IES Holdings Reports Fiscal 2025 Fourth Quarter and Full Year Results
IES Holdings (NASDAQ: IESC) reported fiscal 2025 results for the year ended September 30, 2025, with revenue $3.37B (+17% YoY) and operating income $383.5M (+27% YoY). Net income attributable to IES was $306.0M (+40% YoY) and diluted EPS was $15.02. Fourth-quarter revenue was $898M (+16% YoY) with diluted EPS of $4.99. Non-GAAP adjusted net income was $278.6M for the year (+31% YoY).
Key balance-sheet and backlog metrics include remaining performance obligations ~$1.69B, backlog ~$2.37B, cash of $127.2M, marketable securities of $104.6M, and no debt as of year end. Subsequent to quarter end, IES entered a definitive agreement to acquire Gulf Island Fabrication.
IES Holdings (NASDAQ: IESC) ha riportato i risultati fiscali 2025 per l'anno chiuso al 30 settembre 2025, con ricavi di $3.37 miliardi (+17% YoY) e utile operativo di $383.5 milioni (+27% YoY). L'utile netto attribuibile a IES è stato $306.0 milioni (+40% YoY) e l'EPS diluito è stato $15.02. Le entrate del quarto trimestre sono state $898 milioni (+16% YoY) con un EPS diluito di $4.99. L'utile netto rettificato non GAAP è stato $278.6 milioni per l'anno (+31% YoY).
Principali metriche di bilancio e di backlog includono obblighi di performance rimanenti circa $1.69 miliardi, backlog circa $2.37 miliardi, cassa di $127.2 milioni, titoli negoziabili di $104.6 milioni, e nessun debito a fine anno. A seguito della chiusura del trimestre, IES ha stipulato un accordo definitivo per acquisire Gulf Island Fabrication.
IES Holdings (NASDAQ: IESC) informó los resultados fiscales 2025 para el año terminado el 30 de septiembre de 2025, con ingresos de $3.37 mil millones (+17% interanual) y ingreso operativo de $383.5 millones (+27% interanual). El ingreso neto atribuido a IES fue $306.0 millones (+40% interanual) y las ganancias por acción diluidas fueron $15.02. Los ingresos del cuarto trimestre fueron $898 millones (+16% interanual) con una EPS diluida de $4.99. El ingreso neto ajustado no GAAP fue de $278.6 millones para el año (+31% interanual).
Las métricas clave de balance y backlog incluyen obligaciones de desempeño restantes ~$1.69 mil millones, backlog ~ $2.37 mil millones, efectivo de $127.2 millones, valores negociables de $104.6 millones, y sin deuda al cierre del año. Posteriormente al cierre del trimestre, IES entró en un acuerdo definitivo para adquirir Gulf Island Fabrication.
IES Holdings (NASDAQ: IESC)는 2025년 9월 30일로 종료된 회계연도에 대해 회계연도 2025년 실적을 보고했습니다. 매출 $3.37B (+전년 동기 대비 17%), 영업이익 $383.5M (+전년 동기 대비 27%). 순이익은 IES에 귀속되는 금액이 $306.0M (+전년 동기 대비 40%), 희석 주당순이익은 $15.02였습니다. 4분기 매출은 $898M (+전년 동기 대비 16%), 희석 EPS는 $4.99였습니다. 비GAAP 조정 순이익은 연간 $278.6M (+전년 동기 대비 31%)였습니다.
주요 대차대조표 및 잔여 백로그 지표로는 잔여 이행 의무 약 $1.69B, 백로그 약 $2.37B, 현금 $127.2M, 시장성 증권 $104.6M, 연말 기준 부채 없음이 포함됩니다. 분기 말 이후 IES는 Gulf Island Fabrication를 인수하기 위한 확정 계약을 체결했습니다.
IES Holdings (NASDAQ: IESC) a publié les résultats 2025 pour l'exercice clos le 30 septembre 2025, avec un chiffre d'affaires de 3,37 milliards de dollars (+17% sur un an) et un résultat opérationnel de 383,5 millions de dollars (+27% sur un an). Le résultat net attribuable à IES était de $306,0 millions (+40% sur un an) et le BPA dilué était de $15,02. Le chiffre d'affaires du quatrième trimestre était de $898 millions (+16% sur un an) avec un BPA dilué de $4,99. Le résultat net non-GAAP ajusté pour l'année était de $278,6 millions (+31% sur un an).
Les indicateurs clés du bilan et du backlog incluent les obligations de performance restantes d'environ 1,69 milliard de dollars, backlog d'environ 2,37 milliards de dollars, une trésorerie de $127,2 millions, des valeurs mobilières de $104,6 millions, et aucune dette à la fin de l'année. Après la fin du trimestre, IES est entré dans un accord définitif pour acquérir Gulf Island Fabrication.
IES Holdings (NASDAQ: IESC) hat die Ergebnisse für das Fiskaljahr 2025 für das am 30. September 2025 endende Jahr gemeldet, mit Umsatz von 3,37 Mrd. USD (+YoY 17%) und operativem Ergebnis von 383,5 Mio. USD (+YoY 27%). Der nachweisbare Nettoeinkommen, das IES zugerechnet wird, betrug 306,0 Mio. USD (+YoY 40%) und das verwässerte EPS betrug 15,02 USD. Der Umsatz im vierten Quartal betrug 898 Mio. USD (+YoY 16%) mit verwässertem EPS von 4,99 USD. Das non-GAAP bereinigte Nettoeinkommen betrug 278,6 Mio. USD im Jahr (+31% YoY).
Wichtige Bilanz- und Backlog-Metriken umfassen verbleibende Leistungsobligationen ca. 1,69 Mrd. USD, Backlog ca. 2,37 Mrd. USD, Cash von 127,2 Mio. USD, marktbare Wertpapiere von 104,6 Mio. USD und keinerlei Schulden zum Jahresende. Nach Quartalsende schloss IES eine Definitivvereinbarung zum Erwerb von Gulf Island Fabrication.
IES Holdings (NASDAQ: IESC) أبلغت عن نتائج السنة المالية 2025 للسنة المنتهية في 30 سبتمبر 2025، مع إيرادات قدرها 3.37 مليار دولار (+40% على أساس سنوي) و الدخل التشغيلي 383.5 مليون دولار (+27% على أساس سنوي). بلغ صافي الدخل العائد إلى IES 306.0 مليون دولار (+40% على أساس سنوي) وربحية السهم المخففة كانت 15.02 دولار. بلغ الإيراد للفترة الرابعة 898 مليون دولار (+16% على أساس سنوي) مع ربحية السهم المخففة 4.99 دولار. كان صافي الدخل المعدل غير GAAP للسنة 278.6 مليون دولار (+31% على أساس سنوي).
تشمل مقاييس الميزانية عند نهاية العام والباك-لوغ التزامات الأداء المتبقية نحو 1.69 مليار دولار، الباك-لوغ نحو 2.37 مليار دولار، النقدية 127.2 مليون دولار، الأوراق المالية القابلة للتداول 104.6 مليون دولار، وعدم وجود ديون بنهاية السنة. وبعد انتهاء الربع، دخلت IES في اتفاق نهائي لاستحواذ Gulf Island Fabrication.
- Revenue +17% YoY to $3.37B
- Operating income +27% YoY to $383.5M
- Net income +40% YoY to $306.0M
- Backlog ~$2.37B and remaining performance obligations ~$1.69B
- Quarterly revenue $898M (+16% YoY)
- Residential revenue -6% YoY to $1.30B
- Residential operating income declined from $137.3M to $103.8M (fiscal 2024 to 2025)
- Backlog conversion expected to extend beyond fiscal 2026, delaying revenue recognition
Insights
Record fiscal 2025 results, strong margin expansion, and an acquisition signal strategic growth focus.
Revenue rose to
Key dependencies and risks include the Residential segment weakness, which reduced segment operating income, and the timing of backlog conversion since management notes some projects will extend beyond
Concrete items to watch in the next 12 months include completion and integration terms of the Gulf Island acquisition, realized conversion of the >90% increased backlog in the Commercial & Industrial segment, and quarterly trends in the Residential business amid housing affordability pressures. Expect the most informative updates around quarterly results and disclosures through
HOUSTON, Nov. 21, 2025 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter and fiscal year ended September 30, 2025.
Fourth Quarter 2025 Highlights
- Revenue of
$898 million for the fourth quarter of fiscal 2025, an increase of16% compared with$776 million for the same quarter of fiscal 2024 - Operating income of
$104.3 million for the fourth quarter of fiscal 2025, an increase of39% compared with$75.0 million for the same quarter of fiscal 2024 - Net income attributable to IES of
$101.8 million for the fourth quarter of fiscal 2025, an increase of61% compared with$63.1 million for the same quarter of fiscal 2024, and diluted earnings per share attributable to common stockholders of$4.99 for the fourth quarter of fiscal 2025, compared with$3.06 for the same quarter of fiscal 2024 - Adjusted net income attributable to IES (a non-GAAP financial measure, as defined below) of
$77.3 million for the fourth quarter of fiscal 2025, an increase of44% compared with$53.8 million for the same quarter of fiscal 2024, and diluted adjusted earnings per share attributable to common stockholders of$3.77 for the fourth quarter of fiscal 2025, compared with$2.61 for the same quarter of fiscal 2024 - Remaining performance obligations, a GAAP measure of future revenue to be recognized from current contracts with customers, of approximately
$1.69 billion as of September 30, 2025 - Backlog (a non-GAAP financial measure, as defined below) of approximately
$2.37 billion as of September 30, 2025 - Subsequent to quarter end, we entered into a definitive agreement to acquire Gulf Island Fabrication, Inc. ("Gulf Island"), a leading steel fabricator and service provider to the industrial, energy and government sectors
Fiscal Year 2025 Highlights
- Revenue of
$3.37 billion for fiscal 2025, an increase of17% compared with$2.88 billion for fiscal 2024 - Operating income of
$383.5 million for fiscal 2025, an increase of27% compared with$300.9 million for fiscal 2024 - Net income attributable to IES of
$306.0 million for fiscal 2025, an increase of40% compared with$219.1 million for fiscal 2024, and diluted earnings per share attributable to common stockholders of$15.02 for fiscal 2025, compared with$9.89 for fiscal 2024 - Adjusted net income attributable to IES of
$278.6 million for fiscal 2025, an increase of31% compared with$212.3 million for fiscal 2024, and diluted adjusted earnings per share attributable to common stockholders of$13.66 for fiscal 2025 compared with$9.56 for fiscal 2024
Overview of Results
“We are pleased to report record earnings for fiscal 2025," said Matt Simmes, President and Chief Executive Officer. "Year-over-year consolidated revenue increased
"Looking forward to fiscal 2026, we expect continued growth in our Communications, Infrastructure Solutions and Commercial & Industrial operating segments, which are positioned to benefit from continued strong demand, particularly in our data center end market, which is experiencing sustained robust growth and remains an exciting opportunity for us. Further, our recent announcement that we have entered into a definitive agreement to acquire Gulf Island demonstrates a continuing commitment to increase our capacity for custom manufactured products while expanding into new markets. Within our Residential segment, we remain focused on navigating the current conditions in the single-family housing market as we implement strategies to mitigate the impact of affordability issues. However, we remain optimistic about long-term demand in the housing market.”
Our Communications segment’s revenue was
Our Residential segment’s revenue was
Our Infrastructure Solutions segment’s revenue was
Our Commercial & Industrial segment’s revenue was
Jeff Gendell, Executive Chairman, commented, “Our success during fiscal 2025 was made possible by the efforts of our operating teams, and by our continued commitment to reinvest in the growth of the business. Over the past two years, we have added over 1 million square feet of manufacturing capacity in our Infrastructure Solutions business, and we are continuing to ramp up our production capabilities across that capacity. In our Communications and Commercial & Industrial businesses, we have continued to invest in hiring and training to expand our skilled workforce. The impact of these investments is reflected in our operating performance, as our expanded capacity has allowed us to grow with our customers in the data center and other end markets. In our Corporate group, we have invested in personnel and technology solutions that will support growth and scalability of the business. In fiscal 2025 we also benefited from our investment in the CB&I storage solutions business, which is reflected in our earnings for the year. We expect to continue this focus on capital allocation into fiscal 2026, as evidenced by our recent announcement of the agreement to acquire Gulf Island. We also plan to increase our capital spending in fiscal 2026, positioning the business for future growth and new service offerings.”
Capital Allocation; Stock Buyback Plan
"Capital allocation remains a top priority, as we seek to generate strong returns on our operating cash flow," added Tracy McLauchlin, Chief Financial Officer. "We ended the year with
Capital allocation highlights during the fiscal year include the following:
- We invested
$52.4 million in the acquisitions of Arrow Engine Company, Qypsys, and our new Manitowoc, Wisconsin fabrication operation - We supported the growth of our operating business with
$67.3 million in capital expenditures - We used
$40.0 million to purchase the remaining20% noncontrolling interest in Edmonson Electric - We repurchased 173,262 shares of our common stock for
$30.2 million , or an average price of$174.25 per share, ending the year with$168.0 million remaining under our stock repurchase authorization - We used
$67.2 million of our excess cash to purchase marketable securities
Non-GAAP Financial Measures and Other Adjustments
This press release includes adjusted net income attributable to IES, adjusted diluted earnings per share attributable to common stockholders, and backlog, and, in the non-GAAP reconciliation tables included herein, adjusted net income attributable to common stockholders, EBITDA, adjusted EBITDA and adjusted income from operations before income taxes, each of which is a financial measure not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”). Management believes that these measures provide useful information to our investors by, in the case of adjusted net income attributable to IES, adjusted net income attributable to common stockholders, adjusted earnings per share attributable to common stockholders, adjusted EBITDA and adjusted income from operations before income taxes, distinguishing certain nonrecurring events such as litigation settlements, significant expenses associated with leadership changes, or gains or losses from the sale of a business, or noncash events, such as impairment charges or unrealized gains and losses on our investments, or, in the case of backlog, providing a common measurement used in IES's industry, as described further below, and that these measures, when reconciled to the most directly comparable GAAP measures, help our investors to better identify underlying trends in the operations of our business and facilitate easier comparisons of our financial performance with prior and future periods and to our peers. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which has been provided in the financial tables included in this press release.
Remaining performance obligations represent the unrecognized revenue value of our contract commitments. While backlog is not a defined term under GAAP, it is a common measurement used in IES’s industry and IES believes this non-GAAP measure enables it to more effectively forecast its future results and better identify future operating trends that may not otherwise be apparent. IES’s remaining performance obligations are a component of IES’s backlog calculation, which also includes signed agreements and letters of intent which we do not have a legal right to enforce prior to work starting. These arrangements are excluded from remaining performance obligations until work begins. IES’s methodology for determining backlog may not be comparable to the methodologies used by other companies.
For further details on the Company’s financial results, please refer to the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2025, to be filed with the Securities and Exchange Commission ("SEC") by November 21, 2025, and any amendments thereto.
About IES Holdings, Inc.
IES designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. Our more than 10,000 employees serve clients in the United States. For more information about IES, please visit www.ies-co.com.
Company Contact:
Tracy McLauchlin
Chief Financial Officer
IES Holdings, Inc.
(713) 860-1500
Investor Relations Contact:
Robert Winters or Stephen Poe
Alpha IR Group
312-445-2870
IESC@alpha-ir.com
Certain statements in this release may be deemed “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, all of which are based upon various estimates and assumptions that the Company believes to be reasonable as of the date hereof. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “seek,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” the negative of such terms or other comparable terminology. These statements involve risks and uncertainties that could cause the Company’s actual future outcomes to differ materially from those set forth in such statements. Such risks and uncertainties include, but are not limited to, a general reduction in the demand for our products or services; changes in general economic conditions, including supply chain constraints, high rates of inflation, changes in consumer sentiment, elevated interest rates, and market disruptions resulting from a number of factors, including geo-political events; competition in the industries in which we operate, which could result in the loss of one or more customers or lead to lower margins on new projects; the use of estimates in placing bids on fixed price contracts, variations from estimated contract costs and our ability to successfully manage and execute projects, the cost and availability of qualified labor and the ability to maintain positive labor relations, and our ability to pass along increases in the cost of commodities used in our business; our ability to enter into, and the terms of, future contracts; the existence of a small number of customers from whom we derive a meaningful portion of our revenues; reliance on third parties, including subcontractors and suppliers, to complete our projects; the inability to carry out plans and strategies as expected, including the inability to identify and complete acquisitions that meet our investment criteria, or the subsequent underperformance of those acquisitions; challenges integrating new businesses into the Company or new types of work, products or processes into our segments; backlog that may not be realized or may not result in profits; failure to adequately recover on contract change orders or claims against customers; closures or sales of our facilities resulting in significant future charges or a significant disruption of our operations; the impact of future epidemics or pandemics on our business; an increased cost of surety bonds affecting margins on work and the potential for our surety providers to refuse bonding or require additional collateral at their discretion; the impact of seasonality, adverse weather conditions, and climate change; fluctuations in operating activity due to factors such as cyclicality, downturns in levels of construction or the housing market, and differing regional economic conditions; difficulties in managing our billings and collections; accidents resulting from the physical hazards associated with our work and the potential for accidents; the possibility that our current insurance coverage may not be adequate or that we may not be able to obtain policies at acceptable rates; the effect of litigation, claims and contingencies, including warranty losses, damages or other latent defect claims in excess of our existing reserves and accruals; costs and liabilities under existing or potential future laws and regulations, including those laws and regulations related to the environment and climate change, as well as the inability to transfer, renew and obtain electrical and other professional licenses; interruptions to our information systems and cyber security or data breaches; expenditures to conduct environmental remediation activities required by certain environmental laws and regulations; loss of key personnel, ineffective transition of new management, or general labor constraints; credit and capital market conditions, including changes in interest rates that affect the cost of construction financing and mortgages, and the inability of some of our customers to obtain sufficient financing at acceptable rates, which could lead to project delays or cancellations; limitations on our ability to access capital markets and generate cash from operations to fund our capital needs; the impact on our effective tax rate or cash paid for taxes from changes in tax positions we have taken or changes in tax laws; difficulty in fulfilling the covenant terms of our revolving credit facility, which could result in a default and acceleration of any indebtedness under such revolving credit facility; reliance on certain estimates and assumptions that may differ from actual results in the preparation of our financial statements and the impacts of new accounting, control and operating procedures resulting from new accounting pronouncements; uncertainties inherent in the use of percentage-of-completion accounting, which could result in the reduction or elimination of previously recorded revenues and profits; the recognition of potential goodwill, long-lived assets and other investment impairments; the existence of a controlling shareholder, who has the ability to take action not aligned with other shareholders or to dispose of all or a significant portion of the shares of our common stock it holds, which may trigger certain change of control provisions in a number of our material agreements; the relatively low trading volume of our common stock, which could increase the volatility of our stock price and could make it more difficult for shareholders to sell a substantial number of shares for the same price at which shareholders could sell a smaller number of shares; the possibility that we issue additional shares of common stock, preferred stock or convertible securities that will dilute the percentage ownership interest of existing stockholders and may dilute the value per share of our common stock; the potential for substantial sales of our common stock, which could adversely affect our stock price; the impact of increasing scrutiny and changing expectations from investors and customers, or new or changing regulations, with respect to climate change or environmental impacts of our operations; the cost or effort required for our shareholders to bring certain claims or actions against us, as a result of our designation of the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings; and the possibility that our internal controls over financial reporting and our disclosure controls and procedures may not prevent all possible errors that could occur, as well as other risk factors discussed in this document, in the Company’s annual report on Form 10-K for the year ended September 30, 2025 and in the Company’s other reports on file with the SEC. You should understand that such risk factors could cause future outcomes to differ materially from those experienced previously or those expressed in such forward-looking statements. The Company undertakes no obligation to publicly update or revise any information or any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
Forward-looking statements are provided in this press release pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of the estimates, assumptions, uncertainties, and risks described herein.
General information about IES Holdings, Inc. can be found at http://www.ies-co.com under "Investor Relations." The Company's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge through the Company's website as soon as reasonably practicable after they are filed with, or furnished to, the SEC.
| IES HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA) (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 897.8 | $ | 775.8 | $ | 3,371.5 | $ | 2,884.4 | ||||||||
| Cost of services | 664.8 | 589.4 | 2,512.0 | 2,187.8 | ||||||||||||
| Gross profit | 233.0 | 186.4 | 859.5 | 696.6 | ||||||||||||
| Selling, general and administrative expenses | 128.6 | 110.9 | 475.0 | 396.7 | ||||||||||||
| Contingent consideration | 0.1 | 0.6 | 1.1 | 0.7 | ||||||||||||
| Gain on sale of assets | — | (0.1 | ) | (0.1 | ) | (1.7 | ) | |||||||||
| Operating income | 104.3 | 75.0 | 383.5 | 300.9 | ||||||||||||
| Interest expense | 0.5 | 0.1 | 1.8 | 1.3 | ||||||||||||
| Other income | (5.0 | ) | (5.4 | ) | (12.2 | ) | (5.1 | ) | ||||||||
| Income from operations before income taxes and equity method investment income | 108.8 | 80.3 | 393.9 | 304.7 | ||||||||||||
| Provision for income taxes | 21.3 | 14.8 | 96.8 | 72.2 | ||||||||||||
| Equity method investment income | (14.8 | ) | — | (14.8 | ) | — | ||||||||||
| Net income | 102.2 | 65.5 | 311.8 | 232.5 | ||||||||||||
| Net income attributable to noncontrolling interest | (0.4 | ) | (2.4 | ) | (5.8 | ) | (13.4 | ) | ||||||||
| Net income attributable to IES Holdings, Inc. | $ | 101.8 | $ | 63.1 | $ | 306.0 | $ | 219.1 | ||||||||
| Computation of earnings per share: | ||||||||||||||||
| Net income attributable to IES Holdings, Inc. | $ | 101.8 | $ | 63.1 | $ | 306.0 | $ | 219.1 | ||||||||
| Increase in noncontrolling interest | (1.3 | ) | (1.0 | ) | (2.9 | ) | (17.1 | ) | ||||||||
| Net income attributable to common stockholders of IES Holdings, Inc. | $ | 100.5 | $ | 62.1 | $ | 303.1 | $ | 202.0 | ||||||||
| Earnings per share attributable to common stockholders: | ||||||||||||||||
| Basic | $ | 5.06 | $ | 3.10 | $ | 15.22 | $ | 10.02 | ||||||||
| Diluted | $ | 4.99 | $ | 3.06 | $ | 15.02 | $ | 9.89 | ||||||||
| Shares used in the computation of earnings per share: | ||||||||||||||||
| Basic (in thousands) | 19,854 | 19,991 | 19,917 | 20,160 | ||||||||||||
| Diluted (in thousands) | 20,154 | 20,257 | 20,183 | 20,415 | ||||||||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO IES HOLDINGS, INC. AND ADJUSTED EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS (DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA) (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income attributable to IES Holdings, Inc. | $ | 101.8 | $ | 63.1 | $ | 306.0 | $ | 219.1 | ||||||||
| Unrealized gain on trading securities(1) | (3.4 | ) | (5.1 | ) | (7.5 | ) | (1.8 | ) | ||||||||
| Unrealized gains on equity investment income(2) | (14.8 | ) | — | (14.8 | ) | — | ||||||||||
| Provision for income taxes | 21.3 | 14.8 | 96.8 | 72.2 | ||||||||||||
| Adjusted income from operations before income taxes | 104.9 | 72.8 | 380.5 | 289.5 | ||||||||||||
| Adjusted tax expense(3) | (27.6 | ) | (19.0 | ) | (101.9 | ) | (77.2 | ) | ||||||||
| Adjusted net income attributable to IES Holdings, Inc. | 77.3 | 53.8 | 278.6 | 212.3 | ||||||||||||
| Adjustments for computation of earnings per share: | ||||||||||||||||
| Increase in noncontrolling interest | (1.3 | ) | (1.0 | ) | (2.9 | ) | (17.1 | ) | ||||||||
| Adjusted net income attributable to common stockholders | $ | 76.0 | $ | 52.8 | $ | 275.7 | $ | 195.2 | ||||||||
| Adjusted earnings per share attributable to common stockholders: | ||||||||||||||||
| Basic | $ | 3.83 | $ | 2.64 | $ | 13.84 | $ | 9.68 | ||||||||
| Diluted | $ | 3.77 | $ | 2.61 | $ | 13.66 | $ | 9.56 | ||||||||
| Shares used in the computation of earnings per share: | ||||||||||||||||
| Basic (in thousands) | 19,854 | 19,991 | 19,917 | 20,160 | ||||||||||||
| Diluted (in thousands) | 20,154 | 20,257 | 20,183 | 20,415 | ||||||||||||
| (1)Included in Other income on our Condensed Consolidated Statement of Operations. (2)Represents unrealized gains recorded by our equity investment, Jett Texas Company LLC, related to its investment in the CB&I storage solutions business. (3)Adjusted to remove non-cash tax benefits from the release of reserves for certain uncertain tax positions upon the lapse of the applicable statute of limitations, and for the tax impact of adjustments to pretax income above. | ||||||||||||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (DOLLARS IN MILLIONS) (UNAUDITED) | ||||||||||
| September 30, | September 30, | |||||||||
| 2025 | 2024 | |||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ | 127.2 | $ | 100.8 | ||||||
| Marketable securities | 104.6 | 35.0 | ||||||||
| Accounts receivable: | ||||||||||
| Trade, net of allowance | 552.2 | 469.8 | ||||||||
| Retainage | 99.9 | 89.8 | ||||||||
| Inventories | 111.5 | 101.7 | ||||||||
| Costs and estimated earnings in excess of billings | 69.2 | 60.2 | ||||||||
| Prepaid expenses and other current assets | 20.9 | 14.4 | ||||||||
| Total current assets | 1,085.5 | 871.7 | ||||||||
| Property and equipment, net | 183.2 | 134.2 | ||||||||
| Goodwill | 107.8 | 93.9 | ||||||||
| Intangible assets, net | 41.6 | 45.9 | ||||||||
| Investments | 59.7 | — | ||||||||
| Deferred tax assets | 16.1 | 22.4 | ||||||||
| Operating right of use assets | 88.4 | 62.0 | ||||||||
| Other non-current assets | 13.3 | 13.9 | ||||||||
| Total assets | $ | 1,595.7 | $ | 1,244.0 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
| CURRENT LIABILITIES: | ||||||||||
| Accounts payable and accrued expenses | $ | 456.5 | $ | 363.6 | ||||||
| Billings in excess of costs and estimated earnings | 176.8 | 159.0 | ||||||||
| Total current liabilities | 633.4 | 522.6 | ||||||||
| Operating long-term lease liabilities | 62.0 | 40.4 | ||||||||
| Other tax liabilities | 6.8 | 16.7 | ||||||||
| Other non-current liabilities | 5.5 | 12.2 | ||||||||
| Total liabilities | 707.7 | 591.9 | ||||||||
| Noncontrolling interest | 4.0 | 41.0 | ||||||||
| STOCKHOLDERS’ EQUITY: | ||||||||||
| Preferred stock | — | — | ||||||||
| Common stock | 0.2 | 0.2 | ||||||||
| Treasury stock, at cost | (127.8 | ) | (90.3 | ) | ||||||
| Additional paid-in capital | 210.7 | 203.4 | ||||||||
| Retained earnings | 800.8 | 497.8 | ||||||||
| Total stockholders’ equity | 884.0 | 611.1 | ||||||||
| Total liabilities and stockholders’ equity | $ | 1,595.7 | $ | 1,244.0 | ||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN MILLIONS) (UNAUDITED) | |||||||||
| Year Ended | |||||||||
| September 30, | |||||||||
| 2025 | 2024 | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
| Net income | $ | 311.8 | $ | 232.5 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
| Bad debt expense | 3.4 | 1.5 | |||||||
| Deferred financing cost amortization | 0.5 | 0.3 | |||||||
| Depreciation and amortization | 46.9 | 37.1 | |||||||
| Gain on sale of assets | (0.2 | ) | (1.7 | ) | |||||
| Non-cash compensation expense | 12.9 | 5.5 | |||||||
| Deferred income tax and other non-cash tax adjustments, net | (3.3 | ) | (1.1 | ) | |||||
| Unrealized gain on trading securities | (7.5 | ) | (1.8 | ) | |||||
| Equity method investment income | (14.8 | ) | — | ||||||
| Changes in operating assets and liabilities: | |||||||||
| Marketable securities | (62.1 | ) | (33.2 | ) | |||||
| Accounts receivable | (79.9 | ) | (93.5 | ) | |||||
| Inventories | 4.1 | (3.5 | ) | ||||||
| Costs and estimated earnings in excess of billings | (8.7 | ) | (4.0 | ) | |||||
| Prepaid expenses and other current assets | (16.5 | ) | (16.7 | ) | |||||
| Other non-current assets | (1.6 | ) | 0.2 | ||||||
| Accounts payable and accrued expenses | 86.5 | 57.9 | |||||||
| Billings in excess of costs and estimated earnings | 16.1 | 54.5 | |||||||
| Other non-current liabilities | (1.8 | ) | 0.4 | ||||||
| Net cash provided by operating activities | 286.1 | 234.4 | |||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
| Purchases of property and equipment | (67.3 | ) | (45.2 | ) | |||||
| Proceeds from sale of assets | 0.8 | 3.7 | |||||||
| Purchases of equity investments | (44.9 | ) | (0.4 | ) | |||||
| Cash paid in conjunction with business combinations, net of cash acquired | (52.4 | ) | (67.0 | ) | |||||
| Net cash used in investing activities | (163.7 | ) | 108.9 | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
| Borrowings of debt | 996.4 | 2,896.3 | |||||||
| Repayments of debt | (996.4 | ) | (2,896.3 | ) | |||||
| Cash paid for finance leases | (4.4 | ) | (4.3 | ) | |||||
| Purchase of noncontrolling interest | (40.0 | ) | (32.0 | ) | |||||
| Settlement of contingent consideration liability | (1.5 | ) | (4.0 | ) | |||||
| Distribution to noncontrolling interest | (8.6 | ) | (16.2 | ) | |||||
| Purchase of treasury stock | (41.6 | ) | (44.0 | ) | |||||
| Net cash used in financing activities | (96.1 | ) | (100.5 | ) | |||||
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 26.3 | 25.0 | |||||||
| CASH and CASH EQUIVALENTS, beginning of period | 100.8 | 75.8 | |||||||
| CASH and CASH EQUIVALENTS, end of period | $ | 127.2 | $ | 100.8 | |||||
| IES HOLDINGS, INC. AND SUBSIDIARIES OPERATING SEGMENT STATEMENT OF OPERATIONS (DOLLARS IN MILLIONS) (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | ||||||||||||||||
| Communications | $ | 335.4 | $ | 219.9 | $ | 1,140.6 | $ | 776.5 | ||||||||
| Residential | 320.5 | 356.1 | 1,304.5 | 1,388.8 | ||||||||||||
| Infrastructure Solutions | 143.5 | 110.4 | 498.7 | 351.1 | ||||||||||||
| Commercial & Industrial | 98.4 | 89.4 | 427.7 | 368.0 | ||||||||||||
| Total revenue | $ | 897.8 | $ | 775.8 | $ | 3,371.5 | $ | 2,884.4 | ||||||||
| Operating income (loss) | ||||||||||||||||
| Communications | $ | 50.5 | $ | 22.6 | $ | 166.5 | $ | 86.9 | ||||||||
| Residential | 23.9 | 34.8 | 103.8 | 137.3 | ||||||||||||
| Infrastructure Solutions | 36.1 | 20.7 | 118.5 | 67.5 | ||||||||||||
| Commercial & Industrial | 11.5 | 9.7 | 47.3 | 41.4 | ||||||||||||
| Corporate | (17.6 | ) | (12.8 | ) | (52.5 | ) | (32.2 | ) | ||||||||
| Total operating income | $ | 104.3 | $ | 75.0 | $ | 383.5 | $ | 300.9 | ||||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATION OF ADJUSTED EBITDA (DOLLARS IN MILLIONS) (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income attributable to IES Holdings, Inc. | $ | 101.8 | $ | 63.1 | $ | 306.0 | $ | 219.1 | ||||||||
| Provision for income taxes | 21.3 | 14.8 | 96.8 | 72.2 | ||||||||||||
| Interest & other income, net | (4.4 | ) | (5.3 | ) | (10.3 | ) | (3.8 | ) | ||||||||
| Income from equity method investment | (14.8 | ) | — | (14.8 | ) | — | ||||||||||
| Depreciation and amortization | 12.2 | 11.1 | 46.9 | 37.1 | ||||||||||||
| EBITDA | $ | 116.1 | $ | 83.7 | $ | 424.6 | $ | 324.6 | ||||||||
| Non-cash equity compensation expense | 3.5 | 1.2 | 12.9 | 5.5 | ||||||||||||
| Adjusted EBITDA | $ | 119.6 | $ | 84.9 | $ | 437.5 | $ | 330.1 | ||||||||
| IES HOLDINGS, INC. AND SUBSIDIARIES SUPPLEMENTAL REMAINING PERFORMANCE OBLIGATIONS AND NON-GAAP RECONCILIATION OF BACKLOG DATA (DOLLARS IN MILLIONS) (UNAUDITED) | |||||||||
| September 30, | June 30, | September 30, | |||||||
| 2025 | 2025 | 2024 | |||||||
| Remaining performance obligations | $ | 1,687 | $ | 1,295 | $ | 1,176 | |||
| Agreements without an enforceable obligation(1) | 687 | 772 | 610 | ||||||
| Backlog | $ | 2,374 | $ | 2,067 | $ | 1,786 | |||
| (1)Our backlog contains signed agreements and letters of intent which we do not have a legal right to enforce prior to work starting. These arrangements are excluded from remaining performance obligations until work begins. | |||||||||
FAQ
What were IES Holdings (IESC) fiscal 2025 total revenue and net income?
How did IESC perform in Q4 fiscal 2025 on revenue and EPS?
What is IES Holdings' backlog and remaining performance obligations as of Sept 30, 2025?
Does IES (IESC) have debt and how much cash did it hold at fiscal year end?
How did IES' Residential segment affect fiscal 2025 results?
Did IES announce any acquisitions after quarter end that could affect growth?
