National Presto Industries Inc.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 4 March 2026: press release. The quarter’s numbers.

Key takeaways

Sales rose 29.7% to $503.5 million: Consolidated net sales for 2025 were $503.5 million, up 29.7% from 2024. Management said the increase was provided by the Defense segment. Source
Net earnings fell 20.2% to $33.1 million: Net earnings were $33.1 million, or $4.63 per share, compared with $41.5 million, or $5.82 per share, in 2024. Source
Defense sales rose 42.9%: Defense sales rose $121.9 million, or 42.9%, on higher shipments from a sizable backlog. Source
Defense operating earnings rose 36.2%: Management attributed a $15.5 million, or 36.2%, rise in Defense operating earnings to the shipment increase. Source
Tariffs drove the Housewares loss: Management said reduced sales and the material impact of tariffs on costs were the chief cause of the segment's operating loss. Source
Refund timing uncertain after ruling: Management said it is unclear whether and when the IEEPA tariffs will be refunded, given no Supreme Court guidance and the administration's stated plan to dispute refunds in court. Source
No extra dividend in 2026: Management said inventory cash needs for the Defense backlog mean no extra dividend will be paid in 2026, as in 2025. Source

“Those reductions were in significant part attributable to the Trump tariffs.”
Maryjo Cohen, President

Guidance

Area	Period	Figure	Against last quarter
Regular dividend Source	2026	$1.00 per share

What changed from last quarter

New: Management referred to a recent Supreme Court decision striking down the IEEPA tariffs. The prior release did not mention this decision. Source

Full-year results and growth drivers

Sales rose 29.7% to $503.5 million: Consolidated net sales for 2025 were $503.5 million, up 29.7% from 2024. Management said the increase was provided by the Defense segment. Source
Net earnings fell 20.2% to $33.1 million: Net earnings were $33.1 million, or $4.63 per share, compared with $41.5 million, or $5.82 per share, in 2024. Source
Mix, efficiencies and material costs affected earnings: Management said earnings were also affected by differences in mix, efficiencies and material costs, alongside the segment results described below. Source
Nine-month sales were $339.6 million: The October 2025 release reported nine-month net sales of $339.6 million against $253.5 million, and nine-month net earnings of $18.1 million.

Defense segment

Defense sales rose 42.9%: Defense sales rose $121.9 million, or 42.9%, on higher shipments from a sizable backlog. Source
Defense operating earnings rose 36.2%: Management attributed a $15.5 million, or 36.2%, rise in Defense operating earnings to the shipment increase. Source
Third-quarter Defense revenue grew 38.6%: The October 2025 release reported third-quarter Defense revenues up $25.8 million, or 38.6%, also on shipments from backlog.
Defense product range: Defense makes medium caliber training and tactical ammunition, energetic ordnance items, fuzes, cartridge cases and metal parts. Source

“The cash needs entailed in supporting the inventories required to fulfill the Defense segment’s sizable backlog means, that as in 2025, there will be no extra dividend paid in 2026.”
Maryjo Cohen, President

Housewares/Small Appliance segment

Housewares sales fell 7.0%: Housewares/Small Appliance net revenue fell $7.2 million, or 7.0%. Management attributed this largely to retailers' reluctance to accept tariff-induced price increases. Source
Tariffs drove the Housewares loss: Management said reduced sales and the material impact of tariffs on costs were the chief cause of the segment's operating loss. Source
Housewares brand and products: The segment designs and sells small household appliances and pressure cookers under the PRESTO brand and is described as an innovator of new products. Source

Safety segment

Safety sales up, loss narrowed: Management said Safety sales increased, though still nominal, and the segment's loss was reduced compared with the prior year. Source
Safety described as startup last quarter: The October 2025 release described the segment as a startup that reported nominal sales and a loss, and listed commercial water and fluorine-free foam fire extinguishers among its products.
Safety product scope: Safety offers smoke and carbon monoxide alarms and systems for early warning of conditions that could cause losses if not corrected. The extinguisher line in the prior release is not listed. Source

“One thing is clear is that the administration has and will continue to impose additional tariffs at rates as high or possibly higher than those implemented in 2025.”
Maryjo Cohen, President

Costs and tariff accounting

Tariffs expensed as period costs: Management said tariffs are expensed as incurred, reflecting the segment's LIFO inventory cost valuation method. Source
Distribution center move duplicates costs: The Canton, MS to Nettleton, MS distribution center move is ongoing. Two staffs must be kept until training and the move are complete, and equipment and inventory must be transported. Source
Supplier bankruptcy caused capital loss: The company incurred a sizable capital loss linked to the bankruptcy of a key supplier. Source

Tariffs and refunds

Refund timing uncertain after ruling: Management said it is unclear whether and when the IEEPA tariffs will be refunded, given no Supreme Court guidance and the administration's stated plan to dispute refunds in court. Source
More tariffs expected at similar rates: Management said the administration has imposed and will continue to impose additional tariffs at rates as high or possibly higher than in 2025. Source
Tariffs weighed on retail demand: Management said tariff-related retail price increases served to depress consumer purchases. Source

Capital and dividend

Regular 2026 dividend of $1.00: The Board announced a 2026 dividend consisting of a regular dividend of $1.00 per share. Source
No extra dividend in 2026: Management said inventory cash needs for the Defense backlog mean no extra dividend will be paid in 2026, as in 2025. Source
Eighty-two-year dividend history: The release states the 2026 dividend is the most recent in a dividend history of eighty-two years. Source

Shareholder calendar

Dividend record and payment dates: The dividend record date is March 9, 2026, and the payment date is March 20, 2026, as printed in the release. Source
2026 annual meeting set for May 19: The Board confirmed May 19, 2026, as the date of the 2026 annual meeting of shareholders. Source
Annual meeting record date March 24: The record date for the annual meeting is March 24, 2026. Source

Coming up, as management said on 4 March 2026

Dividend payment on March 20: Dividend payment date is March 20, 2026, after the March 9 record date. Source
Annual meeting on May 19: The 2026 annual meeting of shareholders is scheduled for May 19, 2026. Source

Risks management discussed

Regulatory: Management noted that the timing of any IEEPA tariff refunds is unclear, with the administration stating a plan to dispute refunds in court. Source
Regulatory: Management expects the administration to keep imposing additional tariffs at high rates. Source
Demand: Management said tariff-related retail price increases depressed consumer purchases of Housewares products. Source
Operational: The distribution center move duplicates staffing costs until training and the move are completed. Source
Financial: A supplier bankruptcy produced a sizable capital loss in 2025. Source
Financial: Inventory needed for the Defense backlog uses cash, which management cited as the reason for no extra dividend. Source

Earlier plans management reported on

Not stated: Management said no extra dividend will be paid in 2026, as it was not in 2025. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

NATIONAL PRESTO INDUSTRIES, INC. ANNOUNCES INCREASED 2025 SALES

AND EARNINGS AND 2026 DIVIDEND

Eau Claire, Wisconsin (February 27, 2026) -- National Presto Industries, Inc. (NYSE: NPK) announced today 2025 sales and earnings, as shown in the table below. Net earnings per share have been computed based on the weighted average number of common shares outstanding for the respective periods.

In response to questions about the Company’s sales, Maryjo Cohen, President, stated, “Net 2025 consolidated sales were $503.5 million, a 29.7% increase from 2024’s levels. Net earnings were down $‐‐‐8.4 million or 20.2% to $33.1 million ($4.63 per share) from 2024’s $41.5 million ($5.82 per share). The revenue increase was provided by the Defense segment. Defense sales increased by $121.9 million or 42.9%, due to higher shipments from its sizable backlog. The shipment increase resulted in augmented operating earnings, which increased $15.5 million or 36.2%. Earnings were also affected by a variety of other factors which included differences in mix, efficiencies, and material costs These improvements were partially offset by reduced sales and operating losses at the Housewares/Small Appliance segment. Those reductions were in significant part attributable to the Trump tariffs. Net revenue at the Housewares/Small Appliance segment was down $7.2 million or 7.0%, largely due to retailers’ reluctance to accept tariff-induced price increases and tariff-related price increases at retail that served to depress consumer purchases. The combination of reduced sales along with the material impact of tariffs on costs was the chief cause of the significant operating loss. Tariffs are treated as period costs and expensed as they are incurred, reflecting the segment’s LIFO inventory cost valuation method. The ongoing relocation of the segment’s distribution center from Canton, MS, to Nettleton, MS, also had an impact. Of necessity, certain costs were duplicated as two staffs must be maintained until the training and move are completed. Equipment and remaining inventory must be transported. A sizable capital loss was incurred as well, stemming from the bankruptcy of a key supplier. The Safety segment reported increased albeit still nominal sales and a reduced comparative loss.”

In commenting on the potential impact of the recent Supreme Court decision striking down the IEEPA tariffs, Ms. Cohen stated, “It remains to be seen if and when those tariffs will be refunded, given the absence of Supreme Court guidance and the Trump administration’s stated plan to dispute refunds in the courts. One thing is clear is that the administration has and will continue to impose additional tariffs at rates as high or possibly higher than those implemented in 2025.”

The Board of Directors of National Presto Industries, Inc. announced today the 2026 dividend, which consists of the regular dividend of $1.00 per share. When asked if there would be an extra dividend, Ms. Cohen stated, “The cash needs entailed in supporting the inventories required to fulfill the Defense segment’s sizable backlog means, that as in 2025, there will be no extra dividend paid in 2026.”

The 2026 dividend is the most recent in an unbroken history of eighty-two years. The record date for the dividend will be ‐‐‐March 9, 2026, and the payment date, March 20, 2026. In addition, the Board confirmed May 19, 2026, as the date of the Company’s 2026 annual meeting of shareholders. The record date for the annual meeting will be March 24, 2026.

National Presto Industries, Inc. operates in three business segments. The Housewares/Small Appliance segment designs and sells small household appliances and pressure cookers under the PRESTO® brand name. The segment is recognized as an innovator of new products. The Defense segment manufactures a variety of products, including medium caliber training and tactical ammunition, energetic ordnance items, fuzes, cartridge cases, and metal parts. The Safety segment offers smoke and carbon monoxide alarms and systems that provide early warning of conditions that, if not corrected, would cause significant losses.

	YEAR ENDED DECEMBER 31
	2025	2024
Net Sales	$503,524,000	$388,228,000
Net Earnings	$33,084,000	$41,460,000
Net Earnings Per Share	$4.63	$5.82
Weighted Shares Outstanding	7,148,000	7,128,000

This release contains “forward looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties, as well as assumptions, that could cause actual results to differ materially from historical results and those presently anticipated or projected. In addition to the factors discussed above, other important risk factors are delineated in the Company’s various SEC filings.

Contacts
David Peuse · (715) 839-2146