Douglas Dynamics, Inc. (PLOW) Income Statement

19Y historyFree accessUpdated daily

Revenue reached $218.0M in 2026Q3 with a 27.4% gross margin and 14.3% operating margin, but quarterly margins ranged from 23.5% to 31.1% gross and 2.8% to 19.0% operating, indicating profitability is highly sensitive to seasonal volume.

Annual statement

PLOW Income Statement

Douglas Dynamics, Inc. (PLOW) annual income statement — 19-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07

Sales/Revenue	755M	656.05M	568.5M	568.18M	616.07M	541.45M	480.15M	571.71M	524.07M	474.93M	416.27M	400.41M	303.51M	194.32M	140.03M	208.8M	176.79M	174.34M	180.11M	140.06M
Revenue Growth %	22.75%	15.4%	0.06%	-7.77%	13.78%	12.77%	-16.01%	9.09%	10.35%	14.09%	3.96%	31.93%	56.19%	38.77%	-32.93%	18.1%	1.41%	-3.2%	28.59%	-
Cost of Goods Sold	542.46M	481.37M	421.67M	433.91M	464.61M	399.58M	351.87M	402.89M	369.18M	331.84M	282.29M	267.55M	187.19M	128.67M	96.07M	136.98M	116.49M	117.26M	117.91M	97.25M
COGS % of Revenue	-	73.37%	74.17%	76.37%	75.42%	73.8%	73.28%	70.47%	70.44%	69.87%	67.82%	66.82%	61.67%	66.22%	68.61%	65.6%	65.89%	67.26%	65.47%	69.43%
Gross Profit	212.53M	174.68M	146.84M	134.27M	151.46M	141.87M	128.28M	168.82M	154.89M	143.09M	133.97M	132.86M	116.33M	65.65M	43.96M	71.82M	60.3M	57.08M	62.2M	42.82M
Gross Margin %	28.15%	26.63%	25.83%	23.63%	24.58%	26.2%	26.72%	29.53%	29.56%	30.13%	32.18%	33.18%	38.33%	33.78%	31.39%	34.4%	34.11%	32.74%	34.53%	30.57%
Gross Profit Growth %	-	18.96%	9.36%	-11.35%	6.76%	10.6%	-24.01%	8.99%	8.25%	6.8%	0.84%	14.22%	77.19%	49.33%	-38.78%	19.1%	5.65%	-8.23%	45.27%	-
Operating Expenses	116.57M	101.07M	99.2M	89.36M	92.7M	90.74M	203.42M	82.24M	81.43M	73M	64.86M	55.51M	44.04M	37.5M	25.09M	31.64M	38.89M	27.64M	26.56M	22.18M
OpEx % of Revenue	-	15.41%	17.45%	15.73%	15.05%	16.76%	42.37%	14.39%	15.54%	15.37%	15.58%	13.86%	14.51%	19.3%	17.92%	15.15%	22%	15.85%	14.75%	15.84%
Selling, General & Admin	110.49M	94.89M	91.68M	78.84M	82.18M	78.84M	64.62M	71.29M	71.24M	63.04M	50.66M	48.15M	36.49M	30.63M	19.89M	26.43M	32.89M	27.64M	26.56M	22.18M
SG&A % of Revenue	-	14.46%	16.13%	13.88%	13.34%	14.56%	13.46%	12.47%	13.59%	13.27%	12.17%	12.03%	12.02%	15.76%	14.21%	12.66%	18.6%	15.85%	14.75%	15.84%
Research & Development	0	0	0	10.08M	0	0	0	0	3.19M	2.93M	3.13M	2.95M	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	1.77%	-	-	-	-	0.61%	0.62%	0.75%	0.74%	-	-	-	-	-	-	-	-
Other Operating Expenses	4M	6.18M	7.52M	439K	10.52M	11.89M	138.8M	10.96M	-758K	-115K	-277K	-193K	-221K	-161K	-320K	5.2M	6M	0	0	0
Operating Income	95.96M	73.61M	47.63M	44.91M	58.75M	51.13M	-75.14M	86.57M	73.46M	70.09M	69.12M	77.35M	72.22M	27.51M	18.87M	40.18M	21.41M	29.44M	35.64M	20.64M
Operating Margin %	12.71%	11.22%	8.38%	7.9%	9.54%	9.44%	-15.65%	15.14%	14.02%	14.76%	16.6%	19.32%	23.79%	14.16%	13.47%	19.24%	12.11%	16.89%	19.79%	14.73%
Operating Income Growth %	-	54.52%	6.07%	-23.56%	14.9%	168.05%	-186.79%	17.85%	4.81%	1.41%	-10.64%	7.11%	162.55%	45.77%	-53.04%	87.69%	-27.28%	-17.39%	72.69%	-
EBITDA	111.31M	88.97M	65.53M	66.57M	79.69M	71.45M	-55.4M	105.78M	92.55M	88.67M	85.86M	89.63M	81.44M	36.2M	26.89M	48.36M	33.11M	41.4M	46.45M	31.43M
EBITDA Margin %	14.74%	13.56%	11.53%	11.72%	12.94%	13.2%	-11.54%	18.5%	17.66%	18.67%	20.63%	22.39%	26.83%	18.63%	19.2%	23.16%	18.73%	23.74%	25.79%	22.44%
EBITDA Growth %	34.78%	35.78%	-1.57%	-16.46%	11.53%	228.97%	-152.37%	14.31%	4.36%	3.28%	-4.21%	10.06%	124.98%	34.63%	-44.4%	46.04%	-20.01%	-10.87%	47.77%	-
D&A (Non-Cash Add-back)	15.35M	15.36M	17.89M	21.66M	20.94M	20.32M	19.74M	19.21M	19.09M	18.58M	16.74M	12.28M	9.22M	8.69M	8.02M	8.18M	11.71M	11.96M	10.81M	10.8M
EBIT	96.74M	73.62M	89.15M	44.91M	58.61M	46.43M	-78.59M	79.4M	72.7M	71.25M	78.89M	77.16M	70.13M	27.34M	18.55M	39.29M	13.48M	29.35M	35.56M	17.82M
Net Interest Income	-10.31M	-12.11M	-15.26M	-15.68M	-11.25M	-11.84M	-20.24M	-16.78M	-16.94M	-18.34M	-15.2M	-10.89M	-8.13M	-8.33M	-8.39M	-8.92M	-10.94M	-15.52M	-17.3M	-19.62M
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	10.31M	12.11M	15.26M	15.68M	11.25M	11.84M	20.24M	16.78M	16.94M	18.34M	15.2M	10.89M	8.13M	8.33M	8.39M	8.92M	10.94M	15.52M	17.3M	19.62M
Other Income/Expense	-9.54M	-12.1M	26.26M	-15.68M	-11.39M	-16.55M	-23.69M	-23.96M	-17.7M	-17.89M	-6.11M	-11.09M	-10.22M	-8.49M	-8.71M	-9.81M	-18.87M	-15.61M	-17.37M	-22.44M
Pretax Income	86.43M	61.51M	73.89M	29.23M	47.36M	34.59M	-98.83M	62.62M	55.76M	52.91M	63.7M	66.26M	62M	19.02M	10.16M	30.37M	2.53M	13.83M	18.26M	-1.81M
Pretax Margin %	11.45%	9.38%	13%	5.15%	7.69%	6.39%	-20.58%	10.95%	10.64%	11.14%	15.3%	16.55%	20.43%	9.79%	7.25%	14.55%	1.43%	7.93%	10.14%	-1.29%
Income Tax	20.68M	14.61M	17.74M	5.51M	8.75M	3.9M	-12.28M	13.45M	11.85M	-2.41M	24.69M	22.09M	22.04M	7.38M	4.14M	11.33M	872K	3.99M	6.79M	-749K
Effective Tax Rate %	23.93%	23.75%	24.01%	18.85%	18.48%	11.27%	12.42%	21.48%	21.26%	-4.55%	38.76%	33.33%	35.54%	38.8%	40.8%	37.31%	34.41%	28.82%	37.19%	41.47%
Net Income	65.75M	46.9M	56.15M	23.72M	38.61M	30.69M	-86.55M	49.17M	43.91M	55.32M	39.01M	44.18M	39.96M	11.64M	6.01M	19.04M	1.66M	9.84M	11.47M	-1.06M
Net Margin %	8.71%	7.15%	9.88%	4.18%	6.27%	5.67%	-18.03%	8.6%	8.38%	11.65%	9.37%	11.03%	13.17%	5.99%	4.29%	9.12%	0.94%	5.65%	6.37%	-0.75%
Net Income Growth %	56.66%	-16.48%	136.69%	-38.56%	25.8%	135.46%	-276.04%	11.98%	-20.64%	41.82%	-11.7%	10.55%	243.34%	93.6%	-68.42%	1045.61%	-83.11%	-14.19%	1185.24%	-
Net Income (Continuing)	65.75M	46.9M	56.15M	23.72M	38.61M	30.69M	-86.55M	49.17M	43.91M	55.32M	39.01M	44.18M	39.96M	11.64M	6.01M	19.04M	1.66M	9.84M	11.47M	-1.06M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	2.79	1.97	2.36	1.01	1.63	1.29	-3.81	2.11	1.93	2.40	1.70	1.94	1.77	0.51	0.26	0.85	0.09	0.67	0.77	-0.07
EPS Growth %	57.18%	-16.53%	133.66%	-38.04%	26.36%	133.86%	-280.57%	9.33%	-19.58%	41.18%	-12.37%	9.6%	247.06%	96.15%	-69.41%	844.44%	-86.57%	-12.99%	1150.48%	-
EPS (Basic)	-	2.03	2.39	1.01	1.65	1.31	-3.81	2.13	1.94	2.42	1.71	1.95	1.78	0.52	0.27	0.87	0.09	0.68	0.79	-0.07
Diluted Shares Outstanding	23.53M	23.58M	23.51M	22.96M	22.92M	22.96M	22.85M	22.81M	22.7M	22.59M	22.48M	22.34M	22.19M	22.07M	21.96M	21.81M	19.29M	14.75M	14.97M	14.42M
Basic Shares Outstanding	23.08M	23.06M	23.07M	22.96M	22.92M	22.95M	22.85M	22.78M	22.68M	22.58M	22.48M	22.33M	22.17M	22.03M	21.89M	21.65M	18.8M	14.42M	14.61M	14.42M
Dividend Payout Ratio	-	59.57%	48.93%	115.67%	70%	86.42%	-	51.22%	55.54%	39.72%	54.99%	45.67%	49.04%	160.66%	303.24%	135.47%	494.71%	-	-	-

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Weather-dependent demand volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Seasonal Revenue Growth Reaccelerating Recently

Based on reported quarterly figures, PLOW revenue rose 34.5% year over year in 2026Q3 to $218.0M, following a 10.5% gain in 2026Q2, suggesting renewed momentum after a mixed 2025 period with several softer quarters.

The sequence of growth rates, including a -2.8% decline in 2025Q2 and a -10.2% decline in 2024Q3, points to a business whose top line is driven heavily by snowfall timing and dealer pre-season shipment patterns rather than steady compounding. The 2026Q3 acceleration may reflect shipment timing shifts or chassis availability normalizing, which would warrant caution about whether it represents durable demand or a timing effect. Investors should monitor whether growth holds through the next off-season quarters before extrapolating the recent trend.

Gross Margin Shaped by Segment Mix

As reported in the income statement, PLOW gross margin ranged from roughly 23.5% to 31.1% across the ten quarters, with the highest readings in periods of stronger revenue and the lowest in weaker-volume quarters.

This range suggests meaningful operating leverage on fixed manufacturing and overhead costs, with margins compressing when volume softens. The lower-margin upfitting business likely dilutes consolidated gross margin during periods when its mix rises, which may explain the drift between quarters. Sustained margins near the upper end of this range would depend on continued attachment-driven mix and cost discipline.

Operating Leverage Visible in Peak Quarters

Based on reported figures, PLOW operating margin reached 16.5% in 2026Q2 and 19.0% in 2025Q2 on high revenue, while falling to 2.8% in 2025Q1, showing how strongly profitability tracks volume.

SG&A has stayed relatively fixed in the $21M to $30M range, so incremental revenue during peak season converts to operating income at a high rate, while low-volume quarters absorb the same overhead. This asymmetry means earnings are highly sensitive to snowfall-driven volume swings. Investors should treat single-quarter operating margins with caution and focus on full-year trends.

Volatile EPS Obscures Underlying Trend

Per reported filings, PLOW diluted EPS swung from $0.01 in 2025Q1 to $1.36 in 2024Q3, with reported net income closely tracking operating income, indicating limited non-operating noise in the quarterly series.

The close alignment between operating and net income suggests earnings are primarily operationally driven rather than inflated by non-operating items. Stock-based compensation remains modest at $0.8M to $4.5M per quarter, so it does not appear to materially distort reported profitability. The main quality concern is timing, since revenue recognized at shipment can shift earnings between quarters.

Shipment Timing Could Flatter Growth

Based on the reported revenue pattern, PLOW's recent 34.5% quarterly growth may partly reflect pre-season shipment timing rather than end-user demand, which would not be visible in the income statement alone.

Because revenue is recognized when product ships to dealers months before snowfall, a mild winter could leave channel inventory elevated and cause later reversals in reported revenue. The 2024Q3 and 2025Q2 declines illustrate how quickly the top line can contract when dealer orders soften. Analysts should verify inventory and receivables trends against reported revenue before treating recent growth as sustainable.

PLOW — Frequently Asked Questions

Quick answers to the most common questions about buying PLOW stock.

What was Douglas Dynamics, Inc.'s (PLOW) revenue in 2025?

For fiscal year 2025, Douglas Dynamics, Inc. (PLOW) reported total revenue of $656.1M. This represents a 368.4% increase compared to $140.1M in 2007.

Is Douglas Dynamics, Inc. (PLOW) profitable?

Douglas Dynamics, Inc. (PLOW) is profitable, generating $46.9M in net income for the fiscal year ending 2025 with a net profit margin of 7.1%.

What is Douglas Dynamics, Inc.'s operating profit margin?

Douglas Dynamics, Inc. (PLOW) reported an operating income of $73.6M, resulting in an operating profit margin of 11.2%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Douglas Dynamics, Inc.'s gross profit and gross margin?

Douglas Dynamics, Inc. (PLOW) generated $174.7M in gross profit for the year, representing a gross profit margin of 26.6%. This demonstrates the company's core pricing power and production efficiency.