NWPX Infrastructure Announces Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

NWPX Infrastructure (NASDAQ: NWPX) reported record 2025 results: net sales $526.0M (+6.8% YoY), gross profit $103.6M (+8.6% YoY) and net income $35.4M ($3.56 diluted EPS).

Fourth-quarter net sales were $125.6M and gross profit $26.8M. WTS backlog including confirmed orders reached $346M. The company completed a $9.0M acquisition of Boughton’s precast facility and generated $67.3M operating cash flow in 2025.

Positive

• Record net sales of $526.0M in 2025 (+6.8% YoY)
• Record gross profit of $103.6M in 2025 (+8.6% YoY)
• Strong operating cash flow of $67.3M in 2025
• WTS backlog including confirmed orders of $346M at Dec 31, 2025
• Completed acquisition of Boughton precast for $9.0M, expanding geographic footprint

Negative

• Fourth-quarter net income declined to $8.9M from $10.1M year-ago
• WTS tons produced down 19% in Q4 and 9% for 2025 due to project timing
• WTS backlog decreased sequentially to $234M from $257M at Sept 30, 2025
• Precast order book modestly declined to $57M from $61M year-ago

Market Reaction – NWPX

+4.91% $77.65

15m delay 2 alerts

+4.91% Since News

$77.65 Last Price

$71.81 $77.65 Day Range

+$33M Valuation Impact

$711M Market Cap

0.0x Rel. Volume

Following this news, NWPX has gained 4.91%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $77.65. This price movement has added approximately $33M to the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q4 2025 net sales: $125.6M Q4 2025 gross profit: $26.8M (21.3% margin) Q4 2025 net income: $8.9M ($0.91 EPS) +5 more

8 metrics

Q4 2025 net sales $125.6M Fourth quarter 2025 consolidated net sales, up 5.0% year-over-year

Q4 2025 gross profit $26.8M (21.3% margin) Fourth quarter 2025 consolidated gross profit, up 19.2% year-over-year

Q4 2025 net income $8.9M ($0.91 EPS) Fourth quarter 2025 net income versus $10.1M ($1.00 EPS) in Q4 2024

FY 2025 net sales $526.0M Record full year 2025 consolidated net sales, up 6.8% year-over-year

FY 2025 net income $35.4M ($3.56 EPS) Record full year 2025 net income per diluted share versus $3.40 in 2024

WTS backlog incl. confirmed $346M Water Transmission Systems backlog including confirmed orders at Dec 31, 2025

FY 2025 operating cash flow $67.3M Net cash provided by operating activities in full year 2025

Boughton acquisition price $9.0M Purchase price for Boughton’s Precast, funded with line-of-credit borrowings

Market Reality Check

Price: $73.15 Vol: Volume 40,439 is below th...

low vol

$73.15 Last Close

Volume Volume 40,439 is below the 20-day average of 94,593 (relative volume 0.43x), suggesting a modest pre-news positioning. low

Technical Shares at 73.15 are trading above the 200-day MA of 53.39, keeping the stock in a longer-term uptrend ahead of these record 2025 results.

Peers on Argus

NWPX was up 1.41% while key steel peers like ZEUS (-6.16%), MTUS (-3.05%) and AS...

1 Up

NWPX was up 1.41% while key steel peers like ZEUS (-6.16%), MTUS (-3.05%) and ASTL (-1.5%) were down. Only MSB (+1.14%) and scanner-listed LUD (+3.44%) gained, pointing to stock-specific strength rather than a broad steel move.

Previous Earnings Reports

5 past events · Latest: Oct 29 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 29	Q3 2025 earnings	Positive	+0.5%	Record Q3 2025 sales and gross profit with strong WTS and Precast performance.
Aug 07	Q2 2025 earnings	Positive	+13.3%	Record Q2 2025 net sales, strong backlog, and launch of rebranding to NWPX Infrastructure.
Apr 30	Q1 2025 earnings	Positive	-6.2%	Q1 2025 sales growth with solid SPP and Precast margins despite operational challenges.
Feb 26	FY 2024 earnings	Positive	-10.7%	Record 2024 net sales and strong backlogs across SPP and Precast segments.
Oct 30	Q3 2024 earnings	Positive	+0.1%	Strong Q3 2024 growth with record gross profit and a healthy SPP backlog.

Pattern Detected

Earnings releases have generally been positive operationally, but price reactions have been mixed, with an average move of -0.6% and several past selloffs following strong results.

Recent Company History

Across the last five earnings announcements from Oct 30, 2024 through Oct 29, 2025, NWPX repeatedly reported record or strong sales and gross profit, with growing WTS backlogs and solid Precast order books. Price reactions ranged from a 13.3% gain to a 10.7% decline, indicating that even robust results sometimes coincided with profit‑taking. Today’s Q4 and full‑year 2025 report extends that pattern of record revenue, gross profit, and backlog across both segments.

Historical Comparison

-0.6% avg move · Over the last five earnings releases, NWPX’s average move was -0.6%, with both double‑digit gains an...

earnings

-0.6%

Average Historical Move earnings

Over the last five earnings releases, NWPX’s average move was -0.6%, with both double‑digit gains and losses after strong results, underscoring that earnings strength has not always translated into sustained upside.

Earnings from late 2024 through 2025 show a progression of record quarterly and annual sales, expanding gross profit, and consistently strong WTS backlog and Precast order books, culminating in today’s record full‑year 2025 results.

Market Pulse Summary

This announcement highlights record 2025 net sales of $526.0M, gross profit of $103.6M, and net inco...

Analysis

This announcement highlights record 2025 net sales of $526.0M, gross profit of $103.6M, and net income of $35.4M, alongside a WTS backlog including confirmed orders of $346M and Precast order book of $57M. Compared with prior earnings, it extends a trend of solid growth and cash generation. Investors may watch segment margins, backlog changes, integration of the $9.0M Boughton acquisition, and capital allocation decisions in 2026.

Key Terms

non-GAAP financial measure, backlog, confirmed orders, order book

4 terms

non-GAAP financial measure financial

"Adjusted net income, which is a non-GAAP financial measure, is reconciled..."

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

backlog financial

"WTS backlog was $234 million as of December 31, 2025 compared to..."

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

confirmed orders financial

"Backlog including confirmed orders was $346 million as of December 31, 2025..."

Confirmed orders are firm, legally enforceable purchase commitments from customers—usually documented by a signed contract or official purchase order—rather than tentative inquiries or quotes. For investors, confirmed orders matter because they give clearer visibility into future sales, cash flow and production needs, much like a restaurant reservation that guarantees seats and helps the owner plan staffing and supplies.

order book financial

"Precast order book was $57 million as of December 31, 2025 compared to..."

A stock market order book is a live list of all pending buy and sell requests for a particular security, showing quantities and the prices traders are willing to trade at. Think of it as a market’s bulletin board: it reveals how much demand and supply exists at different prices, so investors can gauge liquidity, how easily a trade will fill, and how close the market is to moving the price.

AI-generated analysis. Not financial advice.

Fourth Quarter 2025 Highlights:

• Net sales of $125.6 million, a Company fourth quarter record under its current operating segments, increased 5.0% year-over-year
• Gross profit of $26.8 million, a Company fourth quarter record, increased 19.2% year-over-year
• Water Transmission Systems segment ("WTS") backlog¹ of $234 million; WTS backlog including confirmed orders² of $346 million
• Precast Infrastructure and Engineered Systems segment ("Precast") order book³ of $57 million

Full Year 2025 Highlights:

• Record net sales of $526.0 million increased 6.8% year-over-year
• Record net sales for WTS and Precast segments
• Record gross profit of $103.6 million increased 8.6% year-over-year
• Record gross profit for WTS of $67.1 million increased 7.2% year-over-year
• Record net income of $35.4 million, or $3.56 per diluted share
• Strong net cash provided by operating activities of $67.3 million
• Record safety performance; total recordable incident rate of 1.06

VANCOUVER, Wash., Feb. 25, 2026 /PRNewswire/ -- NWPX Infrastructure, Inc. (NASDAQ: NWPX) ("NWPX Infrastructure" and the "Company"), a leading manufacturer of water-related infrastructure products, today announced its financial results for the fourth quarter and full year ended December 31, 2025. The Company will broadcast its fourth quarter and full year 2025 earnings conference call on Thursday, February 26, 2026 at 7:00 a.m. PT.

Management Commentary

"We delivered an exceptional fourth quarter with WTS revenue of $84.0 million and a healthy gross margin of 21.2%," said Scott Montross, President and Chief Executive Officer of NWPX Infrastructure. "Robust bidding activity increased our WTS backlog including confirmed orders to $346 million, positioning us well for continued momentum in 2026. Precast also performed well, generating $41.7 million in revenue and a 21.5% gross margin, reflecting improvement both sequentially and compared against the year ago quarter. The Precast order book ended the year at a stable $57 million, providing solid visibility in 2026."

Mr. Montross continued, "For the full year, we achieved record financial performance driven by disciplined execution, operational improvements across our facilities, and sustained demand in our end markets. WTS generated record revenue of $350.9 million and record gross profit of $67.1 million, while Precast delivered record revenue of $175.1 million and gross profit of $36.5 million. Consolidated gross profit also reached a record $103.6 million. We produced $67.3 million in operating cash flow and $35.4 million in net income, or $3.56 per diluted share, demonstrating the strength, consistency, and quality of our earnings. We are also excited to announce that we have acquired Boughton, a single-site precast business in Pueblo, Colorado, establishing a strategic foothold in a market with meaningful long-term growth potential. Most importantly, we delivered another record safety year with a record total recordable incident rate of 1.06, reflecting our culture and belief that operational excellence begins with protecting the well-being of our employees."

Mr. Montross concluded, "As we enter 2026, we do so with a strong WTS backlog, elevated first quarter bidding levels, and a stable Precast order book with improving margins. While normal weather-related seasonality is expected in WTS in the first quarter, we anticipate full year bidding activity to be consistent with 2025 levels. In Precast, demand remains solid, and our order book supports continued progress in revenue and margin performance. As a result, we expect the first quarter to be stronger than in recent years and believe we are well-positioned to deliver another very strong year in 2026."

Fourth Quarter 2025 Financial Results

Consolidated

• Net sales increased 5.0% to $125.6 million from $119.6 million in the fourth quarter of 2024.
• Gross profit increased 19.2% to $26.8 million, or 21.3% of net sales, from $22.4 million, or 18.8% of net sales, in the fourth quarter of 2024.
• Net income was $8.9 million, or $0.91 per diluted share, compared to $10.1 million, or $1.00 per diluted share, in the fourth quarter of 2024.
• Adjusted net income was $9.1 million, or $0.93 per diluted share, compared to $7.8 million, or $0.77 per diluted share, in the fourth quarter of 2024. Adjusted net income, which is a non-GAAP financial measure, is reconciled to net income in the table titled "Reconciliation of Non-GAAP Financial Measures" below.

Water Transmission Systems Segment (WTS)

• WTS net sales increased 1.8% to $84.0 million from $82.5 million in the fourth quarter of 2024 driven by a 26% increase in selling price per ton due to changes in product mix, which was partially offset by a 19% decrease in tons produced resulting from changes in project timing.
• WTS gross profit increased 20.6% to $17.8 million, or 21.2% of WTS net sales, from $14.8 million, or 17.9% of WTS net sales, in the fourth quarter of 2024 primarily due to increased selling prices.
• WTS backlog was $234 million as of December 31, 2025 compared to $257 million as of September 30, 2025 and $213 million as of December 31, 2024. Backlog including confirmed orders was $346 million as of December 31, 2025 compared to $301 million as of September 30, 2025 and $310 million as of December 31, 2024.

Precast Infrastructure and Engineered Systems Segment (Precast)

• Precast net sales increased 12.2% to $41.7 million from $37.1 million in the fourth quarter of 2024 driven by an 8% increase in selling prices due to changes in product mix and a 4% increase in volume shipped.
• Precast gross profit increased 16.6% to $9.0 million, or 21.5% of Precast net sales, from $7.7 million, or 20.7% of Precast net sales, in the fourth quarter of 2024 primarily due to changes in product mix.
• Precast order book was $57 million as of December 31, 2025 compared to $55 million as of September 30, 2025 and $61 million as of December 31, 2024.

Full Year 2025 Financial Results

Consolidated

• Net sales increased 6.8% to a record $526.0 million in 2025 from $492.5 million in 2024.
• Gross profit increased 8.6% to a record $103.6 million, or 19.7% of net sales from $95.4 million, or 19.4% of net sales, in 2024.
• Net income was $35.4 million, or $3.56 per diluted share, compared to $34.2 million, or $3.40 per diluted share, in 2024.
• Adjusted net income was $35.6 million, or $3.59 per diluted share, compared to $31.9 million, or $3.17 per diluted share, in 2024. Adjusted net income, which is a non-GAAP financial measure, is reconciled to net income in the table titled "Reconciliation of Non-GAAP Financial Measures" below.

Water Transmission Systems Segment (WTS)

• WTS net sales increased 3.8% to a record $350.9 million in 2025 from $337.9 million in 2024 driven by a 14% increase in selling price per ton due to changes in product mix, which was partially offset by a 9% decrease in tons produced resulting from changes in project timing.
• WTS gross profit increased 7.2% to a record $67.1 million, or 19.1% of WTS net sales, in 2025 from $62.6 million, or 18.5% of WTS net sales, in 2024 primarily due to increased selling prices.

Precast Infrastructure and Engineered Systems Segment (Precast)

• Precast net sales increased 13.3% to a record $175.1 million in 2025 from $154.6 million in 2024 driven by an 8% increase in volume shipped and a 4% increase in selling prices due to changes in product mix.
• Precast gross profit increased 11.3% to $36.5 million, or 20.8% of Precast net sales, in 2025 from $32.8 million, or 21.2% of Precast net sales, in 2024 primarily due to increased volume shipped.

Balance Sheet and Cash Flow

• As of December 31, 2025, the Company had $0.3 million of outstanding revolving loan borrowings and additional borrowing capacity of approximately $124 million under the revolving credit facility.
• Net cash provided by operating activities was $36.0 million in the fourth quarter of 2025 compared to $36.2 million in the fourth quarter of 2024 primarily due to a $9.5 million decrease in cash provided by changes in working capital and a $9.3 million increase in cash provided by net income adjusted for non-cash items. Net cash provided by operating activities was $67.3 million in 2025 compared to $55.1 million in 2024 primarily due to a $13.4 million increase in cash provided by net income, adjusted for non-cash items.
• Capital expenditures were $5.2 million in the fourth quarter of 2025 compared to $4.2 million in the fourth quarter of 2024. Capital expenditures were $20.2 million in 2025 compared to $20.8 million in 2024.

Corporate Developments

On February 23, 2026, the Company completed the acquisition of 100% of the shares of Boughton's Precast, Inc., a single precast facility located in Pueblo, Colorado, for a purchase price of approximately $9.0 million funded by borrowings on the line of credit. This acquisition expands the Company's geographic footprint for its stormwater infrastructure and sanitary sewer products including manholes, catch basins, vaults, and reinforced concrete pipe.

1 NWPX Infrastructure defines "backlog" as the balance of remaining performance obligations under signed contracts for Water Transmission Systems products for which revenue is recognized over time.

2 NWPX Infrastructure defines "confirmed orders" as Water Transmission Systems projects for which the Company has been notified that it is the successful bidder, but a binding agreement has not been executed.

3 NWPX Infrastructure defines "order book" as unfulfilled orders outstanding at the measurement date for its Precast Infrastructure and Engineered Systems segment.

 

Conference Call Details

A conference call and simultaneous webcast to discuss the Company's fourth quarter and full year 2025 financial results will be held on Thursday, February 26, 2026, at 7:00 a.m. Pacific Time. The call will be broadcast live on the Investor Relations section of the Company's website at investor.nwpx.com and will be archived online upon completion of the conference call. For those unable to listen to the live call, a replay will be available approximately three hours after the event and will remain available until Thursday, March 12, 2026, by dialing 1‑844‑512‑2921 in the U.S. or 1‑412‑317‑6671 internationally and entering the replay access code: 13758043.

About NWPX Infrastructure

Founded in 1966, NWPX Infrastructure, Inc. is a leading manufacturer of water-related infrastructure products. Under the Northwest Pipe Company brand, the Company is the largest manufacturer of engineered water transmission systems in North America and produces steel casing pipe, bar-wrapped concrete cylinder pipe, and pipeline system joints and fittings. The Company also provides solution-based products for a wide range of markets including high-quality reinforced precast concrete products, lined precast sanitary sewer system structures, water distribution and management equipment including pump lift stations, wastewater pretreatment, and stormwater quality products. The Company has broadened its manufacturing footprint by bringing lined and engineered precast products into production at additional facilities. This increases the Company's capacity and improves regional availability. Strategically positioned to meet growing water and wastewater infrastructure needs, the Company's skilled team is committed to quality and innovation while upholding its core values of accountability, commitment, and teamwork. Headquartered in Vancouver, Washington, the Company operates 13 manufacturing facilities across North America. For more information, please visit www.nwpx.com.

Forward-Looking Statements

Statements in this press release by Scott Montross contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on current expectations, estimates, and projections about the Company's business, management's beliefs, and assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to differ materially from those estimated by the Company include changes in demand and market prices for its products, product mix, bidding activity and order modifications or cancelations, timing of customer orders and deliveries, production schedules, price and availability of raw materials, excess or shortage of production capacity, product quality failures that result in decreased sales and operating margin, product returns, product liability, warranty, or other claims, international trade policy and regulations, changes in trade policy (in particular Canada and Mexico) and duties imposed on imports and exports and related impacts on the Company, economic uncertainty and associated trends in macroeconomic conditions, including potential recession, inflation, and the state of the housing and commercial construction markets, interest rate risk and changes in market interest rates, including the impact on the Company's customers and related demand for its products, the Company's ability to identify and complete internal initiatives and/or acquisitions in order to grow its business, the Company's ability to effectively integrate recent and other future acquisitions into its business and operations that produce accretive financial results, effects of security breaches, computer viruses, and cybersecurity incidents, timing and amount of share repurchases, impacts of U.S. tax reform legislation on the Company's results of operations, and the impact on its customers and related demand for its products, delays or reductions in state or local government spending due to revisions to federal appropriations brought on by policy changes, staffing levels or the inability to pass budget reconciliation legislation, adequacy of the Company's insurance coverage, supply chain challenges, the Company's ability to attract and retain talented employees, impact of geopolitical trends, changes, and events, including various military conflicts or tensions and the regional and global ramifications of these conditions, operating problems at the Company's manufacturing operations including fires, explosions, inclement weather, and floods and other natural disasters, effectiveness of future implementations or conversions of enterprise resource planning or other key systems, material weaknesses in the Company's internal control over financial reporting and its ability to remediate such weaknesses, impacts of pandemics, epidemics, or other public health emergencies, and other risks discussed in the Company's Annual Report on Form 10‑K for the year ended December 31, 2024 and from time to time in its other Securities and Exchange Commission filings and reports. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. If the Company does update or correct one or more forward-looking statements, investors and others should not conclude that it will make additional updates or corrections with respect thereto or with respect to other forward-looking statements.

Non-GAAP Financial Measures

The Company is presenting backlog including confirmed orders, adjusted net income, and adjusted diluted net income per share. These non-GAAP financial measures are provided to better enable investors and others to assess the Company's ongoing operating results and compare them with its competitors. These should be considered a supplement to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP.

For more information, visit www.nwpx.com.

Contact:
Aaron Wilkins
Chief Financial Officer
NWPX Infrastructure
investors@nwpx.com

Or

Addo Investor Relations
nwpx@addo.com

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts)
		Three Months Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Net sales:
Water Transmission Systems		$	83,979			$	82,491			$	350,879			$	337,945
Precast Infrastructure and Engineered Systems			41,660				37,136				175,124				154,603
Total net sales			125,639				119,627				526,003				492,548
Cost of sales:
Water Transmission Systems			66,183				67,738				283,738				275,341
Precast Infrastructure and Engineered Systems			32,699				29,451				138,628				121,802
Total cost of sales			98,882				97,189				422,366				397,143
Gross profit:
Water Transmission Systems			17,796				14,753				67,141				62,604
Precast Infrastructure and Engineered Systems			8,961				7,685				36,496				32,801
Total gross profit			26,757				22,438				103,637				95,405
Selling, general, and administrative expense			13,729				11,941				52,767				47,161
Operating income			13,028				10,497				50,870				48,244
Other income (loss)			(1,808)				74				(1,783)				(213)
Interest expense			(423)				(911)				(2,609)				(5,660)
Income before income taxes			10,797				9,660				46,478				42,371
Income tax expense (benefit)			1,918				(436)				11,067				8,165
Net income		$	8,879			$	10,096			$	35,411			$	34,206
Net income per share:
Basic		$	0.92			$	1.02			$	3.62			$	3.45
Diluted		$	0.91			$	1.00			$	3.56			$	3.40
Shares used in per share calculations:
Basic			9,609				9,919				9,774				9,916
Diluted			9,802				10,108				9,937				10,066

 

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)
		December 31,
		2025				2024
Assets
Current assets:
Cash and cash equivalents		$	2,273			$	5,007
Trade and other receivables, net			78,171				66,946
Contract assets			91,036				103,422
Inventories			74,287				79,770
Prepaid expenses and other			5,665				7,343
Total current assets			251,432				262,488
Property and equipment, net			157,509				150,456
Operating lease right-of-use assets			86,894				87,747
Goodwill			55,504				55,504
Intangible assets, net			23,008				27,041
Other assets			5,283				6,417
Total assets		$	579,630			$	589,653
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt		$	2,994			$	2,994
Accounts payable			22,190				27,783
Accrued liabilities			27,743				28,172
Contract liabilities			8,794				11,197
Current portion of operating lease liabilities			4,829				4,987
Total current liabilities			66,550				75,133
Borrowings on line of credit			276				24,677
Long-term debt			8,482				11,476
Operating lease liabilities			86,223				85,744
Deferred income taxes			12,484				8,297
Other long-term liabilities			10,832				10,323
Total liabilities			184,847				215,650
Stockholders' equity			394,783				374,003
Total liabilities and stockholders' equity		$	579,630			$	589,653

 

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)
		Year Ended December 31,
		2025				2024
Cash flows from operating activities:
Net income		$	35,411			$	34,206
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and finance lease amortization			15,405				15,038
Amortization of intangible assets			4,033				4,033
Share-based compensation expense			5,564				5,061
Settlement loss on defined benefit plans			1,451				-
Noncash operating lease expense			6,127				6,053
Deferred income taxes			4,281				(4,684)
Other, net			1,527				728
Changes in operating assets and liabilities:
Trade and other receivables			(12,376)				(19,968)
Contract assets, net			9,983				6,840
Inventories			5,483				11,459
Prepaid expenses and other assets			2,454				1,629
Accounts payable			(6,037)				(3,447)
Accrued and other liabilities			(1,071)				3,234
Operating lease liabilities			(4,952)				(5,131)
Net cash provided by operating activities			67,283				55,051
Cash flows from investing activities:
Purchases of property and equipment			(20,177)				(20,799)
Other investing activities			31				63
Net cash used in investing activities			(20,146)				(20,736)
Cash flows from financing activities:
Borrowings on line of credit			155,771				171,329
Repayments on line of credit			(180,172)				(201,137)
Borrowings on other debt			-				4,244
Payments on other debt			(3,000)				(500)
Payments on finance lease liabilities			(1,660)				(1,419)
Tax withholdings related to net share settlements of equity awards			(2,313)				(1,449)
Repurchase of common stock			(18,351)				(4,429)
Other financing activities			(146)				(15)
Net cash used in financing activities			(49,871)				(33,376)
Change in cash and cash equivalents			(2,734)				939
Cash and cash equivalents, beginning of period			5,007				4,068
Cash and cash equivalents, end of period		$	2,273			$	5,007

 

NWPX INFRASTRUCTURE, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (In thousands, except per share amounts)
		Three Months Ended								Year Ended
		December 31,								December 31,
		2025				2024				2025				2024
Net income, as reported		$	8,879			$	10,096			$	35,411			$	34,206
Adjustments for non-recurring items:
Pension settlement and termination costs			1,775				-				1,775				-
Lapse in statute of limitations for previously uncertain tax positions			(1,024)				(2,277)				(1,024)				(2,277)
Estimated tax impact of pension settlement and termination costs			(513)				-				(513)				-
Adjusted net income		$	9,117			$	7,819			$	35,649			$	31,929
Diluted net income per share, as reported		$	0.91			$	1.00			$	3.56			$	3.40
Adjusted diluted net income per share		$	0.93			$	0.77			$	3.59			$	3.17

 

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SOURCE NWPX Infrastructure, Inc.

FAQ

What were NWPX fourth quarter 2025 sales and gross profit (NWPX)?

NWPX reported fourth quarter 2025 net sales of $125.6M and gross profit of $26.8M. According to the company, gross margin improved to 21.3% driven by higher selling prices and favorable product mix.

How did NWPX perform for full year 2025 (NWPX) and EPS reported?

NWPX delivered record 2025 net sales of $526.0M and net income of $35.4M ($3.56 EPS). According to the company, results reflected operational improvements and stronger demand across WTS and Precast segments.

What is NWPX's WTS backlog and confirmed orders as of Dec 31, 2025 (NWPX)?

WTS backlog was $234M and backlog including confirmed orders was $346M as of Dec 31, 2025. According to the company, higher bidding activity expanded confirmed orders and underpins 2026 revenue visibility.

What did NWPX acquire on Feb 23, 2026 and how was it funded (NWPX)?

NWPX acquired Boughton’s single-site precast facility in Pueblo, Colorado for approximately $9.0M. According to the company, the purchase was funded by borrowings on the revolving credit line to expand stormwater and sanitary product footprint.

What operational headwinds did NWPX note for Q4 2025 and full year trends (NWPX)?

NWPX reported lower tons produced in WTS (down 19% Q4 and 9% FY) due to project timing. According to the company, higher selling prices offset volume declines but seasonality may affect early 2026 revenue timing.