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How Smith-Midland Corporation makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$93.4M · 100%Cost of revenue$67.4M · 72%Gross profit$26M · 28%Operating income$17M · 18%Income before tax$17M · 18%Income tax$4.5M · 5%Net income$12.5M · 13%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$93.4M100%
  • 10-K · FY 2025Filing detailsAccession 0001654954-26-003505 · filed Apr 14, 2026
Cost of revenue$67.4M72%
  • 10-K · FY 2025Filing detailsAccession 0001654954-26-003505 · filed Apr 14, 2026
$26M28%
  • 10-K · FY 2025Filing detailsAccession 0001654954-26-003505 · filed Apr 14, 2026
$17M18%
  • 10-K · FY 2025Filing detailsAccession 0001654954-26-003505 · filed Apr 14, 2026
Income before tax$17M18%
  • 10-K · FY 2025Filing detailsAccession 0001654954-26-003505 · filed Apr 14, 2026
Income tax$4.5M5%
  • 10-K · FY 2025Filing detailsAccession 0001654954-26-003505 · filed Apr 14, 2026
$12.5M13%
  • 10-K · FY 2025Filing detailsAccession 0001654954-26-003505 · filed Apr 14, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001654954-26-003505 · filed Apr 14, 2026
· event Dec 31, 2025 · retrieved Oct 15, 2026 · annual-row source set
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