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How Smith Midland (SMID) makes money
Smith Midland (SMID) made $23.4M of revenue in the second quarter 2026 (Q2 2026), -11% from a year earlier. Service Revenue brought in $12.2M (52%); Product Sales brought in $11.2M (48%). Of every dollar of revenue, 23¢ was left as gross profit, 8¢ was left as operating profit, 6¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Service Revenue | $12.2M | 52.1% | — | -5% |
| Product Sales | $11.2M | 47.9% | — | -17% |
| ↳ Revenue Recognized for Product Sales - Point Time | $6.9M | 29.4% | — | +37% |
| ↳ Revenue Recognized for Product Sales - Over Time | $4.3M | 18.5% | — | -49% |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $23.4M | 100.0% |
| Cost of revenue | $17.9M | 76.8% |
| Gross profit | $5.4M | 23.2% |
| Operating expenses | $3.4M | 14.7% |
| Operating profit | $2.0M | 8.5% |
| Income tax | $434K | 1.9% |
| Net earnings | $1.4M | 5.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $23.4M | -11% |
| Q1 2026 | $21.6M | -5% |
| Q4 2025 | $23.1M | +25% |
| Q3 2025 | $21.5M | -9% |
| Q2 2025 | $26.2M | +33% |
| Q1 2025 | $22.7M | +36% |
| Q4 2024 | $18.5M | +13% |
From Smith Midland's 10-Q filed Aug 14, 2026 (on EDGAR).
Questions
How does Smith Midland make money?
Smith Midland (SMID) made $23.4M of revenue in the second quarter 2026 (Q2 2026), -11% from a year earlier. Service Revenue brought in $12.2M (52%); Product Sales brought in $11.2M (48%). Of every dollar of revenue, 23¢ was left as gross profit, 8¢ was left as operating profit, 6¢ was left as net earnings.
What is Smith Midland's biggest business?
Service Revenue: $12.2M in the second quarter 2026, 52% of revenue, -5% from a year earlier.
What is Smith Midland's profit margin?
Net earnings were $1.4M, 5.9% of revenue, in the second quarter 2026; the operating margin was 8.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.