IES (IESC) financial statements
IES reported revenue of $3.4B in fiscal 2025, up 19.2% a year over 9 years.
Net income was $306M and the operating margin 11.4%, against 3.6% in 2016.
Free cash flow was $219M, and the company returned $42M in net buybacks.
The diluted share count fell 6% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from IES's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $696M | $811M | $877M | $1.1B | $1.2B | $1.5B | $2.2B | $2.4B | $2.9B | $3.4B |
| Cost of revenue | $569M | $670M | $727M | $895M | $963M | $1.2B | $1.8B | $1.9B | $2.2B | $2.5B |
| Gross profit | $127M | $140M | $150M | $182M | $228M | $288M | $319M | $445M | $697M | $859M |
| Selling, general and admin | $101M | $120M | $124M | $141M | $171M | $202M | $263M | $299M | $397M | $475M |
| Operating income | $25M | $20M | $26M | $42M | $50M | $86M | $56M | $160M | $301M | $384M |
| Interest expense | $1M | $2M | $2M | $2M | $777,000 | $962,000 | $3M | $3M | $1M | $2M |
| Pre-tax income | $24M | $19M | $24M | $40M | $49M | $85M | $53M | $159M | $305M | $394M |
| Income tax | -$97M | $5M | $38M | $7M | $9M | $16M | $13M | $39M | $72M | $97M |
| Net income | $121M | $13M | -$14M | $33M | $42M | $67M | $35M | $108M | $219M | $306M |
| EPS (diluted) | $5.62 | $0.62 | -$0.67 | $1.55 | $1.94 | $3.15 | $1.44 | $4.54 | $9.89 | $15.02 |
| Diluted shares | 21M | 22M | 21M | 21M | 21M | 21M | 21M | 20M | 20M | 20M |
| Gross margin | 18.2% | 17.3% | 17.1% | 16.9% | 19.1% | 18.7% | 14.7% | 18.7% | 24.2% | 25.5% |
| Operating margin | 3.6% | 2.5% | 3.0% | 3.9% | 4.2% | 5.6% | 2.6% | 6.7% | 10.4% | 11.4% |
| Net margin | 17.4% | 1.7% | -1.6% | 3.1% | 3.5% | 4.3% | 1.6% | 4.6% | 7.6% | 9.1% |
Balance sheet
Fiscal years, from IES's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $33M | $28M | $26M | $19M | $54M | $23M | $25M | $76M | $136M | $232M |
| Receivables | $124M | $143M | $152M | $186M | $213M | $287M | $371M | $364M | $470M | $552M |
| Inventory | $13M | $17M | $21M | $22M | $25M | $69M | $96M | $96M | $102M | $112M |
| Total current assets | $210M | $232M | $263M | $296M | $371M | $484M | $624M | $671M | $872M | $1.1B |
| Property, plant and equipment | $16M | $25M | $25M | $26M | $25M | $35M | $54M | $63M | $134M | $183M |
| Goodwill | $40M | $47M | $51M | $51M | $54M | $92M | $92M | $92M | $94M | $108M |
| Total assets | $394M | $424M | $422M | $445M | $561M | $767M | $935M | $982M | $1.2B | $1.6B |
| Total current liabilities | $133M | $151M | $164M | $193M | $242M | $312M | $402M | $401M | $523M | $633M |
| Long-term debt | $29M | $29M | $30M | $299,000 | $217,000 | $40M | $82M | $0 | $0 | $0 |
| Total liabilities | $169M | $185M | $198M | $196M | $275M | $396M | $544M | $482M | $592M | $708M |
| Shareholders' equity | $223M | $237M | $220M | $246M | $283M | $346M | $361M | $450M | $611M | $884M |
| Net debt | -$4M | $1M | $3M | -$19M | -$53M | $17M | $57M | -$76M | -$101M | -$127M |
Cash flow
Fiscal years, from IES's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $25M | $22M | $12M | $39M | $77M | $38M | $16M | $154M | $234M | $286M |
| Capital spending | $3M | $5M | $5M | $6M | $5M | $7M | $29M | $18M | $45M | $67M |
| Free cash flow | $22M | $18M | $8M | $32M | $72M | $31M | -$13M | $136M | $189M | $219M |
| Stock-based compensation | — | $2M | -$136,000 | $2M | $3M | $4M | $4M | $4M | $6M | $13M |
| Share buybacks (net) | -$590,000 | -$2M | -$2M | -$10M | -$8M | -$7M | -$19M | -$8M | -$44M | -$42M |
| Net borrowing | $20M | $2,000 | -$9,000 | — | — | — | — | — | — | — |
| Free cash flow margin | 3.1% | 2.2% | 0.9% | 3.0% | 6.0% | 2.0% | -0.6% | 5.7% | 6.6% | 6.5% |
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Open IESC in InvestinglyQuestions
What was IES's revenue in 2025?
$3.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does IES generate?
$219M in fiscal 2025 (operating cash flow minus capital spending).
From IES's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.