- IES Holdings reported a strong Q2 2025 (calendar quarter ended March 31, 2025) with revenue of $833.96 million, up 18.17% year over year and 11.26% quarter over quarter, underscoring continued demand across the company’s electrical, communications and infrastructure solutions platforms. The gross profit of $208.87 million yielded a gross margin of approximately 25.05%, contributing to an operating income of $92.70 million and an operating margin of 11.12%. Net income stood at $70.65 million, with diluted earnings per share of $3.50.
- Cash flow remained constructive, with net cash provided by operating activities of $24.84 million and free cash flow of $7.89 million. The company ended the period with $22.43 million in cash and cash equivalents, and a modest net debt position of about $29.22 million against total debt of $51.65 million. Leverage remains conservative with a debt-to-capitalization ratio of 6.82% and a debt-to-equity ratio of 7.32%, signaling financial flexibility as activity cycles recover.
- The quarterly results reflect margin resilience amid a diversified end-market mix (Commercial/Industrial, Communications, and Infrastructure Solutions) and moderate working capital intensity. Management commentary (where available) points to steady execution on project delivery, improving efficiency, and disciplined capital allocation. While explicit forward guidance was not disclosed in the provided material, the earnings trajectory suggests potential upside if demand remains robust and project execution stays on plan. Investors should monitor backlog progression, labor supply dynamics, and customer concentration risks in a project-based services business.