Legence - CL

Q2 FY2026 EarningsQ2 FY2026 revenue of $1.26B significantly beat the consensus of $1.07B (+17.5% variance), driven by the Bowers acquisition and 60% organic growth in data center demand. However, Adjusted Gross Margin of 18.5% missed the 19.7% expectation due to a mix shift toward lower-margin Installation services. Despite the top-line beat, GAAP EPS was $(0.37), missing the $0.32 mean expectation primarily due to $41M in non-cash impairments and heavy stock-based compensation. Full-year revenue guidance was raised to $4.7B-$4.8B, well above previous expectations.