Filing Flows › Douglas Dynamics (PLOW) › Q2 2025
Douglas Dynamics (PLOW) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Douglas Dynamics (PLOW) reported revenue of $194M for the second quarter 2025 (Q2 2025), -3% from a year earlier and +69% from the quarter before. Operating margin was 19.0%, net earnings $26.0M (13.4% of revenue).
Douglas Dynamics, Q2 2025: revenue $194M (-3% year over year), operating margin 19.0%, net earnings $26.0M, operating cash flow −$11.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $194M | +69% | -3% |
| Gross profit | $60.3M | +114% | -2% |
| Operating profit | $37.0M | 12× | +2% |
| Net earnings | $26.0M | 175× | +7% |
| Operating cash flow | −$11.4M | — | — |
What changed
Revenue was $194.3M in Q2 2025, down 3% year over year and up 69% from the previous quarter. Independent Dealer was the largest line at 73% of revenue. Independent Dealer lost $21.0M year over year (down 13%), 376% of the total change.
Gross margin was 31.0%, up 0.4 points from a year earlier. Operating profit was $37.0M, a 19.0% margin (up 0.9 points year over year). Operating expenses fell 7% while revenue fell 3%. Net earnings were $26.0M, up 7% year over year. The effective tax rate was 24.0%.
Operating cash flow was −$11.4M. Non-cash charges added back $3.8M of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items used $42.7M. Capital expenditures of $3.0M exceeded it, leaving free cash flow of −$14.3M.
Questions
What was Douglas Dynamics' revenue in the second quarter 2025?
Douglas Dynamics (PLOW) reported revenue of $194M for the second quarter 2025 (Q2 2025), -3% from a year earlier and +69% from the quarter before.
Was Douglas Dynamics profitable in the second quarter 2025?
Operating profit was $37.0M (19.0% of revenue) and net earnings $26.0M.
Source: Douglas Dynamics 10-Q on SEC EDGAR.