Filing Flows › Douglas Dynamics (PLOW) › Q3 2025
Douglas Dynamics (PLOW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Douglas Dynamics (PLOW) reported revenue of $162M for the third quarter 2025 (Q3 2025), +25% from a year earlier and -17% from the quarter before. Operating margin was 8.7%, net earnings $8.0M (4.9% of revenue).
Douglas Dynamics, Q3 2025: revenue $162M (+25% year over year), operating margin 8.7%, net earnings $8.0M, operating cash flow −$8.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $162M | -17% | +25% |
| Gross profit | $38.1M | -37% | +23% |
| Operating profit | $14.1M | -62% | -69% |
| Net earnings | $8.0M | -69% | -75% |
| Operating cash flow | −$8.5M | — | — |
What changed
Revenue was $162.1M in Q3 2025, up 25% year over year and down 17% from the previous quarter. Independent Dealer was the largest line at 62% of revenue. Government Contract added $19.4M year over year (up 106%), 59% of the total change. Product and Service, Other declined 15%.
Gross margin was 23.5%, down 0.4 points from a year earlier. Operating profit was $14.1M, a 8.7% margin (down 26.7 points year over year). Operating profit fell $31.8M even though revenue rose $32.7M versus a year earlier, so costs grew faster than sales. Net earnings were $8.0M, down 75% year over year. The effective tax rate was 23.5%.
Operating cash flow was −$8.5M. Non-cash charges added back $3.8M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items used $21.8M. Capital expenditures of $2.9M exceeded it, leaving free cash flow of −$11.4M.
Questions
What was Douglas Dynamics' revenue in the third quarter 2025?
Douglas Dynamics (PLOW) reported revenue of $162M for the third quarter 2025 (Q3 2025), +25% from a year earlier and -17% from the quarter before.
Was Douglas Dynamics profitable in the third quarter 2025?
Operating profit was $14.1M (8.7% of revenue) and net earnings $8.0M.
Source: Douglas Dynamics 10-Q on SEC EDGAR.