Limbach (LMB) Q3 2026 Earnings
Adjusted EPS excludes $3,287 thousand of acquisition and other transaction costs related to the 1901 and CYMCOR deals, $3,615 thousand of acquisition-related intangible amortization, $1,580 thousand of stock-based compensation, $571 thousand of acquisition-related retention/contingent consideration, $250 thousand of restructuring costs and a $250 thousand loss on early debt extinguishment, net of a $(2,581) thousand tax effect. GAAP diluted EPS was $0.79.
How Did LMB Stock React to Q3 2026 Earnings?
Did LMB Beat Earnings? Q3 2026 Results
Yes. Limbach reported Q3 2026 earnings of $1.37 a share on Nov 3, 2026, beating the $1.21 consensus estimate by 13.1%. Revenue was $230.5M against a $218.6M estimate.
Limbach Holdings delivered a strong third quarter, beating Wall Street expectations on both the top and bottom lines as surging construction activity and two bolt-on acquisitions drove revenue 24.9% higher year over year to $230.46 million, clearing the $218.59 million consensus by 5.43%. Adjusted EPS of $1.37 topped the $1.21 consensus estimate by 13.11%, well ahead of the $0.79 GAAP diluted figure after accounting for acquisition costs, intangible amortization and other charges tied to the company's purchase of Wisconsin-based building systems firm 1901 Inc. and data center specialist CYMCOR. The headline driver was an outsized jump in the General Contractor Relationships segment, where revenue rose 84.7%, including 54.4% organic growth, as project timing headwinds that had clouded earlier quarters began to ease. The two newly closed acquisitions together contributed $19.31 million of quarterly revenue. Gross margin slipped to 23.4% from 24.2% on the heavier GCR mix, though management maintained its full-year 2026 guidance of $760 million to $790 million in revenue and $78 million to $84 million in Adjusted EBITDA, now expected at or near the top of both ranges.
- Organic revenue up $26.6 million (14.4%), driven by project commencements and backlog execution
- Acquisition-related revenue of $19.3 million from 1901 and CYMCOR (10.5% of total revenue)
- Organic GCR revenue up 54.4%; organic ODR revenue up 2.2%
- ODR gross margin improved to 25.4% from 25.2%
- Bookings of $311.2 million, 1.4x book-to-bill
- Easing of project timing issues and improving customer activity
- Free cash flow of $22.2 million, 80.9% conversion from Adjusted EBITDA
“Our third-quarter results reflect improving customer activity and a return to organic growth in our owner-direct business.”
Limbach CEO, on the earnings call
What Is Limbach's Outlook?
Limbach updated FY2026 guidance to include the CYMCOR and 1901 acquisitions. It guides revenue of $760–$790 million and Adjusted EBITDA of $78–$84 million, and expects to be at or near the high end of both ranges. Key assumptions are: - Total organic revenue growth of 9–14% - ODR organic revenue growth of 6–10% - ODR at 70–80% of total revenue - Gross margin of 23–24% - SG&A at 15–16% of revenue - Free cash flow at 75% of Adjusted EBITDA The company expects backlog execution and new bookings to support further organic growth through the rest of 2026. It plans to use free cash flow to reduce revolver borrowings. It aims to bring acquired-business gross margins closer to historical averages over two to three years. Management describes a favorable setup for 2027, focused on national customer relationships, fabrication and off-site work, and lifecycle services.
LMB YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $230.5M | $184.6M | +24.9% |
| Gross Profit | $53.8M | $42.3M | +27.3% |
| Operating Income | $15.1M | $13.7M | +10.3% |
| Net Income | $9.5M | $8.8M | +7.5% |
LMB Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.