{"url_path":"/sec/nwpx/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-02-26","source_url":"https://www.sec.gov/Archives/edgar/data/1001385/0001437749-26-005861-index.html","accession_number":"0001437749-26-005861","cik":"0001001385","ticker":"NWPX","issuer_name":"NWPX Infrastructure, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1001385/0001437749-26-005861-index.html","primary_entity_key":"0001001385","primary_entity_name":"NWPX Infrastructure, Inc."},"word_count":2388,"has_tables":true,"body_markdown":"nwpx20251231_10k.htm\n\n0001001385\nNWPX Infrastructure, Inc.\nfalse\n--12-31\nFY\n2025\nWe believe that cybersecurity is a critical part of our overall risk management profile, which is supported by both our management and our Board of Directors. We believe that we face the same external threats common to other participants in the infrastructure sectors, which include ransomware and malware attacks in addition to the risks brought on through the vendor supply chain. Through the leadership of our Vice President of Information Technology, who reports to our Chief Financial Officer, we continuously assess these threats and evaluate our landscape for new vulnerabilities, considering both for their probability of occurrence as well as their perceived potential impact. We supplement our risk assessment processes with robust third-party identification tools which we review routinely through the use of intrusion prevention and detection systems. We supplement our internal procedures with third parties, who routinely assess our network infrastructure for vulnerabilities both internal and external to our firewall. We also conduct periodic training and awareness programs for all of our employees with systems access in order to drive adoption and awareness of their critical roles in cybersecurity processes and controls.\nWe believe that cybersecurity is a critical part of our overall risk management profile, which is supported by both our management and our Board of Directors. We believe that we face the same external threats common to other participants in the infrastructure sectors, which include ransomware and malware attacks in addition to the risks brought on through the vendor supply chain. Through the leadership of our Vice President of Information Technology, who reports to our Chief Financial Officer, we continuously assess these threats and evaluate our landscape for new vulnerabilities, considering both for their probability of occurrence as well as their perceived potential impact. We supplement our risk assessment processes with robust third-party identification tools which we review routinely through the use of intrusion prevention and detection systems. We supplement our internal procedures with third parties, who routinely assess our network infrastructure for vulnerabilities both internal and external to our firewall. We also conduct periodic training and awareness programs for all of our employees with systems access in order to drive adoption and awareness of their critical roles in cybersecurity processes and controls.\nWe believe that cybersecurity is a critical part of our overall risk management profile, which is supported by both our management and our Board of Directors. We believe that we face the same external threats common to other participants in the infrastructure sectors, which include ransomware and malware attacks in addition to the risks brought on through the vendor supply chain. Through the leadership of our Vice President of Information Technology, who reports to our Chief Financial Officer, we continuously assess these threats and evaluate our landscape for new vulnerabilities, considering both for their probability of occurrence as well as their perceived potential impact. We supplement our risk assessment processes with robust third-party identification tools which we review routinely through the use of intrusion prevention and detection systems. We supplement our internal procedures with third parties, who routinely assess our network infrastructure for vulnerabilities both internal and external to our firewall. We also conduct periodic training and awareness programs for all of our employees with systems access in order to drive adoption and awareness of their critical roles in cybersecurity processes and controls.\ntrue\ntrue\ntrue\nOur Board of Directors has charged the Audit Committee with the governance and oversight of this risk. Our committee charter requires quarterly reporting to our Audit Committee by our Vice President of Information Technology covering key cybersecurity accomplishments, planned enhancement activities, and monitoring observations of the threat environment. Board experience in risk assessment has been enhanced with certification achievements specific to cybersecurity risk, providing us with the appropriate oversight for this evolving threat.\nOur Board of Directors has charged the Audit Committee with the governance and oversight of this risk. Our committee charter requires quarterly reporting to our Audit Committee by our Vice President of Information Technology covering key cybersecurity accomplishments, planned enhancement activities, and monitoring observations of the threat environment. Board experience in risk assessment has been enhanced with certification achievements specific to cybersecurity risk, providing us with the appropriate oversight for this evolving threat.\nOur Board of Directors has charged the Audit Committee with the governance and oversight of this risk. Our committee charter requires quarterly reporting to our Audit Committee by our Vice President of Information Technology covering key cybersecurity accomplishments, planned enhancement activities, and monitoring observations of the threat environment. Board experience in risk assessment has been enhanced with certification achievements specific to cybersecurity risk, providing us with the appropriate oversight for this evolving threat.\nOur Board of Directors has charged the Audit Committee with the governance and oversight of this risk. Our committee charter requires quarterly reporting to our Audit Committee by our Vice President of Information Technology covering key cybersecurity accomplishments, planned enhancement activities, and monitoring observations of the threat environment. Board experience in risk assessment has been enhanced with certification achievements specific to cybersecurity risk, providing us with the appropriate oversight for this evolving threat.\ntrue\ntrue\nAs of the date of this report, we are not aware of any material breaches to our networks or computer systems that have materially affected or are reasonably likely to materially affect our execution of our business strategy, results of operations, or financial condition. We describe potential risks from cybersecurity threats under the heading “Our information technology systems can be negatively affected by cybersecurity threats,” in Part I — Item 1. “Risk Factors” of this 2025 Form 10-K, which disclosures are incorporated herein by reference.\nfalse\nfalse\nfalse\nfalse\ntrue\ntrue\ntrue\ntrue\nMegan Kendrick\nSenior Vice President of Human Resources\nNovember 6, 2025\nScott Montross\nPresident and Chief Executive Officer\nDecember 3, 2025\nMiles Brittain\nExecutive Vice President\nDecember 5, 2025\nAmanda Julian\nMember of Board of Directors\nDecember 15, 2025\n3,473\ntrue\ntrue\n528\n242\n\n0.01\n0.01\n10,000,000\n10,000,000\n0\n0\n0\n0\n0.01\n0.01\n15,000,000\n15,000,000\n9,587,990\n9,587,990\n9,918,711\n9,918,711\n110\n45\n134\n89\n21\n55\n392\n33\n15\n27\n580\n444\n118\n2\n10\n0\n0\n0\n1\n55.5\nhttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNet\nhttp://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentNet\nhttp://fasb.org/us-gaap/2025#Liabilities\nhttp://fasb.org/us-gaap/2025#Liabilities\nhttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent\nhttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent\nhttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent\nhttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent\n25.1\n6.5\n1.1\n4.8\n1.1\n2\n0\n0\n1\n100\n0\n1\n0\n0\n1\n1\n0\n392\n24\n9\n9\n24\nLong-term finance lease liabilities, less current portion are included in Other long-term liabilities.\nThe number of PSAs disclosed in this table are at the target level of 100%.\nFor the PSAs vested on March 31, 2025, the actual number of common shares that were issued was determined by multiplying the PSAs at the target level of 100%, as disclosed in this table, by a payout percentage based on the performance-based conditions achieved. The payout percentage was 118% for the 2022-2024 performance period, 111% for the 2023-2024 performance period, and 133% for the 2024 performance period.\nFinance lease right-of-use assets are presented net of accumulated amortization of $3.4 million and $2.3 million as of December 31, 2025 and 2024, respectively.\nDepreciation and amortization included in Cost of sales for the WTS segment for the years ended December 31, 2025, 2024, and 2023 was $11.4 million, $11.9 million, and $9.0 million, respectively.\nDepreciation and amortization included in Cost of sales for the Precast segment for the years ended December 31, 2025, 2024, and 2023 was $7.5 million, $6.6 million, and $6.2 million, respectively.\nDepreciation and amortization included in Cost of sales for the Precast segment was $1.1 million and $2.7 million for the three and nine months ended September 30, 2025, respectively and $0.9 million and $2.1 million for the three and nine months ended September 30, 2024, respectively.\nCurrent portion of finance lease liabilities are included in Accrued liabilities.\nThere were no antidilutive shares for the years ended December 31, 2025, 2024, or 2023.\nFinance lease right-of-use assets are presented net of accumulated amortization of $3.0 million and $2.3 million as of June 30, 2025 and December 31, 2024, respectively.\n\n00010013852025-01-012025-12-31\niso4217:USD\n00010013852025-06-30\nxbrli:shares\n00010013852026-02-17\nthunderdome:item\n0001001385nwpx:ScottMontrossMember2025-01-012025-12-31\n0001001385nwpx:MilesBrittainMember2025-01-012025-12-31\n0001001385nwpx:AmandaJulianMember2025-01-012025-12-31\n0001001385nwpx:MeganKendrickMember2025-01-012025-12-31\n0001001385nwpx:MeganKendrickMember2025-12-31\n0001001385nwpx:ScottMontrossMember2025-12-31\n0001001385nwpx:MilesBrittainMember2025-12-31\n0001001385nwpx:AmandaJulianMember2025-12-31\n00010013852024-01-012024-12-31\n00010013852023-01-012023-12-31\niso4217:USDxbrli:shares\n0001001385us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-31\n0001001385us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-31\n0001001385us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-31\n0001001385us-gaap:ForeignExchangeForwardMember2025-01-012025-12-31\n0001001385us-gaap:ForeignExchangeForwardMember2024-01-012024-12-31\n0001001385us-gaap:ForeignExchangeForwardMember2023-01-012023-12-31\n0001001385us-gaap:InterestRateSwapMember2025-01-012025-12-31\n0001001385us-gaap:InterestRateSwapMember2024-01-012024-12-31\n0001001385us-gaap:InterestRateSwapMember2023-01-012023-12-31\n00010013852025-12-31\n00010013852024-12-31\n0001001385us-gaap:CommonStockMember2022-12-31\n0001001385us-gaap:AdditionalPaidInCapitalMember2022-12-31\n0001001385us-gaap:RetainedEarningsMember2022-12-31\n0001001385us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-31\n00010013852022-12-31\n0001001385us-gaap:CommonStockMember2023-01-012023-12-31\n0001001385us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-31\n0001001385us-gaap:RetainedEarningsMember2023-01-012023-12-31\n0001001385us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-31\n0001001385us-gaap:PensionPlansDefinedBenefitMemberus-gaap:CommonStockMember2023-01-012023-12-31\n0001001385us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-31\n0001001385us-gaap:PensionPlansDefinedBenefitMemberus-gaap:RetainedEarningsMember2023-01-012023-12-31\n0001001385us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:CommonStockMember2023-01-012023-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:RetainedEarningsMember2023-01-012023-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:CommonStockMember2023-01-012023-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:RetainedEarningsMember2023-01-012023-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-31\n0001001385us-gaap:CommonStockMember2023-12-31\n0001001385us-gaap:AdditionalPaidInCapitalMember2023-12-31\n0001001385us-gaap:RetainedEarningsMember2023-12-31\n0001001385us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-31\n00010013852023-12-31\n0001001385us-gaap:CommonStockMember2024-01-012024-12-31\n0001001385us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-31\n0001001385us-gaap:RetainedEarningsMember2024-01-012024-12-31\n0001001385us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:CommonStockMember2024-01-012024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:RetainedEarningsMember2024-01-012024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:CommonStockMember2024-01-012024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:RetainedEarningsMember2024-01-012024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-31\n0001001385us-gaap:CommonStockMember2024-12-31\n0001001385us-gaap:AdditionalPaidInCapitalMember2024-12-31\n0001001385us-gaap:RetainedEarningsMember2024-12-31\n0001001385us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-31\n0001001385us-gaap:CommonStockMember2025-01-012025-12-31\n0001001385us-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-31\n0001001385us-gaap:RetainedEarningsMember2025-01-012025-12-31\n0001001385us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:CommonStockMember2025-01-012025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:RetainedEarningsMember2025-01-012025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:CommonStockMember2025-01-012025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:RetainedEarningsMember2025-01-012025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-31\n0001001385us-gaap:CommonStockMember2025-12-31\n0001001385us-gaap:AdditionalPaidInCapitalMember2025-12-31\n0001001385us-gaap:RetainedEarningsMember2025-12-31\n0001001385us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-31\n0001001385us-gaap:CaliforniaFranchiseTaxBoardMember2025-01-012025-12-31\n0001001385us-gaap:CaliforniaFranchiseTaxBoardMember2023-01-012023-12-31\n0001001385nwpx:OregonDepartmentOfRevenueAuthorityMember2023-01-012023-12-31\n0001001385nwpx:OtherStateAndLocalAuthorityMember2025-01-012025-12-31\n0001001385nwpx:OtherStateAndLocalAuthorityMember2024-01-012024-12-31\n0001001385nwpx:OtherStateAndLocalAuthorityMember2023-01-012023-12-31\nxbrli:pure\nutr:Y\n0001001385us-gaap:LandImprovementsMembersrt:MinimumMember2025-12-31\n0001001385us-gaap:LandImprovementsMembersrt:MaximumMember2025-12-31\n0001001385us-gaap:BuildingMembersrt:MinimumMember2025-12-31\n0001001385us-gaap:BuildingMembersrt:MaximumMember2025-12-31\n0001001385us-gaap:LeaseholdImprovementsMembersrt:MinimumMember2025-12-31\n0001001385us-gaap:LeaseholdImprovementsMembersrt:MaximumMember2025-12-31\n0001001385us-gaap:MachineryAndEquipmentMembersrt:MinimumMember2025-12-31\n0001001385us-gaap:MachineryAndEquipmentMembersrt:MaximumMember2025-12-31\n0001001385srt:MinimumMember2025-12-31\n0001001385srt:MaximumMember2025-12-31\n0001001385nwpx:AccruedLiabilityMember2025-12-31\n0001001385nwpx:AccruedLiabilityMember2024-12-31\n0001001385nwpx:OtherLongtermLiabilitiesMember2025-12-31\n0001001385nwpx:OtherLongtermLiabilitiesMember2024-12-31\n0001001385us-gaap:LandImprovementsMember2025-12-31\n0001001385us-gaap:LandImprovementsMember2024-12-31\n0001001385us-gaap:BuildingMember2025-12-31\n0001001385us-gaap:BuildingMember2024-12-31\n0001001385us-gaap:LeaseholdImprovementsMember2025-12-31\n0001001385us-gaap:LeaseholdImprovementsMember2024-12-31\n0001001385us-gaap:MachineryAndEquipmentMember2025-12-31\n0001001385us-gaap:MachineryAndEquipmentMember2024-12-31\n0001001385nwpx:EquipmentUnderFinanceLeaseMember2025-12-31\n0001001385nwpx:EquipmentUnderFinanceLeaseMember2024-12-31\n0001001385us-gaap:ConstructionInProgressMember2025-12-31\n0001001385us-gaap:ConstructionInProgressMember2024-12-31\n0001001385country:MX2025-12-31\n0001001385country:MX2024-12-31\n0001001385us-gaap:CustomerRelationshipsMember2025-12-31\n0001001385us-gaap:TrademarksAndTradeNamesMember2025-12-31\n0001001385us-gaap:PatentsMember2025-12-31\n0001001385us-gaap:CustomerRelationshipsMember2024-12-31\n0001001385us-gaap:TrademarksAndTradeNamesMember2024-12-31\n0001001385us-gaap:PatentsMember2024-12-31\n0001001385nwpx:WellsFargoBankNAMember2025-08-13\n0001001385nwpx:WellsFargoBankNAMember2025-08-132025-08-13\n0001001385us-gaap:RevolvingCreditFacilityMembernwpx:WellsFargoBankNAMember2025-12-31\n0001001385us-gaap:RevolvingCreditFacilityMembernwpx:WellsFargoBankNAMember2024-12-31\n0001001385us-gaap:RevolvingCreditFacilityMembernwpx:WellsFargoBankNAMembersrt:MinimumMember2025-01-012025-12-31\n0001001385us-gaap:RevolvingCreditFacilityMembernwpx:WellsFargoBankNAMembersrt:MaximumMember2025-01-012025-12-31\n0001001385nwpx:WellsFargoBankNAMembernwpx:ConversionOfInterimFundingAgreementDebtIntoTermLoanMember2024-10-282024-10-28\n0001001385nwpx:WellsFargoBankNAMembernwpx:TermLoanMember2024-10-282024-10-28\n0001001385nwpx:WellsFargoBankNAMembernwpx:TermLoanMember2025-12-31\n0001001385nwpx:WellsFargoBankNAMembernwpx:TermLoanMember2024-12-31\n0001001385nwpx:DeferredCompensationPlanMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385nwpx:DeferredCompensationPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385nwpx:DeferredCompensationPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385nwpx:DeferredCompensationPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-31\n0001001385nwpx:DeferredCompensationPlanMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385nwpx:DeferredCompensationPlanMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385nwpx:DeferredCompensationPlanMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385nwpx:DeferredCompensationPlanMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-12-31\niso4217:CAD\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-31\n0001001385nwpx:ForeignExchangeForward1Memberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-31\niso4217:EUR\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2024-12-31\n0001001385nwpx:ForeignExchangeForward1Memberus-gaap:NondesignatedMember2024-12-31\n0001001385nwpx:The1941InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-12-31\n0001001385nwpx:The296InterestRateSwapMemberus-gaap:CashFlowHedgingMember2023-04-03\n0001001385nwpx:The296InterestRateSwapMemberus-gaap:CashFlowHedgingMember2025-12-31\n0001001385nwpx:The296InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-12-31\n0001001385nwpx:The510InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:SalesMember2025-01-012025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:SalesMember2024-01-012024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMemberus-gaap:SalesMember2023-01-012023-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMembernwpx:PropertyAndEquipmentMember2025-01-012025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMembernwpx:PropertyAndEquipmentMember2024-01-012024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMembernwpx:PropertyAndEquipmentMember2023-01-012023-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:InterestExpenseMember2025-01-012025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:InterestExpenseMember2024-01-012024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:InterestExpenseMember2023-01-012023-12-31\n0001001385us-gaap:NondesignatedMember2025-01-012025-12-31\n0001001385us-gaap:NondesignatedMember2024-01-012024-12-31\n0001001385us-gaap:NondesignatedMember2023-01-012023-12-31\n0001001385nwpx:ShareRepurchaseProgramAuthorizedOctober102023Member2023-10-10\n0001001385nwpx:ShareRepurchaseProgramAuthorizedDecember112025Member2025-12-11\n0001001385nwpx:Rule10b51TradingPlanAuthorizedNovember2023Member2023-11-07\n0001001385nwpx:Rule10b51TradingPlanAuthorizedMarch2025Member2025-03-03\n0001001385nwpx:Rule10b51TradingPlanAuthorizedMay2025Member2025-05-31\n0001001385nwpx:Rule10b51TradingPlanAuthorizedAugust2025Member2025-08-31\n0001001385nwpx:Rule10b51TradingPlanAuthorizedAugust2025Member2025-09-012025-10-30\n0001001385nwpx:Rule10b51TradingPlanAuthorizedNovember2025Member2025-11-30\n0001001385nwpx:ShareRepurchaseProgramMember2025-01-012025-12-31\n0001001385nwpx:ShareRepurchaseProgramMember2024-01-012024-12-31\n0001001385nwpx:ShareRepurchaseProgramMember2023-01-012023-12-31\n0001001385nwpx:ShareRepurchaseProgramMember2025-12-31\n0001001385nwpx:ShareRepurchaseProgramMemberus-gaap:SubsequentEventMember2026-01-012026-02-17\n0001001385nwpx:DefinedContributionPlanMember2025-01-012025-12-31\n0001001385nwpx:OtherLongtermLiabilitiesMembernwpx:NonqualifiedRetirementSavingsPlanMember2025-12-31\n0001001385nwpx:OtherLongtermLiabilitiesMembernwpx:NonqualifiedRetirementSavingsPlanMember2024-12-31\n0001001385us-gaap:PensionPlansDefinedBenefitMember2024-12-31\n0001001385us-gaap:CostOfSalesMember2025-01-012025-12-31\n0001001385us-gaap:CostOfSalesMember2024-01-012024-12-31\n0001001385us-gaap:CostOfSalesMember2023-01-012023-12-31\n0001001385us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-12-31\n0001001385us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-12-31\n0001001385us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-12-31\n0001001385nwpx:RestrictedStockUnitsAndPerformanceStockAwardsMember2024-12-31\n0001001385nwpx:RestrictedStockUnitsAndPerformanceStockAwardsMember2025-01-012025-12-31\n0001001385nwpx:RestrictedStockUnitsAndPerformanceStockAwardsMember2025-12-31\n0001001385us-gaap:PerformanceSharesMember2025-12-31\n0001001385us-gaap:PerformanceSharesMember2022-01-012022-12-31\n0001001385us-gaap:PerformanceSharesMember2023-01-012023-12-31\n0001001385us-gaap:PerformanceSharesMember2024-01-012024-12-31\n0001001385us-gaap:PerformanceSharesMembersrt:MinimumMember2025-01-012025-12-31\n0001001385us-gaap:PerformanceSharesMembersrt:MaximumMember2025-01-012025-12-31\n0001001385nwpx:RestrictedStockUnitsAndPerformanceStockAwardsMember2024-01-012024-12-31\n0001001385nwpx:RestrictedStockUnitsAndPerformanceStockAwardsMember2023-01-012023-12-31\n0001001385nwpx:StockAwardsMembersrt:DirectorMember2025-01-012025-12-31\n0001001385nwpx:StockAwardsMembersrt:DirectorMember2024-01-012024-12-31\n0001001385nwpx:StockAwardsMembersrt:DirectorMember2023-01-012023-12-31\n0001001385nwpx:LowerWillametteGroupMember2017-01-31\n0001001385nwpx:PortlandHarborSuperfundSiteMember2017-01-012017-01-31\n0001001385nwpx:PortlandHarborSuperfundSiteMember2024-11-30\n0001001385nwpx:PortlandHarborSuperfundSiteMember2017-01-31\n0001001385nwpx:PortlandHarborNaturalreSourcesTrusteeCouncilMember2014-06-30\n0001001385us-gaap:CapitalAdditionsMember2025-12-31\n0001001385country:US2025-01-012025-12-31\n0001001385country:US2024-01-012024-12-31\n0001001385country:US2023-01-012023-12-31\n0001001385country:CA2025-01-012025-12-31\n0001001385country:CA2024-01-012024-12-31\n0001001385country:CA2023-01-012023-12-31\n0001001385us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernwpx:WaterTransmissionSystemsMember2025-01-012025-12-31\n0001001385us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernwpx:WaterTransmissionSystemsMember2024-01-012024-12-31\n0001001385us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernwpx:WaterTransmissionSystemsMember2023-01-012023-12-31\n0001001385us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernwpx:PrecastInfrastructureAndEngineeredSystemsMember2025-01-012025-12-31\n0001001385us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernwpx:PrecastInfrastructureAndEngineeredSystemsMember2024-01-012024-12-31\n0001001385us-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMembernwpx:PrecastInfrastructureAndEngineeredSystemsMember2023-01-012023-12-31\n0001001385us-gaap:TransferredOverTimeMember2025-01-012025-12-31\n0001001385us-gaap:TransferredOverTimeMember2024-01-012024-12-31\n0001001385us-gaap:TransferredOverTimeMember2023-01-012023-12-31\n0001001385us-gaap:TransferredAtPointInTimeMember2025-01-012025-12-31\n0001001385us-gaap:TransferredAtPointInTimeMember2024-01-012024-12-31\n0001001385us-gaap:TransferredAtPointInTimeMember2023-01-012023-12-31\n00010013852026-01-012025-12-31\n00010013852027-01-012025-12-31\n0001001385us-gaap:DomesticCountryMember2025-01-012025-12-31\n0001001385us-gaap:DomesticCountryMember2024-01-012024-12-31\n0001001385us-gaap:DomesticCountryMember2023-01-012023-12-31\n0001001385us-gaap:StateAndLocalJurisdictionMember2025-01-012025-12-31\n0001001385us-gaap:StateAndLocalJurisdictionMember2024-01-012024-12-31\n0001001385us-gaap:StateAndLocalJurisdictionMember2023-01-012023-12-31\n0001001385us-gaap:ForeignCountryMember2025-01-012025-12-31\n0001001385us-gaap:ForeignCountryMember2024-01-012024-12-31\n0001001385us-gaap:ForeignCountryMember2023-01-012023-12-31\n0001001385us-gaap:OtherNoncurrentAssetsMember2025-12-31\n0001001385us-gaap:OtherNoncurrentAssetsMember2024-12-31\n0001001385us-gaap:DomesticCountryMember2025-12-31\n0001001385us-gaap:StateAndLocalJurisdictionMember2025-12-31\n0001001385us-gaap:StateAndLocalJurisdictionMembersrt:MinimumMember2025-01-012025-12-31\n0001001385us-gaap:StateAndLocalJurisdictionMembersrt:MaximumMember2025-01-012025-12-31\n0001001385us-gaap:ForeignCountryMember2025-12-31\n0001001385us-gaap:ForeignCountryMembersrt:MinimumMember2025-01-012025-12-31\n0001001385us-gaap:ForeignCountryMembersrt:MaximumMember2025-01-012025-12-31\n0001001385us-gaap:PensionPlansDefinedBenefitMember2025-12-31\n0001001385us-gaap:ForeignExchangeForwardMember2025-12-31\n0001001385us-gaap:ForeignExchangeForwardMember2024-12-31\n0001001385us-gaap:InterestRateSwapMember2025-12-31\n0001001385us-gaap:InterestRateSwapMember2024-12-31\n0001001385us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-31\n0001001385us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-12-31\n0001001385us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-31\n0001001385us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-12-31\n0001001385us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-31\n0001001385us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-12-31\n0001001385us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-12-31\n0001001385us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-12-31\n0001001385us-gaap:ForeignExchangeForwardMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-12-31\n0001001385us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-12-31\n0001001385us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-31\n0001001385us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-31\n0001001385us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-31\n0001001385us-gaap:OperatingSegmentsMembernwpx:WaterTransmissionSystemsMember2025-01-012025-12-31\n0001001385us-gaap:OperatingSegmentsMembernwpx:WaterTransmissionSystemsMember2024-01-012024-12-31\n0001001385us-gaap:OperatingSegmentsMembernwpx:WaterTransmissionSystemsMember2023-01-012023-12-31\n0001001385us-gaap:OperatingSegmentsMembernwpx:PrecastInfrastructureAndEngineeredSystemsMember2025-01-012025-12-31\n0001001385us-gaap:OperatingSegmentsMembernwpx:PrecastInfrastructureAndEngineeredSystemsMember2024-01-012024-12-31\n0001001385us-gaap:OperatingSegmentsMembernwpx:PrecastInfrastructureAndEngineeredSystemsMember2023-01-012023-12-31\n0001001385nwpx:BoughtonsPrecastIncMemberus-gaap:SubsequentEventMember2026-02-23\n0001001385nwpx:BoughtonsPrecastIncMemberus-gaap:SubsequentEventMember2026-02-232026-02-23\n0001001385us-gaap:AllowanceForCreditLossMember2024-12-31\n0001001385us-gaap:AllowanceForCreditLossMember2025-01-012025-12-31\n0001001385us-gaap:AllowanceForCreditLossMember2025-12-31\n0001001385us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-12-31\n0001001385us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-01-012025-12-31\n0001001385us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2025-12-31\n0001001385us-gaap:AllowanceForCreditLossMember2023-12-31\n0001001385us-gaap:AllowanceForCreditLossMember2024-01-012024-12-31\n0001001385us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-12-31\n0001001385us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2024-01-012024-12-31\n0001001385us-gaap:AllowanceForCreditLossMember2022-12-31\n0001001385us-gaap:AllowanceForCreditLossMember2023-01-012023-12-31\n0001001385us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-12-31\n0001001385us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-01-012023-12-31\n\n \n\n[Table of Contents](#toc)\n\n \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM** **10-K**\n\n(Mark One)\n\n \n\n☒\n\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor the fiscal year ended **December 31, 2025**\n\nor\n\n \n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\nFor the transition period from              to\n\n \n\nCommission file number: ******0**-**27140******\n\n \n\n**NWPX INFRASTRUCTURE, INC.**\n\n(Exact name of registrant as specified in its charter)\n\n \n\n**Oregon**\n\n**93-0557988**\n\nState or other jurisdiction of incorporation or organization\n\n(I.R.S. Employer Identification No.)\n\n \n\n******201 NE Park Plaza Drive, Suite** **100******\n\n**Vancouver, Washington 98684**\n\n(Address of principal executive offices and Zip Code)\n\n \n\nRegistrant’s telephone number, including area code **360**‑******397**‑**6250******\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n \nTrading Symbol(s)\n \nName of each exchange on which registered\n\n**Common Stock, par value $0.01 per share**\n \n**NWPX**\n \n**Nasdaq Global Select Market**\n\n \n\nSecurities registered pursuant to section 12(g) of the Act: **None**\n\n \n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☐    No  ☒\n\n \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐\n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☒\n\nNon-accelerated filer\n\n☐\n\nSmaller reporting company\n\n☐\n\n  \nEmerging growth company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐\n\n \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.     ☒\n\n \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.  ☐ \n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D‑1(b).  ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Act).    Yes  ☐    No  ☒\n\n \n\nThe aggregate market value of the common equity that was held by non-affiliates of the registrant was $345,346,358 as of June 30, 2025 based upon the last sales price as reported by the Nasdaq Global Select Market.\n\n \n\nThe number of shares outstanding of the registrant’s common stock as of February 17, 2026 was 9,574,225 shares.\n\n \n\nDOCUMENTS INCORPORATED BY REFERENCE\n\n \n\nThe registrant has incorporated into Parts II and III of Form 10‑K by reference certain portions of its 2024 Form 10‑K, which was filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025, and its Proxy Statement for its 2026 Annual Meeting of Shareholders.\n\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n**NWPX INFRASTRUCTURE, INC.**\n\n**2025 ANNUAL REPORT ON FORM** **10**‑**K**\n\n**TABLE OF CONTENTS**\n\n \n\n \n\n**Page**\n\n[Cautionary Statement Regarding Forward-Looking Statements](#cautionary)\n\n[1](#cautionary)\n\n \n \n\n[**Part** **I**](#part1)"}