Filing Flows › Smith Midland (SMID) › Q1 2026
Smith Midland (SMID) Q1 2026 earnings results (first quarter 2026)
10-Q filed Jun 10, 2026
Smith Midland (SMID) reported revenue of $21.6M for the first quarter 2026 (Q1 2026), -5% from a year earlier and -7% from the quarter before. Operating margin was 8.0%, net earnings $1.3M (6.2% of revenue).
Smith Midland, Q1 2026: revenue $21.6M (-5% year over year), operating margin 8.0%, net earnings $1.3M, operating cash flow $3.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.6M | -7% | -5% |
| Gross profit | $4.3M | -22% | -38% |
| Operating profit | $1.7M | -47% | -61% |
| Net earnings | $1.3M | -37% | -60% |
| Operating cash flow | $3.1M | +21% | +41% |
| Free cash flow | $1.5M | — | -8% |
What changed
Revenue was $21.6M in Q1 2026, down 5% year over year and down 7% from the previous quarter. Product Sales was the largest line at 55% of revenue. Service Revenue lost $3.8M year over year (down 28%), 337% of the total change.
Gross margin was 19.9%, down 10.8 points from Q1 2025. Operating profit was $1.7M, a 8.0% margin (down 11.3 points year over year). Operating expenses fell 1% while revenue fell 5%. The fastest-growing cost line was General & admin (+11%). Net earnings were $1.3M, down 60% year over year. The effective tax rate was 24.0%.
Operating cash flow was $3.1M (up 41% year over year), 234% of net earnings. Non-cash charges added back $1.0M of depreciation and amortization and $15K of share-based compensation. Working capital and other items added $825K. Capital expenditures of $1.6M left free cash flow of $1.5M.
Questions
What was Smith Midland's revenue in the first quarter 2026?
Smith Midland (SMID) reported revenue of $21.6M for the first quarter 2026 (Q1 2026), -5% from a year earlier and -7% from the quarter before.
Was Smith Midland profitable in the first quarter 2026?
Operating profit was $1.7M (8.0% of revenue) and net earnings $1.3M.
Source: Smith Midland 10-Q on SEC EDGAR.