Filing Flows › IES Holdings (IESC) › Q2 FY26 › vs Q1 FY26
IES Holdings (IESC) Q2 FY26 vs Q1 FY26 (quarter over quarter)
IES Holdings's revenue rose $103M (+12%) from $871M in Q1 FY26 to $974M in Q2 FY26. The biggest changes: Infrastructure Solutions +$52.3M (+37%); Commercial and Industrial +$31.7M (+33%); Communications +$15.8M (+4%). Gross margin 26.2% against 25.3% (+0.9 pts).
IES Holdings, Q2 FY26: revenue $974M (+17% year over year), operating margin 11.5%, net earnings $110M, operating cash flow $103M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 26.2% | 25.3% | +0.9 pts |
| Operating margin | 11.5% | 11.2% | +0.3 pts |
| Net margin | 11.3% | 10.5% | +0.8 pts |
| Free cash flow margin | 7.3% | -2.2% | +9.5 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Communications | $368M | $352M | $15.8M | +4% |
| Residential | $288M | $284M | $3.6M | +1% |
| Infrastructure Solutions | $192M | $140M | $52.3M | +37% |
| Commercial and Industrial | $127M | $94.8M | $31.7M | +33% |
| Revenue | $974M | $871M | $103M | +12% |
| Gross profit | $255M | $220M | $34.8M | +16% |
| Cost of revenue | $719M | $651M | $68.6M | +11% |
| Other income, net | $36.4M | $22.4M | $13.9M | +62% |
| Operating profit | $112M | $97.7M | $14.5M | +15% |
| Operating expenses | $143M | $122M | $20.2M | +17% |
| Pre-tax earnings | $149M | $120M | $28.5M | +24% |
| Net earnings | $110M | $91.4M | $18.5M | +20% |
| Minority interests | $403K | $329K | $74K | +22% |
| Income tax | $38.3M | $28.4M | $9.9M | +35% |
| Depreciation | $16.1M | $12.7M | $3.4M | +27% |
| Share-based compensation | $3.5M | $3.8M | −$216K | -6% |
| Working capital & other | $26.3M | $80.2M | −$53.9M | -67% |
| Operating cash flow | $103M | $27.7M | $75.6M | +273% |
| Free cash flow (OCF − capex) | $71.5M | −$18.9M | $90.3M | — |
| Capital expenditures | $31.8M | $46.6M | −$14.7M | -32% |
Questions
How much did IES Holdings's revenue grow quarter over quarter in Q2 FY26?
IES Holdings's revenue rose $103M (+12%) from $871M in Q1 FY26 to $974M in Q2 FY26.
What drove IES Holdings's revenue change in Q2 FY26?
Infrastructure Solutions +$52.3M (+37%); Commercial and Industrial +$31.7M (+33%); Communications +$15.8M (+4%).