v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 291,980 $ 230,166
Accounts receivable, net 918,930 584,060
Contract assets, net 382,167 259,941
Prepaid expenses and other current assets 55,099 36,179
Total current assets 1,648,176 1,110,346
Property and equipment, net of accumulated depreciation of $115,490 and $98,650 as of June 30, 2026 and December 31, 2025, respectively 130,412 92,333
Operating lease right-of-use assets (including $18,598 and $20,025 as of June 30, 2026 and December 31, 2025, respectively, from related parties) 153,536 117,139
Goodwill 822,521 764,336
Intangible assets, net 792,175 551,420
Other assets 192,869 43,822
Total assets [1] 3,739,689 2,679,396
Current liabilities:    
Accounts payable 428,988 246,161
Accrued compensation and benefits 139,133 68,064
Accrued and other current liabilities 81,405 16,475
Contract liabilities 517,932 339,462
Current portion of operating lease liabilities (including $3,889 and $3,920 as of June 30, 2026 and December 31, 2025, respectively, from related parties) 31,008 21,300
Current portion of long-term debt 26,201 16,694
Total current liabilities 1,224,667 708,156
Long-term debt, net of current portion (including $97,162 and $84,735 as of June 30, 2026 and December 31, 2025, respectively, from related parties) 1,008,336 812,398
Operating lease liabilities, net of current portion (including $15,759 and $17,282 as of June 30, 2026 and December 31, 2025, respectively, from related parties) 130,023 103,762
Tax receivable agreement liability - related party 342,729 207,448
Deferred tax liabilities, net 43,397 46,714
Other long-term liabilities 12,997 12,123
Total liabilities [1] 2,762,149 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 June 30, 2026 and December 31, 2025 0 0
Additional paid-in capital 917,012 701,791
Accumulated deficit (321,696) (309,949)
Accumulated other comprehensive income (loss) 4,067 (698)
Total Legence stockholders' equity 600,463 392,197
Noncontrolling interests 377,077 396,598
Total stockholders' equity 977,540 788,795
Total liabilities and stockholders' equity 3,739,689 2,679,396
Common Class A    
Stockholders' equity    
Common stock 768 638
Common Class B    
Stockholders' equity    
Common stock $ 312 $ 415
[1] As of June 30, 2026, total assets include $23.2 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”), deferred tax assets net of valuation allowance of $174.9 million and $29.5 million included in Other assets as of June 30, 2026 and December 31, 2025, respectively, as well as income tax payable of $6.9 million and $2.0 million included in Accrued and other current liabilities as of June 30, 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.