Smith-Midland Corporation (SMID) Income Statement
SMID 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSMID revenue and net income
Where SMID's revenue goes
2025Each bar shows an amount and its share of revenue. SMID kept 13.4% of revenue as net income.
SMID profit margins
SMID growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +19.0% | +23.1% | +16.3% | +12.3% |
| Gross profit | +30.1% | +40.1% | +18.7% | +13.9% |
| Operating income | +71.7% | +171.0% | +35.2% | +26.1% |
| Net income | +62.9% | +150.0% | +36.2% | +28.2% |
| EPS (diluted) | +38.2% | +136.7% | +30.8% | +21.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SMID quarterly EPS vs estimates
Next report: November 12, 2026.
SMID income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.4M | $78.5M | $59.6M | $50.1M | $50.6M | $43.9M | $46.7M | $40.2M | $41.7M | $40.1M |
| Cost of revenue | $67.4M | $58.5M | $48.9M | $40.7M | $36.2M | $32.8M | $36.7M | $29.7M | $30.1M | $29.7M |
| Gross profit | $26.0M | $20.0M | $10.7M | $9.5M | $14.4M | $11.0M | $10.0M | $10.5M | $11.6M | $10.3M |
| Sales, general & admin | $9.0M | $10.1M | $9.5M | $8.6M | $8.3M | $7.3M | $7.4M | $8.3M | $7.9M | $6.0M |
| Total operating expenses | $9.0M | $10.1M | $9.5M | $8.6M | $8.3M | $7.3M | $7.4M | $8.3M | $7.9M | $6.0M |
| Operating income | $17.0M | $9.9M | $1.1M | $854,000 | $6.2M | $3.8M | $2.5M | $2.2M | $3.7M | $4.3M |
| Interest income | $166,000 | $47,000 | $22,000 | $14,000 | $35,000 | $35,000 | $40,000 | $42,000 | $37,000 | $36,684 |
| Interest expense | $225,000 | $231,000 | $255,000 | $260,000 | $190,000 | $217,000 | $179,000 | $176,000 | $184,000 | $162,529 |
| Income before taxes | $17.0M | $9.8M | $1.3M | $945,000 | $9.1M | $3.8M | $2.5M | $2.3M | $3.7M | $4.3M |
| Income taxes | $4.5M | $2.1M | $528,000 | $145,000 | $1.5M | $1.1M | $549,000 | $572,000 | $1.1M | $1.5M |
| Net income | $12.5M | $7.7M | $795,000 | $800,000 | $7.6M | $2.7M | $1.9M | $1.7M | $2.7M | $2.8M |
| EBITDA | $20.1M | $12.7M | $4.0M | $4.1M | $12.0M | $6.2M | $4.5M | $3.5M | $4.6M | $5.2M |
| EPS (diluted) | $1.99 | $1.44 | $0.15 | $0.15 | $1.45 | $0.52 | $0.37 | $0.34 | $0.40 | $0.74 |
| Gross margin | 27.9% | 25.5% | 17.9% | 18.9% | 28.5% | 25.2% | 21.4% | 26.1% | 27.8% | 25.8% |
| Operating margin | 18.2% | 12.6% | 1.9% | 1.7% | 12.2% | 8.6% | 5.5% | 5.5% | 8.9% | 10.8% |
| Net margin | 13.4% | 9.8% | 1.3% | 1.6% | 14.9% | 6.1% | 4.2% | 4.2% | 6.4% | 7.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.4M | $21.6M | $23.1M | $21.5M | $26.2M | $18.5M | $18.5M | $23.6M | $19.6M | $16.8M | $16.4M | $15.7M |
| Cost of revenue | $17.9M | $17.3M | $17.6M | $15.7M | $18.4M | $14.1M | $14.1M | $17.0M | $14.5M | $12.8M | $13.3M | $12.1M |
| Gross profit | $5.4M | $4.3M | $5.5M | $5.8M | $7.8M | $4.4M | $4.4M | $6.6M | $5.1M | $3.9M | $3.1M | $3.6M |
| Sales, general & admin | $3.4M | $2.6M | $2.3M | $1.9M | $2.3M | $2.5M | $2.5M | $2.7M | $2.5M | $2.4M | $2.6M | $2.1M |
| Total operating expenses | $3.4M | $2.6M | $19.9M | $1.9M | $2.3M | $2.5M | $16.7M | $2.7M | $2.5M | $2.4M | $15.8M | $2.1M |
| Operating income | $2.0M | $1.7M | $3.2M | $3.9M | $5.5M | $1.9M | $1.9M | $3.8M | $2.7M | $1.5M | $542,000 | $1.5M |
| Interest income | $51,000 | $65,000 | $81,000 | $72,000 | $6,000 | $7,000 | $11,000 | $22,000 | $7,000 | $8,000 | $7,000 | $6,000 |
| Interest expense | $66,000 | $47,000 | $64,000 | $44,000 | $62,000 | $56,000 | $56,000 | $56,000 | $59,000 | $60,000 | $63,000 | $64,000 |
| Income before taxes | $1.8M | $1.8M | $3.3M | $3.9M | $5.5M | $1.9M | $1.9M | $3.8M | $2.6M | $1.5M | $598,000 | $1.5M |
| Income taxes | $434,000 | $422,000 | — | $994,000 | $1.3M | $460,000 | — | $694,000 | $632,000 | $357,000 | — | $247,000 |
| Net income | $1.4M | $1.3M | $2.1M | $2.9M | $4.2M | $1.4M | $1.4M | $3.1M | $2.0M | $1.1M | $230,000 | $1.3M |
| EBITDA | $3.0M | $2.8M | $4.4M | $4.5M | $6.2M | $2.6M | — | $4.6M | $3.3M | $2.2M | — | $2.2M |
| EPS (diluted) | $0.26 | $0.25 | $0.40 | $0.54 | $0.79 | $0.26 | $0.26 | $0.59 | $0.37 | $0.21 | $0.04 | $0.24 |
| Gross margin | 23.2% | 19.9% | 23.9% | 26.8% | 29.7% | 23.7% | 23.7% | 27.9% | 26.1% | 23.3% | 19.1% | 22.9% |
| Operating margin | 8.5% | 8.0% | 14.0% | 18.0% | 21.1% | 10.1% | 10.1% | 16.3% | 13.6% | 9.0% | 3.3% | 9.6% |
| Net margin | 5.9% | 6.2% | 9.2% | 13.4% | 15.9% | 7.5% | 7.5% | 13.4% | 10.1% | 6.8% | 1.4% | 8.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SMID's financial statements (latest annual report filed April 14, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SMID financial results
In fiscal year 2025 (ended December 31, 2025), Smith-Midland reported revenue of $93.4 million, up 19.0% from the year before. It had net income of $12.5 million (up 62.9%), a net profit margin of 13.4%. Diluted earnings per share came to $1.99. Over five years revenue grew at an average rate of 16.3% a year.
See the SMID stock overview for the latest quote and news, or the SMID chart for price history and technical indicators.
SMID income statement FAQ
What is Smith-Midland's annual revenue?
Smith-Midland reported total revenue of $93.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 19.0% from $78.5 million the previous year.
Is Smith-Midland profitable?
Yes. Smith-Midland reported net income of $12.5 million in fiscal 2025, a net profit margin of 13.4%; its operating margin was 18.2%.
What is Smith-Midland's gross margin?
Smith-Midland's gross margin was 27.9% in fiscal 2025: for every $100 of revenue, Smith-Midland kept $28 after the direct cost of its products and services.
How fast is Smith-Midland growing?
Revenue grew 16.3% a year on average over the last five fiscal years, from $43.9 million to $93.4 million.
What are Smith-Midland's earnings per share?
Smith-Midland earned $1.99 per diluted share in fiscal 2025, compared with $1.44 a year earlier.
When will Smith-Midland report its next earnings?
Smith-Midland is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 after the market closes.
When does Smith-Midland's fiscal year end?
Smith-Midland's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 14, 2026.