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Dec 31, 2025
Northwest Pipe Q4 2025 Earnings Report
Northwest Pipe Q4 2025 Earnings Report
Key Takeaways
Northwest Pipe (NWPX Infrastructure) delivered a record-breaking fourth quarter and full year 2025, characterized by record net sales and gross profit. Despite a slight decrease in GAAP net income for the quarter, adjusted earnings showed significant growth, supported by strong bidding activity in Water Transmission Systems and stable performance in the Precast segment.
Achieved record Q4 net sales of $125.6 million, a 5.0% increase year-over-year.
Q4 gross profit reached a record $26.8 million, up 19.2% compared to the prior year period.
Water Transmission Systems (WTS) backlog including confirmed orders grew to $346 million.
Completed the acquisition of Boughton's Precast, Inc. in February 2026 to expand the Colorado geographic footprint.
Revenue by Segment
Forward Guidance
The company enters 2026 with strong momentum, expecting the first quarter to be stronger than in recent years despite typical seasonality.
Positive Outlook
- Strong WTS backlog and elevated first quarter bidding levels.
- Stable Precast order book with improving margins.
- Strategic acquisition of Boughton provides growth in the Colorado market.
- Anticipated full year bidding activity consistent with record 2025 levels.
- Well-positioned for another very strong year in 2026.
Challenges Ahead
- Normal weather-related seasonality expected in WTS in the first quarter.
- Potential for project timing changes to impact tons produced.
- Economic uncertainty and inflation risks.
- Interest rate risk impacting customer demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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