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Dec 31, 2025
Limbach Q4 2025 Earnings Report
Limbach reported record Q4 2025 revenue and earnings, driven by strong growth in Owner Direct Relationships (ODR).
Key Takeaways
Limbach delivered record fourth quarter revenue of 186872000 with strong ODR growth of 51.8% year-over-year. Net income increased to 12300000 and adjusted EBITDA rose 30.8% to 27217000, despite gross margin compression related to acquisitions.
Total revenue increased 30.1% year-over-year to 186872000.
ODR revenue grew 51.8% to 144967000, representing 77.6% of total revenue.
Net income rose to 12300000 with diluted EPS of 1.02.
Adjusted EBITDA increased 30.8% to 27217000 with margin of 14.6%.
Revenue by Segment
Forward Guidance
For full year 2026, Limbach expects revenue between 730000000 and 760000000 and Adjusted EBITDA between 90000000 and 94000000, with continued focus on ODR growth and margin expansion.
Positive Outlook
- Revenue guidance of 730000000 to 760000000 for FY2026.
- Adjusted EBITDA guidance of 90000000 to 94000000.
- Expected ODR revenue mix between 75% and 80%.
- ODR organic revenue growth expected between 9% and 12%.
- Free cash flow expected at approximately 75% of Adjusted EBITDA.
Challenges Ahead
- Gross margin guidance of 26% to 27% implies limited near-term expansion.
- SG&A expected at 15% to 17% of revenue.
- Acquisition integration may continue to pressure margins.
- Organic revenue growth guidance of 4% to 8% suggests moderate total growth.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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