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How Douglas Dynamics (PLOW) makes money
Douglas Dynamics (PLOW) made $218M of revenue in the third quarter 2026 (Q3 2026), +34% from a year earlier. Independent Dealer brought in $153M (70%); Government Contract brought in $46.9M (21%); Fleet brought in $16.7M (8%). Of every dollar of revenue, 27¢ was left as gross profit, 14¢ was left as operating profit, 10¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Independent Dealer | $153M | 70.2% | -7% | +53% |
| Government Contract | $46.9M | 21.5% | +55% | +25% |
| Fleet | $16.7M | 7.6% | -9% | -24% |
| Product and Service, Other | $1.5M | 0.7% | +5% | -41% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $218M | 100.0% |
| Cost of revenue | $158M | 72.6% |
| Gross profit | $59.8M | 27.4% |
| Operating expenses | $28.6M | 13.1% |
| Operating profit | $31.3M | 14.3% |
| Income tax | $7.2M | 3.3% |
| Net earnings | $21.2M | 9.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $218M | +34% |
| Q2 2026 | $215M | +10% |
| Q1 2026 | $138M | +20% |
| Q4 2025 | $185M | +29% |
| Q3 2025 | $162M | +25% |
| Q2 2025 | $194M | -3% |
| Q1 2025 | $115M | +20% |
From Douglas Dynamics' 10-Q filed Nov 3, 2026 (on EDGAR).
Questions
How does Douglas Dynamics make money?
Douglas Dynamics (PLOW) made $218M of revenue in the third quarter 2026 (Q3 2026), +34% from a year earlier. Independent Dealer brought in $153M (70%); Government Contract brought in $46.9M (21%); Fleet brought in $16.7M (8%). Of every dollar of revenue, 27¢ was left as gross profit, 14¢ was left as operating profit, 10¢ was left as net earnings.
What is Douglas Dynamics' biggest business?
Independent Dealer: $153M in the third quarter 2026, 70% of revenue, +53% from a year earlier.
What is Douglas Dynamics' profit margin?
Net earnings were $21.2M, 9.7% of revenue, in the third quarter 2026; the operating margin was 14.3%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.