v3.26.1
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 0 0
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] 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.