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Limbach

Limbach (LMB) Q2 2026 Earnings

Reported Aug 4, 2026 at 4:20 PM ET · SEC Source

Q2 26 EPS

$0.64

MISS 30.87%

Est. $0.93

Q2 26 Revenue

$173.5M

MISS 2.14%

Est. $177.3M

vs S&P Since Q2 26

-42.5%

TRAILING MARKET

LMB -43.1% vs S&P -0.6%

Market Reaction

Did LMB Beat Earnings? Q2 2026 Results

Limbach Holdings, Inc. Delivered a disappointing second quarter for fiscal 2026, missing Wall Street expectations on both top and bottom lines and snapping a four-consecutive-quarter streak of EPS beats. The mechanical and electrical services firm po… Read more Limbach Holdings, Inc. Delivered a disappointing second quarter for fiscal 2026, missing Wall Street expectations on both top and bottom lines and snapping a four-consecutive-quarter streak of EPS beats. The mechanical and electrical services firm posted adjusted diluted EPS of $0.64, falling 30.87% short of the $0.93 consensus estimate, while revenue of $173.46 million trailed the $177.25 million forecast by 2.14%, despite growing 21.9% year-over-year. The headline growth figure, however, masked underlying strain: virtually all of that gain came from the July 2025 Pioneer Power acquisition, which contributed $30.93 million, while organic revenue expanded just 0.2%. More starkly, gross margin collapsed to 21.5% from 28.0% a year ago, as Pioneer Power's lower-margin profile, reduced project write-ups, and labor and materials competition in data center markets weighed heavily on profitability. Looking ahead, management raised its full-year revenue guidance to $760 million-$790 million but simultaneously cut adjusted EBITDA guidance to $78 million-$84 million, reflecting a reset of gross margin expectations to 23-24% as Pioneer Power integration work continues.

Key Takeaways

  • • Pioneer Power acquisition contributed $30.9 million in acquisition-related revenue with no comparable prior-year contribution
  • • Project timing and price sensitivity in certain markets negatively impacted results below expectations
  • • Gross margin compression driven by Pioneer Power's lower margin profile, lower net project write-ups, and competition for skilled labor and materials in data center markets
  • • Strong bookings of $182.0 million with 1.1x book-to-bill ratio
  • • Operating cash flow improved significantly to $18.7 million from $2.0 million
  • • Organic revenue growth was marginal at 0.2% overall; ODR organic revenue declined 3.4% while GCR organic revenue grew 12.0%

LMB Forward Guidance & Outlook

Limbach updated its FY 2026 guidance, increasing the revenue range to $760 million-$790 million (from $730 million-$760 million) while lowering adjusted EBITDA guidance to $78 million-$84 million (from $90 million-$94 million). Key assumptions include total organic revenue growth of 9-14% (previously 4-8%), ODR revenue as a percentage of total revenue of 70-80% (previously 75-80%), ODR organic revenue growth of 6-10% (previously 9-12%), gross margin of 23-24% (previously 26-27%), SG&A expense as a percentage of total revenue of 15-16% (previously 15-17%), and free cash flow at 75% of adjusted EBITDA. The revised guidance excludes any contribution from the recently completed CYMCOR acquisition or future acquisitions. Management expects project timing and execution within its existing backlog, together with expected future bookings, to support organic revenue growth during the remainder of 2026. Pioneer Power margins are expected to improve as 2026 progresses with the goal of bringing gross margins in line with the company average over the next two to three years.

24/7 Wall St

LMB YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

LMB Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“Our second quarter results were primarily affected by project timing and price sensitivity in certain markets rather than a deterioration in underlying demand leading to results that fell below our expectations. Importantly, bookings remained strong at $182.0 million, producing a 1.1x book-to-bill ratio, and reinforcing our confidence that customer demand remains healthy. Based on our strong bookings and the visibility we have into the second half of the year, we believe our revised outlook appropriately reflects the current operating environment and positions us to execute successfully.”

— Michael McCann, Q2 2026 Earnings Press Release

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