10-Q · May 15, 2026
National Presto Industries reported Q1 2026 financial results showing a 15% increase in net sales year-over-year to $118.6 million, driven mainly by a 23% surge in Defense segment sales. However, diluted EPS fell to…
Earnings analysis · 10-Q
NPK earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
National Presto delivered a strong Q2 recovery, with revenue up 22%, net earnings up 208%, and EPS of $2.21 versus $0.72 a year earlier. Defense was the primary growth engine, with sales up 27% on backlog shipments,…
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National Presto delivered a strong Q2 recovery, with revenue up 22%, net earnings up 208%, and EPS of $2.21 versus $0.72 a year earlier. Defense was the primary growth engine, with sales up 27% on backlog shipments, while consolidated gross margin improved to approximately 19.5%; however, Housewares sales declined 6% and its profit benefited from a nonrecurring tariff refund. First-half operating cash flow rose to $44.144 million and estimated free cash flow was approximately $38.695 million, supporting improved liquidity, although no quantitative forward guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.21
What stood out
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Sales and EPS increased sharply
Q2 net sales increased $26.147 million, or 22%, to approximately $146.596 million year over year. Net earnings rose $10.710 million, or 208%, to $15.862 million, and diluted EPS was $2.21 versus $0.72.
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Defense backlog drove growth
Defense sales grew $27.144 million, or 27%, to $126.957 million, primarily from increased shipments from backlog. Defense gross profit increased $5.741 million to $24.941 million.
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Gross margin recovered
Consolidated gross profit increased $10.001 million, or 54%, year over year to approximately $28.521 million, implying a gross margin of about 19.5% versus 15.4% in Q2 2025.
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Tariff refund aided Housewares profit
Housewares gross profit increased $4.228 million to $4.708 million despite a 6% sales decline, primarily due to a refund of $4.228 million of previously paid tariffs following the Supreme Court’s February 2026 decision.
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Cash generation improved materially
First-half operating cash flow was $44.144 million versus $1.542 million in the prior-year period. Capital expenditures were $5.449 million, producing six-month free cash flow of approximately $38.695 million.
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Liquidity and working capital strengthened
Working capital increased $16.500 million to $324.611 million at July 5, 2026, while the current ratio improved to 5.2-to-1 from 4.2-to-1 at December 31, 2025.
What to watch
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Housewares demand and execution weakness
Housewares/Small Appliance sales fell $1.263 million, or 6%, to $19.083 million, reflecting lower unit shipments. Management also cited approximately $2.359 million of first-half warehouse-startup costs and an inability to ship during part of Q1.
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Tariff benefit may not recur
Q2 Housewares gross-profit growth was substantially supported by a tariff refund of approximately $4.228 million, while the segment’s sales declined 6%. Future results remain exposed to tariffs, product costs, exchange rates, and the ability to recover cost increases through pricing.
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Safety segment remains loss-making
The Safety segment had limited revenues and negative gross margins in both Q2 2026 and Q2 2025. Management identifies startup execution and utilization of capital equipment as factors that could affect results.
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Financing cash outflow increased
The company used $30.671 million in financing cash flow during the first six months, including $23.624 million of net repayments on its line of credit, compared with $5.614 million of financing cash provided in the prior-year period.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that it expects to continue evaluating acquisitions, make further acquisitions when appropriate, and continue capital investments; it also stated that liquidity is sufficient to meet anticipated capital requirements, dividends, and future growth.
Earlier filings 4
10-K · March 13, 2026
National Presto’s 10-K emphasizes a strategy anchored in Defense (AMTEC and subsidiaries) with multi‑year 40mm contracts and a large contract backlog, while Housewares remains seasonal and supply‑chain exposed and the…
10-Q · November 7, 2025
Q3 2025 revenue rose sharply to $115,463,000 (+$23,640,000, +25.7% vs Q3 2024) driven by Defense, but gross margin compressed to 13.9% and operating profit fell to $6,412,000. EPS declined to $0.74 from $1.13 a year…
10-Q · August 8, 2025
Q2 2025 revenue rose materially to $120,449,000 from $85,060,000 in Q2 2024 (+41.6%), driven primarily by Defense. Margins and EPS compressed: gross margin fell to 15.4% and diluted EPS declined to $0.72 from $0.85,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.