NWPX Infrastructure achieved record annual net sales of $526 million, up 6.8% year-over-year, and delivered EPS of $3.56. Free cash flow hit $47.1 million, surpassing 2024’s $34.3 million, driven by strong profitability and cash generation in Water Transmission Systems and Precast segments.

Water Transmission Systems revenue reached $350.9 million, rising 3.8% on 14% higher selling prices per ton, while production volumes dipped 9% due to project mix timing. Precast posted record revenue of $175.1 million, up 13.3%, with sequential margin recovery and improved volume absorption.

The company repaid $27.4 million of debt, repurchased approximately 425,000 shares for $18.4 million, and completed the acquisition of Boughton’s Precast, a single-site producer in Pueblo, Colorado. Management expects to double the ~$8 million revenue business over the next two to three years through targeted investments and integration into its Geneva platform.

Backlog in Water Transmission Systems rose to $346 million at year-end, up from $301 million at Q3 and above $310 million at end-2024. Management forecasts higher Q1 2026 revenue and improving margins with planned $20–24 million capex and $40–46 million of free cash flow for the full year.