Filing Flows › IES Holdings (IESC) › Q2 FY26 › vs Q2 FY25
IES Holdings (IESC) Q2 FY26 vs Q2 FY25 (year over year)
IES Holdings's revenue rose $140M (+17%) from $834M in Q2 FY25 to $974M in Q2 FY26. The biggest changes: Communications +$94.7M (+35%); Infrastructure Solutions +$74.8M (+64%); Residential −$30.4M (-10%). Gross margin 26.2% against 25.0% (+1.1 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Gross margin | 26.2% | 25.0% | +1.1 pts |
| Operating margin | 11.5% | 11.1% | +0.4 pts |
| Net margin | 11.3% | 8.5% | +2.8 pts |
| Free cash flow margin | 7.3% | 0.9% | +6.4 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Communications | $368M | $273M | $94.7M | +35% |
| Residential | $288M | $318M | −$30.4M | -10% |
| Infrastructure Solutions | $192M | $118M | $74.8M | +64% |
| Commercial and Industrial | $127M | $125M | $1.2M | +0.9% |
| Revenue | $974M | $834M | $140M | +17% |
| Gross profit | $255M | $209M | $45.9M | +22% |
| Cost of revenue | $719M | $625M | $94.4M | +15% |
| Other income, net | $36.4M | $6.0M | $30.4M | +508% |
| Operating profit | $112M | $92.7M | $19.6M | +21% |
| Operating expenses | $143M | $116M | $26.4M | +23% |
| Pre-tax earnings | $149M | $98.7M | $49.9M | +51% |
| Net earnings | $110M | $70.7M | $39.3M | +56% |
| Minority interests | $403K | $1.9M | −$1.5M | -79% |
| Income tax | $38.3M | $26.1M | $12.2M | +47% |
| Depreciation | $16.1M | $11.9M | $4.1M | +35% |
| Share-based compensation | $3.5M | $3.1M | $411K | +13% |
| Working capital & other | $26.3M | $60.9M | −$34.6M | -57% |
| Operating cash flow | $103M | $24.8M | $78.4M | +316% |
| Free cash flow (OCF − capex) | $71.5M | $7.9M | $63.6M | +805% |
| Capital expenditures | $31.8M | $17.0M | $14.9M | +88% |
Questions
How much did IES Holdings's revenue grow year over year in Q2 FY26?
IES Holdings's revenue rose $140M (+17%) from $834M in Q2 FY25 to $974M in Q2 FY26.
What drove IES Holdings's revenue change in Q2 FY26?
Communications +$94.7M (+35%); Infrastructure Solutions +$74.8M (+64%); Residential −$30.4M (-10%).