Filing Flows › Smith Midland (SMID) › Q3 2025
Smith Midland (SMID) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Smith Midland (SMID) reported revenue of $21.5M for the third quarter 2025 (Q3 2025), -9% from a year earlier and -18% from the quarter before. Operating margin was 18.0%, net earnings $2.9M (13.4% of revenue).
Smith Midland, Q3 2025: revenue $21.5M (-9% year over year), operating margin 18.0%, net earnings $2.9M, operating cash flow $11.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.5M | -18% | -9% |
| Gross profit | $5.8M | -26% | -12% |
| Operating profit | $3.9M | -30% | +0.2% |
| Net earnings | $2.9M | -31% | -9% |
| Operating cash flow | $11.7M | 64× | +102% |
| Free cash flow | $6.3M | — | 24× |
What changed
Revenue was $21.5M in Q3 2025, down 9% year over year and down 18% from the previous quarter. Product Sales was the largest line at 56% of revenue. Service Revenue lost $3.3M year over year (down 26%), 154% of the total change.
Gross margin was 26.8%, down 1.0 points from a year earlier. Operating profit was $3.9M, a 18.0% margin (up 1.6 points year over year). Operating expenses fell 30% while revenue fell 9%. Net earnings were $2.9M, down 9% year over year. The effective tax rate was 25.7%.
Operating cash flow was $11.7M (up 102% year over year), 407% of net earnings. Non-cash charges added back $1.9M of depreciation and amortization and $13K of share-based compensation. Working capital and other items added $6.9M. Capital expenditures of $5.4M left free cash flow of $6.3M.
Questions
What was Smith Midland's revenue in the third quarter 2025?
Smith Midland (SMID) reported revenue of $21.5M for the third quarter 2025 (Q3 2025), -9% from a year earlier and -18% from the quarter before.
Was Smith Midland profitable in the third quarter 2025?
Operating profit was $3.9M (18.0% of revenue) and net earnings $2.9M.
Source: Smith Midland 10-Q on SEC EDGAR.