Smith-Midland Corporation reported a strong fourth quarter and full-year results for 2025. The company’s fourth-quarter revenues increased by 25% year-over-year, totaling $23.1 million, while net income rose to $2.1 million, or 40 cents per diluted share, compared to $1.4 million, or 26 cents, in the same period last year. For the full year, revenues reached $93.4 million (up 19%), and net income surged 63% to $12.5 million, equating to $2.36 per diluted share.
Sales growth was broad-based, with product sales up 26% in Q4, while service revenues grew dramatically by 37% for the year, driven by increased barrier rental activity. The company’s barrier rental revenues increased to $19.7 million from $12 million the previous year. Smith-Midland’s gross margin improved to 27.9% for the year, aided by cost management and higher-margin projects.
Looking ahead to 2026, Smith-Midland anticipates ongoing infrastructure opportunities but expects a potential decline in barrier rental revenues due to fewer large projects, with a backlog of $53.1 million as of March 2025.
