IES Holdings Inc

Latest Results (21.11.2025):

IES Holdings Inc reported results for the third quarter of fiscal 2025, delivering revenue of $890.0 million (up 16% year-over-year) and operating income of $111.9 million (up 24%). Net income attributable to IES was $77.2 million (up 24%), with diluted EPS of $3.81; adjusted net income was $79.8 million (up 26%) and adjusted diluted EPS was $3.95. Remaining performance obligations were about $1.3 billion and backlog was roughly $2.1 billion as of June 30, 2025.

Top-line and operating performance

Revenue grew to $890.0M (+16% vs Q3 FY2024) and operating income rose to $111.9M (+24%), driven by strong demand in data centers and higher-margin project execution across several segments.

Profitability and adjusted metrics

Net income attributable to IES was $77.2M (+24%) and diluted EPS was $3.81 (vs $2.67 prior year). Adjusted net income was $79.8M (+26%) with adjusted diluted EPS of $3.95 (vs $2.72 prior year).

Communications segment

Communications revenue was $299.2M (+56%) with segment operating income of $47.8M versus $21.0M a year earlier, reflecting accelerated data center and high‑tech manufacturing demand.

Residential segment

Residential revenue declined to $346.1M (-8%) and operating income fell to $33.4M (from $43.7M) as housing market softness and customer price concessions weighed on results.

Infrastructure Solutions and Commercial & Industrial

Infrastructure Solutions revenue increased to $129.5M (+27%) with operating income of $32.6M (vs $19.8M), while Commercial & Industrial revenue was $115.4M (+20%) with operating income of $12.9M (roughly flat versus prior year).

Backlog and future revenue

Remaining performance obligations were approximately $1.3B and backlog was about $2.1B as of quarter end, indicating a sizable pipeline of contracted work.

Capital allocation, cash and purchases

The company ended the quarter with $88.4M of cash and restricted cash net of debt and $66.8M of marketable securities. Q3 capex was $17.1M, the company placed a $7M deposit on a Manitowoc fabrication acquisition, repurchased 33,900 shares for $5.3M (with $168.0M remaining on the buyback authorization), and used $32.8M to buy marketable securities.

Acquisitions and corporate actions

Subsequent to quarter end IES acquired the remaining 20% of Edmonson Electric and the Communications segment completed the acquisition of Qypsys; the company also signed to purchase an industrial fabrication operation in Manitowoc to expand engineered solutions capacity.