Filing Flows › Smith Midland (SMID) › Q4 2025
Smith Midland (SMID) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 14, 2026
Smith Midland (SMID) reported revenue of $23.1M for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +8% from the quarter before. Operating margin was 14.0%, net earnings $2.1M (9.2% of revenue).
Smith Midland, Q4 2025: revenue $23.1M (+25% year over year), operating margin 14.0%, net earnings $2.1M, operating cash flow $2.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.1M | +8% | +25% |
| Gross profit | $5.5M | -4% | +26% |
| Operating profit | $3.2M | -16% | +73% |
| Net earnings | $2.1M | -26% | +53% |
| Operating cash flow | $2.6M | -78% | — |
What changed
Revenue was $23.1M in Q4 2025, up 25% year over year and up 8% from the previous quarter. Product Sales was the largest line at 60% of revenue.
Gross margin was 23.9%, up 0.2 points from Q4 2024. Operating profit was $3.2M, a 14.0% margin (up 3.9 points year over year). Of the extra revenue versus Q4 2024, 30% reached operating profit, above the 10% margin then. Operating expenses fell 9% while revenue rose 25%. Net earnings were $2.1M, up 53% year over year. The effective tax rate was 35.9%.
Operating cash flow was $2.6M, 121% of net earnings. Non-cash charges added back $1.0M of depreciation and amortization and $46K of share-based compensation. Working capital and other items used $562K. Capital expenditures of $4.0M exceeded it, leaving free cash flow of −$1.4M.
Questions
What was Smith Midland's revenue in the fourth quarter 2025?
Smith Midland (SMID) reported revenue of $23.1M for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +8% from the quarter before.
Was Smith Midland profitable in the fourth quarter 2025?
Operating profit was $3.2M (14.0% of revenue) and net earnings $2.1M.
Source: Smith Midland 10-K on SEC EDGAR.