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Smith Midland (SMID) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Smith Midland (SMID) Q2 2026 earnings results →
Q2 2026 Revenue down 11% year over year to $23.4M · 6¢ of every $1 of revenue kept as net profit · operating margin 8.5%
Smith Midland made $23.4M in Q2 2026 (-11% Y/Y): Service Revenue $12.2M, Product Sales $11.2M. Operating margin 8.5%, net earnings $1.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $23.4M in Q2 2026, down 11% year over year and up 8% from the previous quarter. Service Revenue was the largest line at 52% of revenue. Revenue Recognized for Product Sales - Over Time lost $4.1M year over year (down 49%), 145% of the total change.
Gross margin was 23.2%, down 6.5 points from Q2 2025. Operating profit was $2.0M, a 8.5% margin (down 12.6 points year over year). Operating expenses grew 51% against a revenue fall of 11%. The fastest-growing cost line was General & admin (+64%). Net earnings were $1.4M, down 67% year over year. The effective tax rate was 23.9%.
Operating cash flow was −$485K. Non-cash charges added back $1.0M of depreciation and amortization. Working capital and other items used $2.9M. Capital expenditures of $1.9M exceeded it, leaving free cash flow of −$2.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $23.4M | -11% | 8.5% | $1.4M | −$485K |
| Q1 2026 | 10-Q | Jun 10, 2026 | $21.6M | -5% | 8.0% | $1.3M | $3.1M |
| Q4 2025 | 10-K | Apr 14, 2026 | $23.1M | +25% | 14.0% | $2.1M | $2.6M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $21.5M | -9% | 18.0% | $2.9M | $11.7M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $26.2M | +33% | 21.1% | $4.2M | $183K |
| Q1 2025 | 10-Q | Jul 10, 2025 | $22.7M | +36% | 19.3% | $3.3M | $2.2M |
| Q4 2024 | 10-K | May 27, 2025 | $18.5M | +13% | 10.1% | $1.4M | −$2.6M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Smith Midland
Smith-Midland Corporation (the “Company”) invents, develops, manufactures, markets, leases, licenses, sells, and installs a broad array of precast concrete products and systems for use primarily in the construction, highway, utilities and farming industries through its six wholly-owned subsidiaries. The Company’s precast, licensing, and barrier rental customers are primarily general contractors and federal, state, and local transportation authorities located in the Mid-Atlantic, Northeastern, Midwestern and Southeastern regions of the United States.
In its own words, from its 10-K, filed Apr 14, 2026.
Smith Midland against its Concrete Products, Except Block & Brick peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -11% against the peers' median +24%. Operating margin: 8.5% against the peers' median 8.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SMID Smith Midland | Q2 2026 | $23.4M | -11% | 8.5% |
| JHX James Hardie Industries | Q2 FY27 | $1.4B | +24% | 18.4% |
| RMIX Suncrete | Q2 2026 | $97.2M | +146% | -9.0% |
Source: Smith Midland 10-Q on SEC EDGAR · CIK 924719 · Concrete Products, Except Block & Brick
13F: who owns SMID and who is buying
More on SMID
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results