Product Sales was Smith Midland’s largest product and service line in fiscal 2025, bringing in $48.28M of $93.45M (52%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Product Sales | $27.82M | $38.75M | $45.62M | $48.28M | |||||
| Service Revenue | $22.31M | $20.83M | $32.88M | $45.17M | |||||
| Shipping & Installation Revenue | — | — | — | — | |||||
| Shipping & Installation | — | — | — | — | |||||
| Barrier Rentals | — | — | — | — | |||||
| Royalty Income | — | — | — | — | |||||
| Royalties | — | — | — | — | |||||
| Total | $50.13M | $59.58M | $78.51M | $93.45M |
Smith Midland brought in $93.45M from its two product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 19.0% from $78.51M in fiscal 2024. Product Sales was the largest at $48.28M (51.7%), ahead of Service Revenue at $45.17M (48.3%).
Compared with fiscal 2024, Service Revenue grew 37.4% to $45.17M and Product Sales grew 5.8% to $48.28M. From fiscal 2022 to 2025, combined revenue from these lines grew from $50.13M to $93.45M, a compound annual growth rate of 23.1%. Product Sales' share of the total fell from 55.5% to 51.7%.
Shipping & Installation Revenue was Smith Midland’s largest revenue line in fiscal 2019, bringing in $10.30M of $46.69M (22%).
| Contract With Customer Sales Channel | FY 2017 | FY 2018 | FY 2019 |
|---|---|---|---|
| Barrier Sales | $11.28M | $7.26M | $8.58M |
| Soundwall Sales | $7.57M | $9.87M | $7.74M |
| Shipping & Installation Revenue | — | — | $10.30M |
| Shipping & Installation | $6.51M | $7.66M | — |
| Slenderwall Sales | $2.05M | $5.57M | $5.06M |
| Easi-Set & Easi-Span Building Sales | $2.48M | $2.11M | $5.94M |
| Barrier Rentals | $4.27M | $1.73M | $2.49M |
| Miscellaneous Wall Sales | — | $1.76M | $1.69M |
| Royalty Income | — | — | $1.67M |
| Royalties | $1.89M | $1.68M | — |
| Utility Sales | — | $1.23M | $1.61M |
| Utility & Farm Product Sales | $1.49M | — | — |
| Architectural Sales | $829.00K | $876.00K | $1.10M |
| Miscellaneous Sales | $2.79M | $474.00K | $513.00K |
| Miscellaneous Product Sales | $562.00K | — | — |
| Total | $41.72M | $40.22M | $46.69M |
Smith Midland brought in $46.69M from its 11 revenue lines in fiscal 2019, the year ended December 31, 2019. Smith Midland regrouped these revenue lines after fiscal 2018, so the total does not compare directly with that year's $40.22M. Shipping & Installation Revenue was the largest at $10.30M (22.1%), ahead of Barrier Sales at $8.58M (18.4%) and Soundwall Sales at $7.74M (16.6%). The other eight revenue lines brought in $20.07M combined.
Compared with fiscal 2018, Easi-Set & Easi-Span Building Sales grew fastest, up 180.8% to $5.94M, while Soundwall Sales fell the most, down 21.6% to $7.74M.
Smith Midland began breaking out Shipping & Installation Revenue in fiscal 2019, Miscellaneous Wall Sales in fiscal 2018, Royalty Income in fiscal 2019 and Utility Sales in fiscal 2018. Smith Midland stopped reporting Shipping & Installation ($7.66M in fiscal 2018), Royalties ($1.68M in fiscal 2018), Utility & Farm Product Sales ($1.49M in fiscal 2017) and one other as separate revenue lines.
Smith Midland (SMID) reports its revenue by product and service and by contract with customer sales channel. In fiscal 2025, Product Sales was its largest product and service line, bringing in $48.28M (51.7% of the total), followed by Service Revenue at $45.17M (48.3%).
Product Sales was Smith Midland's largest product and service line in fiscal 2025, bringing in $48.28M, or 51.7% of the $93.45M total across its two product and service lines.
Shipping & Installation Revenue was Smith Midland's largest revenue line in fiscal 2019, bringing in $10.30M, or 22.1% of the $46.69M total across its 11 revenue lines.
Service Revenue grew faster than Product Sales in fiscal 2025, up 37.4% from $32.88M to $45.17M. Product Sales grew 5.8% to $48.28M.
Every figure comes from Smith Midland's annual financial filings, as reported. Each line keeps the name Smith Midland gives it, and years follow its fiscal calendar.
Smith Midland's revenue by product and service goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.