NWPX Infrastructure (NWPX) Q4 2025 earnings summary

Executive summary

• Achieved record financial and safety performance in 2025, with net sales of $526 million, up 6.8% year-over-year, and a recordable incident rate of 1.06.

• Strong operational execution and disciplined strategy drove record gross profit and earnings per share, with robust demand across both WTS and Precast segments.

• Maintained strong backlog and order book in 2025, with WTS backlog at $346 million and Precast order book at $57 million.

• Completed the acquisition of Boughton's Precast in Colorado for $9 million, expanding the Precast footprint and supporting long-term growth.

• Strategic acquisitions (Geneva, ParkUSA, Boughton Precast) expanded market reach and product offerings.

Financial highlights

• Consolidated net income for 2025 was $35.4 million ($3.56 per diluted share), with adjusted net income at $35.6 million ($3.59 per share), up 11.7% year-over-year.

• Annual net sales reached $526 million, up 6.8% from 2024, with consolidated gross profit of $103.6 million (19.7% margin).

• Free cash flow for 2025 totaled $47.1 million, exceeding expectations and up from $34.3 million in 2024.

• Fourth quarter consolidated net sales were $125.6 million, up 5% year-over-year, with gross profit of $26.8 million (21.3% margin).

• Capital expenditures totaled $20.2 million for the year.

Outlook and guidance

• Entering 2026 with a strong WTS backlog ($346 million) and stable Precast order book ($57 million), expecting higher segment revenue and margins in Q1 2026 compared to Q1 2025.

• Full-year 2026 bidding levels anticipated to be consistent with 2025, with strong order books and healthy demand in both segments.

• SG&A expenses for 2026 estimated at $52–$54 million; depreciation and amortization at $20–$22 million; interest expense at $1–$2 million.

• CapEx for 2026 projected at $20–$24 million, with $6 million for Precast Product Spread and related initiatives.

• Free cash flow for 2026 expected between $40 million and $46 million.