# Energy Services of America CORP (ESOA)

Informational only - not investment advice.

CIK: 0001357971
SIC: 1623 Water, Sewer, Pipeline, Comm & Power Line Construction
SIC breadcrumb: [Construction](/division/C/) > [SIC Major Group 16](/major-group/16/) > [SIC 1623 Water, Sewer, Pipeline, Comm & Power Line Construction](/industry/1623/)
Latest 10-K filed: 2025-12-15
SEC page: https://www.sec.gov/edgar/browse/?CIK=1357971
Filing source: https://www.sec.gov/Archives/edgar/data/1357971/000110465925121185/esoa-20250930x10k.htm

## At a glance

FY2025 · period end 2025-09-30 · filed 2025-12-15 · accession 0001104659-25-121185 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001357971.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 411,001,373 USD | 2025 | verified |
| Assets | 215,207,056 USD | 2025 | verified |
| Free cash flow | -2,217,063 USD | 2025 | computed |
| Operating margin | 1.03% | 2025 | computed |
| Revenue YoY | +16.80% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only).

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | ESOA | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Operating margin | 1.0% | 6.4% | 17 | 13 |
| Revenue growth | 16.8% | 12.7% | 64 | 15 |
| FCF margin | -0.5% | 5.0% | 21 | 15 |
| Liabilities / equity | 2.63 | 2.02 | 86 | 15 |
| Current ratio | 1.48 | 1.33 | 64 | 15 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 16 SIC Major Group 16, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 411001373 | USD | 2025 | 2025-12-15 |
| Assets | 215207056 | USD | 2025 | 2025-12-15 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-12-15. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001357971.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  |  |  |  |  |  | 351,876,861 | 411,001,373 |
| Operating income |  |  | 6,904,680 | 382,147 | 3,921,072 | 3,822,412 | 3,669,653 | -1,123,210 | 6,492,610 | 13,036,437 | 19,835,246 | 4,215,473 |
| Gross profit |  |  | 14,198,003 | 7,783,916 | 11,649,254 | 12,679,798 | 13,501,231 | 12,921,022 | 22,370,748 | 36,813,335 | 49,954,316 | 38,775,713 |
| Diluted EPS |  |  | 0.17 | -0.05 | 0.12 | 0.10 | 0.12 | -0.07 | 0.23 | 0.44 | 1.51 | 0.02 |
| Operating cash flow |  |  | 6,781,236 | 1,177,737 | 9,063,687 | 4,326,870 | 14,985,570 | 798,939 | 8,284,667 | 21,067,773 | 18,677,004 | 4,137,006 |
| Capital expenditures |  |  | 3,406,019 | 2,788,272 | 1,883,126 | 3,364,985 | 3,534,821 | 6,047,693 | 5,308,189 | 10,822,373 | 8,755,349 | 6,354,069 |
| Dividends paid |  |  |  | 696,117 |  |  | 696,117 | 0.00 | 0.00 | 833,360 | 994,031 | 1,504,223 |
| Share buybacks | 30.00 | 30.00 |  |  | 49,795 | 300,600 | 268,228 | 0.00 | 0.00 | 219,615 | 41,380 | 844,230 |
| Assets |  |  | 56,396,366 | 57,303,135 | 54,681,390 | 55,928,038 | 58,163,286 | 70,171,461 | 112,626,845 | 142,509,149 | 158,247,000 | 215,207,056 |
| Liabilities |  |  | 33,872,674 | 36,172,316 | 31,400,343 | 31,263,681 | 32,339,257 | 45,519,188 | 84,386,301 | 107,920,160 | 99,552,856 | 155,971,263 |
| Stockholders' equity |  |  | 22,523,692 | 21,130,819 | 23,281,047 | 24,664,357 | 25,824,029 | 24,652,273 | 28,378,918 | 35,637,153 | 60,953,230 | 59,235,793 |
| Cash and cash equivalents |  |  | 3,815,790 | 1,663,222 | 1,065,550 | 4,578,275 | 11,216,820 | 8,226,739 | 7,427,474 | 16,431,572 | 12,926,036 | 12,241,408 |
| Free cash flow |  |  | 3,375,217 | -1,610,535 | 7,180,561 | 961,885 | 11,450,749 | -5,248,754 | 2,976,478 | 10,245,400 | 9,921,655 | -2,217,063 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating margin |  |  |  |  |  |  |  |  |  |  | 5.64% | 1.03% |
| Liabilities / equity |  |  | 1.50 | 1.71 | 1.35 | 1.27 | 1.25 | 1.85 | 2.97 | 3.03 | 1.63 | 2.63 |
| Current ratio |  |  | 1.71 | 1.46 | 1.60 | 2.14 | 2.22 | 1.25 | 1.08 | 1.19 | 1.49 | 1.48 |

## As-reported value updates

5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/ESOA/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001357971.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2020-Q1 | 2019-12-31 |  | -151,364 |  | reported discrete quarter |
| 2020-Q2 | 2020-03-31 |  | -1,771,861 |  | reported discrete quarter |
| 2020-Q3 | 2020-06-30 |  | -95,205 |  | reported discrete quarter |
| 2020-Q4 | 2020-09-30 |  | 4,142,447 |  | derived Q4 = FY annual - nine-month YTD |
| 2021-Q1 | 2020-12-31 |  | -724,912 |  | reported discrete quarter |
| 2021-Q2 | 2021-03-31 |  | -1,388,721 |  | reported discrete quarter |
| 2021-Q4 | 2021-09-30 |  | 1,690,660 |  | derived Q4 = FY annual - nine-month YTD |
| 2021-Q3 | 2021-12-31 |  | 1,170,980 |  | reported discrete quarter |
| 2022-Q2 | 2022-03-31 |  | -585,803 |  | reported discrete quarter |
| 2022-Q3 | 2022-06-30 |  | 1,622,114 |  | reported discrete quarter |
| 2022-Q4 | 2022-09-30 |  | 1,642,782 |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q1 | 2022-12-31 |  |  | 0.01 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  |  | -0.11 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  |  | 0.21 | reported discrete quarter |
| 2023-Q4 | 2023-09-30 | 104,858,572 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 | 90,163,187 |  | 0.12 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 71,127,655 |  | -0.07 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 | 85,923,760 |  | 1.06 | reported discrete quarter |
| 2024-Q4 | 2024-09-30 | 104,662,259 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-12-31 | 100,646,114 |  | 0.05 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 | 76,679,151 |  | -0.41 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 | 103,601,585 |  | 0.12 | reported discrete quarter |
| 2025-Q4 | 2025-09-30 | 130,074,523 |  |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-12-31 | 114,112,200 |  | 0.16 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 | 93,173,442 |  | 0.01 | reported discrete quarter |
| 2026-Q3 | 2026-06-30 | 130,005,928 | 3,286,659 | 0.18 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from ESOA's latest 10-K: [/company/ESOA/business/](/company/ESOA/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from ESOA's latest 10-K: [/company/ESOA/risk-factors/](/company/ESOA/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1357971/000110465926093413/esoa-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-10
Report date: 2026-06-30

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion of the financial condition and results of operations of Energy Services in conjunction with the “Financial Statements” appearing in this report as well as the historical financial statements and related notes contained elsewhere herein. Among other things, those historical consolidated financial statements include more detailed information regarding the basis of presentation for the following information. The term “Energy Services” refers to the Company, West Virginia Pipeline, SQP, Tri-State Paving, Ryan Construction, Tribute, and C.J. Hughes and C.J. Hughes’ wholly owned subsidiaries on a consolidated basis.

Forward Looking Statements

Within Energy Services’ (as defined below) consolidated financial statements and this Quarterly Report on Form 10-Q, there are included statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events that are intended as “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “project,” “forecast,” “may,” “will,” “should,” “could,” “expect,” “believe,” “intend” and other words of similar meaning.

These forward-looking statements do not guarantee future performance and involve or rely on risks, uncertainties, and assumptions that are difficult to predict or beyond Energy Services’ control. Energy Services has based its forward-looking statements on management’s beliefs and assumptions based on information available to management at the time the statements are made. Actual outcomes and results may differ materially from what is expressed, implied, and forecasted by forward-looking statements and any or all of Energy Services’ forward-looking statements may turn out to be wrong. The accuracy of such statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties.

All the forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements or that are otherwise included in this report. In addition, Energy Services does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report or otherwise.

Company Overview

Energy Services of America Corporation (“Energy Services” or the “Company”), formed in 2006, is a contractor and service company that operates primarily in the mid-Atlantic and central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. For the gas industry, the Company is primarily engaged in the construction, replacement and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. Energy Services is involved in the construction of both interstate and intrastate pipelines, with an emphasis on the latter. For the oil industry, the Company provides a variety of services relating to pipeline, storage facilities and plant work. For the power, chemical, and automotive industries, the Company provides a full range of electrical and mechanical installations and repairs including substation and switchyard services, site preparation, equipment setting, pipe fabrication and installation, packaged buildings, transformers, and other ancillary work with regards thereto. Energy Services’ other pipeline services include corrosion protection services, horizontal drilling services, liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction. The Company has also added the ability to perform horizontal directional drilling, civil, and general contracting services.

The Company had consolidated operating revenues of $130.0 million for the three months ended June 30, 2026, of which 46.6% was attributable to electrical, mechanical, and general contract services, 16.3% to gas and petroleum transmission projects, and 37.1% to gas & water distributions services. The Company had consolidated operating revenues of $103.6 million for the three months ended June 30, 2025, of which 48.0% was attributable to electrical, mechanical, and general contract services, 14.8% to gas and petroleum transmission projects, and 37.2% to gas & water distributions services.

The Company had consolidated operating revenues of $337.3 million for the nine months ended June 30, 2026, of which 47.7% was attributable to electrical, mechanical, and general contract services, 16.7% to gas and petroleum transmission projects, and 35.6% to gas & water distributions services. The Company had consolidated operating revenues of $280.9 million for the nine months ended June 30, 2025, of which 52.3% was attributable to electrical, mechanical, and general contract services, 13.2% to gas and petroleum transmission projects, and 34.5% to gas & water distributions services.

25

Table of Contents

Energy Services’ customers include many of the leading companies in the industries it serves, including:

TransCanada Corporation

NiSource, Inc.

Marathon Petroleum

Mountaineer Gas

Nucor Steel West Virginia

American Electric Power

Toyota Motor Manufacturing

Bayer Chemical

Dow Chemical

Kentucky American Water

WV American Water

Various state, county, and municipal public service districts.

The majority of the Company’s customers are in West Virginia, Virginia, Ohio, Pennsylvania, and Kentucky. However, the Company also performs work in other states including Alabama, Michigan, Illinois, Tennessee, North Carolina, and Indiana.

Energy Services’ sales force consists of industry professionals with significant relevant sales experience, who utilize industry contacts and available public data to determine how to market the Company’s line of products most appropriately. The Company relies on direct contact between its sales force and customers’ engineering and contracting departments to obtain new business.

A substantial portion of the Company’s workforce are union members of various construction-related trade unions and are subject to separately negotiated collective bargaining agreements that expire at varying time intervals. The Company believes its relationship with its unionized workforce is good.

C.J. Hughes Construction Company, Inc. (“C.J. Hughes”), a wholly owned subsidiary of the Company, is a general contractor primarily engaged in pipeline construction for utility companies. Contractors Rental Corporation (“Contractors Rental”), a wholly owned subsidiary of C.J. Hughes, provides union building trade employees for projects managed by C.J. Hughes.

Nitro Construction Services, Inc. (“NCS”), a wholly owned subsidiary of C.J. Hughes, provides electrical, mechanical, HVAC/R, and fire protection services to customers primarily in the automotive, chemical, and power industries. Nitro Electric Company, LLC (“Nitro Electric”), a wholly owned subsidiary of NCS, performs industrial electrical work and has a satellite office registered in Michigan. Pinnacle Technical Solutions, Inc. (“Pinnacle”), a wholly owned subsidiary of NCS, operates as a data storage facility within Nitro’s office building. Pinnacle is supported by NCS and has no employees of its own. NCS and its subsidiaries will collectively be referred to “Nitro”. Revolt Energy, LLC (“Revolt”), formerly a wholly owned subsidiary of NCS, that performed residential solar installations projects, was sold for a nominal consideration on March 1, 2025 in a transaction that was not material to the Company’s Consolidated Financial Statements. On September 30, 2025, Nitro completed the asset acquisition of Rigney Digital System Ltd. (“Rigney”), an HVAC/R controls company located in Hurricane, WV, which operates as a division of Nitro.

All C.J. Hughes, Nitro, and Contractors Rental construction personnel are union members of various related construction trade unions and are subject to collective bargaining agreements that expire at varying time intervals.

West Virginia Pipeline, Inc. (“West Virginia Pipeline” or “WVP”), a wholly owned subsidiary of Energy Services, operates as a gas and water distribution contractor primarily in southern West Virginia. The employees of West Virginia Pipeline are non-union and are managed independently of the Company’s union subsidiaries.

SQP Construction Group, Inc. (“SQP”), a wholly owned subsidiary of Energy Services, operates as a general contractor primarily in West Virginia. SQP engages in the construction and renovation of buildings and other civil construction projects for state and local government agencies and commercial customers. As a general contractor, SQP manages the overall construction project and subcontracts most of the work. The employees of SQP are non-union and are managed independently of the Company’s union subsidiaries.

Tri-State Paving & Sealcoating, Inc. (“TSP” or “Tri-State Paving”), a wholly owned subsidiary of Energy Services, provides utility paving services to water distribution customers in the Charleston, West Virginia, Lexington, Kentucky, and Chattanooga, Tennessee markets. The employees of TSP are non-union and are managed independently of the Company’s union subsidiaries.

26

Table of Contents

Ryan Construction Services Inc. (“Ryan Construction” or “RCS”), a wholly owned subsidiary of Energy Services, provides directional drilling services for broadband service providers along with offering natural gas distribution services, cathodic protection and corrosion prevention services, and civil construction services. Ryan Construction operates primarily in West Virginia and Pennsylvania. The employees of RCS are non-union and are managed independently of the Company’s union subsidiaries.

Tribute Contracting & Consultants, Inc. (“Tribute” or “TCC”), a wholly owned subsidiary of Energy Services, was formed in October 2024 in connection with the acquisition of substantially all the assets of Tribute Contracting & Consultants, LLC (“Tribute LLC”). Tribute constructs water distribution and wastewater systems primarily for public municipalities in West Virginia, Ohio, and Kentucky. The employees of TCC are non-union and are managed independently of the Company’s union subsidiaries.

The Company’s website address is www.energyservicesofamerica.com. Information on our website is not part of this Quarterly Report on Form 10-Q unless otherwise stated.

The Securities and Exchange Commission (the “SEC”) maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding the Company. The Company makes available free of charge through its website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed with the SEC pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934. These items are available as soon as reasonably practicable after we electronically file or furnish such material with the SEC. These materials are also available free of charge by written request to: Charles Crimmel, Chief Financial Officer and Corporate Secretary, Energy Services of America Corporation, 75 West 3rd Ave., Huntington, West Virginia 25701.

Seasonality: Fluctuation of Results

Our revenues and results of operations can and usually are subject to seasonal variations. These variations are the result of weather, customer spending patterns, bidding seasons and holidays. The first quarter of the calendar year is ty

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1357971/000110465925121185/esoa-20250930x10k.htm
Complete FY 2025 MD&A: /company/ESOA/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-12-15
Report date: 2025-09-30

ITEM 7.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

​

You should read the following discussion of the financial condition and results of operations of Energy Services in conjunction with the historical financial statements and related notes contained elsewhere herein. Among other things, those historical consolidated financial statements include more detailed information regarding the basis of presentation for the following information.

Understanding Gross Margins

Our gross margin is gross profit expressed as a percentage of revenues. Cost of revenues consists primarily of salaries, wages and some benefits to employees, depreciation, fuel and other equipment costs, equipment rentals, subcontracted services, portions of insurance, facilities expense, materials and parts and supplies. Factors affecting gross margin include:

Seasonal. As discussed above, seasonal patterns can have a significant impact on gross margins. Usually, business is slower in the winter months versus the warmer months.

Weather. Adverse or favorable weather conditions can impact gross margin in each period. Periods of wet weather, snow or rainfall, as well as severe temperature extremes can severely impact production and therefore negatively impact revenues and margins. Conversely, periods of dry weather with moderate temperatures can positively impact revenues and margins due to the opportunity for increased production and efficiency.

Revenue Mix. The mix of revenues between customer types and types of work for various customers will impact gross margins. Some projects will have greater margins while others that are extremely competitive in bidding may have narrower margins.

18

Table of Contents

Service and Maintenance versus Installation. In general, installation work has a higher gross margin than maintenance work. This is because installation work usually is of a fixed price nature and therefore has higher risks involved. Accordingly, a higher portion of the revenue mix from installation work typically will result in higher margins.

Subcontract Work. Work that is subcontracted to other service providers generally has lower gross margins. Increases in subcontract work as a percentage of total revenues in each period may contribute to a decrease in gross margin.

Materials versus Labor. Typically, materials supplied on projects have lower margins than labor. Accordingly, projects with a higher material cost in relation to the entire job will have a lower overall margin.

Depreciation. Depreciation is included in our cost of revenue. This is a common practice in our industry but can make comparability to other companies difficult.

Margin Risk. Failure to properly execute a job including failure to properly manage and supervise a job could decrease the profit margin.

Selling and Administrative Expenses

Selling and administrative expenses consist primarily of compensation and related benefits to management, administrative salaries and benefits, marketing, communications, office and utility costs, professional fees, bad debt expense, letter of credit fees, general liability insurance and miscellaneous other expenses.

Results of Operations for the Fiscal Year Ended September 30, 2025, Compared to the Fiscal Year Ended September 30, 2024.

Revenue. A table comparing the components of the Company’s revenues for the fiscal years ended September 30, 2025, and 2024 is below:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Twelve Months Ended","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","September 30, 2025","\u200b \u200b \u200b","% of total","\u200b \u200b \u200b","September 30, 2024","\u200b \u200b \u200b","% of total","\u200b \u200b \u200b","Change","\u200b \u200b \u200b","% Change"],["Gas & Water Distribution","\u200b","$","149,574,917","\u200b","36.4","%","82,426,199","\u200b","23.3","%","$","67,148,718","\u200b","81.5","%"],["Gas & Petroleum Transmission","\u200b","","64,586,137","","15.7","%","81,055,175","","23.5","%","","(16,469,038)","","(20.3)","%"],["Electrical, Mechanical, & General","\u200b","","196,840,319","","47.9","%","188,395,487","","53.2","%","","8,444,832","","4.5","%"],["Total","\u200b","$","411,001,373","","100.0","%","351,876,861","","100.0","%","$","59,124,512","","16.8","%"]]
[[/GREPCENT_TABLE]]

​

Revenue increased by $59.1 million, or 16.8%, to $411.0 million for the fiscal year ended September 30, 2025, from $351.9 million for the fiscal year ended September 30, 2024. The increase was the result of increased work in the Electrical, Mechanical, and General and Gas & Water Distribution business lines, partially offset by a decrease in Gas & Petroleum Transmission work.

Gas & Water Distribution revenues totaled $149.6 million for the fiscal year ended September 30, 2025, a $67.1 million increase from $82.4 million for the fiscal year ended September 30, 2024. The revenue increase was primarily related to the Company’s continued focus on increasing water project opportunities.

Gas & Petroleum Transmission revenues totaled $64.6 million for the fiscal year ended September 30, 2025, a $16.5 million decrease from $81.1 million for the fiscal year ended September 30, 2024. The revenue decrease was primarily related to bid opportunities received later in the current fiscal year and a significant decrease in natural gas project awards as compared to the previous fiscal year.

Electrical, Mechanical, & General services and construction revenues totaled $196.8 million for the fiscal year ended September 30, 2025, an $8.4 million increase from $188.4 million for the fiscal year ended September 30, 2024. The revenue increase was primarily related to increased mechanical and electrical maintenance services performed and an increase in new construction opportunities during the fiscal year ended September 30, 2025, as compared to the prior fiscal year.

19

Table of Contents

Cost of Revenues. A table comparing the components of the Company’s costs of revenues for fiscal years ended September 30, 2025 and 2024, is below:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Twelve Months Ended","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","September 30, 2025","\u200b \u200b \u200b","% of total","\u200b \u200b \u200b","September 30, 2024","\u200b \u200b \u200b","% of total","\u200b \u200b \u200b","Change","\u200b \u200b \u200b","% Change"],["Gas & Water Distribution","\u200b","$","131,260,431","","35.3","%","$","63,255,027","","21.0","%","$","68,005,404","","107.5","%"],["Gas & Petroleum Transmission","\u200b","","60,106,509","","16.1","%","","69,451,038","","23.0","%","","(9,344,529)","","(13.5)","%"],["Electrical, Mechanical, & General","\u200b","","176,304,885","","47.4","%","","167,617,676","","55.5","%","","8,687,209","","5.2","%"],["Unallocated Shop Expense","\u200b","","4,553,835","","1.2","%","","1,598,804","","0.5","%","","2,955,031","","184.8","%"],["Total","\u200b","$","372,225,660","","100.0","%","$","301,922,545","","100.0","%","$","70,303,115","","23.3","%"]]
[[/GREPCENT_TABLE]]

​

Total cost of revenues increased by $70.3 million, or 23.3%, to $372.2 million for the fiscal year ended September 30, 2025, from $301.9 million for the fiscal year ended September 30, 2024. The increase was the result of increased work in the Electrical, Mechanical, and General and Gas & Water Distribution business lines, partially offset by a decrease in Gas & Petroleum Transmission work.

Gas & Water Distribution cost of revenues totaled $131.3 million for the fiscal year ended September 30, 2025, a $68.0 million increase from $63.3 million for the fiscal year ended September 30, 2024. The cost of revenues increase was primarily related to the Company’s continued focus on increasing water project opportunities.

Gas & Petroleum Transmission cost of revenues totaled $60.1 million for the fiscal year ended September 30, 2025, a $9.3 million decrease from $69.5 million for the fiscal year ended September 30, 2024. The cost of revenues decrease was primarily related to bid opportunities received later in the current fiscal year and a significant decrease in natural gas project awards as compared to the previous fiscal year.

Electrical, Mechanical, & General services and construction cost of revenues totaled $176.3 million for the fiscal year ended September 30, 2025, an $8.7 million increase from $167.6 million for the fiscal year ended September 30, 2024. The cost of revenues increase was primarily related to increased mechanical and electrical maintenance services performed and an increase in new construction opportunities during the fiscal year ended September 30, 2025, as compared to the prior fiscal year.

Unallocated shop expenses totaled $4.6 million for the fiscal year ended September 30, 2025, a $3.0 million increase from $1.6 million for the fiscal year ended September 30, 2024. The increase in unallocated shop expenses was primarily due to decreased internal equipment charges to projects for the fiscal year ended September 30, 2025, as compared to the prior fiscal year.

Gross Profit. A table comparing the components of the Company’s gross profit for fiscal years ended September 30, 2025, and 2024, is below:

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Twelve Months Ended","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","September 30, 2025","\u200b \u200b \u200b","% of revenue","\u200b \u200b \u200b","September 30, 2024","\u200b \u200b \u200b","% of revenue","\u200b \u200b \u200b","Change","\u200b \u200b \u200b","% Change"],["Gas & Water Distribution","\u200b","$","18,314,486","\u200b","12.24","%","$","19,171,172","\u200b","23.26","%","$","(856,686)","\u200b","(4.5)","%"],["Gas & Petroleum Transmission","","\u200b","4,479,628","","6.94","%","\u200b","11,604,137","","14.32","%","\u200b","(7,124,509)","","(61.4)","%"],["Electrical, Mechanical, & General","","\u200b","20,535,434","","10.43","%","\u200b","20,777,811","","11.03","%","\u200b","(242,377)","","(1.2)","%"],["Unallocated Shop Expense","","\u200b","(4,553,835)","","\u2014","\u200b","\u200b","(1,598,804)","","\u2014","\u200b","\u200b","(2,955,031)","","184.8","%"],["Total","\u200b","$","38,775,713","","9.4","%","$","49,954,316","","14.2","%","$","(11,178,603)","","(22.4)","%"]]
[[/GREPCENT_TABLE]]

​

Total gross profit decreased by $11.2 million or 22.4% to $38.8 million for the fiscal year ended September 30, 2025, from $50.0 million for the fiscal year ended September 30, 2024.

Gas & Water Distribution gross profit totaled $18.3 million for the fiscal year ended September 30, 2025, an $857,000 decrease from $19.2 million for the fiscal year ended September 30, 2024. The gross profit decrease was primarily related to greater competition in the water industry, combined with an increase in public water projects which have a lesser profit margin, and integrating new employees due to growth in the water business line.

Gas & Petroleum Transmission gross profit totaled $4.5 million for the fiscal year ended September 30, 2025, a $7.1 million decrease from $11.6 million for the fiscal year ended September 30, 2024. The gross profit decrease was primarily related to greater

20

Table of Contents

competition affecting project pricing in the transmission business line and less transmission work performed in the fiscal year ended September 30, 2025 as compared to the prior fiscal year.

Electrical, Mecha

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/ESOA/mda/fy2025/
All MD&A years: /company/ESOA/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/ESOA/mda/fy2024/): filed 2024-12-19; accession 0001410578-24-002104 (https://www.sec.gov/Archives/edgar/data/1357971/000141057824002104/esoa-20240930x10k.htm)
- [FY 2023 MD&A](/company/ESOA/mda/fy2023/): filed 2024-01-16; accession 0001410578-24-000014 (https://www.sec.gov/Archives/edgar/data/1357971/000141057824000014/esoa-20230930x10k.htm)
- [FY 2022 MD&A](/company/ESOA/mda/fy2022/): filed 2022-12-22; accession 0001410578-22-003581 (https://www.sec.gov/Archives/edgar/data/1357971/000141057822003581/esoa-20220930x10k.htm)
- [FY 2021 MD&A](/company/ESOA/mda/fy2021/): filed 2021-12-29; accession 0001410578-21-000612 (https://www.sec.gov/Archives/edgar/data/1357971/000141057821000612/esoa-20210930x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 1623 Water, Sewer, Pipeline, Comm & Power Line Construction) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Growth & output](/thread/growth-output/), [Housing & construction](/thread/housing-construction/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/ESOA.md · JSON record: /company/ESOA.json · verified financials: /company/ESOA/financials.json / /company/ESOA/financials.csv · machine TOC for the whole site: /llms.txt