Limbach (LMB) Q4 2025 earnings summary

Executive summary

• Achieved record total revenue of $646.8 million for 2025, a 24.7% year-over-year increase, driven by strong ODR growth and strategic acquisitions, including Pioneer Power.

• ODR revenue rose 40.6% to $485.7 million, representing about 75% of total revenue and meeting strategic targets.

• Adjusted EBITDA reached a record $81.8 million, up 28.4% year-over-year.

• Relocated headquarters to Tampa, Florida, aligning with workforce distribution and marking the 125th anniversary.

• Strategic focus for 2026 includes ODR and organic revenue growth, margin expansion, and scaling through acquisitions.

Financial highlights

• Q4 2025 revenue was $186.9 million, up 30.1% year-over-year; ODR revenue grew 51.8% to $145 million.

• Full-year 2025 revenue reached $646.8 million, up from $518.8 million; ODR revenue was $485.7 million.

• Adjusted EBITDA for 2025 was $81.8 million, a 28.4% increase; Q4 adjusted EBITDA was $27.2 million, up 30.8%.

• Net income for 2025 increased 26.5% to $39.1 million; diluted EPS rose 25.7% to $3.23.

• Free cash flow for 2025 was $70.1 million, up $17.8 million year-over-year, with a conversion rate of 85.7% of adjusted EBITDA.

Outlook and guidance

• 2026 revenue guidance is $730 million–$760 million (13%-17% growth); adjusted EBITDA guidance is $90 million–$94 million (10%-16% growth).

• ODR organic revenue growth expected at 9%-12%; total organic revenue growth at 4%-8%.

• ODR to comprise 75%-80% of total revenue; gross margin guidance of 26%-27%.

• Free cash flow targeted at 75% of adjusted EBITDA; CapEx run rate expected at $5 million.

• Revenue and earnings expected to be weighted to the second half of 2026 due to seasonality.