Smith-Midland Reports Fourth Quarter and Year End 2025 Financial Results
Rhea-AI Summary
Smith-Midland (NASDAQ:SMID) reported record 2025 results with revenue up 19% to $93.4M and net income up 63% to $12.5M ($2.36 per diluted share). Gross margin improved 240 basis points to 27.9% and cash was $11.9M at year-end.
Service revenue and barrier rentals drove much of the growth; backlog was $53.1M (down from $59.5M a year earlier).
Positive
- Revenue +19% to $93.4M in 2025
- Net income +63% to $12.5M; EPS $2.36
- Gross margin +240 bps to 27.9%
- Barrier rental revenue increased to $19.7M
- Year-end cash totaled $11.9M
Negative
- Backlog declined ~10.7% to $53.1M (March 2025)
- Utility product sales fell ~45% to $4.3M
News Market Reaction – SMID
In the Apr 15 session, SMID declined 1.09%, reflecting a mild negative market reaction. Argus tracked a trough of -6.5% from its starting point during tracking. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 23 | Preliminary 2025 earnings | Positive | -1.0% | Preliminary Q4 and 2025 results signaling record annual revenue and net income. |
| Nov 13 | Q3 2025 earnings | Positive | -0.7% | Q3 2025 results with solid margins and backlog despite lower revenue year over year. |
| Aug 14 | Q2 2025 earnings | Positive | +0.8% | Exceptional Q2 2025 growth with higher revenue, margins, and net income. |
| Jul 10 | Q1 2025 earnings | Positive | +7.5% | Q1 2025 results showing strong revenue growth and major margin expansion. |
| May 27 | FY & Q4 2024 earnings | Positive | +6.0% | Record 2024 revenue and net income with sharply improved gross margins. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been positive but often saw muted or negative next-day moves, suggesting a history of market skepticism around strong results.
Over the past year, Smith-Midland has repeatedly reported strong earnings growth, including record 2024 results and robust sequential quarters through 2025. Revenue and net income expanded meaningfully, with improving gross margins and a solid backlog above $50M. Preliminary 2025 results in March 2026 already signaled record performance, and today’s audited 2025 report confirms that trajectory. The current announcement reinforces the same themes: infrastructure-driven demand, expanding barrier rentals, and continued margin gains.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company Sets Records With 19 Percent Increase in Annual Revenue and 63 Percent Increase in Net Income
MIDLAND, VA / ACCESS Newswire / April 14, 2026 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, today announced its fourth quarter and year-end results for the period ended December 31, 2025.
Fourth Quarter 2025 Summary (compared to prior-year quarter)
Revenue increased 25 percent to
$23.1 million Product sales increased 26 percent to
$13.8 million Operating income of
$3.2 million compared to$1.9 million Net income of
$2.1 million , or$0.40 per diluted share, compared to$1.4 million and$0.26
Full Year 2025 Summary
Revenue increased 19 percent to
$93.4 million Shipping and installation revenue increased 21 percent
Gross margin increased by 240 basis points to 27.9 percent
Net income of
$12.5 million , or$2.36 per diluted share compared to$7.7 million and$1.45
"2025 was a banner year for Smith-Midland, as we once again posted our highest annual revenue and net income in company history," said Ashley Smith, Chairman and Chief Executive Officer of Smith-Midland. "Revenue increased 19 percent from the prior year, thanks to growth across all aspects of our business. This growth, combined with our proactive cost management efforts, resulted in a 63 percent increase in annual net income.
"We believe the outlook for 2026 remains very favorable for our products, as funding from the Infrastructure and Jobs Act for highway projects continues to drive opportunities for both our Soundwall panels and barrier rentals. Our Easi-Set and Easi-Span building sales are benefiting from increased marketing efforts, and the approaching timeline for MASH-TL3 compliance remains an ongoing opportunity for our patented JJ-Hooks highway barrier system. We also expect to see continued growth in our barrier rentals thanks to our expanded rental fleet, which allows us to participate in larger scale projects. Overall, we remain well-positioned to meet the increased demand across the multiple sectors we serve and deliver long-term value to our shareholders," concluded Smith.
Fourth Quarter 2025 Results
The Company reported 2025 fourth quarter revenues of
Gross profit increased to
Operating income for the quarter was
Full-Year 2025 Results
Revenues for the year totaled
Gross profit was
Operating income for the year was
Product Sales
Total product sales for the full year 2025 were
Service Revenue
Service revenue which is comprised of royalty income, barrier rental revenue, and shipping and installation totaled
Balance Sheet and Liquidity
As of December 31, 2025, Smith-Midland's cash totaled
Macro Environment and Outlook
The Company anticipates similar product sales volumes throughout 2026 compared to 2025, as funding related to the Infrastructure Investment and Jobs Act continues through state and local governments in 2026. The Company continues to increase marketing and sales efforts towards SlenderWall® sales and barrier rentals, in line with long-term strategic objectives. Barrier rentals, exclusive of special barrier projects, is expected to be higher in 2026 than in 2025, although given the high level of special barrier projects in 2025, it is likely for there to be a decrease in 2026 from this revenue source. Backlog was approximately
About Smith-Midland
Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utility industries.
Smith-Midland Corporation has three manufacturing facilities in; Midland, VA, Reidsville, NC, and Columbia, SC, and a J-J Hooks® Safety Barrier rental firm, Concrete Safety Systems. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall®, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com.
Forward-Looking Statements
This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from those discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, the uncertainties arising from the policies of the United States Government, the risk of less government spending on infrastructure than anticipated, inflationary factors including potential recession, our material weaknesses in internal controls, cyber security risks, general business and economic conditions, our debt exposure, our high level of accounts receivables, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
Company Contact:
Investor Relations:
Steven Hooser or John Beisler
Three Part Advisors, LLC
214-872-2710
SOURCE: Smith-Midland
View the original press release on ACCESS Newswire