IES : Q2 2026 Earnings Presentation (a07f7e)
IESC
Published on 05/01/2026 at 08:19 am EDT
IES HOLDINGS, INC. ( NASDAQ: IESC) | Second Quarter Fiscal 2026 Update | MARCH 31, 2026
Second Quarter 2026 Highlights
Revenue of $974 million, an increase of 17% year-over-year
Operating income of $112.3 million, an increase of 21% year-over-year
Earning per share of $5.44 and adjusted earnings per share* of $4.16
Remaining performance obligations of $2.3 billion, a GAAP measure of future revenue to be recognized from current contracts with customers, and record backlog* of $3.9 billion
Financial Highlights: 2Q & YTD'26
+17%
REVENUE:
OPERATING INCOME:
+26%
($ in millions)
($ in millions)
+17%
+21%
$834
$974
$1,584
$1,845
$93
$112
$167
$210
2Q '25
2Q '26
YTD'25
YTD'26
2Q '25
2Q '26
YTD'25
YTD'26
EARNINGS PER
($ / share)
SHARE:
+60%
ADJ. EARNINGS
($ / share)
PER SHARE*:
+32%
+55%
+26%
$3.50
$5.44
$6.22
$9.95
$3.30
$4.16
$5.94
$7.86
2Q '25
2Q '26
YTD'25
YTD'26
2Q '25
2Q '26
YTD'25
YTD'26
Segment Results: 2Q & YTD'26
Communications
Revenue: $367.7 million (+35% from 2Q FY'25)
Operating Income: $61.2 million (+54%)
Residential
Revenue: $287.6 million (-10%)
Operating Income: $6.4 million (-72%)
Infrastructure Solutions
Revenue: $192.4 million (+64%)
Operating Income: $41.9 million (+58%)
Commercial & Industrial
Revenue: $126.5 million (+1%)
Operating Income: $21.5 million (+35%)
Revenue: $719.6 million (+42% from YTD'25)
Operating Income: $118.6 million (+74%)
Revenue: $571.7 million (-10%)
Operating Income: $15.3 million (-67%)
Revenue: $332.6 million (+47%)
Operating Income: $77.5 million (+56%)
Revenue: $221.3 million (+4%)
Operating Income: $31.2 million (+36%)
Quarterly Backlog* Trend
($ in millions)
3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
$1,226
$1,295
$1,687
$1,809
$2,347
Income Statement
(in millions, except per share data)
Three Months Ended
March 31,
Six Months Ended
March 31,
2025
2026
2025
2026
Revenue
$834.0
$974.2
$1,583.5
$1,845.2
Operating income
$92.7
$112.3
$167.3
$210.0
Interest expense & other
(0.5)
0.9
(1.1)
(0.4)
Gain on marketable securities
(5.5)
(37.3)
(7.9)
(54.2)
Provision for income taxes
26.1
38.3
46.1
66.7
Equity method investment income
-
-
-
4.2
Net income attributable to noncontrolling interest
(1.9)
(0.3)
(3.3)
(0.7)
Net income attributable to IES Holdings, Inc.
$70.7
$109.9
$127.0
$201.3
Computation of EPS:
Net income attributable to IES Holdings, Inc.
$70.7
$109.9
$127.0
$201.3
Increase in noncontrolling interest
-
(0.1)
(1.1)
(0.5)
Net income attributable to common stockholders of IES Holdings, Inc.
$70.7
$109.8
$125.9
$200.8
Adjusted net income attributable to common stockholders(1)
$66.6
$84.0
$120.1
$158.7
Earnings per share attributable to common stockholders
$3.50
$5.44
$6.22
$9.95
Adjusted earnings per share attributable to common stockholders(1)
$3.30
$4.16
$5.94
$7.86
Diluted shares used to calculate earnings per share
20.2
20.2
20.2
20.2
(1) Adjusted net income attributable to common stockholders and Adjusted earnings per share attributable
to common stockholders are non-GAAP financial measures; see reconciliation table
Non-GAAP Reconciliation of Adjusted Net Income
(in millions, except per share data)
Three Months Ended
March 31,
Six Months Ended
March 31,
2025
2026
2025
2026
Net income attributable to IES Holdings, Inc.
$70.7
$109.9
$127.0
$201.3
Gain on marketable securities
(5.6)
(37.3)
(7.9)
(54.2)
Equity method investment income (1)
-
-
-
(4.2)
Acquisition-related compensation expense (2)
-
2.4
-
2.4
Provision for income taxes
26.1
38.3
46.1
66.7
Adjusted net income before taxes
$91.2
$113.4
$165.2
$212.0
Adjusted tax expense (3)
(24.6)
(29.3)
(44.0)
(52.8)
Adjusted net income attributable to IES Holdings, Inc.
$66.6
$84.1
$121.2
$159.2
Adjustments for computation of earnings per share:
Increase in noncontrolling interest
-
(0.1)
(1.1)
(0.5)
Adjusted net income attributable to common stockholders
$66.6
$84.0
$120.1
$158.7
Adjusted earnings per share attributable to common stockholders
$3.30
$4.16
$5.94
$7.86
Diluted shares used to calculate adjusted earnings per share
20.2
20.2
20.2
20.2
(1) Represents unrealized gains recorded by our equity investment, Jett Texas Company LLC, related to its investment in the CB&I storage solutions business.
(2) Represents expense associated with change in control awards and other stock-based compensation for former CEO and CFO of Gulf Island, to be paid out in cash upon completion of their employment agreements.
(3) Adjusted for the tax impact of adjustments to pretax income above.
Select Balance Sheet Data
(in millions)
3/31/2025
9/30/2025
3/31/2026
Cash & Marketable securities
$88.2
$231.8
$263.6
Other Current Assets
826.3
853.7
1,031.2
Deferred Tax Assets
22.1
16.1
14.5
Total Assets $1,364.6 $1,595.7 $1,994.0
Non-Current Assets 428.0 494.1 684.7
Current Liabilities $538.2 $456.5 $511.5 Other Liabilities 79.8 251.2 370.2
Debt - - 35.0
Total Liabilities
$618.0
$707.7
$916.7
Noncontrolling interest
40.7
4.0
4.6
Equity
705.8 884.0 1,072.7
Total Liabilities & Equity
$1,364.6
$1,595.7
$1,994.0
Net Cash & Marketable securities less Debt
$88.2
$231.8
$228.6
Segment Results
(in millions)
Three Months Ended
March 31,
Six Months Ended
March 31,
2025
2026
2025
2026
Revenue
Communications
$273.1
$367.7
$506.0
$719.6
Residential
317.9
287.6
637.9
571.7
Infrastructure Solutions
117.6
192.4
225.7
332.6
Commercial & Industrial
125.4
126.5
213.9
221.3
Total Revenue
$834.0
$974.2
$1,583.5
$1,845.2
Operating Income (Loss) Communications
$39.6
$61.2
$68.2
$118.6
Residential
22.7
6.4
46.5
15.3
Infrastructure Solutions
26.5
41.9
49.8
77.5
Commercial & Industrial
15.8
21.5
22.9
31.2
Corporate
(11.9)
(18.7)
(20.1)
(32.6)
Total Operating Income
$92.7
$112.3
$167.3
$210.0
Non-GAAP Reconciliation of Adjusted EBITDA
Three Months Ended Six Months Ending
(in millions) March 31, March 31,
2025
2026
2025
2026
Net income attributable to IES Holdings, Inc.
$70.7
$109.9
$127.0
$201.3
Equity method investment income
-
-
-
(4.2)
Provision for income taxes
26.1
38.3
46.1
66.7
Interest & other expense, net
(0.5)
0.9
(1.1)
(0.4)
Gain on marketable securities
(5.5)
(37.3)
(7.9)
(54.2)
Depreciation and amortization
11.9
16.1
23.0
28.8
EBITDA
$102.7
$127.9
$187.0
$238.0
Non-cash equity compensation expense 3.1 3.6 5.1 7.3
Acquisition-related compensation expense - 2.4 2.4
Adjusted EBITDA $105.8 $133.9 $192.1 $247.7
Non-GAAP Reconciliation of Remaining Performance Obligations to Backlog
(in millions)
March 31, 2025
September 30, 2025
March 31, 2026
Remaining performance obligations:
Communications
551.2
692.2
954.1
Residential
273.9
252.0
271.9
Infrastructure Solutions (2)
134.4
128.7
281.5
Commercial & Industrial 266.6 613.6 839.6
Total Remaining performance obligations $1,226.1 $1,686.5 $2,347.1
Agreements without an enforceable obligation (1):
Communications
129.8
63.6
423.2
Residential
90.5
121.5
110.7
Infrastructure Solutions
364.0
490.6
738.3
Commercial & Industrial 2.3 11.5 242.8
Total Agreements without an enforceable obligation (1) $586.6 $687.2 $1,515.0
Backlog:
Communications
681.0
755.8
1,377.3
Residential
364.4
373.6
382.6
Infrastructure Solutions (2)
498.4
619.2
1,019.8
Commercial & Industrial 268.9 625.2 1,082.4
Total Backlog $1,812.7 $2,373.8 $3,862.1
(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.
(2) During the quarter ended March 31, 2026, Infrastructure Solutions acquired $29.1 million of remaining performance obligations
and backlog in connection with the acquisition of Gulf Island.
Disclaimer
IES Holdings Inc. published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2026 at 12:18 UTC.