Filing Flows › Smith Midland (SMID) › Q2 2026 › vs Q2 2025
Smith Midland (SMID) Q2 2026 vs Q2 2025 (year over year)
Smith Midland's revenue fell $2.8M (-11%) from $26.2M in Q2 2025 to $23.4M in Q2 2026. The biggest changes: Product Sales −$2.2M (-17%); Service Revenue −$589K (-5%). Gross margin 23.2% against 29.7% (-6.5 pts).
Smith Midland, Q2 2026: revenue $23.4M (-11% year over year), operating margin 8.5%, net earnings $1.4M, operating cash flow −$485K. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 23.2% | 29.7% | -6.5 pts |
| Operating margin | 8.5% | 21.1% | -12.6 pts |
| Net margin | 5.9% | 15.9% | -10.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue Recognized for Product Sales - Point Time | $6.9M | $5.0M | $1.8M | +37% |
| Revenue Recognized for Product Sales - Over Time | $4.3M | $8.4M | −$4.1M | -49% |
| Product Sales | $11.2M | $13.4M | −$2.2M | -17% |
| Service Revenue | $12.2M | $12.8M | −$589K | -5% |
| Revenue | $23.4M | $26.2M | −$2.8M | -11% |
| Gross profit | $5.4M | $7.8M | −$2.4M | -30% |
| Cost of revenue | $17.9M | $18.4M | −$456K | -2% |
| Operating profit | $2.0M | $5.5M | −$3.5M | -64% |
| Operating expenses | $3.4M | $2.3M | $1.2M | +51% |
| Pre-tax earnings | $1.8M | $5.5M | −$3.7M | -67% |
| Other expense, net | $170K | $36K | $134K | +372% |
| Sales & marketing | $951K | $754K | $197K | +26% |
| General & admin | $2.5M | $1.5M | $969K | +64% |
| Net earnings | $1.4M | $4.2M | −$2.8M | -67% |
| Income tax | $434K | $1.3M | −$877K | -67% |
| Operating cash sources | $2.9M | $4.6M | −$1.7M | -37% |
| Depreciation & amortization | $1.0M | $631K | $404K | +64% |
| Cash used in operations | $485K | −$183K | $668K | — |
| Working capital & other | $2.9M | $4.6M | −$1.7M | -37% |
Questions
How much did Smith Midland's revenue grow year over year in Q2 2026?
Smith Midland's revenue fell $2.8M (-11%) from $26.2M in Q2 2025 to $23.4M in Q2 2026.
What drove Smith Midland's revenue change in Q2 2026?
Product Sales −$2.2M (-17%); Service Revenue −$589K (-5%).