Limbach (LMB) Q4 2025 Earnings
How Did LMB Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: −3.60%.
Did LMB Beat Earnings? Q4 2025 Results
Yes. Limbach reported Q4 2025 earnings of $1.40 a share on Mar 2, 2026, beating the $1.24 consensus estimate by 13.3%. Revenue was $186.9M against a $197.6M estimate.
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%.
- 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
What Was Limbach's Outlook in Q4 2025?
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
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $186.9M | $143.6M | +30.1% |
| Gross Profit | $48.1M | $43.6M | +10.4% |
| Operating Income | $17.6M | $13.0M | +34.9% |
| Net Income | $12.3M | $9.8M | +25.0% |
LMB Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.