Filing Flows › Douglas Dynamics (PLOW) › Q1 2026
Douglas Dynamics (PLOW) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Douglas Dynamics (PLOW) reported revenue of $138M for the first quarter 2026 (Q1 2026), +20% from a year earlier and -25% from the quarter before. Operating margin was 7.2%, net earnings $6.4M (4.6% of revenue).
Douglas Dynamics, Q1 2026: revenue $138M (+20% year over year), operating margin 7.2%, net earnings $6.4M, operating cash flow −$994K. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $138M | -25% | +20% |
| Gross profit | $37.8M | -22% | +34% |
| Operating profit | $9.9M | -49% | +210% |
| Net earnings | $6.4M | -50% | 43× |
| Operating cash flow | −$994K | -101% | — |
What changed
Revenue was $137.8M in Q1 2026, up 20% year over year and down 25% from the previous quarter. Independent Dealer was the largest line at 68% of revenue. Independent Dealer added $23.6M year over year (up 34%), 104% of the total change. Government Contract declined 12%.
Gross margin was 27.4%, up 3.0 points from Q1 2025. Operating profit was $9.9M, a 7.2% margin (up 4.4 points year over year). Of the extra revenue versus Q1 2025, 30% reached operating profit, above the 3% margin then. Operating expenses grew 12% against revenue growth of 20%. The fastest-growing cost line was SG&A (+13%). Net earnings were $6.4M, up 4208% year over year. The effective tax rate was 19.2%.
Operating cash flow was −$1.0M. Non-cash charges added back $3.9M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items used $13.8M. Capital expenditures of $3.2M exceeded it, leaving free cash flow of −$4.2M.
Questions
What was Douglas Dynamics' revenue in the first quarter 2026?
Douglas Dynamics (PLOW) reported revenue of $138M for the first quarter 2026 (Q1 2026), +20% from a year earlier and -25% from the quarter before.
Was Douglas Dynamics profitable in the first quarter 2026?
Operating profit was $9.9M (7.2% of revenue) and net earnings $6.4M.
Source: Douglas Dynamics 10-Q on SEC EDGAR.