Companies /Industrials

Limbach Holdings Inc

NASDAQ: LMB Building Products & Equipment
$48.93
▲ $0.98 (+2.04%) today
Markets closed · 1:53am ET

Q4 2025 Earnings

Reported Mar 2, 2026, 6:42pm ET · SEC source
$1.40
Beat +13.34%
EPS · est. $1.24
$186.9M
Miss −5.41%
Revenue · est. $197.6M
−4.5%
Trailing market
LMB vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−6%0+6%+12%Mar 2Mar 3report 6:42pm ETearnings−0.9%+5.7%
−6%0+6%+12%Mar 2Mar 3earnings−0.9%+5.7%
LMB +5.7%S&P 500 −0.9%
−6%0+6%+12%Mar 2Mar 3report 6:42pm ETearnings−1.0%+5.7%
−6%0+6%+12%Mar 2Mar 3earnings−1.0%+5.7%
LMB +5.7%NASDAQ −1.0%
−5%0+5%+10%Mar 2Mar 10report 6:42pm ETearnings−1.2%−2.9%
−5%0+5%+10%Mar 2Mar 10earnings−1.2%−2.9%
LMB −2.9%S&P 500 −1.2%
−5%0+5%+10%Mar 2Mar 10report 6:42pm ETearnings+0.1%−2.9%
−5%0+5%+10%Mar 2Mar 10earnings+0.1%−2.9%
LMB −2.9%NASDAQ +0.1%
−1.84%
Day of report
−0.54%
Next session
−8.10%
One week
−8.12%
30 days

S&P 500 over the same 30 days: −3.60%.

Did LMB Beat Earnings? Q4 2025 Results

Limbach Holdings delivered a tale of two metrics in Q4 2025, posting adjusted diluted EPS of $1.40 against a consensus estimate of $1.24, a beat of 13.34%, even as revenue of $186.87 million fell 5.41% short of the $197.56 million analysts had expected. The top-line miss did little to obscure the underlying momentum in the business; total revenue still climbed 30.1% year over year, powered largely by the company's accelerating pivot toward Owner Direct Relationships, where revenue surged 51.8% to $144.97 million and now accounts for 77.6% of total sales. The Pioneer Power acquisition, while a key growth catalyst, compressed ODR gross margins to 25.1% from 32.1%, a dynamic management acknowledged and framed as a near-term integration challenge with margin recovery expected through 2026. With analysts broadly maintaining buy ratings and a consensus price target implying meaningful upside from current levels, investor attention now turns to Limbach's 2026 guidance of $730 million to $760 million in revenue and $90 million to $94 million in adjusted EBITDA, underpinned by ODR organic growth targets of 9% to 12%.

Key Takeaways
  • ODR organic revenue growth of 23.9% in Q4 2025
  • Pioneer Power acquisition contributing $33.0 million in Q4 acquisition-related revenue
  • SG&A as a percentage of revenue declined to 15.0% from 19.1% in Q4
  • GCR gross margin improvement to 27.8% from 26.9% driven by selective focus on higher quality projects
  • Full-year adjusted EBITDA margin expanded to 12.6% from 12.3%

“Limbach delivered record performance across multiple key metrics in 2025, including a return to significant top-line growth for the first time since 2020 as we continued our transition of the business to an ODR-focused model. We ended the year with ODR representing approximately 75% of revenue, achieving our stated target.”

Limbach CEO, on the earnings call

Forward Guidance & Outlook

For full year 2026, Limbach guides revenue of $730 million to $760 million with adjusted EBITDA of $90 million to $94 million. Key assumptions include total organic revenue growth of 4–8%, ODR revenue as 75–80% of total revenue, ODR organic revenue growth of 9–12%, gross margin of 26–27%, SG&A expense at 15–17% of total revenue, and free cash flow at 75% of adjusted EBITDA. Strategic priorities include driving ODR organic revenue growth, expanding margins through more evolved customer solutions, and executing disciplined capital allocation while scaling through acquisitions.

LMB YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$60.0M$120.0M$180.0M$143.6M$186.9MRevenue$43.6M$48.1MGross Profit$13.0M$17.6MOperating Income$9.8M$12.3MNet Income
$0$60.0M$120.0M$180.0MRevenueGross ProfitOperating IncomeNet Income

LMB Revenue by Segment

Owner Direct Relationships (ODR)$145.0M+51.8%
General Contractor Relationships (GCR)$41.9M−13.0%

Figures from SEC filings and company reports. Not investment advice.