Revenue grew 18.8% year over year to $179.4M in 2026Q3 while operating margin expanded from 4.8% in 2025Q1 to 13.6%, though the gross margin of 21.3% remains sensitive to input costs.
NWPX Infrastructure, Inc. (NWPX) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 602.76M | 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 % | 15.92% | 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 | 476.79M | 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 | 125.97M | 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 % | 20.9% | 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 | 54.82M | 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 | 54.82M | 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 | 71.15M | 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 % | 11.8% | 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 | 86.46M | 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 % | 14.34% | 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 % | 27.76% | 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) | 15.28M | 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 | 70.25M | 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 | -1.23M | -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 | 233K | 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 | 1.46M | 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 | -2.37M | -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 | 68.78M | 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 % | 11.41% | 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 | 15.31M | 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 % | 22.25% | 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 | 53.48M | 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 % | 8.87% | 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% | 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) | 53.48M | 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) | 5.45 | 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 % | 48.64% | 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 | 9.63M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying NWPX stock.
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.
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%.
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.
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.
Key Metrics
Top Statement Risk
Thin cash cushion and steel exposure
Metrics are mathematically derived from official filings.
Revenue Compounding Through Successive Quarters
Based on reported quarterly figures, NWPX's revenue rose from $116.1M in 2025Q1 to $179.4M in 2026Q3, with year-over-year growth of 18.8% in the latest quarter, indicating sustained expansion rather than a single-period spike.
The consistency of double-digit year-over-year growth across the last several quarters suggests demand is broadening beyond isolated project awards. The reported figures alone cannot separate volume gains from pricing or acquisition contribution, so investors should monitor whether the ParkUSA integration is inflating the top line. Growth durability will depend on sustained municipal funding flow and backlog conversion.
Gross Margin Recovery Driven by Mix
As reported in the quarterly income statements, NWPX's gross margin recovered from 16.7% in 2025Q1 to 21.5% in 2026Q2 before settling at 21.3% in 2026Q3, a structural improvement of roughly 480 basis points.
The step-up appears more consistent with a shift toward higher-value Precast and engineered systems than with a temporary steel price tailwind, though the reported data does not isolate segment-level margins. Margins remain sensitive to HRC steel price lag on fixed-price contracts, which can compress results quickly. The sustainability of the current range warrants monitoring against any reversal in steel costs.
Operating Leverage Emerging but Uneven
Based on the reported figures, operating margin expanded from 4.8% in 2025Q1 to 13.6% in 2026Q3 while SG&A remained near $13-14M per quarter, suggesting overhead is being absorbed by growing gross profit.
Because SG&A has been largely flat in dollar terms while gross profit has roughly doubled from the 2025Q1 trough, operating income is scaling faster than the cost base. This pattern is consistent with favorable operating leverage. However, the operating margin decline from 2026Q2 to 2026Q3 hints that gains are not linear and remain sensitive to quarterly mix.
Net Income Growth Outpacing Operating Trends
According to the reported figures, diluted EPS climbed from $0.39 in 2025Q1 to $1.86 in 2026Q3, with net margin rising to 10.2%, though the 2026Q2 EPS of $1.62 fell short of consensus estimates cited in company context.
The steep EPS trajectory relative to revenue growth may reflect a combination of operating improvement and favorable below-the-line items, which the supplied data does not decompose. Stock-based compensation remains modest at roughly $1.2-2.4M per quarter and does not appear to distort reported earnings materially. Investors should examine tax rate and non-operating items before treating the earnings run-rate as fully recurring.
Margin Durability Is the Core Vulnerability
Based on the reported data, the bear case rests on whether a 21% gross margin can hold given NWPX's reliance on volatile steel inputs and competitively bid municipal contracts, with 2025Q1 showing gross margin as low as 16.7%.
A short-seller would argue that the recent margin recovery reflects a favorable steel cycle and backlog priced before recent cost increases, and that reversion toward the 16-17% range would sharply reduce operating income given the fixed SG&A base. The thin reported cash balance of approximately $2.3M adds to the sensitivity should working capital needs rise. These risks are analytical inferences from the supplied figures rather than proven outcomes, and warrant further investigation.