IES Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 21, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Nov 21, 2025
IESC$172.43-0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In Thousands)
| Year Ended September 30, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $311,842 | $232,501 | $119,787 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Bad debt expense (benefit) | 3,445 | 1,481 | (120) |
| Deferred financing cost amortization | 475 | 287 | 268 |
| Depreciation and amortization | 46,941 | 37,103 | 29,407 |
| Gain on sale of assets | (155) | (1,684) | (14,139) |
| Non-cash compensation expense | 12,931 | 5,532 | 4,372 |
| Deferred income tax and other non-cash tax adjustments, net | (3,305) | (1,126) | 5,185 |
| Unrealized gain on trading securities | (7,485) | (1,789) | — |
| Equity method investment income | (14,762) | — | — |
| Changes in operating assets and liabilities | |||
| Marketable securities | (62,099) | (33,214) | — |
| Accounts receivable | (79,948) | (93,507) | 2,917 |
| Inventories | 4,149 | (3,522) | (1,142) |
| Costs and estimated earnings in excess of billings | (8,674) | (3,979) | 3,456 |
| Prepaid expenses and other current assets | (16,455) | (16,720) | (7,322) |
| Other non-current assets | (1,557) | 174 | 2,067 |
| Accounts payable and accrued expenses | 86,460 | 57,894 | (10,047) |
| Billings in excess of costs and estimated earnings | 16,089 | 54,550 | 19,051 |
| Other non-current liabilities | (1,796) | 423 | 162 |
| Net cash provided by operating activities | 286,096 | 234,404 | 153,902 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (67,253) | (45,159) | (17,667) |
| Proceeds from sales of assets | 833 | 3,694 | 20,602 |
| Cash paid in conjunction with equity investments | (44,900) | (380) | (165) |
| Cash paid in conjunction with business combinations or dispositions, net of cash acquired | (52,368) | (67,002) | — |
| Net cash provided by (used in) investing activities | (163,688) | (108,847) | 2,770 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Borrowings of debt | 996,400 | 2,896,346 | 2,381,562 |
| Repayments of debt | (996,400) | (2,896,346) | (2,464,221) |
| Cash paid for finance leases | (4,382) | (4,257) | (3,338) |
| Purchase of noncontrolling interest | (40,000) | (32,000) | — |
| Settlement of contingent consideration liability | (1,451) | (4,074) | — |
| Distribution to noncontrolling interest | (8,592) | (16,155) | (11,491) |
| Purchase of treasury stock | (41,644) | (44,028) | (8,284) |
| Options exercised | — | 19 | 22 |
| Net cash provided by (used in) financing activities | (96,069) | (100,495) | (105,750) |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 26,339 | 25,062 | 50,922 |
| CASH, CASH EQUIVALENTS, beginning of period | 100,832 | 75,770 | 24,848 |
| CASH, CASH EQUIVALENTS, end of period | $127,171 | $100,832 | $75,770 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
| Cash paid for interest | $882 | $536 | $2,089 |
| Cash paid for income taxes, net | $117,314 | $61,614 | $12,056 |
| SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
| Property and equipment acquired in exchange for liabilities | $789 | $— | $4,712 |
| Contingent consideration liability assumed in conjunction with business combinations | $— | $2,790 | $— |
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