Filing Flows › Douglas Dynamics (PLOW) › Q4 2025
Douglas Dynamics (PLOW) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Douglas Dynamics (PLOW) reported revenue of $185M for the fourth quarter 2025 (Q4 2025), +29% from a year earlier and +14% from the quarter before. Operating margin was 10.5%, net earnings $12.8M (7.0% of revenue).
Douglas Dynamics, Q4 2025: revenue $185M (+29% year over year), operating margin 10.5%, net earnings $12.8M, operating cash flow $95.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $185M | +14% | +29% |
| Gross profit | $48.1M | +26% | +35% |
| Operating profit | $19.3M | +37% | +49% |
| Net earnings | $12.8M | +61% | +62% |
| Operating cash flow | $95.9M | — | +29% |
| Free cash flow | $92.8M | — | +32% |
What changed
Revenue was $184.5M in Q4 2025, up 29% year over year and up 14% from the previous quarter. Independent Dealer was the largest line at 61% of revenue.
Gross margin was 26.1%, up 1.2 points from a year earlier. Operating profit was $19.3M, a 10.5% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, above the 9% margin then. Operating expenses grew 27% against revenue growth of 29%. The fastest-growing cost line was SG&A (+29%). Net earnings were $12.8M, up 62% year over year. The effective tax rate was 22.0%.
Operating cash flow was $95.9M (up 29% year over year), 747% of net earnings. Non-cash charges added back $3.9M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items added $77.7M. After acquisition of property and equipment ($3.1M), free cash flow as the company reports it was $92.8M.
Questions
What was Douglas Dynamics' revenue in the fourth quarter 2025?
Douglas Dynamics (PLOW) reported revenue of $185M for the fourth quarter 2025 (Q4 2025), +29% from a year earlier and +14% from the quarter before.
Was Douglas Dynamics profitable in the fourth quarter 2025?
Operating profit was $19.3M (10.5% of revenue) and net earnings $12.8M.
Source: Douglas Dynamics 10-K on SEC EDGAR.