The company has achieved structural margin expansion, with gross margins consistently exceeding 24% over the last ten quarters, peaking at 26.9% in 2025Q3.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 |
|---|
| Sales/Revenue | 3.63B | 3.37B | 2.88B | 2.38B | 2.17B | 1.54B | 1.19B | 1.08B | 876.8M | 810.7M | 696M | 573.9M | 512.39M | 494.59M | 456.12M | 481.61M | 460.6M | 666M | 818.29M | 892.76M | 419.85M | 1.1B | 1.42B | 1.45B | 1.48B | 1.69B | 1.67B | 1.04B | 386.72M | 92.4M |
| Revenue Growth % | 16.16% | 16.89% | 21.33% | 9.71% | 41.02% | 29.02% | 10.57% | 22.83% | 8.15% | 16.48% | 21.28% | 12% | 3.6% | 8.44% | -5.29% | 4.56% | -30.84% | -18.61% | -8.34% | 112.64% | -61.93% | -22.56% | -1.69% | -1.82% | -12.86% | 1.25% | 61.44% | 167.86% | 318.53% | - |
| Cost of Goods Sold | 2.7B | 2.51B | 2.19B | 1.93B | 1.85B | 1.25B | 962.9M | 894.9M | 726.9M | 670.2M | 569M | 474M | 429.27M | 427.63M | 398.06M | 445.58M | 404.1M | 556.47M | 686.41M | 747.84M | 361.01M | 975.9M | 1.25B | 1.24B | 1.25B | 1.39B | 1.37B | 816.72M | 306.05M | 76.3M |
| COGS % of Revenue | - | 74.51% | 75.85% | 81.3% | 85.28% | 81.26% | 80.86% | 83.09% | 82.9% | 82.67% | 81.75% | 82.59% | 83.78% | 86.46% | 87.27% | 92.52% | 87.73% | 83.55% | 83.88% | 83.77% | 85.98% | 88.49% | 87.79% | 85.69% | 84.98% | 81.83% | 82.08% | 78.84% | 79.14% | 82.58% |
| Gross Profit | 931.31M | 859.5M | 696.59M | 444.54M | 318.9M | 288M | 227.96M | 182.1M | 149.9M | 140.5M | 127M | 99.9M | 83.13M | 66.96M | 58.05M | 36.02M | 56.5M | 109.53M | 131.88M | 144.92M | 58.84M | 126.91M | 173.93M | 207.22M | 221.59M | 307.62M | 299.75M | 219.17M | 80.67M | 16.1M |
| Gross Margin % | 25.63% | 25.49% | 24.15% | 18.7% | 14.72% | 18.74% | 19.14% | 16.91% | 17.1% | 17.33% | 18.25% | 17.41% | 16.22% | 13.54% | 12.73% | 7.48% | 12.27% | 16.45% | 16.12% | 16.23% | 14.02% | 11.51% | 12.21% | 14.31% | 15.02% | 18.17% | 17.92% | 21.16% | 20.86% | 17.42% |
| Gross Profit Growth % | - | 23.39% | 56.7% | 39.4% | 10.73% | 26.34% | 25.18% | 21.48% | 6.69% | 10.63% | 27.13% | 20.18% | 24.14% | 15.34% | 61.16% | -36.24% | -48.41% | -16.95% | -9% | 146.28% | -53.64% | -27.03% | -16.07% | -6.48% | -27.97% | 2.63% | 36.76% | 171.69% | 401.05% | - |
| Operating Expenses | 504.51M | 474.98M | 395.71M | 284.76M | 262.7M | 202.3M | 177.88M | 140.6M | 123.9M | 120.4M | 100.6M | 81.4M | 75.57M | 66.6M | 58.61M | 62.78M | 84.7M | 107.86M | 117.25M | 137.58M | 52.38M | 210.9M | 258.7M | 153.65M | 174.18M | 227.06M | 234.73M | 123.18M | 67.64M | 10.2M |
| OpEx % of Revenue | - | 14.09% | 13.72% | 11.98% | 12.12% | 13.17% | 14.94% | 13.05% | 14.13% | 14.85% | 14.45% | 14.18% | 14.75% | 13.47% | 12.85% | 13.04% | 18.39% | 16.2% | 14.33% | 15.41% | 12.48% | 19.12% | 18.17% | 10.61% | 11.81% | 13.41% | 14.04% | 11.89% | 17.49% | 11.04% |
| Selling, General & Admin | 504.15M | 474.98M | 396.68M | 298.63M | 262.7M | 202.3M | 170.91M | 140.6M | 123.9M | 120.4M | 100.6M | 81.4M | 75.57M | 66.6M | 58.61M | 69.36M | 84.9M | 108.33M | 117.37M | 137.64M | 53.8M | 153.56M | 158.91M | 153.65M | 174.18M | 214.07M | 221.52M | 113.87M | 47.39M | 10.2M |
| SG&A % of Revenue | - | 14.09% | 13.75% | 12.56% | 12.12% | 13.17% | 14.35% | 13.05% | 14.13% | 14.85% | 14.45% | 14.18% | 14.75% | 13.47% | 12.85% | 14.4% | 18.43% | 16.27% | 14.34% | 15.42% | 12.81% | 13.92% | 11.16% | 10.61% | 11.81% | 12.64% | 13.25% | 10.99% | 12.25% | 11.04% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 361K | 0 | -970K | -13.86M | 0 | 0 | 6.96M | 0 | 0 | 0 | 1.42M | 0 | 0 | 0 | 0 | 0 | -200K | -465K | -114K | -59K | 70.31M | 57.34M | 99.8M | 0 | -14.48M | 12.98M | 13.21M | 9.3M | 20.25M | 0 |
| Operating Income | 426.38M | 383.53M | 300.88M | 159.78M | 56M | 85.58M | 50.08M | 41.9M | 26M | 20.3M | 25M | 18.5M | 7.64M | 426K | -389K | -35.35M | -29M | -5.74M | 9.81M | 6.51M | 15.41M | -83.99M | -84.77M | 28.33M | 17.5M | 54.24M | 65.02M | 96M | 13.03M | 5.9M |
| Operating Margin % | 11.74% | 11.38% | 10.43% | 6.72% | 2.58% | 5.57% | 4.21% | 3.89% | 2.97% | 2.5% | 3.59% | 3.22% | 1.49% | 0.09% | -0.09% | -7.34% | -6.3% | -0.86% | 1.2% | 0.73% | 3.67% | -7.62% | -5.95% | 1.96% | 1.19% | 3.2% | 3.89% | 9.27% | 3.37% | 6.39% |
| Operating Income Growth % | - | 27.47% | 88.31% | 185.31% | -34.57% | 70.88% | 19.53% | 61.15% | 28.08% | -18.8% | 35.14% | 142.11% | 1693.66% | 209.51% | 98.9% | -21.89% | -405.05% | -158.51% | 50.62% | -57.71% | 118.34% | 0.93% | -399.26% | 61.9% | -67.74% | -16.58% | -32.27% | 636.68% | 120.86% | - |
| EBITDA | 466.54M | 430.47M | 337.98M | 189.18M | 81.47M | 107.5M | 62.59M | 51.46M | 34.86M | 29.91M | 30.66M | 21.01M | 10.17M | 2.98M | 1.97M | -28.99M | -23.71M | 2.52M | 19.44M | 17.65M | 19.76M | -67.53M | -71.14M | 44.64M | 36.13M | 84.59M | 97.68M | 112.94M | 18.59M | 6.22M |
| EBITDA Margin % | 12.84% | 12.77% | 11.72% | 7.96% | 3.76% | 7% | 5.26% | 4.78% | 3.98% | 3.69% | 4.41% | 3.66% | 1.98% | 0.6% | 0.43% | -6.02% | -5.15% | 0.38% | 2.38% | 1.98% | 4.71% | -6.12% | -5% | 3.08% | 2.45% | 5% | 5.84% | 10.9% | 4.81% | 6.73% |
| EBITDA Growth % | 23.69% | 27.37% | 78.65% | 132.22% | -24.21% | 71.75% | 21.64% | 47.61% | 16.57% | -2.47% | 45.96% | 106.64% | 241.4% | 51.48% | 106.78% | -22.28% | -1042.33% | -87.06% | 10.15% | -10.66% | 129.26% | 5.08% | -259.35% | 23.56% | -57.29% | -13.4% | -13.52% | 507.62% | 198.84% | - |
| D&A (Non-Cash Add-back) | 40.16M | 46.94M | 37.1M | 29.41M | 25.47M | 21.91M | 12.51M | 9.56M | 8.86M | 9.61M | 5.66M | 2.51M | 2.53M | 2.55M | 2.35M | 6.36M | 5.29M | 8.26M | 9.63M | 11.13M | 4.35M | 16.46M | 13.63M | 16.32M | 18.63M | 30.34M | 32.66M | 16.95M | 5.56M | 320K |
| EBIT | 484.88M | 395.22M | 305.72M | 161.57M | 55.77M | 85.87M | 49.92M | 41.68M | 26.01M | 20.51M | 24.7M | 18.35M | 7.46M | -603K | -862K | -35.4M | -27.67M | -6.92M | 14.63M | 7.34M | 6.46M | -83.99M | -84.77M | 28.33M | 17.5M | 54.24M | 65.02M | 96M | 13.03M | 5.9M |
| Net Interest Income | -694K | 1.11M | 2.7M | -3.02M | -2.97M | -962K | -777K | -1.86M | -1.95M | -1.7M | -1.28M | -1.13M | -1.57M | -1.62M | -2.29M | -2.21M | -3.27M | -4.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.15M | 2.92M | 4.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 152K | 34K | 68K | 242K | 432K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.84M | 1.81M | 1.34M | 3.02M | 2.97M | 962K | 777K | 1.86M | 1.95M | 1.7M | 1.28M | 1.13M | 1.57M | 1.77M | 2.32M | 2.28M | 3.51M | 4.53M | 6.53M | 5.83M | 16.92M | 28.29M | 23.2M | 0 | 0 | 0 | 0 | 0 | 0 | -200K |
| Other Income/Expense | 74.8M | 25.12M | 3.79M | -1.23M | -3.01M | -676K | -789K | -1.71M | -1.61M | -1.54M | -1.2M | -950K | -1.37M | -2.28M | -2.23M | -20.36M | -2.17M | -5.7M | -5.86M | -5.5M | -4M | -29.66M | -29.01M | -6.26M | -23.66M | -67.27M | -22.22M | -12.54M | -393K | 200K |
| Pretax Income | 501.18M | 408.65M | 304.67M | 158.55M | 53M | 84.91M | 49.29M | 40.1M | 24.3M | 18.8M | 23.8M | 17.6M | 6.27M | -1.85M | -2.62M | -37.55M | -32.1M | -11.44M | 3.96M | 1.02M | 1.04M | -113.65M | -113.78M | 28.61M | 16.11M | 54.38M | 42.8M | 83.45M | 12.64M | 6.1M |
| Pretax Margin % | 13.79% | 12.12% | 10.56% | 6.67% | 2.45% | 5.53% | 4.14% | 3.72% | 2.77% | 2.32% | 3.42% | 3.07% | 1.22% | -0.37% | -0.57% | -7.8% | -6.97% | -1.72% | 0.48% | 0.11% | 0.25% | -10.31% | -7.99% | 1.98% | 1.09% | 3.21% | 2.56% | 8.06% | 3.27% | 6.6% |
| Income Tax | 117.44M | 96.81M | 72.17M | 38.76M | 12.8M | 16.2M | 8.7M | 6.7M | 38.2M | 5.2M | -97.1M | 700K | 748K | 326K | 38K | 146K | -31K | 495K | 2.92M | 2.04M | 425K | 894K | 11.08M | 8.18M | 6.17M | 25.67M | 21.64M | 35.35M | 12.69M | 2.4M |
| Effective Tax Rate % | 23.43% | 23.69% | 23.69% | 24.45% | 24.15% | 19.08% | 17.65% | 16.71% | 157.2% | 27.66% | -407.98% | 3.98% | 11.93% | -17.6% | -1.45% | -0.39% | 0.1% | -4.33% | 73.82% | 200.89% | 40.83% | -0.79% | -9.74% | 28.59% | 38.33% | 47.21% | 50.57% | 42.36% | 100.41% | 39.34% |
| Net Income | 380.46M | 305.98M | 219.12M | 108.29M | 34.76M | 66.66M | 41.6M | 33.2M | -14.2M | 13.4M | 120.8M | 16.5M | 5.32M | -3.57M | -11.8M | -37.69M | -32.1M | -11.82M | 684K | -4.41M | -8.17M | -127.75M | -124.86M | 20.43M | -273.35M | 28.71M | 21.16M | 48.11M | -52K | 3.7M |
| Net Margin % | 10.47% | 9.08% | 7.6% | 4.56% | 1.6% | 4.34% | 3.49% | 3.08% | -1.62% | 1.65% | 17.36% | 2.88% | 1.04% | -0.72% | -2.59% | -7.83% | -6.97% | -1.77% | 0.08% | -0.49% | -1.95% | -11.58% | -8.77% | 1.41% | -18.53% | 1.7% | 1.27% | 4.64% | -0.01% | 4% |
| Net Income Growth % | 50.85% | 39.64% | 102.35% | 211.51% | -47.85% | 60.24% | 25.3% | 333.8% | -205.97% | -88.91% | 632.12% | 209.92% | 249.01% | 69.73% | 68.69% | -17.42% | -171.57% | -1828.07% | 115.5% | 46% | 93.6% | -2.31% | -711.18% | 107.47% | -1052.11% | 35.71% | -56.02% | 92613.46% | -101.41% | - |
| Net Income (Continuing) | 383.74M | 311.84M | 232.5M | 119.79M | 40.19M | 68.68M | 40.55M | 33.48M | -13.8M | 13.59M | 120.88M | 16.88M | 5.52M | -2.18M | -2.65M | -37.82M | -31.16M | -11.94M | 1.04M | -1.02M | 616K | -114.54M | -124.86M | 19.44M | -10.16M | 27.89M | 21.16M | 48.11M | -52K | 3.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.6M | 4.01M | 41M | 49.95M | 29.19M | 24.59M | 1.8M | 3.29M | 3.23M | 3.27M | 1.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 18.85 | 15.02 | 9.89 | 4.54 | 1.44 | 3.16 | 1.97 | 1.56 | -0.67 | 0.62 | 5.62 | 0.77 | 0.29 | -0.23 | -0.78 | -2.60 | -2.23 | -0.82 | 0.05 | -0.29 | -0.53 | -3.27 | -3.23 | 0.53 | -6.86 | 0.70 | 0.52 | 1.39 | -0.00 | 0.82 |
| EPS Growth % | 56.51% | 51.87% | 117.84% | 215.28% | -54.43% | 60.41% | 26.28% | 332.84% | -208.06% | -88.97% | 629.87% | 165.52% | 226.09% | 70.51% | 70% | -16.59% | -171.95% | -1740% | 117.24% | 45.28% | 83.79% | -1.24% | -709.43% | 107.73% | -1080% | 34.62% | -62.59% | - | -100.32% | - |
| EPS (Basic) | - | 15.22 | 10.02 | 4.58 | 1.45 | 3.21 | 2.00 | 1.58 | -0.67 | 0.62 | 5.63 | 0.77 | 0.29 | -0.23 | -0.80 | -2.60 | -2.23 | -0.82 | 0.05 | -0.29 | -0.55 | -3.27 | -3.23 | 0.53 | -6.86 | 0.71 | 0.53 | 1.41 | -0.00 | 0.82 |
| Diluted Shares Outstanding | 20.19M | 20.18M | 20.41M | 20.41M | 20.89M | 21.09M | 21.09M | 21.32M | 21.2M | 21.53M | 21.49M | 21.53M | 18.47M | 15.46M | 15.12M | 14.49M | 14.41M | 14.33M | 15.03M | 15.06M | 15.37M | 39.12M | 38.61M | 38.72M | 39.85M | 40.9M | 40.41M | 34.61M | 19.75M | 4.5M |
| Basic Shares Outstanding | 19.93M | 19.92M | 20.16M | 20.2M | 20.67M | 20.79M | 20.8M | 21.08M | 21.06M | 21.28M | 21.28M | 21.48M | 18.42M | 15.46M | 14.75M | 14.49M | 14.41M | 14.33M | 14.94M | 15.06M | 14.97M | 39.12M | 38.61M | 38.53M | 39.85M | 40.4M | 40.21M | 34.2M | 19.75M | 4.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical residential market exposure
According to recent financial disclosures, IESC achieved a 16.8% year-over-year revenue increase in 2026Q2, demonstrating that the company's specialized data center infrastructure work is successfully offsetting potential headwinds from the broader residential construction sector, which remains sensitive to current interest rate volatility and housing market trends.
The consistent double-digit revenue growth suggests that IESC is effectively capturing demand from hyperscale data center capital expenditure cycles. Investors should monitor whether this top-line momentum can persist if residential housing starts face further contraction, as the current mix shift toward higher-value technical services appears to be the primary engine for recent performance.
As reported in quarterly filings, IESC has maintained gross margins consistently above 24% over the last ten quarters, peaking at 26.9% in 2025Q3, which indicates a successful pivot toward higher-margin technical infrastructure projects rather than relying on lower-margin, commodity-grade electrical contracting work common among industry peers.
The ability to sustain these margin levels suggests that the company possesses meaningful pricing power within its Communications and Infrastructure segments. This structural improvement warrants further investigation into whether the current margin profile is a permanent shift driven by technical expertise or if it remains vulnerable to inflationary pressures on raw materials like copper and steel.
Based on the provided income statement data, IESC's operating income has scaled significantly, reaching $112.3 million in 2026Q2, which implies that management is successfully controlling SG&A expenses even as the company expands its footprint across complex, high-density network infrastructure projects in the US market.
The operating margin of 11.38% reflects a lean corporate structure that appears to be benefiting from economies of scale within its decentralized business units. This efficiency suggests that the company is not merely growing through volume, but is also optimizing its project execution to drive higher profitability per dollar of revenue generated.
Analysis of recent financial statements reveals that IESC's net income growth has largely tracked with operating performance, with stock-based compensation remaining relatively contained at $3.8 million in 2026Q1, suggesting that shareholder dilution is not currently a primary concern for investors evaluating the company's bottom-line quality.
The absence of significant non-operating distortions in recent quarters indicates that reported earnings are primarily driven by core operational success. However, given the use of percentage-of-completion accounting, investors should remain vigilant regarding potential adjustments to project cost estimates that could impact future earnings volatility.
Quick answers to the most common questions about buying IESC stock.
For fiscal year 2025, IES Holdings, Inc. (IESC) reported total revenue of $3.37B. This represents a 3548.8% increase compared to $92.4M in 1997.
IES Holdings, Inc. (IESC) is profitable, generating $306.0M in net income for the fiscal year ending 2025 with a net profit margin of 9.1%.
IES Holdings, Inc. (IESC) reported an operating income of $383.5M, resulting in an operating profit margin of 11.4%. This margin reflects the operational efficiency of the business before interest and taxes.
IES Holdings, Inc. (IESC) generated $859.5M in gross profit for the year, representing a gross profit margin of 25.5%. This demonstrates the company's core pricing power and production efficiency.