Logo: Integrated Electrical Services, Public domain, via Wikimedia Commons5
Electric company
IES Holdings, Inc., formerly known as Integrated Electrical Services, Inc., designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities. IES is headquartered in Houston, Texas and has 125+ locations with 8,000+ employees across the continental United States.3 Its shares trade on Nasdaq under the symbol IESC.1Wikipedia text CC BY-SA 4.0
IES Holdings, Inc., formerly known as Integrated Electrical Services, Inc., designs and installs integrated electrical and technology systems and provides infrastructure products and services to a variety of end markets, including data centers, residential housing, and commercial and industrial facilities.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue10111213146$3.4B in 2025+285% since 2018Gross profit10111213146$859.5M in 2025+473% since 2018Operating income10111213146$383.5M in 2025+1378% since 2018Net income10111213146$306.0M in 2025
Revenue151617$1.2B in Q3 FY2026+43% since Q1 FY2025Gross profit151617$340.7M in Q3 FY2026+55% since Q1 FY2025Operating income151617$178.5M in Q3 FY2026+83% since Q1 FY2025Net income151617$153.5M in Q3 FY2026+67% since Q1 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2025-09-30
2024-09-30
2023-09-30
Revenues
$3.4B
$2.9B
$2.4B
Cost of services
$2.5B
$2.2B
$1.9B
Gross profit
$859.5M
$696.6M
$444.5M
Selling, general and administrative expenses
$475.0M
$396.7M
$298.6M
Contingent consideration
$1.1M
$714.0K
$277.0K
Loss (gain) on sale of assets
-$155.0K
-$1.7M
-$14.1M
Operating income
$383.5M
$300.9M
$159.8M
Interest Expense
$1.8M
$1.3M
$3.0M
Other (income) expense, net
-$12.2M
-$5.1M
-$1.8M
Provision for income taxes
$96.8M
$72.2M
$38.8M
Net income (loss)
$311.8M
$232.5M
$119.8M
Net Income (Loss) Attributable to Noncontrolling Interest
-$5.9M
-$13.4M
-$11.5M
Comprehensive income (loss) attributable to IES Holdings, Inc.
$306.0M
$219.1M
$108.3M
Earnings (loss) per share, basic
$15.22
$10.02
$4.58
Earnings (loss) per share, diluted
$15.02
$9.89
$4.54
Weighted Average Number of Shares Outstanding, Basic
19.9M shares
20.2M shares
20.2M shares
Weighted Average Number of Shares Outstanding, Diluted
20.2M shares
20.4M shares
20.4M shares
Income (Loss) from Equity Method Investments
-$14.8M
$0
$0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest
$393.9M
$304.7M
$158.5M
No quarter-by-quarter statement was filed.
Total assets10111213146$1.6B in 2025+278% since 2018Total liabilities1810111213146$707.7M in 2025+257% since 2018Shareholders’ equity111213146$884.0M in 2025+301% since 2018Cash191213146$127.2M in 2025+385% since 2018Long-term debt1810111213146$0 in 2025
Total assets151617$2.3B in Q3 FY2026+37% since Q1 FY2025Total liabilities151617$1.0B in Q3 FY2026+50% since Q1 FY2025Shareholders’ equity151617$1.2B in Q3 FY2026+28% since Q1 FY2025Cash151617$77.3M in Q3 FY2026−13% since Q1 FY2025Long-term debt1516$0 in Q2 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2025-09-30
2024-09-30
2023-09-30
2022-09-30
Accounts receivable
$552.2M
$469.8M
Accounts and Other Receivables, Net, Current
$99.9M
$89.8M
Inventories
$111.5M
$101.7M
Costs and estimated earnings in excess of billings
$69.2M
$60.1M
Marketable Securities, Current
$104.6M
$35.0M
Prepaid expenses and other current assets
$20.9M
$14.4M
Total current assets
$1.1B
$871.7M
Property and equipment, net
$183.2M
$134.2M
Goodwill
$107.8M
$94.0M
Equity Method Investments
$59.7M
$0
Intangible assets, net
$41.6M
$45.9M
Deferred tax assets
$16.1M
$22.5M
Operating right of use assets
$88.4M
$62.0M
Other non-current assets
$13.4M
$13.9M
Total assets
$1.6B
$1.2B
$981.6M
Accounts payable and accrued expenses
$456.6M
$363.6M
Billings in excess of costs and estimated earnings
$176.8M
$159.0M
Total current liabilities
$633.4M
$522.6M
Long-term debt
$0
$0
Operating long-term lease liabilities
$62.0M
$40.4M
Liability for Uncertainty in Income Taxes, Noncurrent
$6.8M
$16.7M
Other non-current liabilities
$5.5M
$12.2M
Total liabilities
$707.7M
$591.9M
Noncontrolling interest
$4.0M
$41.0M
Preferred Stock, Par or Stated Value Per Share
$0.01
$0.01
Preferred Stock, Shares Authorized
10.0M shares
10.0M shares
Preferred stock, value
$0
$0
Common Stock, Par or Stated Value Per Share
$0.01
$0.01
Common Stock, Shares Authorized
100.0M shares
100.0M shares
Common Stock, Shares, Issued
22.0M shares
22.0M shares
22.0M shares
22.0M shares
Common Stock, Shares, Outstanding
19.9M shares
20.0M shares
Common stock, value
$220.0K
$220.0K
Treasury Stock, Common, Shares
2.2M shares
2.1M shares
1.9M shares
1.7M shares
Treasury stock, value
-$127.8M
-$90.3M
Additional paid-in capital
$210.7M
$203.5M
Retained earnings
$800.8M
$497.8M
Total stockholders' equity
$884.0M
$611.1M
Total liabilities and stockholders' equity
$1.6B
$1.2B
Cash and Cash Equivalent
$127.2M
$100.8M
Period ending
2025-09-30
2024-09-30
2023-09-30
2022-09-30
Accounts receivable
$552.2M
$469.8M
Accounts and Other Receivables, Net, Current
$99.9M
$89.8M
Inventories
$111.5M
$101.7M
Costs and estimated earnings in excess of billings
$69.2M
$60.1M
Marketable Securities, Current
$104.6M
$35.0M
Prepaid expenses and other current assets
$20.9M
$14.4M
Total current assets
$1.1B
$871.7M
Property and equipment, net
$183.2M
$134.2M
Goodwill
$107.8M
$94.0M
Equity Method Investments
$59.7M
$0
Intangible assets, net
$41.6M
$45.9M
Deferred tax assets
$16.1M
$22.5M
Operating right of use assets
$88.4M
$62.0M
Other non-current assets
$13.4M
$13.9M
Total assets
$1.6B
$1.2B
$981.6M
Accounts payable and accrued expenses
$456.6M
$363.6M
Billings in excess of costs and estimated earnings
$176.8M
$159.0M
Total current liabilities
$633.4M
$522.6M
Long-term debt
$0
$0
Operating long-term lease liabilities
$62.0M
$40.4M
Liability for Uncertainty in Income Taxes, Noncurrent
$6.8M
$16.7M
Other non-current liabilities
$5.5M
$12.2M
Total liabilities
$707.7M
$591.9M
Noncontrolling interest
$4.0M
$41.0M
Preferred Stock, Par or Stated Value Per Share
$0.01
$0.01
Preferred Stock, Shares Authorized
10.0M shares
10.0M shares
Preferred stock, value
$0
$0
Common Stock, Par or Stated Value Per Share
$0.01
$0.01
Common Stock, Shares Authorized
100.0M shares
100.0M shares
Common Stock, Shares, Issued
22.0M shares
22.0M shares
22.0M shares
22.0M shares
Common Stock, Shares, Outstanding
19.9M shares
20.0M shares
Common stock, value
$220.0K
$220.0K
Treasury Stock, Common, Shares
2.2M shares
2.1M shares
1.9M shares
1.7M shares
Treasury stock, value
-$127.8M
-$90.3M
Additional paid-in capital
$210.7M
$203.5M
Retained earnings
$800.8M
$497.8M
Total stockholders' equity
$884.0M
$611.1M
Total liabilities and stockholders' equity
$1.6B
$1.2B
Cash and Cash Equivalent
$127.2M
$100.8M
Cash from operations10111213146$286.1M in 2025+2240% since 2018Share buybacks10111213146$41.6M in 2025+1923% since 2018
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2025-09-30
2024-09-30
2023-09-30
Depreciation and amortization
$46.9M
$37.1M
$29.4M
Loss (gain) on sale of assets
$155.0K
$1.7M
$14.1M
Accounts receivable
-$79.9M
-$93.5M
$2.9M
Inventories
$4.1M
-$3.5M
-$1.1M
Costs and estimated earnings in excess of billings
-$8.7M
-$4.0M
$3.5M
Prepaid expenses and other current assets
-$16.5M
-$16.7M
-$7.3M
Other non-current assets
-$1.6M
$174.0K
$2.1M
Accounts payable and accrued expenses
$86.5M
$57.9M
-$10.0M
Billings in excess of costs and estimated earnings
$16.1M
$54.5M
$19.1M
Other non-current liabilities
-$1.8M
$423.0K
$162.0K
Net cash provided by operating activities
$286.1M
$234.4M
$153.9M
Purchases of property and equipment
$67.3M
$45.2M
$17.7M
Proceeds from sale of assets
$833.0K
$3.7M
$20.6M
Payments to Acquire Equity Method Investments
-$44.9M
-$380.0K
-$165.0K
Cash received (paid) in conjunction with business combinations
-$52.4M
-$67.0M
$0
Net cash used in investing activities
-$163.7M
-$108.8M
$2.8M
Borrowings of debt
$996.4M
$2.9B
$2.4B
Repayments of debt
-$996.4M
-$2.9B
-$2.5B
Finance lease payment
-$4.4M
-$4.3M
-$3.3M
Payments for Repurchase of Redeemable Noncontrolling Interest
-$40.0M
-$32.0M
$0
Distribution to noncontrolling interests
-$8.6M
-$16.2M
-$11.5M
Purchase of treasury stock
-$41.6M
-$44.0M
-$8.3M
Issuance of shares
$0
$19.0K
$22.0K
Net cash used in financing activities
-$96.1M
-$100.5M
-$105.8M
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
$26.3M
$25.1M
$50.9M
Cash paid for interest
$882.0K
$536.0K
$2.1M
Cash paid for income taxes (net)
$117.3M
$61.6M
$12.1M
Bad debt expense
$3.4M
$1.5M
-$120.0K
Operating income (loss)
$383.5M
$300.9M
$159.8M
Deferred financing cost amortization
$475.0K
$287.0K
$268.0K
Non-cash compensation
$12.9M
$5.5M
$4.4M
Contingent consideration
$1.1M
$714.0K
$277.0K
Net income (loss)
$311.8M
$232.5M
$119.8M
Earnings (loss) per share, basic
$15.22
$10.02
$4.58
Earnings (loss) per share, diluted
$15.02
$9.89
$4.54
Weighted Average Number of Shares Outstanding, Basic
19.9M shares
20.2M shares
20.2M shares
Weighted Average Number of Shares Outstanding, Diluted
20.2M shares
20.4M shares
20.4M shares
Gross profit
$859.5M
$696.6M
$444.5M
Cost of services
$2.5B
$2.2B
$1.9B
Revenues
$3.4B
$2.9B
$2.4B
Provision for income taxes
$96.8M
$72.2M
$38.8M
Selling, general and administrative expenses
$475.0M
$396.7M
$298.6M
Fair Value of Assets Acquired
$789.0K
$0
$4.7M
Noncash or Part Noncash Acquisition, Other Liabilities Assumed
$0
$2.8M
Increase (Decrease) in Debt Securities, Trading, and Equity Securities, FV-NI
$62.1M
$33.2M
$0
Deferred income taxes
-$3.3M
-$1.1M
$5.2M
Unrealized Gain (Loss) on Investments
-$7.5M
-$1.8M
$0
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions
-$14.8M
$0
$0
Payment for Contingent Consideration Liability, Financing Activities
Integrated Electrical Services sits at the top of its group. 40 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Integrated Electrical Services
TONTINE CAPITAL PARTNERS L PFiled SCHEDULE 13D/A on Integrated Electrical Services, latest Oct 6, 2026 (8 filings since Dec 16, 2022)
FMR LLCFiled SCHEDULE 13G/A on Integrated Electrical Services, latest May 6, 2026 (6 filings since Feb 9, 2024)
Integrated Electrical ServicesHouston, United States
Aerial Lighting & Electric, Inc. Subsidiary · Connecticut, United States
Arrow Engine Company Subsidiary · Delaware, United States
Azimuth Communications, Inc. Subsidiary · Oregon, United States
Bayonet Plumbing, Heating & Air Conditioning, LLC Subsidiary · Florida, United States
Calumet Armature and Electric, L.L.C. Subsidiary · Illinois, United States
Edmonson Electric, LLC Subsidiary · Florida, United States
Four Point Dynamics, LLC Subsidiary · Delaware, United States
Freeman Enclosure Systems, LLC Subsidiary · Ohio, United States
Greiner Industries, Inc. Subsidiary · Pennsylvania, United States
Hotchkiss Alarms, LLC Subsidiary · Connecticut, United States
IES Commercial, Inc. Subsidiary · Delaware, United States
IES Communications, LLC Subsidiary · Delaware, United States
IES Consolidation, LLC Subsidiary · Delaware, United States
IES Enclosure Solutions and Services, LLC Subsidiary · Delaware, United States
IES FL RE, LLC Subsidiary · Florida, United States
IES Infrastructure Solutions, LLC Subsidiary · Delaware, United States
IES Investments, LLC Subsidiary · Delaware, United States
IES LA RE, LLC Subsidiary · Louisiana, United States
IES Management LP Subsidiary · Texas, United States
IES OK RE, LLC Subsidiary · Oklahoma, United States
IES Operations Group, Inc. Subsidiary · Delaware, United States
IES PA RE, LLC Subsidiary · Delaware, United States
IES Residential, Inc. Subsidiary · Delaware, United States
IES SC RE, LLC Subsidiary · Delaware, United States
and 14 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.
What it owns
What Integrated Electrical Services reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
At September 30, 2025, we maintained branch offices, warehouses, sales facilities and administrative offices at 174 locations. The majority of our facilities are leased. We lease our executive office located in Greenwich, Connecticut and our corporate office located in Sugar Land, Texas. We believe that our properties are adequate for our current needs and that suitable additional or replacement space will be available as required. For a breakdown of our offices by segment, see Item 1. “Business —Operating Segments” of this Annual Report on Form 10-K.
June 26, 1997 incorporates as Integrated Electrical Services Incorporated.
January 27, 1998, Integrated Electrical Services began trading with the symbol (IEE) on the New York Stock Exchange.
In 2002 Integrated Electrical Services was ranked as the largest electrical contractor in the United States, with $1.475 billion in revenue.
In February 2006, Integrated Electrical Services filed for chapter 11 bankruptcy and in the same year, three months later, emerged.
February 28, 2011 Integrated Electrical Services sold its subsidiary Key Electrical Supply Inc. to Elliott Electric Supply Inc.
In July 2020, Integrated Electrical Services was listed as number five on Houston Chronicle's "list of the region's 100 best performing public companies".
Nov 22, 2024Reported quarterly or annual results97
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
358 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 37 major events, 235 insider forms, 14 large holders, 52 other. The latest 20:
122 open-market trades by officers, directors and large owners since October 2021: 9 buys and 113 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Integrated Electrical Services is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Nov 21, 2025 (Section 12(b) of the Exchange Act).20
Risk factors and legal proceedings
The risks Integrated Electrical Services names in Item 1A of its 10-K filed Nov 21, 2025: 40 risks under these headings, as written.20
You should consider carefully the risks described below, as well as the other information included in this document before making an investment decision. Our business, results of operations or financial condition could be materially and adversely affected by any of these risks, and the value of your investment may decrease due to any of these risks.
Risks Relating to the Operations of our Business
Demand for our services is cyclical and vulnerable to economic downturns affecting the industries we serve.
We could be adversely impacted by changes in general economic conditions, including the effects of inflation, supply chain constraints, and an economic downturn or recession.
The highly competitive nature of our industries could affect our profitability by reducing our revenues or profit margins.
We generate a significant portion of our revenues under fixed price contracts. The estimates we use in placing bids and changes in commodity and labor costs could have an adverse effect on our ability to maintain our profitability.
A failure to secure new contracts may adversely affect our cash flows and financial results.
We derive a meaningful portion of our revenues from a small number of customers, and the loss of one or more of these customers could adversely affect our revenues, results of operations, and financial condition.
We rely on third parties, including subcontractors and suppliers, in connection with many of our projects and a failure to retain subcontractors or obtain supplies, or increased costs as a result of using these third parties, could adversely impact our revenues, results of operations, and financial condition.
Our inability to carry out plans and strategies as expected, including our inability to identify and complete acquisitions and investments that meet our investment criteria in furtherance of our corporate strategy or the subsequent underperformance of those acquisitions and investments, may adversely impact our future growth and profitability.
Acquisitions, dispositions and other strategic transactions that we may pursue could have a negative effect on our results of operations.
Backlog may not be realized or may not result in profits.
The other 29 risks
We may fail to adequately recover on contract change orders.
We may incur significant charges or be adversely impacted by the closure or sale of facilities or assets.
Epidemics, pandemics, and other potential public health emergencies could have a future materially adverse impact on our business, including our financial condition, cash flows and results of operations.
The availability and cost of surety bonds affect our ability to enter into new contracts and our margins on those engagements.
We are subject to risks associated with seasonality, adverse weather conditions, and climate change.
Our results may fluctuate from period to period due to cyclicality, regional economic conditions, or other factors.
We may experience difficulties in managing our billings and collections.
Our operations are subject to numerous physical hazards. If an accident occurs, it could result in an adverse effect on our business.
Our current insurance coverage may not be adequate, and we may not be able to obtain insurance at acceptable rates, or at all.
Litigation and claims can cause unexpected losses.
Regulatory requirements could result in significant compliance costs and liabilities.
Disruptions to the proper functioning of our information technology systems or security breaches of our critical data, sensitive information or information technology systems could disrupt operations and cause increases in costs, decreases in revenues and/or harm to our reputation.
We may be required to conduct environmental remediation activities, which could be expensive and inhibit the growth of our business and our ability to maintain profitability, particularly in our Infrastructure Solutions business.
Compliance with current and future environmental laws and regulations, including those relating to climate change, could adversely impact our business.
The loss of a group or several key personnel, either at the corporate or operating level, or general labor constraints could adversely affect our business.
Risks Relating to our Financial Results, Financing and Liquidity
The impact on our customers of negative conditions in the credit and capital markets may adversely affect our business.
To fund our working capital requirements, complete acquisitions and service any debt we may incur, we may require a significant amount of cash. Our ability to generate cash from operations or to access the capital markets for required funding depends on many factors that are beyond our control.
Changes in tax positions or changes in tax laws may adversely affect our results.
We have restrictions and covenants under our credit agreement and the failure to meet these covenants could result in a default under our credit agreement.
The preparation of our financial statements requires management to make certain estimates and assumptions that may differ from actual results, and we may be adversely impacted by new accounting, control and operating procedures.
Our use of percentage-of-completion accounting could result in a reduction or elimination of previously reported profits.
Our reported operating results could be adversely affected as a result of goodwill impairment charges.
Risks Relating to Our Common Stock
Existence of a controlling shareholder.
Our common stock has less liquidity than many other stocks listed on the Nasdaq Global Market.
We may issue additional shares of common stock, preferred stock or convertible securities that will dilute the percentage ownership interest of existing stockholders and may dilute the book value per share of our common stock.
Substantial sales of our common stock could adversely affect our stock price.
Increasing scrutiny and changing expectations with respect to our approach to climate related risks may expose us to reputational or other risks.
Our bylaws designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders, which could increase the costs for our shareholders to bring claims, discourage our shareholders from bringing claims, or limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our current or former directors, officers, employees or shareholders in such capacity.
General Risks
Our internal controls over financial reporting and our disclosure controls and procedures may not prevent all possible errors that could occur. Internal controls over financial reporting and disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objective will be met.
Legal proceedings
For further information regarding legal proceedings, see Note 19, “Commitments and Contingencies — Legal Matters” in the notes to our Consolidated Financial Statements.
