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Douglas Dynamics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$26.2M in Q3 2026 · $34.1M over twelve months

Operating cash flow−$22.3M
Capital spending−$3.9M
Free cash flow−$26.2M
Cash / net income-1.1×
Cash conversion cycle155 days

Analysis

In Q3 2026, Douglas Dynamics generated −$22.3M of operating cash flow and spent $3.9M on capital projects, leaving free cash flow of −$26.2M. That is $14.8M less than in Q3 2025 (−$11.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $48.4M; the largest uses were dividends ($28.1M), acquisitions ($27.3M), capital spending ($14.3M); besides operations, cash came from net borrowing (+) / repaid (−) ($23.5M); the cash balance fell by $5.2M.

Operating cash flow was −$22.3M against net income of $21.2M — -1.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$61.4M, inventory +$7.1M, payables +$4.3M.

Its cash conversion cycle was 155 days (receivables 79 + inventory 100 − payables 24).

Free cash flow

Douglas Dynamics: free cash flow by quarterDouglas Dynamics: free cash flow by quarter$70.2MQ4 2024−$3.5MQ1 2025−$14.3MQ2 2025−$11.4MQ3 2025$92.8MQ4 2025−$4.2MQ1 2026−$28.3MQ2 2026−$26.2MQ3 2026
Operating cash flow less capital spending.
Douglas Dynamics: operating cash flow against capital spendingDouglas Dynamics: operating cash flow against capital spendingOperating cash flowCapital spending$74.4M$4.2MQ4 2024−$1.3M$2.2MQ1 2025−$11.4M$3.0MQ2 2025−$8.5M$2.9MQ3 2025$95.9M$3.1MQ4 2025−$994K$3.2MQ1 2026−$24.2M$4.1MQ2 2026−$22.3M$3.9MQ3 2026
Latest (Q3 2026): Operating cash flow −$22.3M, Capital spending $3.9M.

Capital allocation, year by year

Douglas Dynamics: where the cash came from (up) and went (down), by fiscal yearDouglas Dynamics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $60.5MFY2021: Net borrowing −$25.5MFY2021: Capital spending −$11.9MFY2021: Dividends −$26.5M$60.5MFY2021FY2022: Operating cash flow $40.0MFY2022: Net borrowing −$11.2MFY2022: Capital spending −$12.4MFY2022: Buybacks −$6.0MFY2022: Dividends −$27.0M$40.0MFY2022FY2023: Operating cash flow $12.5MFY2023: Net borrowing $28.6MFY2023: Capital spending −$10.5MFY2023: Dividends −$27.4M$41.0MFY2023FY2024: Operating cash flow $41.1MFY2024: Net borrowing −$89.0MFY2024: Capital spending −$7.8MFY2024: Dividends −$27.5M$41.1MFY2024FY2025: Operating cash flow $74.7MFY2025: Net borrowing $457KFY2025: Capital spending −$11.1MFY2025: Acquisitions −$26.3MFY2025: Buybacks −$6.0MFY2025: Dividends −$27.9M$75.1MFY2025
Over these 5 years operating cash flow totalled $229M; the largest uses were dividends ($136M) and net borrowing ($126M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.5M
Debt$240M
Net debt$235M
Due within a year$7.4M
Cash runway1 month

Douglas Dynamics is burning cash: its operations consume cash, a free cash flow of −$105M a year at the current rate against $5.5M of cash and investments: a runway of about 1 month; $7.4M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Douglas Dynamics: debt maturities by year (FY2025)Douglas Dynamics: debt maturities by year (FY2025)$7.4MYear 1$7.4MYear 2$10.2MYear 3$14.0MYear 4$105MYear 5
Principal due in each year as disclosed in the annual report, against $5.5M of cash and investments now.

Where the cash came from and went

Douglas Dynamics: sources (+) and uses (−) of cash, Q3 2026Douglas Dynamics: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$37.1MOperating cash flow−$22.3MDividends−$6.9MCapital spending−$3.9MCash drawn (+) / kept (−)−$3.6MTaxes on employees’ shares−$364K
Douglas Dynamics: sources (+) and uses (−) of cash, TTM to Q3 2026Douglas Dynamics: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$48.4MDividends−$28.1MAcquisitions−$27.3MNet borrowing (+) / repaid (−)$23.5MCapital spending−$14.3MBuybacks−$6.0MCash drawn (+) / kept (−)$5.2MTaxes on employees’ shares−$1.3MOther financing−$122K

From profit to cash

Douglas Dynamics: net income to operating cash flow, Q3 2026Douglas Dynamics: net income to operating cash flow, Q3 2026Net income$21.2MDepreciation & amortization$3.8MStock-based pay$1.8MDeferred taxes$936KGains on disposals−$4KReceivables−$61.4MInventory$7.1MPayables$4.3MAccrued liabilities$3.8MEmployee-related liabilities−$3.1MPrepaid and other assets−$3.9MOperating cash flow−$22.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20267910024155
Q2 20264811123136
Q1 20265415133171
Q4 2025689727138
Q3 20258910830168
Q2 20254911028132
Q1 20256116039182
Q4 20247712029169

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$22.3M−$3.9M——−$6.9M$37.1M−$3.6M−$26.2M
Q2 2026−$24.2M−$4.1M—−$3.0M−$7.1M$35.1M$3.3M−$28.3M
Q1 2026−$994K−$3.2M−$927K−$3.0M−$7.1M$13.1M$3.1M−$4.2M
Q4 2025$95.9M−$3.1M−$26.3M—−$7.0M−$61.9M$2.3M$92.8M
Q3 2025−$8.5M−$2.9M——−$7.0M$21.1M−$2.7M−$11.4M
Q2 2025−$11.4M−$3.0M—−$6.0M−$6.9M$28.1M−$773K−$14.3M
Q1 2025−$1.3M−$2.2M——−$7.0M$13.1M−$2.1M−$3.5M
Q4 2024$74.4M−$4.2M——−$7.0M−$67.0M$3.3M$70.2M

Douglas Dynamics: income statement and cash flow

Douglas Dynamics, Q3 2026: revenue $218M (+34% year over year), operating margin 14.3%. The chart follows the revenue to costs, profit and cash.

Douglas Dynamics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.