IES
Live News • May 15
IES Holdings Reports Q2 Revenue of US$974.3 Million as Backlog Hits US$3.9 Billion IES Holdings reported fiscal Q2 2026 revenue of $974.3m and net income of $110.3m, with operating income supported by higher fabrication capacity following the $152m purchase of Gulf Island Fabrication in January 2026.
The company’s project backlog reached about $3.9b, with demand centered on data centers, AI-focused infrastructure and industrial projects, while the Residential segment faced softer housing demand and pricing pressure.
The stock has been volatile despite a one-year total shareholder return above 177%, with a recent downgrade to hold from Freedom Broker, increased price targets, insider selling, and no formal forward guidance adding to mixed institutional interest. The shares also recently touched a new all-time high.
The key tension is between strong current results and a large backlog in mission-critical infrastructure on one side, and questions about how long that pace can last plus housing-related weakness on the other.
Investors may want to watch how management executes on the Gulf Island integration, the mix shift toward non-residential work, and any changes in insider activity or guidance practices, since these could influence sentiment around an already volatile stock. Reported Earnings • Mar 18
Full year 2025 earnings released: EPS: ₪39.21 (vs ₪26.81 in FY 2024) Full year 2025 results: EPS: ₪39.21 (up from ₪26.81 in FY 2024). Revenue: ₪63.8m (up 16% from FY 2024). Net income: ₪221.3m (up 44% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. New Risk • Mar 17
New major risk - Revenue and earnings growth Earnings have declined by 3.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.5% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. 
