NWPX Infrastructure, Inc. (NWPX) Income Statement

30Y historyFree accessUpdated daily

Revenue momentum accelerated to a record $159.5M in Q2 2026 (+19.7% YoY) with gross margin expanding to 21.5% and operating margin reaching 13.3%, driving EPS growth of 78% YoY to $1.62.

Annual statement

NWPX Income Statement

NWPX Infrastructure, Inc. (NWPX) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Sales/Revenue	574.44M	526.17M	492.55M	444.36M	457.67M	333.31M	285.91M	279.32M	172.15M	132.78M	156.26M	236.61M	403.3M	475.56M	524.5M	511.67M	386.75M	278.65M	439.74M	382.82M	346.59M	329.01M	291.91M	244.99M	266.1M	276.47M	281.41M	240.3M	209.5M	150.8M	135.2M
Revenue Growth %	15.09%	6.83%	10.85%	-2.91%	37.31%	16.58%	2.36%	62.25%	29.65%	-15.02%	-33.96%	-41.33%	-15.19%	-9.33%	2.51%	32.3%	38.79%	-36.63%	14.87%	10.45%	5.34%	12.71%	19.15%	-7.93%	-3.75%	-1.75%	17.11%	14.7%	38.93%	11.54%	38.38%
Cost of Goods Sold	454.5M	422.37M	397.14M	366.71M	371.81M	289.06M	235.39M	232.13M	160.05M	126.96M	159.48M	249.23M	362.72M	423.1M	468.31M	452.53M	353.75M	266.97M	346.08M	312.61M	289.88M	275.22M	242.61M	211.76M	222.17M	225.07M	224.91M	186.3M	164.2M	117.5M	102.2M
COGS % of Revenue	-	80.27%	80.63%	82.53%	81.24%	86.72%	82.33%	83.11%	92.97%	95.61%	102.06%	105.34%	89.94%	88.97%	89.29%	88.44%	91.47%	95.81%	78.7%	81.66%	83.64%	83.65%	83.11%	86.44%	83.49%	81.41%	79.92%	77.53%	78.38%	77.92%	75.59%
Gross Profit	119.93M	103.81M	95.41M	77.64M	85.86M	44.25M	50.52M	47.18M	12.1M	5.82M	-3.23M	-12.63M	40.58M	52.46M	56.2M	59.14M	33M	11.69M	93.66M	70.22M	56.71M	53.79M	49.3M	33.23M	43.93M	51.4M	56.5M	54M	45.3M	33.3M	33M
Gross Margin %	20.88%	19.73%	19.37%	17.47%	18.76%	13.28%	17.67%	16.89%	7.03%	4.39%	-2.06%	-5.34%	10.06%	11.03%	10.71%	11.56%	8.53%	4.19%	21.3%	18.34%	16.36%	16.35%	16.89%	13.56%	16.51%	18.59%	20.08%	22.47%	21.62%	22.08%	24.41%
Gross Profit Growth %	-	8.81%	22.88%	-9.57%	94.01%	-12.4%	7.07%	290.08%	107.73%	280.56%	74.46%	-131.11%	-22.65%	-6.65%	-4.97%	79.22%	182.37%	-87.52%	33.39%	23.81%	5.43%	9.12%	48.36%	-24.36%	-14.54%	-9.02%	4.62%	19.21%	36.04%	0.91%	57.14%
Operating Expenses	54.06M	52.77M	47.16M	43.78M	41.03M	28.22M	76.08M	75.87M	16.66M	14.14M	17.18M	22.3M	24.32M	24.21M	28.64M	26.32M	27.99M	20.09M	35.17M	30.7M	19.71M	26.32M	23.13M	22.29M	23.14M	25.12M	28.72M	23.9M	19.6M	13.6M	13.5M
OpEx % of Revenue	-	10.03%	9.57%	9.85%	8.97%	8.47%	26.61%	27.16%	9.68%	10.65%	10.99%	9.43%	6.03%	5.09%	5.46%	5.14%	7.24%	7.21%	8%	8.02%	5.69%	8%	7.92%	9.1%	8.7%	9.08%	10.2%	9.95%	9.36%	9.02%	9.99%
Selling, General & Admin	54.06M	52.77M	47.16M	43.78M	41.03M	28.22M	24.95M	18.5M	16.66M	14.14M	17.18M	22.3M	24.32M	24.21M	28.64M	26.32M	27.99M	20.09M	35.17M	30.7M	27.39M	26.32M	23.13M	22.29M	23.14M	25.12M	21.44M	18.8M	15.9M	11.4M	11.5M
SG&A % of Revenue	-	10.03%	9.57%	9.85%	8.97%	8.47%	8.73%	6.62%	9.68%	10.65%	10.99%	9.43%	6.03%	5.09%	5.46%	5.14%	7.24%	7.21%	8%	8.02%	7.9%	8%	7.92%	9.1%	8.7%	9.08%	7.62%	7.82%	7.59%	7.56%	8.51%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	51.13M	57.38M	0	0	23K	88K	108K	0	0	0	0	0	0	0	-7.67M	0	0	0	0	0	7.28M	5.1M	3.7M	2.2M	2M
Operating Income	65.87M	51.04M	48.24M	33.86M	44.82M	16.03M	-25.57M	-28.69M	-2.97M	-9.2M	-13.53M	-40.21M	194K	749K	27.56M	32.82M	5M	-8.41M	58.49M	39.51M	37M	27.47M	26.17M	10.94M	20.79M	26.29M	27.78M	30.1M	25.7M	19.7M	19.5M
Operating Margin %	11.47%	9.7%	9.79%	7.62%	9.79%	4.81%	-8.94%	-10.27%	-1.73%	-6.93%	-8.66%	-16.99%	0.05%	0.16%	5.25%	6.41%	1.29%	-3.02%	13.3%	10.32%	10.68%	8.35%	8.97%	4.46%	7.81%	9.51%	9.87%	12.53%	12.27%	13.06%	14.42%
Operating Income Growth %	-	5.79%	42.49%	-24.46%	179.57%	162.71%	10.89%	-865.63%	67.71%	32.01%	66.34%	-20826.8%	-74.1%	-97.28%	-16.03%	555.94%	159.51%	-114.38%	48.04%	6.78%	34.69%	4.98%	139.32%	-47.4%	-20.91%	-5.38%	-7.7%	17.12%	30.46%	1.03%	65.25%
EBITDA	86.4M	70.48M	67.31M	49.66M	61.92M	29.66M	-11.01M	-15.98M	6.35M	-2.65M	-4.24M	-30.59M	14.34M	14.05M	43.83M	47.34M	11.97M	-1.4M	63.58M	44.99M	41.08M	33.1M	32.51M	15.63M	24.58M	32.2M	35.06M	35.2M	29.4M	21.9M	21.5M
EBITDA Margin %	15.04%	13.39%	13.67%	11.18%	13.53%	8.9%	-3.85%	-5.72%	3.69%	-1.99%	-2.71%	-12.93%	3.56%	2.95%	8.36%	9.25%	3.09%	-0.5%	14.46%	11.75%	11.85%	10.06%	11.14%	6.38%	9.24%	11.65%	12.46%	14.65%	14.03%	14.52%	15.9%
EBITDA Growth %	35.04%	4.7%	35.54%	-19.8%	108.81%	369.26%	31.06%	-351.75%	339.83%	37.62%	86.13%	-313.35%	2.08%	-67.95%	-7.43%	295.62%	954.18%	-102.2%	41.3%	9.53%	24.1%	1.82%	108%	-36.42%	-23.67%	-8.15%	-0.39%	19.73%	34.25%	1.86%	62.88%
D&A (Non-Cash Add-back)	20.53M	19.44M	19.07M	15.81M	17.1M	13.62M	14.55M	12.71M	9.32M	6.55M	9.29M	9.62M	14.15M	13.3M	16.27M	14.52M	6.96M	7.01M	5.09M	5.48M	4.08M	5.63M	6.34M	4.69M	3.79M	5.92M	7.28M	5.1M	3.7M	2.2M	2M
EBIT	64.94M	49.13M	48.03M	34.13M	45.05M	16.36M	26.57M	33.11M	17.64M	-9M	-10.33M	-39.95M	11.91M	37.66M	31.09M	31.58M	1.85M	-5.75M	58.49M	39.51M	37M	27.47M	26.17M	10.94M	20.79M	26.29M	27.78M	30.1M	25.7M	19.7M	19.5M
Net Interest Income	-1.72M	-2.65M	-5.66M	-4.86M	-3.57M	-1.2M	-884K	-432K	-316K	-484K	-495K	-1.34M	-1.82M	-3.21M	-5.06M	-9.21M	-8.1M	-4.3M	-6.41M	0	-6.7M	-7.38M	0	-5.21M	0	0	0	0	0	0	0
Interest Income	156K	0	0	0	0	0	49K	40K	267K	6K	14K	1K	466K	409K	160K	99K	943K	754K	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.88M	2.65M	5.66M	4.86M	3.57M	1.2M	933K	472K	583K	490K	509K	1.34M	2.29M	3.62M	5.62M	9.31M	7.93M	5.06M	6.41M	6.79M	6.7M	7.38M	6.35M	5.21M	5.55M	7.99M	10.12M	8M	4.7M	1.8M	2.3M
Other Income/Expense	-2.81M	-4.56M	-5.87M	-4.58M	-3.47M	-874K	51.2M	61.33M	20.03M	-283K	2.69M	-1.13M	-1.72M	-40.58M	-5.79M	-10.54M	-7.68M	-2.4M	-6.41M	-6.79M	-6.7M	-7.38M	-6.35M	-5.21M	-5.55M	-7.99M	-10.12M	-8M	-4.7M	-1.8M	-2.3M
Pretax Income	63.06M	46.48M	42.37M	29.28M	41.35M	15.16M	25.63M	32.64M	17.06M	-9.49M	-14.02M	-41.34M	-1.52M	-3.05M	21.77M	22.28M	-1.57M	-10.81M	52.08M	32.72M	30.3M	20.09M	19.82M	5.72M	15.24M	18.3M	17.66M	22.1M	21M	17.9M	17.2M
Pretax Margin %	10.98%	8.83%	8.6%	6.59%	9.04%	4.55%	8.97%	11.69%	9.91%	-7.15%	-8.97%	-17.47%	-0.38%	-0.64%	4.15%	4.35%	-0.41%	-3.88%	11.84%	8.55%	8.74%	6.11%	6.79%	2.34%	5.73%	6.62%	6.28%	9.2%	10.02%	11.87%	12.72%
Income Tax	14.31M	11.07M	8.16M	8.21M	10.2M	3.63M	6.58M	4.74M	-3.25M	-1.1M	-4.76M	-11.95M	4.65M	-2.13M	5.52M	9.62M	-140K	-3.53M	19.78M	11.89M	10.28M	6.7M	7.45M	2.19M	5.98M	7.19M	6.97M	8.8M	8.4M	6.8M	6.8M
Effective Tax Rate %	22.69%	23.81%	19.27%	28.03%	24.67%	23.98%	25.68%	14.52%	-19.06%	11.59%	33.93%	28.91%	-305.58%	69.73%	25.37%	43.17%	8.89%	32.66%	37.98%	36.33%	33.94%	33.37%	37.57%	38.32%	39.25%	39.27%	39.47%	39.82%	40%	37.99%	39.53%
Net Income	48.75M	35.41M	34.21M	21.07M	31.15M	11.52M	19.05M	27.9M	20.31M	-10.16M	-9.26M	-29.39M	-17.89M	-923K	16.24M	12.66M	-1.43M	-7.28M	32.3M	20.83M	20.02M	13.39M	12.38M	3.53M	9.26M	11.11M	10.69M	13.3M	12.6M	11.1M	10.4M
Net Margin %	8.49%	6.73%	6.94%	4.74%	6.81%	3.46%	6.66%	9.99%	11.8%	-7.65%	-5.93%	-12.42%	-4.44%	-0.19%	3.1%	2.47%	-0.37%	-2.61%	7.35%	5.44%	5.78%	4.07%	4.24%	1.44%	3.48%	4.02%	3.8%	5.53%	6.01%	7.36%	7.69%
Net Income Growth %	46.07%	3.52%	62.33%	-32.35%	170.32%	-39.51%	-31.73%	37.37%	299.86%	-9.72%	68.48%	-64.3%	-1837.92%	-105.68%	28.31%	982.85%	80.29%	-122.53%	55.05%	4.06%	49.55%	8.15%	250.52%	-61.86%	-16.67%	3.93%	-19.62%	5.56%	13.51%	6.73%	103.92%
Net Income (Continuing)	48.75M	35.41M	34.21M	21.07M	31.15M	11.52M	19.05M	27.9M	20.31M	-8.39M	-6.74M	-17.81M	-6.17M	21.68M	16.24M	12.66M	-5.44M	-7.28M	31.34M	20.83M	20.02M	13.39M	12.38M	3.53M	9.26M	11.11M	10.69M	13.3M	12.6M	11.1M	10.4M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	4.98	3.56	3.40	2.09	3.11	1.16	1.93	2.85	2.09	-1.06	-0.97	-3.07	-1.88	-0.10	1.72	1.35	-0.15	-0.79	3.35	2.26	2.69	1.90	1.83	0.53	1.37	1.67	1.62	2.01	1.90	1.68	1.85
EPS Growth %	50.3%	4.71%	62.68%	-32.8%	168.1%	-39.9%	-32.28%	36.36%	297.17%	-9.28%	68.4%	-63.3%	-1842.15%	-105.63%	27.41%	1000%	81.01%	-123.58%	48.23%	-15.99%	41.58%	3.83%	245.28%	-61.31%	-17.96%	3.09%	-19.4%	5.79%	13.1%	-9.19%	28.47%
EPS (Basic)	-	3.62	3.45	2.11	3.14	1.17	1.95	2.86	2.09	-1.07	-0.98	-3.07	-1.88	-0.10	1.73	1.36	-0.15	-0.79	3.43	2.32	2.80	1.97	1.87	0.54	1.42	1.71	1.65	2.06	1.96	1.73	1.92
Diluted Shares Outstanding	9.8M	9.94M	10.07M	10.08M	10.01M	9.93M	9.87M	9.78M	9.73M	9.61M	9.59M	9.56M	9.52M	9.53M	9.45M	9.38M	9.28M	9.23M	9.34M	9.23M	7.45M	7.06M	6.77M	6.66M	6.76M	6.65M	6.61M	6.61M	6.63M	6.61M	5.62M
Basic Shares Outstanding	9.61M	9.77M	9.92M	9.99M	9.91M	9.85M	9.79M	9.74M	9.73M	9.54M	9.49M	9.56M	9.5M	9.45M	9.38M	9.33M	9.28M	9.23M	9.15M	8.96M	7.15M	6.78M	6.62M	6.55M	6.54M	6.51M	6.47M	6.45M	6.43M	6.42M	5.42M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Liquidity constraints and steel volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Momentum Accelerates on Record Q2

NWPX's revenue grew 19.7% year-over-year in Q2 2026 to $159.5M, the highest in the reported period, according to the latest income statement data.

The 19.7% growth in Q2 2026 marks a clear acceleration from the 2.8% growth in Q2 2025 and the 5.0% in Q4 2025, suggesting a strengthening demand environment for municipal water infrastructure. The sequential increase from Q1 2026's $138.3M to Q2's $159.5M (15.3% quarter-over-quarter) indicates robust project execution and possibly improved backlog conversion. This momentum appears driven by both volume and pricing, as gross margin expanded simultaneously, implying that the company is not merely growing on low-margin work.

Gross Margin Expansion Signals Pricing Power

Gross margin reached 21.5% in Q2 2026, up from 19.0% a year earlier, as reported in the financial statements, suggesting improved pricing or mix.

The 250 basis point year-over-year expansion in gross margin to 21.5% in Q2 2026, despite volatile steel costs, indicates that NWPX is successfully passing through raw material price increases or benefiting from a richer product mix, likely from the Precast segment. This is a notable improvement from the 16.7% trough in Q1 2025, showing a clear upward trend. The sustainability of this margin level will depend on steel price stability and the continued contribution of higher-margin precast products, but the recent trajectory suggests structural improvement rather than a one-off.

Operating Leverage Drives Profit Growth

Operating income surged to $21.2M in Q2 2026, a 60.6% increase year-over-year, with operating margin expanding to 13.3% from 9.9%.

The 13.3% operating margin in Q2 2026 is the highest in the ten-quarter period, up from 9.9% in Q2 2025 and 4.8% in Q1 2025. This demonstrates significant operating leverage, as SG&A expenses grew only 9.1% year-over-year while revenue grew 19.7%, allowing more of the gross profit to flow through to operating income. The company appears to be managing overhead efficiently, with SG&A as a percentage of revenue declining to 8.3% in Q2 2026 from 9.1% in Q2 2025, indicating that the cost base is not expanding proportionally with revenue.

EPS Growth Outpaces Net Income on Buybacks

Diluted EPS rose 78% year-over-year to $1.62 in Q2 2026, while net income grew 73.6%, according to the income statement data.

The slight outperformance of EPS growth relative to net income growth suggests a modest reduction in share count, likely from buybacks, which enhances per-share metrics. However, stock-based compensation of $2.4M in Q2 2026 represents about 15% of net income, which is a non-cash expense that investors should consider when evaluating the quality of earnings. The effective tax rate appears stable, with net margin of 9.9% closely tracking operating margin, indicating no major tax anomalies in the quarter.

COGS Efficiency Drives Margin Gains

COGS as a percentage of revenue fell to 78.5% in Q2 2026 from 81.0% a year earlier, as per the latest financials, reflecting better cost management.

The reduction in COGS ratio is a key driver of the gross margin expansion, suggesting that NWPX is managing steel procurement more effectively or benefiting from a favorable pricing environment. SG&A expenses have remained relatively stable in absolute terms, ranging from $11.4M to $14.0M over the past ten quarters, indicating disciplined overhead control. The lack of R&D expenses is notable for a manufacturing company, but this may be due to the nature of the business, where product development is embedded in project engineering rather than a separate line item.

Liquidity and Steel Volatility Pose Risks

Despite record Q2 results, cash and equivalents of only $2.3M raise concerns about liquidity, while steel price swings could compress margins.

The reported cash position of $2.27M is extremely thin for a company with quarterly revenue of $159.5M, suggesting that NWPX may be operating with tight working capital or has deployed cash into growth initiatives. This could limit flexibility to absorb cost overruns or pursue acquisitions. Additionally, the company's gross margin is highly sensitive to the 'steel spread'—the difference between bid and procurement steel prices—and any adverse movement could reverse the recent margin gains. Short-sellers might argue that the EPS miss versus consensus in Q2 2026, despite record revenue, indicates that the market's expectations are ahead of the company's ability to convert revenue into profit consistently.

NWPX — Frequently Asked Questions

Quick answers to the most common questions about buying NWPX stock.

What was NWPX Infrastructure, Inc.'s (NWPX) revenue in 2025?

For fiscal year 2025, NWPX Infrastructure, Inc. (NWPX) reported total revenue of $526.2M. This represents a 289.2% increase compared to $135.2M in 1996.

Is NWPX Infrastructure, Inc. (NWPX) profitable?

NWPX Infrastructure, Inc. (NWPX) is profitable, generating $35.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.7%.

What is NWPX Infrastructure, Inc.'s operating profit margin?

NWPX Infrastructure, Inc. (NWPX) reported an operating income of $51.0M, resulting in an operating profit margin of 9.7%. This margin reflects the operational efficiency of the business before interest and taxes.

What is NWPX Infrastructure, Inc.'s gross profit and gross margin?

NWPX Infrastructure, Inc. (NWPX) generated $103.8M in gross profit for the year, representing a gross profit margin of 19.7%. This demonstrates the company's core pricing power and production efficiency.