Smith-Midland (SMID) Financial Statements & Analysis

Smith-Midland (SMID) Income Statement

Smith-Midland reported revenue of $93.45M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 19.0% from $78.51M a year earlier. Net income was $12.51M, up 62.9% year over year, a net margin of 13.4%. Gross margin was 27.9% and operating margin 18.2%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $23.36M, down 10.8% from the same quarter a year earlier.

Smith-Midland Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Smith-Midland Corporation income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2024	FY 2023	FY 2023	FY 2022	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Mar 2025	Dec 2024	Mar 2024	Dec 2023	Mar 2023	Dec 2022	Mar 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	93.45	78.51	78.51	59.58	59.58	50.13	50.13	50.64	50.64	43.86	46.69	40.22	41.72
Cost of Revenue	67.41	58.50	58.50	48.93	48.93	40.66	40.66	36.22	36.22	32.82	36.72	29.73	30.14
Gross Profit	26.04	20.01	20.01	10.65	10.65	9.47	9.47	14.42	14.42	11.04	9.97	10.49	11.58
Operating Expenses
Research & Development	0.00	0.00	-	0.00	-	0.00	-	0.00	-	0.00	0.00	0.00	0.00
Selling, General & Administrative	9.04	10.11	10.11	9.53	9.53	8.62	8.62	8.25	8.25	7.28	7.42	8.27	7.87
Operating Expenses	9.04	10.11	10.11	9.53	9.53	8.62	8.62	8.25	8.25	7.28	7.42	8.27	7.87
Operating Income	16.99	9.90	9.90	1.12	1.12	0.85	0.85	6.17	6.17	3.76	2.55	2.22	3.72
Other Income/Expense
Interest Income	0.17	0.05	0.05	0.02	0.02	0.01	0.01	0.04	0.04	0.04	0.04	0.04	0.04
Interest Expense	0.23	0.23	0.23	0.26	-0.26	0.26	0.26	0.19	-0.19	-0.22	0.18	0.18	0.18
Other Income/Expense	0.09	-0.08	0.10	0.21	0.12	0.09	0.34	2.93	2.93	0.08	-0.05	0.04	0.03
Income
Income Before Tax	17.03	9.82	9.82	1.32	1.32	0.95	0.95	9.09	9.09	3.79	2.50	2.26	3.74
Income Tax Expense	4.52	2.14	2.14	0.53	0.53	0.15	0.15	1.52	1.52	1.13	0.55	0.57	1.06
Net Income	12.51	7.68	7.68	0.80	0.80	0.80	0.80	7.57	7.57	2.67	1.95	1.69	2.68
Net Income - Continuous Operations	12.51	7.68	7.68	0.80	0.80	0.80	0.80	7.57	7.57	2.67	1.95	1.69	2.68
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	20.14	12.71	12.71	3.96	3.52	4.10	4.09	11.96	8.84	6.17	4.47	3.46	4.64
EBIT	17.25	-	10.05	-	1.12	-	1.21	-	6.17	3.76	-	-	-
Depreciation & Amortization	2.89	2.66	2.66	2.38	2.40	2.89	2.88	2.67	2.67	2.41	1.79	1.25	0.93
Earnings Per Share
Basic EPS	2.00	1.00	1.00	-	-	-	-	1.00	1.00	1.00	-	-	1.00
Diluted EPS	2.00	1.00	1.00	-	-	-	-	1.00	1.00	1.00	-	-	1.00
Basic Shares Outstanding	5.31	5.30	5.29	5.26	5.26	5.23	5.23	5.21	5.21	5.23	5.14	5.08	5.04
Diluted Shares Outstanding	5.31	5.30	5.29	5.29	5.29	5.25	5.25	5.23	5.23	5.23	5.15	5.10	5.08

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Smith-Midland Financial Statements

What was Smith-Midland's revenue in fiscal 2025?

Smith-Midland reported revenue of $93.45M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 19.0% from $78.51M a year earlier.

Is Smith-Midland profitable?

Yes. Smith-Midland earned net income of $12.51M in fiscal 2025, a net margin of 13.4%. In fiscal 2024 it earned $7.67M.

What is Smith-Midland's operating margin?

Smith-Midland's operating income was $16.99M on revenue of $93.45M in fiscal 2025, an operating margin of 18.2%, compared with 12.6% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition