IES Holdings, Inc.

Listed Company

IESCCIK 0001048268NasdaqLarge AcceleratedElectrical WorkDelawareFY ends Sep 30

Period

FY 2025

Revenue

$3.37B

Net Income

$305.98M

Total Assets

$1.60B

Equity

$883.96M

Shares Out

19.93M

Op. Cash Flow

$286.10M

+ 13F Filer

Business

IES Holdings, Inc. designs and installs integrated electrical and technology systems and provides infrastructure products and services to diverse end markets, focusing on mission-critical and construction projects. It offers services including design, installation and maintenance of network and communications infrastructure, electrical installation for single- and multi-family housing, HVAC and plumbing services, custom-engineered electro-mechanical products, apparatus repair, and electrical/mechanical construction and maintenance. Operations are organized into four segments: Communications, Residential, Infrastructure Solutions, and Commercial & Industrial. The Company serves customers across the United States through regional offices, onsite dedicated teams, OEM partnerships and direct end-customer relationships.

Summary from filing dated 2025-11-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenues	3,371	2,884	2,377	2,167	1,536
Cost of services	2,512	2,188	1,933	1,848	1,248
Gross profit	859	697	445	319	288
Selling, general and administrative expenses	475	397	299	263	202
Contingent consideration	1	714,000	277,000	277,000	211,000
Loss (gain) on sale of assets	−155,000	−2	−14	−69,000	−47,000
Operating income	384	301	160	56	86
Interest Expense	2	1	3	3	962,000
Other (income) expense, net	−12	−5	−2	37,000	−286,000
Provision for income taxes	97	72	39	13	16
Net income (loss)	312	233	120	40	69
Net Income (Loss) Attributable to Noncontrolling Interest	−6	−13	−11	−5	−2
Comprehensive income (loss) attributable to IES Holdings, Inc.	306	219	108	35	67
Earnings (loss) per share, basic	15.22	10.02	4.58	1.45	3.19
Earnings (loss) per share, diluted	15.02	9.89	4.54	1.44	3.15
Weighted Average Number of Shares Outstanding, Basic	20	20	20	21	21
Weighted Average Number of Shares Outstanding, Diluted	20	20	20	21	21
Income (Loss) from Equity Method Investments	−15	0	0	—	—
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	394	305	159	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Accounts receivable	552	470	364	371	287
Accounts and Other Receivables, Net, Current	100	90	77	65	41
Inventories	112	102	96	96	69
Costs and estimated earnings in excess of billings	69	60	49	52	43
Marketable Securities, Current	105	35	0	—	—
Prepaid expenses and other current assets	21	14	10	15	21
Total current assets	1,085	872	671	624	484
Property and equipment, net	183	134	63	54	35
Goodwill	108	94	92	92	92
Equity Method Investments	60	0	—	—	—
Intangible assets, net	42	46	56	72	86
Deferred tax assets	16	22	20	21	19
Operating right of use assets	88	62	62	56	43
Other non-current assets	13	14	16	15	7
Total assets	1,596	1,244	982	935	767
Accounts payable and accrued expenses	457	364	297	317	249
Billings in excess of costs and estimated earnings	177	159	104	85	62
Total current liabilities	633	523	401	402	312
Long-term debt	0	0	0	82	40
Operating long-term lease liabilities	62	40	42	38	29
Liability for Uncertainty in Income Taxes, Noncurrent	7	17	22	10	—
Other non-current liabilities	6	12	17	13	16
Total liabilities	708	592	482	544	396
Noncontrolling interest	4	41	50	29	25
Preferred Stock, Par or Stated Value Per Share	0.01	0.01	0.01	0.01	0.01
Preferred Stock, Shares Authorized	10	10	10	10	10
Preferred stock, value	0	0	0	0	0
Common Stock, Par or Stated Value Per Share	0.01	0.01	0.01	0.01	0.01
Common Stock, Shares Authorized	100	100	100	100	100
Common Stock, Shares, Issued	22	22	22	22	22
Common Stock, Shares, Outstanding	20	20	20	20	21
Common stock, value	220,000	220,000	220,000	220,000	220,000
Treasury Stock, Common, Shares	2	2	2	2	1
Treasury stock, value	−128	−90	−49	−44	−29
Additional paid-in capital	211	203	203	202	202
Retained earnings	801	498	296	203	173
Total stockholders' equity	884	611	450	361	346
Total liabilities and stockholders' equity	1,596	1,244	982	935	767
Cash and Cash Equivalent	127	101	76	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Bad debt expense	3	1	−120,000	3	1
Deferred financing cost amortization	475,000	287,000	268,000	199,000	198,000
Depreciation and amortization	47	37	29	25	22
Non-cash compensation	13	6	4	4	4
Deferred income taxes	−3	−1	5	−31,000	12
Accounts receivable	−80	−94	3	−87	−55
Inventories	4	−4	−1	−28	−31
Costs and estimated earnings in excess of billings	−9	−4	3	−9	−13
Prepaid expenses and other current assets	−16	−17	−7	−19	−9
Other non-current assets	−2	174,000	2	−3	703,000
Accounts payable and accrued expenses	86	58	−10	67	31
Billings in excess of costs and estimated earnings	16	55	19	22	7
Other non-current liabilities	−2	423,000	162,000	−762,000	1
Net cash provided by operating activities	286	234	154	16	38
Purchases of property and equipment	67	45	18	29	7
Proceeds from sale of assets	833,000	4	21	219,000	295,000
Payments to Acquire Equity Method Investments	−45	−380,000	−165,000	−500,000	0
Cash received (paid) in conjunction with business combinations	−52	−67	0	0	−92
Net cash used in investing activities	−164	−109	3	−30	−100
Borrowings of debt	996	2,896	2,382	1,924	1,319
Repayments of debt	−996	−2,896	−2,464	−1,882	−1,278
Finance lease payment	−4	−4	−3	−2	−648,000
Payments for Repurchase of Redeemable Noncontrolling Interest	−40	−32	0	0	−1
Distribution to noncontrolling interests	−9	−16	−11	−7	−311,000
Purchase of treasury stock	−42	−44	−8	−19	−7
Issuance of shares	0	19,000	22,000	53,000	0
Net cash used in financing activities	−96	−100	−106	15	31
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	26	25	51	2	−30
Cash paid for interest	882,000	536,000	2	3	738,000
Cash paid for income taxes (net)	117	62	12	4	5
Fair Value of Assets Acquired	789,000	0	5	0	0
Noncash or Part Noncash Acquisition, Other Liabilities Assumed	0	3	—	—	—
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI	62	33	0	0	—
Unrealized Gain (Loss) on Investments	−7	−2	0	0	—
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	−15	0	0	—	—
Payment for Contingent Consideration Liability, Financing Activities	1	4	0	0	0

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 13 positions

Reported AUM

$171.19M

Holdings

Top sector

$171.19M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$171.19M	100.0%

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