7 million and the carrying value is $12.9 million and $12.8 million, respectively. As of March 31, 2026 and December 31, 2025, $10.9 million and $10.8 million, respectively, are recorded in Long-term debt, net of current portion on the Condensed Consolidated Balance Sheets. As of both March 31, 2026 and December 31, 2025, $2.0 million is recorded in Current portion of long-term debt on the Condensed Consolidated Balance Sheets. The promissory notes have a range of stated interest rates from 5.5% to 6.0% and maturities ranging from 2026 to 2028, at which time all principal and interest are due. The promissory note related to the 2022 acquisition requires the Company to repay all principal and interest earlier if the Company undergoes a change of control as defined in the note agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 11, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-42838
Entity Registrant Name	Legence Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-2905250
Entity Address, Address Line One	1601 Las Plumas Avenue
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95133
City Area Code	833
Local Phone Number	534-3623
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	LGN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0002052568
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		76,866,798
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		31,171,134

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Mar. 01, 2026	Jan. 02, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Business Combination [Line Items]
Acquisition-related costs			$ 11,432	$ 157
Acquiree's revenue since acquisition date			243,300
Acquiree's earnings (loss) since acquisition date			(9,200)
Incremental Term Loan \| Term loan
Business Combination [Line Items]
Principal amount		$ 200,000
Total 2026 Acquisitions
Business Combination [Line Items]
Total consideration transferred			$ 459,962
Number of issued (in shares)			2,701,003
Bowers
Business Combination [Line Items]
Total consideration transferred		$ 426,680
Number of issued (in shares)		2,551,672
Acquisition-related costs			$ 10,500
Bowers \| Business Combination, Pro Forma Information, Nonrecurring Adjustment, Acquisition-Related Cost
Business Combination [Line Items]
Acquisition-related costs				$ 14,500
Metrix
Business Combination [Line Items]
Total consideration transferred	$ 33,282
Acquisition-related costs			900
Metrix \| Common Class A
Business Combination [Line Items]
Number of issued (in shares)	149,331
Total 2025 Acquisitions
Business Combination [Line Items]
Total consideration transferred			21,500		$ 21,462
Number of issued (in shares)					145,600
Holdback			$ 1,300

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2026
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Secondary offering transactions On January 8, 2026, the underwriters fully exercised their 30-day overallotment option related to the secondary offering completed on December 16, 2025, to purchase from the ML Entities up to 1,260,326 shares of Class A Common Stock, 780,121 of which were issued in exchange for LGN B Units, together with an equal number of corresponding shares of Class B Common Stock, held by Legence Parent ML. As a result of the exchanges, the LGN B Units that were previously classified as noncontrolling interests were converted into LGN A Units held by Legence Corp. and its subsidiaries, thereby increasing the Company’s ownership interest in Legence Holdings. The Company did not issue or sell any shares of Class A Common Stock and did not receive any proceeds from the sale of shares by the ML Entities in connection with the foregoing transactions. On April 9, 2026, the Company completed a secondary offering of 15,394,112 shares of Class A Common Stock on behalf of the ML Entities at a public offering price of $54.00 per share, including the full exercise by the underwriters of their overallotment option to purchase up to an additional 2,007,927 shares (the “Subsequent Secondary Offering”). In connection with the Subsequent Secondary Offering, Legence Parent ML exchanged 9,528,699 issued and outstanding LGN B Units, together with an equal number of corresponding shares of Class B Common Stock, for an equal number of shares of Class A Common Stock. As a result of the exchange, the LGN B Units that were previously classified as noncontrolling interests were converted into LGN A Units held by Legence Corp. and its subsidiaries, thereby increasing the Company’s ownership interest in Legence Holdings. The Company did not issue or sell any shares of Class A Common Stock and did not receive any proceeds from the sale of shares by the ML Entities in the Subsequent Secondary Offering. Acquisition issuances In connection with the 2026 acquisitions described in "Note 4—Acquisitions", the Company issued 2,701,003 shares of Class A Common Stock as noncash consideration. ESPP Plan On February 25, 2026, the Board adopted the 2026 Employee Stock Purchase Plan (“2026 ESPP”), including the reservation of 1,580,053 shares of Class A Common Stock for issuance under the 2026 ESPP. The 2026 ESPP is subject to the approval of our stockholders. Pursuant to the 2026 ESPP, eligible employees may contribute up to 15% of their eligible cash compensation during quarterly offering periods for the purchase of Class A Common Stock up to an annual maximum of $25,000 per employee. The maximum number of shares that may be purchased by an eligible employee during an offering period is 1,000 shares. On each purchase date, participants are entitled to acquire shares of Class A Common Stock at 90% of the Company's closing price on such date.

- Definition

The entire disclosure for equity.

+ References

+ Details

Other Financial Information - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract liabilities	$ 46,129	$ 0
Current portion of tax receivable agreement liability - related party	8,150	0
Other accrued liabilities	19,570	16,475
Accrued and other current liabilities	$ 73,849	$ 16,475

Acquisitions - Schedule of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 01, 2026	Jan. 02, 2026
Business Combination [Line Items]
Intangible assets	$ 324,400
Total 2026 Acquisitions
Business Combination [Line Items]
Intangible assets	324,400
Bowers
Business Combination [Line Items]
Intangible assets				$ 302,000
Metrix
Business Combination [Line Items]
Intangible assets			$ 22,400
Customer relationships \| Total 2026 Acquisitions
Business Combination [Line Items]
Intangible assets	$ 218,600
Weighted-average Remaining Life (in years)	11 years
Customer relationships \| Bowers
Business Combination [Line Items]
Intangible assets				199,900
Customer relationships \| Metrix
Business Combination [Line Items]
Intangible assets			18,700
Trade names
Business Combination [Line Items]
Weighted-average Remaining Life (in years)	6 years 1 month 6 days	5 years 4 months 24 days
Trade names \| Total 2026 Acquisitions
Business Combination [Line Items]
Intangible assets	$ 46,600
Weighted-average Remaining Life (in years)	10 years
Trade names \| Bowers
Business Combination [Line Items]
Intangible assets				46,600
Trade names \| Metrix
Business Combination [Line Items]
Intangible assets			0
Contract backlog
Business Combination [Line Items]
Weighted-average Remaining Life (in years)	1 year 8 months 12 days	1 year 4 months 24 days
Contract backlog \| Total 2026 Acquisitions
Business Combination [Line Items]
Intangible assets	$ 59,200
Weighted-average Remaining Life (in years)	2 years
Contract backlog \| Bowers
Business Combination [Line Items]
Intangible assets				$ 55,500
Contract backlog \| Metrix
Business Combination [Line Items]
Intangible assets			$ 3,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Tax Receivable Agreement	3 Months Ended
Tax Receivable Agreement	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Tax Receivable Agreement	Tax Receivable Agreement In connection with the IPO and Corporate Reorganization, the Company entered into the Tax Receivable Agreement (“TRA”) with Legence Parent and Legence Parent II (the “TRA Members”), which are related parties. The TRA generally provides for the payment by the Company to the TRA Members of 85% of the net cash tax savings, if any, in U.S. federal, state and local income tax the Company realizes, or is deemed to realize, as a result of the Company’s (i) allocable share of existing tax basis acquired in connection with the IPO and increases to such allocable share of existing tax basis; (ii) the utilization of certain tax attributes of the blocker entities that became subsidiaries of the Company pursuant to the Corporate Reorganization; (iii) increases in tax basis resulting from future redemptions or exchanges (or deemed exchanges in certain circumstances) of Legence Holdings LGN B Units for Class A Common Stock or cash and certain distributions (or deemed distributions) by Legence Holdings pursuant to the Exchange Agreement; and (iv) certain additional tax benefits arising from payments made under the TRA. The annual tax benefits are computed on a with and without basis by calculating the income taxes due including such tax benefits, and the income taxes due without such benefits. The Company retains the benefit of the remaining 15% of these cash savings, if any. Payments under the TRA are not conditioned upon any continued ownership interest in Legence Holdings or the Company. On January 8, 2026, the underwriters fully exercised their 30-day overallotment option related to the secondary offering completed on December 16, 2025. The exchange resulted in an increase to the TRA liability of $9.8 million. The exercise of the overallotment option and the impact on future TRA payments resulted in an increase to net deferred tax assets of $4.7 million. The net impact is a decrease to Additional paid-in capital of $5.1 million. Refer to “Note 10—Stockholders' Equity” for additional information. The TRA liability is classified as current or long term based on the expected date of payment. As of March 31, 2026, the current portion of the TRA liability is $8.2 million and is included in Accrued and other current liabilities on the Condensed Consolidated Balance Sheet.

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The income tax (benefit) expense and effective income tax rate were as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Income tax (benefit) expense	$	(13,381)		$	4,038

Effective income tax rate	(333.4)		%	(26.7)		%

Nature of Operations and Basis of Presentation (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

Stock-Based Compensation and Long-term Incentive Awards

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Long-term Incentive Awards

Management Aggregator I and Management Aggregator II issue Series A Interests and Restricted Series C Interests to the Company’s employees. Series A Interests awards are comprised of time vesting interests (60%) (“Time Interests”), performance vesting interests (20%) (“Performance Interests”), and exit vesting interests (20%) (“Exit Interests”). The Management Aggregators are solely responsible for settling these awards and cannot direct Legence Holdings to settle or declare distributions for such purpose. The Time Interests and Restricted Series C Interests are remeasured at fair value each period, with changes recognized as capital contributions from the Management Aggregators through Legence Parent and Legence Parent II.

Series A Interests

The compensation expense (benefit) for Time Interests was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Selling, general and administrative	$	25,284	$	(3,643)
Cost of revenue	6,554		(843)
Compensation expense (benefit)	$	31,838	$	(4,486)

For the three months ended March 31, 2026, the Parent Entities distributed $11.1 million to holders of Time Interests, which the Company recorded as compensation expense. There were no distributions for Time Interests for the three months ended March 31, 2025. As of March 31, 2026, the unrecognized compensation expense related to Time Interests is approximately $23.7 million to be recognized over a remaining weighted-average term of 1.2 years.

The compensation expense for Performance Interests was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Selling, general and administrative	$	3,055	$	—
Cost of revenue	708		—
Compensation expense	$	3,763	$	—

Payments related to the Performance Interests and Exit Interests are contingent upon the achievement of specified market thresholds and require the recipient’s continued employment through distribution dates. Once the applicable thresholds are

achieved, holders are entitled to receive payments upon each qualifying distribution from the Parent Entities. For the three months ended March 31, 2026, the Parent Entities distributed $3.8 million to holders of Performance Interests, which the Company recorded as compensation expense. There were no distributions for Performance Interests for the three months ended March 31, 2025. There were no distributions for Exit Interests and no compensation expense recorded for Exit Interests for the three months ended March 31, 2026 or 2025. Because additional distributions are dependent on future liquidity events that are not considered probable as of the financial statement dates, no compensation was accrued for these awards as of March 31, 2026 or December 31, 2025.

Restricted Series C Interests

The compensation expense for Restricted Series C Interests was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Selling, general and administrative	$	359	$	13
Cost of revenue	430		15
Compensation expense	$	789	$	28

For the three months ended March 31, 2026, the Parent Entities distributed $0.3 million to holders of Restricted Series C Interests, which the Company recorded as compensation expense. There were no distributions for Restricted Series C Interests for the three months ended March 31, 2025. As of March 31, 2026, the unrecognized compensation expense related to Restricted Series C Interests is approximately $1.8 million to be recognized over a remaining weighted-average term of 2.7 years.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Hedge Accounting Improvements - In December 2025, the FASB issued Accounting Standards Update ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements” (“Update 2025-09”). The guidance introduces targeted refinements intended to align hedge accounting with risk management activities, including greater flexibility in hedge designation and clarifications for certain instruments. Update 2025-09 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact that the adoption of Update 2025-09 will have on the Consolidated Financial Statements. Targeted Improvements to the Accounting for Internal-Use Software - In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, “Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“Update 2025-06”), which removes references to the project stages and requires entities to begin capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. Update 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption and a prospective, retrospective or modified transition approach are permitted. The Company is currently evaluating the impact that the adoption of Update 2025-06 will have on its Consolidated Financial Statements. Measurement of Credit Losses for Accounts Receivable and Contract Assets - In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“Update 2025-05”), which allows entities to elect a practical expedient for current accounts receivables and contract assets to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted Update 2025-05 as of January 1, 2026, on a prospective basis, and it did not have a material impact on the Condensed Consolidated Financial Statements. Business Combinations and Consolidation - In May 2025, the FASB issued ASU 2025-03, “Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“Update 2025-03”). This update revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business. It requires that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. Update 2025-03 is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within those annual reporting periods, with early adoption permitted. Update 2025-03 requires that an entity apply the new guidance prospectively to any acquisition that occurs after the initial application date. The Company is currently evaluating the impact that the adoption of Update 2025-03 will have on its Consolidated Financial Statements. Income Statement - Expense Disaggregation - In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” (“Update 2024-03”). This update requires disclosure, in the notes to the financial statements, of disaggregated information about certain income statement costs and expenses on an interim and annual basis. Update 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of Update 2024-03 will have on its Consolidated Financial Statements.
Derivatives	Interest Rate Swaps: The Company has multiple interest rate swap agreements designated as cash flow hedges. The Company utilizes these interest rate swap agreements to reduce exposure to fluctuations in variable interest rates for future interest payments on its term loan. The total notional amount is $785.0 million as of March 31, 2026 and December 31, 2025. Failure of the interest rate swap counterparties to make payments may result in the loss of any potential benefit to the Company under the interest rate swap agreements. The Company mitigates risk of non-performance by counterparties by dealing with highly rated counterparties. The Company does not use financial instruments for trading or speculative purposes.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479693/815-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8C

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-7

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(n))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Revenue Recognition and Related Balance Sheet Accounts

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition and Related Balance Sheet Accounts

Revenue is recognized when control of the promised goods or services is transferred to the customer, either at a point-in-time or over-time, as the performance obligation is satisfied. The amount of revenue recognized reflects the transaction price, which is the consideration that the Company expects to receive in exchange for those goods or services provided. Most of the Company's contracts are considered to have a single performance obligation satisfied over time using the input method (i.e., “Cost-to-Cost Input Method”).

The consideration promised in a contract with customers may include fixed amounts, variable amounts, or both. The Company estimates variable consideration and includes it in the transaction price to the extent it is probable that a significant future reversal in the amount of cumulative revenue recognized under the contract will not occur when the uncertainty associated with the variable consideration is resolved.

Management reassesses the amount of variable consideration each reporting period, and changes to estimated variable consideration are accounted for as a cumulative adjustment to revenue recognized in the current period. Recognizing changes in the transaction price requires significant judgments of various factors, including, but not limited to, dispute resolution developments and outcomes and anticipated negotiation results.

In satisfying the Company’s performance obligations to its customers, the Company routinely procures goods and services from third parties that are inputs into an integrated single performance obligation typically under fixed-price contracts. Procurement from third parties often consists of goods and services provided by subcontractors that the Company engages to perform specified tasks on its behalf and/or under its direction. The Company earns a margin related to these costs under either fixed-margin or fixed-price arrangements with its customers. The Company determined that it is the principal in these arrangements as the Company controls the goods and services procured from third parties.

For some transactions, customers may withhold a portion of the contract price as a contract retention until the project is substantially complete or completed to ensure performance; however, these arrangements typically do not constitute a significant financing component.

Contract Estimates and Changes in Estimates

After contract inception, the transaction price may change for various reasons, including executed or unresolved change orders, executed or unresolved contract modifications, claims to or from the customer or owner, and back-charge recoveries. The customers may partially or fully agree with such modifications or affirmative claims. Most changes are considered variable consideration until approved by both parties.

Contracts with customers are often modified through change orders. Many change orders are for goods or services that are not distinct within the context of the original contract, and, therefore, are not treated as separate performance obligations.

For contracts where the Company applies the Cost-to-Cost Input Method, the accuracy of the Company’s revenue and profit recognition in each reporting period depends on the accuracy of management’s estimates of the cost to complete each project. Contract costs include labor, material, subcontractors and various overhead costs such as maintenance, depreciation, consumables, or equipment rentals, which are either directly related to the fulfillment of specific contract performance obligations or indirectly contribute to the overall customer service delivery fulfillment of multiple contracts and obligations. Costs associated with change orders, unresolved contract modifications, claims to or from owners and back-charge recoveries are recorded as incurred. Revisions to estimated total costs are reflected in the Company’s measure of progress.

These revisions, as well as the stage of completion of contracts in process and the mix of contracts at different margins, may cause fluctuations in gross profit from period to period, which may have a significant impact on the Condensed Consolidated Financial Statements. At the time a loss on a contract becomes probable, the entire amount of the estimated loss is accrued. Management monitors for circumstances that may affect the accuracy of its estimates.

Disaggregation of Revenue

The Company’s revenue was derived from contracts to provide goods or services in the Engineering & Consulting and Installation & Maintenance segments. Refer to “Note 1 6 —Segment Information” for additional information on reportable segments.


	Three Months Ended March 31,
Revenue by Service Line and Segment	2026		2025
Engineering & Consulting:
Engineering & Design	$	97,571	$	106,542
Program & Project Management	68,230		38,905
Total Engineering & Consulting segment	165,801		145,447
Installation & Maintenance:
Installation & Fabrication	758,592		289,682
Maintenance & Service	113,500		70,824
Total Installation & Maintenance segment	872,092		360,506
Revenue	$	1,037,893	$	505,953

One customer of the Installation & Maintenance segment represented 17.5% and 6.2% of the Company’s revenue for the three months ended March 31, 2026 and March 31, 2025, respectively. No other single customer accounted for more than 10% of revenue for the three months ended March 31, 2026 and March 31, 2025.

Contract Assets and Liabilities

Due to the nature of the Company’s performance obligations and the timing of contractual payment terms, the Company has material contract asset and liability balances.

Contract assets include $140.1 million and $98.5 million of contract retentions as of March 31, 2026 and December 31, 2025, respectively. Contract retentions included in contract assets are generally subject to substantial project completion and acceptance by the customer.

Contract assets and contract liabilities fluctuate based on factors that occur in the normal course of business, including the volume of projects in progress at period end, the timing of negotiated payment terms, billing frequency and other differences in payment terms relative to revenue recognition.

The Company recognized $70.1 million of contract assets and $124.7 million of contract liabilities as part of purchased assets and liabilities related to acquisitions completed during the three months ended March 31, 2026. Refer to “Note 4—Acquisitions” for further information. The remaining increase in contract assets from December 31, 2025 to March 31, 2026 was primarily due to the increase in the Company’s volume of project activity from both Installation & Maintenance and Engineering & Consulting segments, as reflected in increased revenue from these segments for the three months ended March 31, 2026. The remaining change in contract liabilities from December 31, 2025 to March 31, 2026 is primarily due to the timing and amount of revenue recognized.

During the three months ended March 31, 2026 and March 31, 2025, the Company recognized revenue of $200.7 million and $72.8 million, respectively, related to contract liabilities outstanding as of December 31, 2025 and December 31, 2024, respectively.

Contracts Receivable

Included in the contracts receivable balance is retention for which the Company has an unconditional right to payment and is only subject to the passage of time. Retentions included in Contracts Receivable as of both March 31, 2026 and December 31, 2025 were $9.6 million.

Remaining Performance Obligations

The Company had approximately $4,196.5 million in remaining performance obligations as of March 31, 2026, which represent the expected revenue values under the Company’s contracted or otherwise secured fixed-price project commitments. The Company expects to recognize approximately 65% to 75% of the remaining performance obligations within the next 12 months. The majority of the remaining performance obligations after the first 12 months are expected to be recognized within the following two years.

Although remaining performance obligations reflect expected revenue values that are considered to be firm, cancellations, scope adjustments or project deferrals may occur that impact their volume or the expected timing of their recognition.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Topic 606
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Derivatives - Schedule of Fair Value of Derivative Instruments (Details) - Interest rate swap instruments - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Prepaid expenses and other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	$ 1,671	$ 42
Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	922	0
Accrued and other current liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liabilities	328	886
Other long-term liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liabilities	$ 307	$ 308

Other Financial Information - Schedule of Additional Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest paid, net of interest rate swaps	$ 16,158	$ 28,301
Income taxes paid, net of refunds	125	2,972
(Decrease) increase in Property and equipment additions included in Accounts payable	(1,846)	1,010
Deferred offering costs included in Accounts payable	0	4,767
Deferred offering costs included in Accrued and other current liabilities	0	2,556
Contribution from Legence Parent for Series A Interests and Restricted Series C Interests	22,825	0
Contribution from Legence Parent II for Series A Interests	13,565	0
Tax receivable agreement liability and deferred taxes arising from exchanges of Class B Common Stock	5,112	0
Right-of-use assets obtained in exchange for new operating lease liabilities	28,998	6,929
Right-of-use assets obtained in exchange for new finance lease liabilities	1,296	1,746
Right-of-use asset modifications for operating leases	$ 1,745	$ 363

Goodwill and Intangible Assets - Schedule of Changes in the Carrying Value of Goodwill by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Carrying value of Goodwill
Goodwill, Beginning Balance	$ 764,336
Acquisitions	77,622
Goodwill, Ending Balance	841,958
Accumulated goodwill impairment
Accumulated goodwill impairment	95,228	$ 95,228
Engineering & Consulting
Carrying value of Goodwill
Goodwill, Beginning Balance	412,987
Acquisitions	5,425
Goodwill, Ending Balance	418,412
Accumulated goodwill impairment
Accumulated goodwill impairment	47,821	47,821
Installation & Maintenance
Carrying value of Goodwill
Goodwill, Beginning Balance	351,349
Acquisitions	72,197
Goodwill, Ending Balance	423,546
Accumulated goodwill impairment
Accumulated goodwill impairment	$ 47,407	$ 47,407

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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-Name Accounting Standards Codification
-Section 55
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-41

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478064/805-740-55-13

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-39

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Derivatives - Schedule of Interest Rate Swap Agreements (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reduced in notional amount		$ 30,000
3.4396% Interest Rate Swap, Maturing at December 2026
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 337,500	$ 337,500
Fixed Interest Rate	3.4396%	3.4396%
3.3750% Interest Rate Swap, Maturing at December 2026
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 337,500	$ 337,500
Fixed Interest Rate	3.375%	3.375%
4.0433% Interest Rate Swap, Maturing at December 2026
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 110,000
Fixed Interest Rate	4.0433%	4.0433%
3.2480% Interest Rate Swap, Maturing at December 2027
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 200,000	$ 200,000
Fixed Interest Rate	3.248%	3.248%
3.4581% Interest Rate Swap, Maturing at December 2028
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 100,000
Fixed Interest Rate	3.4581%
3.6995% Interest Rate Swap, Maturing at December 2028
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 100,000
Fixed Interest Rate	3.6995%
4.0433% Interest Rate Swap, Maturing January 31,2024 to September 14, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 140,000	$ 140,000
4.0433% Interest Rate Swap, Maturing September 15, 2025 to December 31, 2026
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount		$ 110,000

Goodwill and Intangible Assets - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	$ 324.4

Goodwill and Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
2026 (nine months remaining)	$ 99,394
2027	128,196
2028	98,604
2029	98,270
2030	97,007
Thereafter	321,795
Net Carrying Amount	$ 843,266	$ 551,420

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 244,620

$ 230,166

Accounts receivable, net

827,255

584,060

Contract assets, net

355,750

259,941

Prepaid expenses and other current assets

42,974

36,179

Total current assets

1,470,599

1,110,346

Property and equipment, net of accumulated depreciation of $106,729 and $98,650 as of March 31, 2026 and December 31, 2025, respectively

115,361

92,333

Operating lease right-of-use assets (including $19,082 and $20,025 as of March 31, 2026 and December 31, 2025, respectively, from related parties)

143,794

117,139

Goodwill

841,958

764,336

Intangible assets, net

843,266

551,420

Other assets

68,130

43,822

Total assets

^[1]

3,483,108

2,679,396

Current liabilities:

Accounts payable

350,316

246,161

Accrued compensation and benefits

120,264

68,064

Accrued and other current liabilities

73,849

16,475

Contract liabilities

543,280

339,462

Current portion of operating lease liabilities (including $3,946 and $3,920 as of March 31, 2026 and December 31, 2025, respectively, from related parties)

27,402

21,300

Current portion of long-term debt

18,297

16,694

Total current liabilities

1,133,408

708,156

Long-term debt, net of current portion (including $96,545 and $84,735 as of March 31, 2026 and December 31, 2025, respectively, from related parties)

1,008,769

812,398

Operating lease liabilities, net of current portion (including $16,290 and $17,282 as of March 31, 2026 and December 31, 2025, respectively, from related parties)

123,250

103,762

Tax receivable agreement liability - related party

208,838

207,448

Deferred tax liabilities, net

45,149

46,714

Other long-term liabilities

12,655

12,123

Total liabilities

^[1]

2,532,069

1,890,601

Commitments and contingencies (Note 18)

Stockholders' equity

Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding as of March 31, 2026 and December 31, 2025

Additional paid-in capital

796,998

701,791

Accumulated deficit

(293,855)

(309,949)

Accumulated other comprehensive income (loss)

1,221

(698)

Total Legence stockholders' equity

505,444

392,197

Noncontrolling interests

445,595

396,598

Total stockholders' equity

951,039

788,795

Total liabilities and stockholders' equity

3,483,108

2,679,396

Common Class A

Stockholders' equity

Common stock

673

638

Common Class B

Stockholders' equity

Common stock

$ 407

$ 415

[1]

Debt - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Finance lease liabilities	$ 12,818	$ 10,642
Total debt	1,034,263	835,759
Less: Current portion	(18,297)	(16,694)
Less: Unamortized debt issuance costs and discounts	(7,197)	(6,667)
Long-term debt, net of current portion	1,008,769	812,398
Term loan
Debt Instrument [Line Items]
Long-term debt, gross	995,278	797,772
Notes payable
Debt Instrument [Line Items]
Long-term debt, gross	$ 26,167	$ 27,345

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Stock-Based Compensation and Long-term Incentive Awards - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Time Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award type, percentage	60.00%
Share-based payment, dividend	$ 11,100,000	$ 0
Unrecognized compensation expense	$ 23,700,000
Expected life (years)	1 year 2 months 12 days
Compensation expense (benefit)	$ 31,838,000	(4,486,000)
Performance Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award type, percentage	20.00%
Share-based payment, dividend	$ 3,800,000	0
Compensation expense (benefit)	$ 3,763,000	0
Exit Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award type, percentage	20.00%
Share-based payment, dividend	$ 0	0
Compensation expense (benefit)	0	0
Restricted Series C Common Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment, dividend	300,000	0
Unrecognized compensation expense	$ 1,800,000
Expected life (years)	2 years 8 months 12 days
Compensation expense (benefit)	$ 789,000	$ 28,000

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Revenue	$ 1,037,893	$ 505,953
Cost of revenue	851,739	394,249
Gross profit	186,154	111,704
Operating Expenses [Abstract]
Selling, general and administrative	116,095	69,459
Depreciation and amortization	36,828	26,092
Acquisition-related costs	11,432	157
Gain on sale of property and equipment	(64)	(98)
Equity in earnings of joint venture	(504)	(460)
Income from operations	22,367	16,554
Other expense (income):
Interest expense	17,000	29,641
Interest income	(1,320)	(755)
Credit agreement amendment fees	3,243	2,877
Other income, net	(569)	(108)
Total other expense, net	18,354	31,655
Income (loss) before income tax	4,013	(15,101)
Income tax (benefit) expense	(13,381)	4,038
Net income (loss)	17,394	(19,139)
Net income attributable to noncontrolling interests	1,300	2,074
Net income (loss) attributable to Legence	$ 16,094	$ (21,213)
Earnings per share:
Basic (in usd per share)	$ 0.24
Diluted (in usd per share)	$ 0.13
Weighted-average Class A Common Stock outstanding:
Basic (in shares)	67,151
Diluted (in shares)	108,431

Variable Interest Entities and Equity Method Investments

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Variable Interest Entities and Equity Method Investments

The Company holds interests in a number of joint ventures and other entities, some of which are VIEs. The Company consolidates a VIE when it is the primary beneficiary. For unconsolidated joint ventures, the Company accounts for its investment using the equity method.

Consolidated Variable Interest Entities

In connection with the Corporate Reorganization, Legence Corp. became the sole managing member of Legence Holdings, in which Legence Corp. operates and controls all of the business and affairs of Legence Holdings, and has the obligation to absorb losses and receive benefits from Legence Holdings. Accordingly, Legence Holdings is evaluated under the guidance for limited partnerships and similar entities in ASC 810, Consolidation, and is considered a variable interest entity. Legence Corp. has both (i) the power to direct the activities that most significantly impact Legence Holdings’ economic performance and (ii) the right to receive benefits or the obligation to absorb losses that could be significant to Legence Holdings. Accordingly, Legence Corp. is the primary beneficiary and consolidates Legence Holdings in its consolidated financial statements. The assets of Legence Holdings can only be used to settle its own obligations. Refer to “Note 12 —Non c ontrolling I ntere s t s”.

The Company has various contractual relationships with two professional corporations (“PCs”) that provide engineering and design services in New York and California. The Company does not own any equity interest in the PCs but provides most of the administrative functions, personnel and other resources required for the PCs to fulfill contracts with their customers. The Company receives fees from the PCs for these services. The Company is the primary beneficiary of the PCs. As such, the Company consolidates the PCs within the Condensed Consolidated Financial Statements.


	March 31, 2026		December 31, 2025
Cash	$	2,173	$	5,019
Accounts receivable, net	13,028		12,868
Contract assets, net	3,382		3,699
Total current assets	18,583		21,586
Other assets	210		224
Total assets	$	18,793	$	21,810

Accrued and other current liabilities	$	1,770	$	2,359
Contract liabilities	6,923		7,012
Total liabilities	$	8,693	$	9,371

The assets of the PCs can only be used to settle their own obligations. The Company and the PCs have a promissory note agreement that allows each PC to borrow up to $1.0 million from the Company; however, no amounts have been borrowed. The Company’s Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows, net of intercompany eliminations, are impacted by the performance of the PCs. The Company's Condensed Consolidated Financial Statements show noncontrolling interests, which represent the equity owned by the PCs’ owner.

Equity Method Investments

The Company has investments in, and transactions with, a number of unconsolidated joint ventures. The investments and earnings are immaterial. In addition, the Company recognized immaterial related-party revenue from subcontracts with these joint ventures during the three months ended March 31, 2026 and 2025, respectively. These amounts are included in Revenue on the Condensed Consolidated Statements of Operations.

Tax Receivable Agreement (Details) $ in Thousands		3 Months Ended
Tax Receivable Agreement (Details) $ in Thousands	Jan. 08, 2026 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Sep. 15, 2025
Income Tax Contingency [Line Items]
Cash tax savings (as percent)				0.85
Cash tax savings retained (as a percent)				15.00%
Underwriters option period	30 days
Increase in tax receivable agreement liability	$ 9,800
Valuation allowance, deferred tax asset, increase (decrease), amount		$ 4,700
Tax receivable agreement liability and deferred taxes arising from exchanges of Class B Common Stock		5,112
Current portion of tax receivable agreement liability - related party		8,150	$ 0
Additional Paid-in Capital
Income Tax Contingency [Line Items]
Tax receivable agreement liability and deferred taxes arising from exchanges of Class B Common Stock		$ 5,112

Other Financial Information - Schedule of Accounts Receivable Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contracts receivable, net	$ 818,575	$ 569,812
Accounts receivable—other	8,680	14,248
Accounts receivable, net	$ 827,255	$ 584,060

Acquisitions

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

Acquisitions are recorded under the acquisition method of accounting, and the total consideration transferred is allocated to the acquired net tangible and identifiable intangible assets based primarily on their fair values as of the acquisition dates. The estimated fair value of identified intangible assets are Level 3 fair value measurements and are determined using discounted cash flow techniques. Such fair value is estimated using a multi-period excess earnings method for customer relationships and backlog and a relief from royalty method for trade names. The significant assumptions used in estimating fair value of customer relationships and backlog include i) the estimated life the asset will contribute to cash flows, such as remaining contractual terms, (ii) revenue growth rates and EBITDA margins, (iii) attrition rate of customers, and (iv) the estimated discount rates that reflect the level of risk associated with receiving future cash flows. The significant assumptions used in estimating fair value of trade names include estimated discount rates and estimated royalties that would be paid to license a comparable asset. The royalty rates used in this method are based on published comparable market royalty transactions.

2026 Acquisitions:

On November 13, 2025, the Company entered into an equity purchase agreement to acquire all of the outstanding equity of The Bowers Group, Inc. (“Bowers”). The acquisition was completed on January 2, 2026. Bowers is a mechanical contracting company based in Maryland. This acquisition adds mechanical contracting capabilities to the Company’s existing electrical contracting capabilities in the mid-Atlantic region. The Bowers operations and associated goodwill are included in the Installation & Maintenance segment.

On March 1, 2026, the Company acquired Metrix Engineers, LLC (“Metrix”). Metrix is an MEP engineering business based in Washington. This acquisition expands the Company’s geographic footprint in engineering services. The Metrix operations and associated goodwill are included in the Engineering & Consulting segment.

Total consideration transferred of $460.0 million for the 2026 acquisitions consists of the following, subject to customary post‑closing purchase price adjustments (in thousands):


	Bowers		Metrix		Total
Cash	$	283,104	$	25,181	$	308,285
Issuance of Legence Corp. Class A Common Stock	98,635		7,802		106,437
Deferred consideration	44,941		—		44,941
Holdback	—		299		299
Total consideration transferred	$	426,680	$	33,282	$	459,962

For the Bowers acquisition, the Company issued 2,551,672 shares of Class A Common Stock. The deferred consideration is payable on December 31, 2026, in cash, Class A Common Stock, or a combination, at the Company’s discretion. The

Company incurred incremental term loan borrowings of $200.0 million to partially finance the Bowers acquisition. Refer to “Note 7 —Debt.” For the Metrix acquisition, the Company issued 149,331 shares of Class A Common Stock.

A summary of the purchased assets and liabilities for the 2026 acquisitions acquired at their fair value was as follows (in thousands):


	Bowers		Metrix		Total
Cash	$	27,934	$	34	$	27,968
Accounts receivable	180,536		3,267		183,803
Contract assets	67,416		2,691		70,107
Prepaid expenses and other current assets	3,432		81		3,513
Property and equipment	15,611		359		15,970
Operating lease right-of-use assets	21,679		902		22,581
Goodwill	72,197		5,425		77,622
Intangible assets	302,000		22,400		324,400
Other assets	468		—		468
	691,273		35,159		726,432

Accounts payable	(79,834)		(47)		(79,881)
Accrued compensation and benefits	(28,156)		—		(28,156)
Accrued and other current liabilities	(11,505)		(4)		(11,509)
Contract liabilities	(123,752)		(925)		(124,677)
Current portion of operating lease liabilities	(4,000)		(180)		(4,180)
Current portion of long-term debt	(1,276)		—		(1,276)
Long-term debt, net of current portion	(1,391)		—		(1,391)
Operating lease liabilities, net of current portion	(14,679)		(721)		(15,400)
	(264,593)		(1,877)		(266,470)
Net acquired assets	$	426,680	$	33,282	$	459,962

Finite-lived intangible assets that are being amortized using the straight-line method over their estimated lives at the applicable acquisition dates in 2026 consist of the following (in thousands, except weighted-average useful lives):


	Bowers		Metrix		Total		Weighted- average Useful Life (in years)
Customer relationships	$	199,900	$	18,700	$	218,600	11.0
Trade names	46,600		—		46,600		10.0
Contract backlog	55,500		3,700		59,200		2.0
	$	302,000	$	22,400	$	324,400

Goodwill arising from acquisitions is derived largely from expected synergies and growth as well as the acquired assembled workforces. Goodwill is deductible for tax purposes for the 2026 acquisitions.

During the three months ended March 31, 2026, the Company incurred acquisition-related costs of $10.5 million and $0.9 million for the Bowers and Metrix acquisitions, respectively, which is included in Acquisition-related costs on the Condensed Consolidated Statements of Operations.

The purchase price allocation presented above reflects preliminary fair value estimates. The Company is in the process of finalizing working capital amounts and valuation amounts for certain intangible assets acquired. The Company has recorded preliminary estimates for these items and will record adjustments, if any, upon finalization of the respective valuations. The Company expects to complete the purchase price allocations of the 2026 acquisitions as soon as practicable but no later than one year from the respective acquisition dates.

2025 Acquisitions:

On October 1, 2025, the Company acquired Innovative Mechanical & Design, LLC (“IMD”). IMD is a mechanical contracting business based in Colorado. This acquisition expands the Company’s geographic footprint in mechanical services. The IMD operations and associated goodwill are included in the Installation & Maintenance segment.

During the year ended December 31, 2025, the Company completed one other immaterial acquisition (“Other 2025 Acquisition”). The business is a part of the Engineering & Consulting segment and is an MEP engineering business based in Arizona. This acquisition expands the Company’s customer base and provides additional opportunities for cross-selling.

Total consideration transferred of $21.5 million for the 2025 acquisitions consists of the following (in thousands):


	IMD		Other 2025 Acquisition		Total
Cash	$	9,302	$	6,909	$	16,211
Issuance of Legence Corp. Class A Common Stock	3,589		449		4,038
Holdback	1,000		250		1,250
Purchase price receivable	(37)		—		(37)
Total consideration transferred	$	13,854	$	7,608	$	21,462

The Company issued 145,600 shares of Class A Common Stock as part of the 2025 acquisitions. Holdback amounts reflect consideration transferred to be paid in cash after the acquisition date assuming conditions for release of the holdback are met. As of March 31, 2026, there was $1.3 million in holdback included in Accrued and other current liabilities on the Condensed Consolidated Balance Sheets related to 2025 acquisitions.

A summary of the purchased assets and liabilities for the 2025 acquisitions acquired at their fair value was as follows (in thousands):


	IMD		Other 2025 Acquisition		Total
Cash	$	—	$	76	$	76
Accounts receivable	3,293		989		4,282
Contract assets	419		225		644
Prepaid expenses and other current assets	—		3		3
Property and equipment	1,318		23		1,341
Operating lease right-of-use assets	634		121		755
Goodwill	3,232		3,139		6,371
Intangible assets	7,690		4,070		11,760
Other assets	—		8		8
	16,586		8,654		25,240

Accounts payable	(1,100)		(64)		(1,164)
Accrued compensation and benefits	(215)		(74)		(289)
Accrued and other current liabilities	(152)		(18)		(170)
Contract liabilities	(631)		(769)		(1,400)
Current portion of operating lease liabilities	(238)		(104)		(342)
Operating lease liabilities, net of current portion	(396)		(17)		(413)
	(2,732)		(1,046)		(3,778)
Net acquired assets	$	13,854	$	7,608	$	21,462

Supplemental Pro Forma Information

The following unaudited supplemental pro forma results of operations for Legence are presented as if the Bowers acquisition had been consummated on January 1, 2025. There is no pro forma information included for the three months ended March 31, 2026, as the Company’s actual financial results for the period fully reflect the acquisition of Bowers. Pro forma results for the Metrix acquisition are not presented as they are not material to the Company’s Condensed Consolidated Financial Statements. These unaudited supplemental pro forma results are provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies or the future results of the combined companies (in thousands).


	Three Months Ended March 31,
	2025
Revenue	$	682,737
Net loss attributable to Legence	$	(31,561)

These pro forma combined historical results were adjusted for: an increase in interest expense for debt incurred by the Company to finance the transactions, increased depreciation and amortization expense due to the fair value of fixed assets and intangible assets, adjustments for operating lease right-of-use asset lease expense, recognition of retention bonuses and other share-based payments as compensation expense, accretion of deferred consideration, reclassification of transaction expenses to the beginning of the pro forma period, and other adjustments including income tax effects and noncontrolling interests. The pro forma combined historical results do not eliminate the impact of acquisition-related costs or any cost

savings or other synergies that may result from the acquisitions. The pro forma results include $14.5 million of acquisition-related costs that are not expected to have a continuing impact on the Company’s operations.

Results of Operations

For the three months ended March 31, 2026, Revenue of $243.3 million and Net loss attributable to Legence of $9.2 million are included in the Condensed Consolidated Statements of Operations for the Bowers acquisition. Results of operations for the Metrix acquisition are not disclosed as they are not material to the Company’s Condensed Consolidated Financial Statements.

- Definition

The entire disclosure for business combination.

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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

The Company calculates basic and diluted earnings per share (“EPS”) in accordance with ASC Topic 260, Earnings Per Share. Basic EPS is calculated using Net income (loss) attributable to Legence divided by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted EPS is calculated using Net income (loss) attributable to Legence divided by the weighted-average number of shares of Class A Common Stock outstanding during the period, adjusted to give effect to potentially dilutive securities. The effect of potentially dilutive securities under the treasury stock method are not included in the computation of diluted EPS for periods in which there is a Net loss attributable to Legence, because to do so would be anti-dilutive. Potentially dilutive securities evaluated under the if-converted method are assessed each reporting period to determine their impact on diluted EPS. Class B Common Stock does not have economic rights in the Company, including no rights to dividends or distributions upon liquidation, and as a result, is not considered a participating security for basic and diluted EPS. As such, basic and diluted EPS of Class B Common Stock has not been presented.

The Company’s potentially dilutive securities consist of (i) unvested restricted stock units (“RSUs”) and unexercised stock options, with the dilutive effect calculated using the treasury stock method, (ii) exchange of LGN B Units to shares of Class A Common Stock, with the dilutive effect calculated using the if-converted method and (iii) settlement of deferred consideration related to the Bowers acquisition with shares of Class A Common Stock using the if-converted method.


	Three Months Ended
(in thousands, except per share data)	March 31, 2026
Numerator—basic:
Net income	$	17,394
Less: Net income attributable to noncontrolling interests	1,300
Net income attributable to Legence—basic	$	16,094
Denominator—basic:
Weighted-average Class A Common Stock outstanding—basic	67,151
Earnings per share—basic	$	0.24

Numerator—diluted:
Net income attributable to Legence—basic	$	16,094
Net income effect of dilutive securities:
Effect of RSUs and stock options	(10)
Effect of assumed exchange of LGN B Units	(2,137)
Effect of assumed exchange of LGN B Units prior to exercise of underwriters' overallotment option	(3)
Net income attributable to Legence—diluted	$	13,944
Denominator—diluted:
Weighted-average Class A Common Stock outstanding—basic	67,151
Weighted-average effect of dilutive securities:
Effect of RSUs and stock options	519
Effect of assumed exchange of LGN B Units	40,700
Effect of assumed exchange of LGN B Units prior to exercise of underwriters' overallotment option	61
Weighted-average Class A Common Stock outstanding—diluted	108,431
Earnings per share—diluted	$	0.13

Anti-dilutive securities that could potentially dilute EPS in the future are set forth below (in thousands):


			Three Months Ended
			March 31, 2026
Stock options			214
RSUs			149
Deferred consideration related to Bowers acquisition			992

Debt - Notes Payable (Details) - Notes payable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 26,167	$ 27,345
Carrying Value
Debt Instrument [Line Items]
Total debt	23,197	22,906
Promissory Note Payable In Connection With 2023 Acquisition
Debt Instrument [Line Items]
Long-term debt, gross	$ 10,800	10,600
Stated interest rate (as percent)	5.50%
Debt instrument, term (in years)	5 years
Promissory Note Payable In Connection With 2023 Acquisition \| Carrying Value
Debt Instrument [Line Items]
Total debt	$ 10,300	10,100
Promissory Note Payable In Connection With 2024 And 2022 Acquisition
Debt Instrument [Line Items]
Long-term debt, gross	13,700	13,700
Notes payable, noncurrent	10,900	10,800
Notes payable	$ 2,000
Promissory Note Payable In Connection With 2024 And 2022 Acquisition \| Minimum
Debt Instrument [Line Items]
Stated interest rate (as percent)	5.50%
Promissory Note Payable In Connection With 2024 And 2022 Acquisition \| Maximum
Debt Instrument [Line Items]
Stated interest rate (as percent)	6.00%
Promissory Note Payable In Connection With 2024 And 2022 Acquisition \| Carrying Value
Debt Instrument [Line Items]
Total debt	$ 12,900	$ 12,800

Derivatives (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Assets and Derivative Liabilities

The fair value of derivative instruments is presented on the Condensed Consolidated Balance Sheets, as follows (in thousands):


	Balance Sheet Location	March 31, 2026		December 31, 2025
Derivatives designated as hedging instruments
Interest rate swap asset (short-term)	Prepaid expenses and other current assets	$	1,671	$	42
Interest rate swap asset (long-term)	Other assets	$	922	$	—
Interest rate swap liability (short-term)	Accrued and other current liabilities	$	328	$	886
Interest rate swap liability (long-term)	Other long-term liabilities	$	307	$	308

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income

The following table presents the gross changes in Accumulated Other Comprehensive Income (“AOCI”) from the Company’s cash flow hedges (in thousands):


	Three Months Ended March 31,
	2026		2025
Beginning balance	$	(698)	$	9,111
Unrealized gain (loss) recognized in AOCI	3,483		(3,398)
Gain reclassified from AOCI to Interest expense	(373)		(2,816)
Other comprehensive income (loss)	3,110		(6,214)
Other comprehensive income attributable to noncontrolling interests	1,191		—
Ending balance	$	1,221	$	2,897

Schedule of Interest Rate Swap Agreements

The following table provides additional details related to the interest rate swap agreements, as amended, that were in effect as of March 31, 2026 (notional in thousands):


Effective Date (1)	Maturity Date	Notional Amount (2)	Fixed Interest Rate (3)
February 28, 2023	December 31, 2026	$337,500	3.4396%
February 28, 2023	December 31, 2026	$337,500	3.3750%
January 31, 2024	December 31, 2026	$110,000	4.0433%
December 31, 2026	December 31, 2027	$200,000	3.2480%
December 31, 2026	December 31, 2027	$200,000	3.2480%
December 31, 2026	December 31, 2028	$100,000	3.4581%
December 31, 2026	December 31, 2028	$100,000	3.6995%

(1)The interest rate swaps with effective dates of December 31, 2026 were added in July 2025 and March 2026 are not included in the notional amount as of March 31, 2026.

(2)For the interest rate swap with a notional amount of $110,000, the notional amount was $140,000 from January 31, 2024 to September 14, 2025, and was reduced to $110,000 on September 15, 2025 in connection with a debt prepayment on that date.

(3)Payments will be made to the Company if the one-month SOFR exceeds the fixed interest rates for the respective interest rate swaps.

The following table provides additional details related to the interest rate swap agreements, as amended, that were in effect as of December 31, 2025 (notional in thousands):


Effective Date (1)	Maturity Date	Notional Amount (2)	Fixed Interest Rate (3)
February 28, 2023	December 31, 2026	$337,500	3.4396%
February 28, 2023	December 31, 2026	$337,500	3.3750%
January 31, 2024	December 31, 2026	$110,000 —$140,000	4.0433%
December 31, 2026	December 31, 2027	$200,000	3.2480%
December 31, 2026	December 31, 2027	$200,000	3.2480%

(1)The interest rate swaps with effective dates of December 31, 2026 were added during July 2025 and are not included in the notional amount as of December 31, 2025.

(2)For interest rate swaps with ranges, the notional amount is $140,000 from January 31, 2024 to September 14, 2025 and $110,000 from September 15, 2025 to December 31, 2026, due to a $30,000 reduction in notional amount in connection with a debt prepayment on September 15, 2025.

(3)Payments will be made to the Company if the one-month SOFR exceeds the fixed interest rates for the respective interest rate swaps.

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Value of Goodwill by Segment

The following is a summary of changes in the carrying value of Goodwill by segment (in thousands):


Carrying value of Goodwill	Engineering & Consulting		Installation & Maintenance		Total
Balance, December 31, 2025	$	412,987	$	351,349	$	764,336
Acquisitions	5,425		72,197		77,622
Balance, March 31, 2026	$	418,412	$	423,546	$	841,958

Accumulated goodwill impairment
Balance, December 31, 2025	$	47,821	$	47,407	$	95,228
Balance, March 31, 2026	$	47,821	$	47,407	$	95,228

Schedule of Identifiable Intangible Assets

The Company’s identifiable intangible assets consist of the following (in thousands, except weighted-average remaining lives):


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-average Remaining Life (in years)
Customer relationships	$	877,398	$	(227,785)	$	649,613	8.7
Trade names	227,028		(86,545)		140,483		6.1
Contract backlog	60,770		(7,600)		53,170		1.7
	$	1,165,196	$	(321,930)	$	843,266


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted-average Remaining Life (in years)
Customer relationships	$	658,798	$	(209,054)	$	449,744	8.3
Trade names	180,428		(80,068)		100,360		5.4
Contract backlog	1,570		(254)		1,316		1.4
	$	840,796	$	(289,376)	$	551,420

Schedule of Future Amortization of Intangible Assets

Future amortization of intangible assets as of March 31, 2026 was as follows (in thousands):


Year ended December 31:
2026 (nine months remaining)	$	99,394
2027	128,196
2028	98,604
2029	98,270
2030	97,007
Thereafter	321,795
	$	843,266

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (13,381)	$ 4,038
Effective income tax rate (as percent)	(333.40%)	(26.70%)
Change in deferred tax assets valuation allowance, benefit	$ 20,300

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Debt - Revolving Line of Credit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Jan. 31, 2026
Debt Instrument [Line Items]
Revolver payments	$ 25,000	$ 0
Revolver borrowings	$ 25,000	$ 0
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as percent)	2.25%
Additional basis spread on variable rate	1.00%
Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as percent)	1.25%
Revolving Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as percent)	0.50%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 200,000
Weighted average interest rate			5.95%
Line of credit facility, unused capacity, commitment fee (as percent)	0.38%
Available for borrowing under revolving line of credit	$ 169,300
Debt instrument, covenant, ratio of consolidated first lien net leverage ratio	8.50
Debt instrument, covenant, minimum availability milestone of facility size (as percent)	0.35
Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee (as percent)	0.38%
Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee (as percent)	0.50%
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 30,700
Interest rate (as percent)	2.38%

Other Financial Information - Schedule of Prepaid Expenses And Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest rate swaps	$ 1,671	$ 42
Prepaid expenses	23,754	22,597
Inventories	14,246	11,303
Deferred contract costs	3,303	2,237
Prepaid expenses and other current assets	$ 42,974	$ 36,179

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Refer to “Note 2. Summary of Significant Accounting Policies” in the 2025 Annual Report for the discussion of our significant accounting policies. Recent Accounting Pronouncements Hedge Accounting Improvements - In December 2025, the FASB issued Accounting Standards Update ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements” (“Update 2025-09”). The guidance introduces targeted refinements intended to align hedge accounting with risk management activities, including greater flexibility in hedge designation and clarifications for certain instruments. Update 2025-09 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the impact that the adoption of Update 2025-09 will have on the Consolidated Financial Statements. Targeted Improvements to the Accounting for Internal-Use Software - In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-06, “Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“Update 2025-06”), which removes references to the project stages and requires entities to begin capitalizing software costs when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. Update 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption and a prospective, retrospective or modified transition approach are permitted. The Company is currently evaluating the impact that the adoption of Update 2025-06 will have on its Consolidated Financial Statements. Measurement of Credit Losses for Accounts Receivable and Contract Assets - In July 2025, the FASB issued ASU 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“Update 2025-05”), which allows entities to elect a practical expedient for current accounts receivables and contract assets to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted Update 2025-05 as of January 1, 2026, on a prospective basis, and it did not have a material impact on the Condensed Consolidated Financial Statements. Business Combinations and Consolidation - In May 2025, the FASB issued ASU 2025-03, “Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“Update 2025-03”). This update revises current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business. It requires that an entity consider the same factors that are currently required for determining which entity is the accounting acquirer in other acquisition transactions. Update 2025-03 is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within those annual reporting periods, with early adoption permitted. Update 2025-03 requires that an entity apply the new guidance prospectively to any acquisition that occurs after the initial application date. The Company is currently evaluating the impact that the adoption of Update 2025-03 will have on its Consolidated Financial Statements. Income Statement - Expense Disaggregation - In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” (“Update 2024-03”). This update requires disclosure, in the notes to the financial statements, of disaggregated information about certain income statement costs and expenses on an interim and annual basis. Update 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of Update 2024-03 will have on its Consolidated Financial Statements.

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Class A common stock	Class B common stock	Parent	Member's Equity	Common Stock Class A common stock	Common Stock Class B common stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Non- controlling Interests
Beginning balance at Dec. 31, 2024	$ 203,592			$ 202,680	$ 443,738				$ (250,169)	$ 9,111	$ 912
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclassification of vested Legence Parent Series A Interests from liabilities	33			33	33
Other comprehensive income (loss)	(6,214)			(6,214)						(6,214)	0
Net (loss) income	(19,139)			(21,213)					(21,213)		2,074
Ending balance at Mar. 31, 2025	178,272			175,286	$ 443,771				(271,382)	2,897	2,986
Beginning balance (in shares) at Dec. 31, 2025		63,856,975	41,479,954			63,856,975	41,479,954
Beginning balance at Dec. 31, 2025	788,795			392,197		$ 638	$ 415	$ 701,791	(309,949)	(698)	396,598
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Tax receivable agreement liability and deferred taxes arising from exchanges of Class B Common Stock	(5,112)			(5,112)				(5,112)
Stock-based compensation for RSUs and stock options	4,025			4,025				4,025
Issuance of Class A Common Stock for acquisitions (in shares)						2,701,003
Issuance of Class A Common Stock for acquisitions	106,437			106,437		$ 27		106,410
Noncontrolling interest adjustment for changes in proportionate ownership in Legence Holdings LLC and issuances of Class A Common Stock	0			(23,700)				(23,681)		(19)	23,700
Exchange of Class B Common Stock to Class A Common Stock (in shares)						780,121	(780,121)
Exchange of Class B Common Stock to Class A Common Stock	0					$ 8	$ (8)
Contribution from Legence Parent for Series A Interests and Restricted Series C Interests	22,825										22,825
Contribution from Legence Parent II for Series A Interests	13,565			13,565				13,565
Other comprehensive income (loss)	3,110			1,938						1,938	1,172
Net (loss) income	17,394			16,094					16,094		1,300
Ending balance (in shares) at Mar. 31, 2026		67,338,099	40,699,833			67,338,099	40,699,833
Ending balance at Mar. 31, 2026	$ 951,039			$ 505,444		$ 673	$ 407	$ 796,998	$ (293,855)	$ 1,221	$ 445,595

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 17,394	$ (19,139)
Other comprehensive income (loss), net:
Gain (loss) related to interest rate swaps, net of tax	3,110	(6,214)
Other comprehensive income (loss)	3,110	(6,214)
Comprehensive income (loss)	20,504	(25,353)
Comprehensive income attributable to noncontrolling interests	2,472	2,074
Comprehensive income (loss) attributable to Legence	$ 18,032	$ (27,427)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Earnings Per Share - Schedule of Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator—basic:
Net income	$ 17,394	$ (19,139)
Less: Net income attributable to noncontrolling interests	1,300	$ 2,074
Net income attributable to Legence—basic	$ 16,094
Denominator—basic:
Weighted-average Class A Common Stock outstanding—basic (in shares)	67,151
Net income per share—basic (in usd per share)	$ 0.24
Numerator—diluted:
Net income attributable to Legence—basic	$ 16,094
Effect of RSUs and stock options	(10)
Effect of assumed exchange of LGN B Units	(2,137)
Effect of assumed exchange of LGN B Units prior to exercise of underwriters' overallotment option	(3)
Net income attributable to Legence—diluted	$ 13,944
Denominator—diluted:
Weighted-average Class A Common Stock outstanding—basic (in shares)	67,151
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements	519
Weighted-average effect of dilutive securities (in shares)	40,700
Effect of assumed exchange of LGN B Units prior to exercise of underwriters' overallotment option (in shares)	61
Weighted-average Class A Common Stock outstanding—diluted (in shares)	108,431
Earnings per share—diluted (in usd per share)	$ 0.13

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Property and equipment, net of accumulated depreciation of $106,729 and $98,650 as of March 31, 2026 and December 31, 2025, respectively

$ 106,729

$ 98,650

Operating lease right-of-use assets (including $19,082 and $20,025 as of March 31, 2026 and December 31, 2025, respectively, from related parties)

143,794

117,139

Current portion of operating lease liabilities (including $3,946 and $3,920 as of March 31, 2026 and December 31, 2025, respectively, from related parties)

27,402

21,300

Long-term debt, net of current portion (including $96,545 and $84,735 as of March 31, 2026 and December 31, 2025, respectively, from related parties)

1,008,769

812,398

Operating lease liabilities, net of current portion (including $16,290 and $17,282 as of March 31, 2026 and December 31, 2025, respectively, from related parties)

$ 123,250

$ 103,762

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, shares authorized (in shares)

50,000,000

Preferred stock, shares issued (in shares)

Preferred stock, shares outstanding (in shares)

Total assets

^[1]

$ 3,483,108

$ 2,679,396

Total liabilities

^[1]

2,532,069

1,890,601

Other assets

Deferred income tax assets, net

$ 51,900

$ 29,500

Common Class A

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

1,000,000,000

Common stock, shares issued (in shares)

67,338,099

63,856,975

Common stock, shares outstanding (in shares)

67,338,099

63,856,975

Common Class B

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

200,000,000

Common stock, shares issued (in shares)

40,699,833

41,479,954

Common stock, shares outstanding (in shares)

40,699,833

41,479,954

Variable Interest Entity, Primary Beneficiary

Total assets

$ 18,793

$ 21,810

Total liabilities

8,693

9,371

19,082

20,025

Current portion of operating lease liabilities (including $3,946 and $3,920 as of March 31, 2026 and December 31, 2025, respectively, from related parties)

3,946

3,920

Long-term debt, net of current portion (including $96,545 and $84,735 as of March 31, 2026 and December 31, 2025, respectively, from related parties)

96,545

84,735

Operating lease liabilities, net of current portion (including $16,290 and $17,282 as of March 31, 2026 and December 31, 2025, respectively, from related parties)

$ 16,290

$ 17,282

[1]

Other Financial Information

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Financial Information

Accounts receivable, net consists of the following (in thousands):


	March 31, 2026		December 31, 2025
Contracts receivable, net	$	818,575	$	569,812
Accounts receivable—other	8,680		14,248
Accounts receivable, net	$	827,255	$	584,060

Prepaid expenses and other current assets consists of the following (in thousands):


	March 31, 2026		December 31, 2025
Interest rate swaps	$	1,671	$	42
Prepaid expenses	23,754		22,597
Inventories	14,246		11,303
Deferred contract costs	3,303		2,237
Prepaid expenses and other current assets	$	42,974	$	36,179

Accrued and other current liabilities consists of the following (in thousands):


	March 31, 2026		December 31, 2025
Deferred consideration	$	46,129	$	—
Current portion of tax receivable agreement liability - related party	8,150		—
Other accrued liabilities	19,570		16,475
Accrued and other current liabilities	$	73,849	$	16,475

Condensed Consolidated Statements of Cash Flows Information

Additional cash flow information was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for interest and taxes
Interest paid, net of interest rate swaps(1)	$	16,158	$	28,301
Income taxes paid, net of refunds	$	125	$	2,972
Non-cash investing activities
(Decrease) increase in Property and equipment additions included in Accounts payable	$	(1,846)	$	1,010
Non-cash financing activities
Deferred offering costs included in Accounts payable	$	—	$	4,767
Deferred offering costs included in Accrued and other current liabilities	$	—	$	2,556
Contribution from Legence Parent for Series A Interests and Restricted Series C Interests	$	22,825	$	—
Contribution from Legence Parent II for Series A Interests	$	13,565	$	—
Tax receivable agreement liability and deferred taxes arising from exchanges of Class B Common Stock	$	5,112	$	—
Supplemental non-cash lease information
Right-of-use assets obtained in exchange for new operating lease liabilities(2)	$	28,998	$	6,929
Right-of-use assets obtained in exchange for new finance lease liabilities(2)	$	1,296	$	1,746
Right-of-use asset modifications for operating leases	$	1,745	$	363

(2)Includes right-of-use assets acquired. Refer to “Note 4—Acquisitions”.

Refer to “Note 4 —Acquisitions” for disclosure of non-cash financing of acquisitions through issuance of Class A Common Stock and deferred consideration.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company’s related party transactions include transactions with certain entities associated with the Company and BX Aggregators. As discussed in “Note 6—Variable Interest Entities and Equity Method Investments”, the Company had related-party revenue from certain unconsolidated joint ventures. As discussed in “Note 7—Debt”, a portion of the Company’s term loan is held by entities associated with the Company and BX Aggregators. As discussed in “Note 7—Debt”, the Company issued certain related party promissory notes in connection with certain acquisitions. As discussed in “Note 14—Tax Receivable Agreement”, the Company entered into the TRA with TRA Members, which are related parties. The Company has various lease agreements with entities owned by members of its management team and/or owners of the Parent Entities.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Derivatives

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Interest Rate Swaps: The Company has multiple interest rate swap agreements designated as cash flow hedges. The Company utilizes these interest rate swap agreements to reduce exposure to fluctuations in variable interest rates for future interest payments on its term loan. The total notional amount is $785.0 million as of March 31, 2026 and December 31, 2025. Failure of the interest rate swap counterparties to make payments may result in the loss of any potential benefit to the Company under the interest rate swap agreements. The Company mitigates risk of non-performance by counterparties by dealing with highly rated counterparties. The Company does not use financial instruments for trading or speculative purposes. Additional information regarding the fair value of the Company’s interest rate swaps can be found in “Note 8—Fair Value Measurements”.

The fair value of derivative instruments is presented on the Condensed Consolidated Balance Sheets, as follows (in thousands):


	Balance Sheet Location	March 31, 2026		December 31, 2025
Derivatives designated as hedging instruments
Interest rate swap asset (short-term)	Prepaid expenses and other current assets	$	1,671	$	42
Interest rate swap asset (long-term)	Other assets	$	922	$	—
Interest rate swap liability (short-term)	Accrued and other current liabilities	$	328	$	886
Interest rate swap liability (long-term)	Other long-term liabilities	$	307	$	308

The following table presents the gross changes in Accumulated Other Comprehensive Income (“AOCI”) from the Company’s cash flow hedges (in thousands):


	Three Months Ended March 31,
	2026		2025
Beginning balance	$	(698)	$	9,111
Unrealized gain (loss) recognized in AOCI	3,483		(3,398)
Gain reclassified from AOCI to Interest expense	(373)		(2,816)
Other comprehensive income (loss)	3,110		(6,214)
Other comprehensive income attributable to noncontrolling interests	1,191		—
Ending balance	$	1,221	$	2,897

For the three months ended March 31, 2026 and 2025, there was no ineffectiveness recognized in earnings.

The following table provides additional details related to the interest rate swap agreements, as amended, that were in effect as of March 31, 2026 (notional in thousands):


Effective Date (1)	Maturity Date	Notional Amount (2)	Fixed Interest Rate (3)
February 28, 2023	December 31, 2026	$337,500	3.4396%
February 28, 2023	December 31, 2026	$337,500	3.3750%
January 31, 2024	December 31, 2026	$110,000	4.0433%
December 31, 2026	December 31, 2027	$200,000	3.2480%
December 31, 2026	December 31, 2027	$200,000	3.2480%
December 31, 2026	December 31, 2028	$100,000	3.4581%
December 31, 2026	December 31, 2028	$100,000	3.6995%

(1)The interest rate swaps with effective dates of December 31, 2026 were added in July 2025 and March 2026 are not included in the notional amount as of March 31, 2026.

(3)Payments will be made to the Company if the one-month SOFR exceeds the fixed interest rates for the respective interest rate swaps.

The following table provides additional details related to the interest rate swap agreements, as amended, that were in effect as of December 31, 2025 (notional in thousands):


Effective Date (1)	Maturity Date	Notional Amount (2)	Fixed Interest Rate (3)
February 28, 2023	December 31, 2026	$337,500	3.4396%
February 28, 2023	December 31, 2026	$337,500	3.3750%
January 31, 2024	December 31, 2026	$110,000 —$140,000	4.0433%
December 31, 2026	December 31, 2027	$200,000	3.2480%
December 31, 2026	December 31, 2027	$200,000	3.2480%

(1)The interest rate swaps with effective dates of December 31, 2026 were added during July 2025 and are not included in the notional amount as of December 31, 2025.

(3)Payments will be made to the Company if the one-month SOFR exceeds the fixed interest rates for the respective interest rate swaps.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is involved in various claims and legal proceedings incidental to its normal business activities. When a potential loss from a proceeding or claim is considered probable and the amount can be reasonably estimated or a range of loss can be determined, a loss contingency is recorded. The Company also provides disclosure when it is reasonably possible that a material loss will be incurred. Although the outcome of such claims and proceedings cannot be predicted with certainty, the Company vigorously defends its position in all such matters. The Company is not aware of any known contingencies, claims or lawsuits that will have a material effect on its financial position, results of operations or cash flows other than those described herein. Insurance The Company carries various insurance policies to address identified risks of loss including cyber, general liability, worker’s compensation, automobile liability and professional liability risks. As of March 31, 2026 and December 31, 2025, a liability for known and expected but not yet reported claims of $2.9 million and $2.6 million, respectively, was reflected in Accrued and other current liabilities on the Condensed Consolidated Balance Sheets. The determination of such claims and expenses and the appropriateness of the related liability is continually reviewed and updated by management. The Company is self-insured for its medical coverage. The Company is responsible for the first $0.3 million of claims for each participant enrolled in the medical coverage plan. Any claims exceeding $0.3 million are covered through a stop-loss insurance plan. A liability for expected but not yet reported claims in the amount of $2.8 million and $3.2 million was reflected in Accrued compensation and benefits on the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively. Surety As a requirement under certain contracts, various Legence subsidiaries procure performance and payment bonds through surety underwriters. As a condition for having surety companies write bonds on Legence subsidiaries’ behalf, Legence enters into indemnification agreements with the surety companies. Total outstanding bonds were approximately $1,562.4 million and $561.5 million as of March 31, 2026, and December 31, 2025, respectively. Customer Guarantees As part of its normal course of business, the Company offers guaranteed energy savings to customers under certain contracts. As of March 31, 2026 and December 31, 2025, total guarantees were $299.8 million and $307.4 million, respectively. Historically, the Company has not incurred material losses in connection with these guarantees. Further, management is not aware of any changes in the ability of the Company to meet these guarantees and does not expect to incur significant losses related to these guarantees in the foreseeable future. Letters of Credit As discussed in “Note 7—Debt”, the standby letters of credit are secured through the revolving credit facility. As of March 31, 2026 and December 31, 2025, the Company had $30.7 million and $5.7 million, respectively, in standby letters of credit primarily related to surety bonds and the deductibles of insurance policies. Tax Receivable Agreement Amounts payable under the TRA are accounted for in accordance with ASC Topic 450, Contingencies. Refer to “Note 14—Tax Receivable Agreement” for additional information.

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Interest expense	$ 17,000	$ 29,641
Related Party
Interest expense	$ 1,680	$ 4,296

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Revenue	$ 1,037,893	$ 505,953
Cost of revenue:
Cost of revenue	851,739	394,249
Gross profit:
Gross profit	186,154	111,704
Selling, general and administrative	116,095	69,459
Depreciation and amortization	36,828	26,092
Acquisition-related costs	11,432	157
Gain on sale of property and equipment	(64)	(98)
Equity in earnings of joint venture	(504)	(460)
Interest expense	17,000	29,641
Interest income	(1,320)	(755)
Credit agreement amendment fees	3,243	2,877
Other income, net	(569)	(108)
Income (loss) before income tax	4,013	(15,101)
Engineering & Consulting
Revenue:
Revenue	165,801	145,447
Cost of revenue:
Cost of revenue	115,388	85,794
Gross profit:
Gross profit	50,413	59,653
Installation & Maintenance
Revenue:
Revenue	872,092	360,506
Cost of revenue:
Cost of revenue	736,351	308,455
Gross profit:
Gross profit	$ 135,741	$ 52,051

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Consideration Transferred

Total consideration transferred of $460.0 million for the 2026 acquisitions consists of the following, subject to customary post‑closing purchase price adjustments (in thousands):


	Bowers		Metrix		Total
Cash	$	283,104	$	25,181	$	308,285
Issuance of Legence Corp. Class A Common Stock	98,635		7,802		106,437
Deferred consideration	44,941		—		44,941
Holdback	—		299		299
Total consideration transferred	$	426,680	$	33,282	$	459,962

Total consideration transferred of $21.5 million for the 2025 acquisitions consists of the following (in thousands):


	IMD		Other 2025 Acquisition		Total
Cash	$	9,302	$	6,909	$	16,211
Issuance of Legence Corp. Class A Common Stock	3,589		449		4,038
Holdback	1,000		250		1,250
Purchase price receivable	(37)		—		(37)
Total consideration transferred	$	13,854	$	7,608	$	21,462

Schedule of Asset and Liabilities

A summary of the purchased assets and liabilities for the 2026 acquisitions acquired at their fair value was as follows (in thousands):


	Bowers		Metrix		Total
Cash	$	27,934	$	34	$	27,968
Accounts receivable	180,536		3,267		183,803
Contract assets	67,416		2,691		70,107
Prepaid expenses and other current assets	3,432		81		3,513
Property and equipment	15,611		359		15,970
Operating lease right-of-use assets	21,679		902		22,581
Goodwill	72,197		5,425		77,622
Intangible assets	302,000		22,400		324,400
Other assets	468		—		468
	691,273		35,159		726,432

Accounts payable	(79,834)		(47)		(79,881)
Accrued compensation and benefits	(28,156)		—		(28,156)
Accrued and other current liabilities	(11,505)		(4)		(11,509)
Contract liabilities	(123,752)		(925)		(124,677)
Current portion of operating lease liabilities	(4,000)		(180)		(4,180)
Current portion of long-term debt	(1,276)		—		(1,276)
Long-term debt, net of current portion	(1,391)		—		(1,391)
Operating lease liabilities, net of current portion	(14,679)		(721)		(15,400)
	(264,593)		(1,877)		(266,470)
Net acquired assets	$	426,680	$	33,282	$	459,962


	Bowers		Metrix		Total		Weighted- average Useful Life (in years)
Customer relationships	$	199,900	$	18,700	$	218,600	11.0
Trade names	46,600		—		46,600		10.0
Contract backlog	55,500		3,700		59,200		2.0
	$	302,000	$	22,400	$	324,400

A summary of the purchased assets and liabilities for the 2025 acquisitions acquired at their fair value was as follows (in thousands):


	IMD		Other 2025 Acquisition		Total
Cash	$	—	$	76	$	76
Accounts receivable	3,293		989		4,282
Contract assets	419		225		644
Prepaid expenses and other current assets	—		3		3
Property and equipment	1,318		23		1,341
Operating lease right-of-use assets	634		121		755
Goodwill	3,232		3,139		6,371
Intangible assets	7,690		4,070		11,760
Other assets	—		8		8
	16,586		8,654		25,240

Accounts payable	(1,100)		(64)		(1,164)
Accrued compensation and benefits	(215)		(74)		(289)
Accrued and other current liabilities	(152)		(18)		(170)
Contract liabilities	(631)		(769)		(1,400)
Current portion of operating lease liabilities	(238)		(104)		(342)
Operating lease liabilities, net of current portion	(396)		(17)		(413)
	(2,732)		(1,046)		(3,778)
Net acquired assets	$	13,854	$	7,608	$	21,462

Schedule of Supplemental Pro Forma Information


	Three Months Ended March 31,
	2025
Revenue	$	682,737
Net loss attributable to Legence	$	(31,561)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Noncontrolling Interests - Schedule of Ownership of Legence Holdings (Details) - Legence Holdings LLC - shares	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Noncontrolling Interest [Line Items]
Common unit, outstanding (in shares)	105,336,929
Issuance of Class A Common Stock for acquisitions (in shares)	2,701,003
Effects of exercise of underwriters' overallotment option (in shares)	0
Common unit, outstanding (in shares)	108,037,932
Legence's ownership of Legence Holdings Common Units (as percent)	100.00%	100.00%
Issuance of Class A Common Stock for acquisitions	0.00%
Effects of exercise of underwriters' overallotment option	0.00%
LGN A Units
Noncontrolling Interest [Line Items]
Common unit, outstanding (in shares)	63,856,975
Issuance of Class A Common Stock for acquisitions (in shares)	2,701,003
Effects of exercise of underwriters' overallotment option (in shares)	780,121
Common unit, outstanding (in shares)	67,338,099
Legence's ownership of Legence Holdings Common Units (as percent)	62.30%	60.60%
Issuance of Class A Common Stock for acquisitions	1.00%
Effects of exercise of underwriters' overallotment option	0.70%
LGN B Units
Noncontrolling Interest [Line Items]
Common unit, outstanding (in shares)	41,479,954
Issuance of Class A Common Stock for acquisitions (in shares)	0
Effects of exercise of underwriters' overallotment option (in shares)	(780,121)
Common unit, outstanding (in shares)	40,699,833
Legacy Owners ownership of Legence Holdings Common Units (as percent)	37.70%	39.40%
Issuance of Class A Common Stock for acquisitions	(1.00%)
Effects of exercise of underwriters' overallotment option	(0.70%)

Variable Interest Entities and Equity Method Investments - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) professionalCorporation	Dec. 31, 2025 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of professional corporations contracted \| professionalCorporation	2
Notes payable
Schedule of Equity Method Investments [Line Items]
Long-term debt, gross	$ 26,167	$ 27,345
Notes payable \| Professional Corporations \| Legence Corp
Schedule of Equity Method Investments [Line Items]
Line of credit facility, maximum borrowing capacity	1,000
Long-term debt, gross	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Apr. 09, 2026	Feb. 25, 2026	Jan. 08, 2026	Mar. 31, 2026
Employee Stock
Schedule of Equity Method Investments [Line Items]
Common stock reservation of shares (in shares)		1,580,053
Eligible employees contribution percentage		15.00%
Maximum annual cash payments		$ 25
Maximum purchase shares during offering period		1,000
Purchase price of common stock, percent		90.00%
Total 2026 Acquisitions
Schedule of Equity Method Investments [Line Items]
Number of issued (in shares)				2,701,003
Common Class A
Schedule of Equity Method Investments [Line Items]
Exchanged shares (in shares)			780,121
Common Class A \| Common Stock
Schedule of Equity Method Investments [Line Items]
Exchange of Class B Common Stock to Class A Common Stock (in shares)				780,121
Common Class A \| Subsequent Event \| Common Stock
Schedule of Equity Method Investments [Line Items]
Exchange of Class B Common Stock to Class A Common Stock (in shares)	9,528,699
Common Class A \| Over-Allotment Option
Schedule of Equity Method Investments [Line Items]
Sale of stock option period			30 days
Number of shares issued (in shares)			1,260,326
Common Class A \| Over-Allotment Option \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Number of shares issued (in shares)	2,007,927
Common Class A \| Secondary Offering \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Number of shares issued (in shares)	15,394,112
Sale of stock, price (in dollars per share)	$ 54.00

Noncontrolling Interests

3 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Legence Corp. is the sole managing member of Legence Holdings, and the Company consolidates the financial results of Legence Holdings. Therefore, the Company reports a noncontrolling interest on the portion of net assets and income not attributable to Legence.


	Ownership			Ownership Percentage
	Legence Corp. (LGN A Units)	Non- controlling interests (LGN B Units)	Total	Legence Corp. (LGN A Units)		Non- controlling interests (LGN B Units)		Total
Balance, December 31, 2025	63,856,975	41,479,954	105,336,929	60.6	%	39.4	%	100.0	%
Issuance of Class A Common Stock for acquisitions	2,701,003	—	2,701,003	1.0	%	(1.0)	%	—	%
Effects of exercise of underwriters' overallotment option	780,121	(780,121)	—	0.7	%	(0.7)	%	—	%
Balance, March 31, 2026	67,338,099	40,699,833	108,037,932	62.3	%	37.7	%	100.0	%

Net income (loss) attributable to Legence Holdings is attributed to the Company and the noncontrolling interest based on their relative ownership percentages. Changes in ownership that do not result in a loss of control are accounted for as equity transactions in accordance with ASC Topic 810, Consolidation.

Noncontrolling interests as presented on the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations reflect balances and activity related to the following:

a.Legence Parent ML’s ownership of Legence Holdings.

b.Contributions from Legence Parent for Series A Interests and Restricted Series C Interests based on the percentage that Legence Parent contributes relative to the total contributions of Series A Interests and Restricted Series C Interests from Legence Parent and Legence Parent II. These capital contributions from Legence Parent recorded in noncontrolling interests are reclassified to additional paid-in capital on a proportional basis when a change in ownership occurs related to an exchange of LGN B Units.

c.Noncontrolling interests for the PCs, as discussed in “Note 6—Variable Interest Entities and Equity Method Investments.”