10-K · February 26, 2026
NWPX Infrastructure (formerly Northwest Pipe Company) presents a modestly improved 2025 operating performance with revenue up to about $526.0M (sum of quarterly results) and free cash flow improving to approximately…
Earnings analysis · 10-Q
NWPX earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
NWPX Infrastructure reported a strong Q1 2026 with revenues of $138.3 million, up 19.1% year-over-year, and earnings per share of $1.08, significantly exceeding consensus estimates of $0.56. Management emphasized robust…
Read full summary
NWPX Infrastructure reported a strong Q1 2026 with revenues of $138.3 million, up 19.1% year-over-year, and earnings per share of $1.08, significantly exceeding consensus estimates of $0.56. Management emphasized robust demand across segments, particularly within Water Transmission Systems, which led to record backlog levels, anticipating continued growth despite economic headwinds.
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.
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
- $1.08
- Segment
- Water Transmission Systems
- Segment
- Precast Infrastructure and Engineered Systems
What stood out
-
Revenue Growth of 19.1%
Net sales for Q1 2026 reached $138.3 million, up from $116.1 million in Q1 2025.
-
Record EPS of $1.08
Earnings per share significantly increased from $0.39 in Q1 2025, showcasing robust profitability.
-
Increase in Backlog
Backlog grew to $373 million, reflecting strong demand and bidding activity.
-
Improved Gross Margin
Gross profit margin improved to 19.3% in Q1 2026, up from 16.7% in the prior year.
-
Strong Operating Income
Operating income surged to $12.7 million, compared to $5.6 million in Q1 2025.
-
Substantial Operating Cash Flow
Net cash from operating activities rose to $29.3 million, up from $4.8 million a year prior.
What to watch
-
Supply Chain Vulnerabilities
Potential disruptions in the supply chain, particularly related to steel procurement, present risks as steel costs influence revenue.
-
Economic Uncertainty
Ongoing geopolitical tensions and economic volatility could impact construction demand and costs.
-
Project Funding Delays
Delays in federal infrastructure funding could postpone key projects, affecting the future revenue outlook.
Management's outlook
Management indicated increased confidence in 2026 growth driven by strong demand and backlog.
Earlier filings 4
10-Q · August 8, 2025
NWPX reported Q2 net sales of $133.18M (up $3.68M or +2.8% YoY) and diluted EPS of $0.91 (up $0.05 YoY), beating consensus. Gross profit slipped modestly to $25.37M (gross margin ~19.06%), while operating income was…
10-K · February 27, 2025
Northwest Pipe Company remains the largest manufacturer of engineered steel water pipeline systems in North America, strategically positioned to capitalize on increased infrastructure spending driven by aging water…
10-K · March 5, 2024
Northwest Pipe (NWPX) positions itself as the largest manufacturer of engineered steel water pipeline systems in North America and is expanding its precast/engineered systems capabilities through acquisitions (ParkUSA…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.