IES Holdings Inc
ies-corporate.comWhat Do They Do?
Installs electrical and technology systems for homebuilders, data center operators, and commercial and industrial customers, and provides electro-mechanical solutions for industrial operations.
10-K for FY2024, filed Nov 21, 2025IES Holdings, Inc. designs and installs integrated electrical and technology systems and provides infrastructure products and services to a…View ↗
Communications – Nationwide provider of technology infrastructure services, including the design, build, and maintenance of the…View ↗
Originally established in 1973, our Residential segment is a leading provider of electrical installation services for single-family housing…View ↗
Our Infrastructure Solutions segment provides electro-mechanical solutions for industrial operations to domestic and international…View ↗
How Do They Make Money?
Customers pay agreed fixed prices or actual costs plus an agreed percentage for electrical, technology and industrial projects. Most project work is billed as it progresses.
10-K for FY2024, filed Nov 21, 2025Our revenue is derived from contracts with customers, and we determine the appropriate accounting treatment for each contract at its…View ↗
We recognize revenue on construction contracts over time using the percentage of completion method. Construction contracts generally…View ↗
We recognize revenue over time for the majority of the services we perform, other than the Residential Single-family and Infrastructure…View ↗
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10-K for FY2024, filed Nov 21, 2025
FY2024 revenue by reportable segment ↗
$3.4B
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10-K for FY2024, filed Nov 21, 2025
$3.4B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Communications
Recurring
10-K for FY2024, filed Nov 21, 2025 |
34%
FY2021: 26%
|
Communications, FY2024
$1.1B Sources
|
Recurring |
|
Residential
|
39%
FY2021: 52%
|
Residential, FY2024
$1.3B Sources
|
|
|
Infrastructure Solutions
|
15%
FY2021: 7.7%
|
Infrastructure Solutions, FY2024
$498.7M Sources
|
|
|
Commercial and Industrial
Recurring
10-K for FY2024, filed Nov 21, 2025 |
13%
FY2021: 14%
|
Commercial and Industrial, FY2024
$427.7M Sources
|
Recurring |
Who Are Their Customers?
Communications sells through direct relationships with end customers; Residential focuses on homebuilders and multifamily developers; Infrastructure Solutions sells custom products through original equipment manufacturers or engineering and construction firms, and serves nearby customers for repairs. Commercial and Industrial relies on regional and local relationships.
10-K for FY2024, filed Nov 21, 2025Our sales strategy relies on a concentrated business development effort, with centralized marketing programs and direct end-customer…View ↗
Demand for our Residential services is highly dependent on the number of single-family and multi-family home starts in the markets we…View ↗
Our sales efforts are primarily driven by personnel based at our operating locations, as well as independent sales representatives. Our…View ↗
Our sales focus varies by location but is primarily based upon regional and local relationships and a demonstrated expertise in certain…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2024 and turned 6 cents into free cash flow.
10-K for FY2024, filed Nov 21, 2025
$383.5MView ↗
10-K for FY2024, filed Nov 21, 2025
$306MView ↗
10-K for FY2024, filed Nov 21, 2025
$218.8MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Jul 31, 2026
$153.5MView ↗
- ▲ +94%
- vs $79.3M in Q3 FY2025
10-Q for Q3 FY2026, filed Jul 31, 2026
Open tableView ↗
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Aug 11, 2026
Agreed to acquire DBM Global
The pending acquisition would add structural steel fabrication, erection and industrial services as a new line of business.
Sources
8-K, filed Aug 11, 2026
HOUSTON — August 10, 2026 — IES Holdings, Inc. (“IES”) (NASDAQ: IESC) today announced that it has entered into a definitive agreement to…View ↗
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May 1, 2026
Completed acquisition of Gulf Island Fabrication
Gulf Island is a steel fabricator and service provider for industrial, energy and government customers.
Sources
8-K, filed May 1, 2026
Revenue of $974 million for the second quarter of fiscal 2026, an increase of 17% compared with $834 million for the same quarter of fiscal…View ↗
Growing. Revenue grew 2.2x in 4 years, from $1.5B in FY2020 to $3.4B in FY2024, about 22% a year.
Broader Infrastructure Solutions offerings
The latest report describes structural steel fabrication, gas engines, gas compressors and other gas-production equipment alongside generator enclosures, power distribution equipment and industrial repair; the older report listed enclosures, power distribution equipment and repair services.
10-K for FY2021, filed Dec 3, 2021 10-K for FY2024, filed Nov 21, 2025Our Infrastructure Solutions segment provides electro-mechanical solutions for industrial operations to domestic and international…View ↗
Our Infrastructure Solutions segment provides electro-mechanical solutions for industrial operations to domestic and international…View ↗
Residential service expansion
The latest report describes plumbing and HVAC expansion into markets where IES previously offered only electrical services, as well as expansion of all services into new geographic markets; the older report described expanding plumbing and HVAC offerings.
10-K for FY2021, filed Dec 3, 2021 10-K for FY2024, filed Nov 21, 2025Our long-term strategy is to continue to be a leading provider of electrical services to the residential market, and to continue to expand…View ↗
Our long-term strategy is to continue to be a leading provider of electrical services to the residential market, and to continue to expand…View ↗
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