Limbach Holdings reported record third-quarter revenue and adjusted EBITDA, with year-over-year gains in sales, earnings and operating cash flow. The building-systems contractor also said it expects full-year 2026 revenue and adjusted EBITDA to finish at or near the high end of its existing guidance.
Bookings exceeded revenue during the quarter, while owner-direct work remained the larger part of sales. The company also released an investor presentation covering operations, major projects, strategic plans and outlook; the materials provided here do not include specific additional forecasts or project details.
Key details
- Revenue reached a quarterly record of $230.5 million, up 24.9% from $184.6 million in the third quarter of 2025.
- Owner Direct Relationships revenue rose 6.6% to $150.7 million, an increase of $9.3 million. It accounted for 65.4% of total revenue.
- Bookings totaled $311.2 million, producing a book-to-bill ratio of 1.4 times. That means the value of bookings during the quarter was greater than revenue recognized.
- Gross profit increased 20.5% to $53.8 million, from $44.7 million. Its growth lagged revenue growth; based on the rounded figures, gross profit was about 23.3% of sales, compared with about 24.2% a year earlier.
- Net income was $9.5 million, or $0.79 per diluted share, versus $8.8 million, or $0.73 per share, a year earlier.
- On an adjusted basis, net income rose to $16.4 million, or $1.37 per adjusted diluted share, from $12.7 million, or $1.05 per share.
- Adjusted EBITDA set a record at $27.4 million, up 25.9% from $21.8 million.
- Cash provided by operating activities increased to $20.3 million from $13.3 million.
- For full-year 2026, Limbach expects revenue and adjusted EBITDA to be at or near the high end of its guidance. The results announcement provided no guidance ranges or specific year-end targets.
Plain-English implications
Bookings outpaced quarterly revenue, and owner-direct customers continued to represent the majority of sales. Revenue and adjusted EBITDA both reached records, while gross profit grew more slowly than revenue, indicating lower gross margin than a year earlier based on the reported figures.