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Douglas Dynamics (PLOW) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Douglas Dynamics (PLOW) Q3 2026 earnings results →
Q3 2026 Revenue up 34% year over year to $218M · 10¢ of every $1 of revenue kept as net profit · operating margin 14.3%
Douglas Dynamics made $218M in Q3 2026 (+34% Y/Y): Independent Dealer $153M, Government Contract $46.9M, Fleet $16.7M. Operating margin 14.3%, net earnings $21.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $218.0M in Q3 2026, up 34% year over year and up 2% from the previous quarter. Independent Dealer was the largest line at 70% of revenue. Independent Dealer added $53.0M year over year (up 53%), 95% of the total change. Product and Service, Other declined 41%.
Gross margin was 27.4%, up 3.9 points from Q3 2025. Operating profit was $31.3M, a 14.3% margin (up 5.7 points year over year). Of the extra revenue versus Q3 2025, 31% reached operating profit, above the 9% margin then. Operating expenses grew 19% against revenue growth of 34%. The fastest-growing cost line was SG&A (+20%). Net earnings were $21.2M, up 166% year over year. The effective tax rate was 25.4%.
Operating cash flow was −$22.3M. Non-cash charges added back $3.8M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items used $49.1M. Capital expenditures of $3.9M exceeded it, leaving free cash flow of −$26.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $218M | +34% | 14.3% | $21.2M | −$22.3M |
| Q2 2026 | 10-Q | Aug 3, 2026 | $215M | +10% | 16.5% | $25.4M | −$24.2M |
| Q1 2026 | 10-Q | May 5, 2026 | $138M | +20% | 7.2% | $6.4M | −$994K |
| Q4 2025 | 10-K | Feb 24, 2026 | $185M | +29% | 10.5% | $12.8M | $95.9M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $162M | +25% | 8.7% | $8.0M | −$8.5M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $194M | -3% | 19.0% | $26.0M | −$11.4M |
| Q1 2025 | 10-Q | May 6, 2025 | $115M | +20% | 2.8% | $148K | −$1.3M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Douglas Dynamics
Home to the best-selling brands in the industry, Douglas Dynamics, Inc. (the “Company,” “we,” “us,” “our”) is North America's premier manufacturer and upfitter of commercial work truck attachments and equipment. For more than 75 years, the Company has been innovating products that enable end-users to perform their jobs more efficiently and effectively, providing opportunities for businesses to increase profitability. Our commitment to continuous improvement enables us to consistently produce high quality products and drive shareholder value.
In its own words, from its 10-K, filed Feb 24, 2026.
Douglas Dynamics against its Construction Machinery & Equip peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +34% against the peers' median +25%. Operating margin: 14.3% against the peers' median 6.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PLOW Douglas Dynamics | Q3 2026 | $218M | +34% | 14.3% |
| CAT Caterpillar | Q3 2026 | $20.7B | +17% | 20.4% |
| CNH CNH Industrial N.V. | Q2 2026 | $4.8B | +2% | 3.8% |
| MTW Manitowoc | Q3 2026 | $614M | +11% | 5.2% |
| CMCO Columbus McKinnon | Q2 FY27 | $539M | +107% | 6.5% |
| AEBI Aebi Schmidt Holding AG | Q2 2026 | $496M | +79% | 5.4% |
| ASTE Astec Industries | Q3 2026 | $352M | +0.7% | -0.9% |
| GENC Gencor Industries | Q3 FY26 | $33.8M | +25% | 17.2% |
Source: Douglas Dynamics 10-Q on SEC EDGAR · CIK 1287213 · Construction Machinery & Equip
13F: who owns PLOW and who is buying
More on PLOW
- How Douglas Dynamics makes money: revenue by segment
- Douglas Dynamics next earnings date and what analysts expect
- Douglas Dynamics stock forecast, price target and fair value
- Who owns Douglas Dynamics stock: holders, funds and Congress trades
- Douglas Dynamics guidance and outlook
- Is Douglas Dynamics a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Douglas Dynamics guidance history: guided vs reported
- Douglas Dynamics gross margin by quarter
- Douglas Dynamics operating margin by quarter
- Douglas Dynamics net income by quarter
- Douglas Dynamics Independent Dealer revenue by quarter
- Douglas Dynamics Government Contract revenue by quarter
- Douglas Dynamics Fleet revenue by quarter