Legence Corp.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Balance Sheets
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $176,034 | $81,167 |
| Accounts receivable, net | 588,433 | 448,610 |
| Contract assets, net | 234,302 | 188,132 |
| Prepaid expenses and other current assets | 39,038 | 38,506 |
| Total current assets | 1,037,807 | 756,415 |
| Property and equipment, net of accumulated depreciation of $92,084 and $70,676 as of September 30, 2025 and December 31, 2024, respectively | 81,094 | 73,381 |
| Operating lease right-of-use assets (including $20,705 and $23,375 as of September 30, 2025 and December 31, 2024, respectively, from related parties) | 106,469 | 90,922 |
| Goodwill | 782,931 | 781,194 |
| Intangible assets, net | 562,361 | 624,250 |
| Other assets | 29,607 | 26,338 |
| Total assets(a) | $2,600,269 | $2,352,500 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Accounts payable | $224,256 | $126,502 |
| Accrued compensation and benefits | 89,832 | 54,601 |
| Accrued and other current liabilities | 25,659 | 28,490 |
| Contract liabilities | 285,894 | 164,130 |
| Current portion of operating lease liabilities (including $3,906 and $3,654 as of September 30, 2025 and December 31, 2024, respectively, from related parties) | 18,051 | 14,402 |
| Current portion of long-term debt | 16,301 | 22,984 |
| Total current liabilities | 659,993 | 411,109 |
| Long-term debt, net of current portion (including $87,486 and $211,039 as of September 30, 2025 and December 31, 2024, respectively, from related parties) | 812,628 | 1,585,846 |
| Operating lease liabilities, net of current portion (including $17,997 and $20,960 as of September 30, 2025 and December 31, 2024, respectively, from related parties) | 94,568 | 80,669 |
| Tax receivable agreement liability - related party | 146,474 | — |
| Deferred tax liabilities, net | 41,543 | 35,428 |
| Other long-term liabilities | 17,590 | 35,856 |
| Total liabilities(a) | 1,772,796 | 2,148,908 |
| Commitments and contingencies (Note 18) | ||
| Stockholders' equity / Member's equity | ||
| Member's equity | — | 443,738 |
| Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding as of September 30, 2025 | — | — |
| Class A common stock $0.01 par value, 1,000,000,000 shares authorized, 58,510,567 shares issued and outstanding as of September 30, 2025 | 585 | — |
| Class B common stock $0.01 par value, 200,000,000 shares authorized, 46,680,762 shares issued and outstanding as of September 30, 2025 | 467 | — |
| Additional paid-in capital | 664,299 | — |
| Accumulated deficit | (277,228) | (250,169) |
| Accumulated other comprehensive (loss) income | (248) | 9,111 |
| Total Legence stockholders' equity / Member's equity | 387,875 | 202,680 |
| Noncontrolling interests | 439,598 | 912 |
| Total stockholders' equity / Member's equity | 827,473 | 203,592 |
| Total liabilities and stockholders' equity / Member's equity | $2,600,269 | $2,352,500 |
(a) As of September 30, 2025, total assets include $19.7 million and total liabilities include $9.0 million for consolidated variable interest PCs as defined in “Note 6—Variable Interest Entities and Equity Method Investments”. Substantially all of the remaining total assets and total liabilities, excluding the Tax receivable agreement liability and the related deferred tax assets, are attributable to the consolidated Legence Holdings variable interest entity. As of December 31, 2024, total assets include $40.1 million and total liabilities include $5.9 million, respectively, for consolidated variable interest PCs. 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.