Every material Form 8-K IES has filed with the SEC since September 26, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
IES Holdings closed its acquisition of DBM Global, a structural steel fabrication and construction services company, for total consideration of approximately $691 million in cash and stock. The company also amended its credit agreement to increase borrowing capacity to $700 million, and it funded the cash portion partly with $525 million of borrowings. The filing does not give DBM Global's earnings, so shareholders cannot yet assess the deal's effect on profit.
Total consideration of approximately $691 million: about $545 million in cash and 430,974 shares valued at about $146 million
Credit facility increased to $700 million, including a $200 million term loan and $500 million revolving credit facility
DBM Global generated revenue of approximately $1.5 billion for the twelve months ended June 30, 2026, and has about 4,000 employees
Financial statements and pro forma information for the acquisition will be filed by amendment later
IES Holdings agreed on August 7, 2026 to acquire about 92% of DBM Global, a structural steel fabrication and erection company, from INNOVATE Corp. The base purchase price is $650 million, paid partly in 215,487 IES shares valued at $140 million and partly in cash, and the deal would add a new Structural business line. Closing is expected in the quarter ending December 31, 2026, subject to regulatory approvals, and the new IES shares would add to the share count.
Base purchase price of $650 million, subject to customary adjustments; seller receives 215,487 IES shares ($140 million at $649.69 per share) plus cash
DBM Global generated revenue of approximately $1.3 billion for the twelve months ended March 31, 2026 and employs about 3,400 people
Expected to close in the quarter ending December 31, 2026; outside date February 7, 2027; no termination fee payable by either party
Stock consideration shares were sold in a private placement and are subject to a lock-up ending the earlier of 60 days after closing or effectiveness of a resale registration statement
IES Holdings reported fiscal third-quarter revenue of $1,242.7 million, up 40% from a year earlier, and net income attributable to the company of $153.0 million, up 98%. The board also approved a two-for-one forward stock split, with shares distributed after the close of trading on August 21, 2026 to holders of record on August 14, 2026.
Revenue of $1,242.7 million vs. $890.2 million a year earlier; diluted EPS of $7.57 vs. $3.81
Net income attributable to IES of $153.0 million vs. $77.2 million, including a $26.2 million gain on marketable securities
Residential segment revenue fell 6% to $324.1 million and operating income fell to $16.3 million from $33.4 million
Two-for-one stock split: record date August 14, 2026; one additional share per share held, distributed after the close on August 21, 2026
IES Holdings reported fiscal 2026 second-quarter revenue of $974 million, up 17%, and operating income of $112.3 million, up 21%, both compared with the same quarter a year earlier. Results were helped by strong data center demand and the January 2026 acquisition of Gulf Island Fabrication, while the Residential segment's operating income fell sharply. The company also said it is substantially raising its capital spending outlook for the rest of fiscal 2026.
Revenue $974 million vs. $834 million; operating income $112.3 million vs. $92.7 million
Diluted EPS $5.44 vs. $3.50; adjusted diluted EPS $4.16 vs. $3.30, a non-GAAP measure
Net income included a $37.3 million gain on marketable securities in the quarter
Residential segment operating income fell to $6.4 million from $22.7 million; backlog reached $3.9 billion at March 31, 2026
IES Holdings reported fiscal 2026 first-quarter revenue of $871 million, up 16%, and operating income of $97.7 million, up 31%. Diluted EPS was $4.51 versus $2.72, though the result includes a $16.9 million unrealized gain on marketable securities, and the company completed its $192.0 million acquisition of Gulf Island Fabrication after quarter end.
Revenue of $871 million, up 16% from $750 million; operating income of $97.7 million, up 31% from $74.6 million.
Diluted EPS of $4.51 vs $2.72; diluted adjusted EPS of $3.71 vs $2.64, excluding the $16.9 million securities gain.
Residential revenue fell 11% to $284.1 million, and segment operating income dropped to $8.9 million from $23.8 million.
Acquired Gulf Island Fabrication in January 2026 for an aggregate equity value of $192.0 million; the company reported $88.8 million cash and no debt at quarter end.
IES Holdings reported fourth-quarter and full-year fiscal 2025 results for the period ended September 30, 2025, with revenue and profit both higher than a year earlier. The company also said it has entered a definitive agreement to acquire Gulf Island Fabrication, and its compensation committee approved a fiscal 2026 cash bonus plan for CEO Matt Simmes with a maximum payout of $5 million.
Q4 revenue of $898 million, up 16%; diluted EPS of $4.99 versus $3.06 a year earlier
Fiscal 2025 revenue of $3.37 billion, up 17%; net income attributable to IES of $306.0 million, up 40%
Definitive agreement to acquire Gulf Island Fabrication, Inc., announced after quarter end
Simmes' fiscal 2026 SSTIP bonus is tied to adjusted pretax income, with a maximum payout of $5 million
IES Holdings agreed on November 7, 2025 to acquire Gulf Island Fabrication in an all-cash merger at $12.00 per share, or an aggregate equity value of approximately $192 million. Gulf Island shareholders would receive a 52% premium to the November 6, 2025 trading price, and the deal is expected to close in the quarter ending March 31, 2026, subject to shareholder, regulatory and other approvals.
Gulf Island common stock would convert into $12.00 in cash per share, an aggregate equity value of approximately $192 million
The price represents a 52% premium to Gulf Island's trading price as of November 6, 2025
Closing is expected in the quarter ending March 31, 2026, subject to Gulf Island shareholder approval and HSR Act clearance
Gulf Island would pay IES a termination fee of approximately $7.6 million under specified circumstances
IES Holdings reported fiscal third-quarter 2025 revenue of $890 million, up 16% from a year earlier, with operating income up 24% to $111.9 million and diluted EPS of $3.81 versus $2.67. Residential revenue fell 8%, while Communications and Infrastructure Solutions grew, and the company disclosed the Qypsys acquisition and the purchase of the remaining 20% of Edmonson Electric after quarter end.
Revenue was $890 million, up 16% from $768 million; net income attributable to IES was $77.2 million, up 24%.
Diluted EPS was $3.81 versus $2.67; adjusted diluted EPS was $3.95 versus $2.72.
Communications revenue rose 56% to $299.2 million; Residential revenue fell 8% to $346.1 million.
Backlog was approximately $2.1 billion as of June 30, 2025; the company repurchased 33,900 shares for $5.3 million in the quarter.
IES Holdings appointed Matthew Simmes, its President and Chief Operating Officer, as President and Chief Executive Officer effective July 1, 2025, succeeding Jeffrey Gendell, who will become Executive Chairman. Simmes will also join the Board, and the company says the change follows its executive succession plan. The filing does not yet state Simmes' or Gendell's compensation changes.
Matthew Simmes succeeds Jeffrey Gendell as CEO effective July 1, 2025 and joins the Board
Gendell moves from Chairman and CEO to Executive Chairman on July 1, 2025
Simmes has spent over 31 years at IES and has been President and COO since 2023
Compensation changes for Simmes and Gendell have not yet been determined
IES Holdings appointed Kelly C. Janzen as a director effective May 12, 2025, and placed her on the Audit Committee. Her background is in finance and accounting, including recent roles as CFO of Vestis Corporation and CFO of BlueLinx Corporation.
Janzen was elected to the Board on May 12, 2025, and joined the Audit Committee the same day.
She has served as Executive Vice President and CFO of Vestis Corporation since February 2025.
Previously she was SVP, CFO and Treasurer of BlueLinx Corporation from April 2020 to August 2023.
The filing reports no financial results; it covers a board appointment only.
IES Holdings reported fiscal 2025 second-quarter revenue of $834 million, up 18%, and diluted earnings per share of $3.50, up from $2.29 a year earlier. Growth was led by the Communications and Infrastructure Solutions segments, while Residential revenue and operating income declined.
Revenue of $834 million for the quarter ended March 31, 2025, up 18% from $706 million
Net income attributable to IES of $70.7 million, up 34% from $52.9 million; diluted EPS $3.50 vs. $2.29
Residential revenue fell 6% to $317.9 million, and segment operating income fell to $22.7 million from $34.7 million
Backlog of approximately $1.8 billion as of March 31, 2025, up from $1.363 billion a year earlier
IES Holdings reported fiscal 2025 first-quarter results for the quarter ended December 31, 2024, with revenue up 18% and net income attributable to IES up 37% from a year earlier. Diluted earnings per share were $2.72, compared with $1.87, and the company furnished an earnings presentation on its website. The filing gives no guidance for future periods.
Revenue of $750 million, up 18% from $634 million; operating income of $74.6 million, up 29%
Net income attributable to IES of $56.3 million, up 37%; diluted EPS $2.72 vs. $1.87 a year earlier
Infrastructure Solutions revenue rose 72% to $108.1 million; Residential operating income slipped to $23.8 million from $24.1 million
Subsequent to quarter end, the revolving credit facility was increased from $150 million to $300 million and extended to 2030
IES Holdings entered an amended credit agreement on January 21, 2025, that raises its revolving credit facility to $300 million from $150 million and extends maturity to January 21, 2030. The filing says the facility moves from an asset-based structure limited by eligible collateral to a cash flow-based facility with financial ratio covenants, which increases the company's borrowing capacity.
Revolver capacity rises from $150 million to $300 million; maturity extended from September 30, 2026 to January 21, 2030
Financial covenants include a maximum Consolidated Total Leverage Ratio of 3.00 to 1.00 and a minimum Consolidated Interest Coverage Ratio of 3.00 to 1.00
Borrowings bear interest at Base Rate plus 0.50% to 1.25%, or Daily Simple SOFR or Term SOFR plus 1.50% to 2.25%; unused commitment fee is 0.25% to 0.35%
Wells Fargo Bank, National Association is administrative agent; Fifth Third Bank, National Association is a joint lead arranger
IES Holdings reported fiscal fourth-quarter 2024 revenue of $776 million, up 20%, and net income attributable to the company of $63.1 million, up 67%, with diluted earnings per share of $3.06 versus $1.66 a year earlier. For fiscal 2024, revenue rose 21% to $2.9 billion and diluted earnings per share were $9.89 versus $4.54. The filing also disclosed special cash bonuses for executive officers and a new incentive plan for fiscal 2025 tied to adjusted income.
Q4 operating income was $75.0 million, up 41% from $53.2 million; fiscal 2024 operating income was $300.9 million, up 88%
At September 30, 2024, the company reported no debt and cash of $100.8 million
On November 21, 2024, the compensation committee approved special bonuses, including $2,285,000 for President and COO Matthew Simmes and $1,500,000 for Chairman and CEO Jeffrey Gendell
Management said the Commercial & Industrial segment's revenue is expected to decline in the first quarter of fiscal 2025 after a large data center project was substantially completed
IES Holdings elected John Louis Fouts as a director effective September 23, 2024, and appointed him to the Audit Committee. The appointment came after Nasdaq notified the company that the Audit Committee had fallen below the three-member minimum following a director's resignation on September 4, 2024, and the company says the committee is again compliant.
Fouts was elected a director on September 23, 2024, and will serve until the next annual meeting or until his successor is elected.
Fouts was appointed to the Audit Committee on September 23, 2024, after Nasdaq said the committee had fewer than three members.
Fouts has been managing member of Fouts Family Investments since 2021 and was a partner at Water Street Capital from 2002 to 2021.
The company announced the appointment in a press release dated September 26, 2024, filed as Exhibit 99.1.
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