Smith-Midland Achieves 19% Revenue Growth to $93.4M and 63% Net Income Jump
Smith-Midland posted record 2025 revenue of $93.4 million, up 19%, and net income of $12.5 million, up 63% year-over-year. In Q4 revenue climbed 25% to $23.1 million, with net income rising to $2.1 million ($0.40 per share) and gross margin expanding 240 basis points to 27.9%.
1. Fourth Quarter 2025 Results
Fourth quarter revenue rose 25% to $23.1 million, led by a 26% increase in product sales to $13.8 million and service revenue of $9.3 million. Gross margin improved to 23.9%, operating income grew to $3.2 million, and net income reached $2.1 million, or $0.40 per share.
2. Full-Year 2025 Performance
Full-year 2025 performance delivered record revenue of $93.4 million, up 19% year-over-year, and net income of $12.5 million, up 63%. Service revenue advanced to $45.2 million, gross margin expanded 240 basis points to 27.9%, and operating income totaled $17.0 million.
3. Operational Highlights and Outlook
Soundwall sales increased to $14.6 million, Easi-Set and Easi-Span building sales rose to $11.5 million, and SlenderWall contributed $3.6 million in its debut year. Barrier rentals generated $19.7 million, royalty income climbed 28% to $4.2 million, cash grew to $11.9 million, and management forecasts continued infrastructure-driven demand in 2026.