Douglas Dynamics (PLOW) Q3 FY2026 earnings: revenue $218 million, up 34.5% on the year

Douglas Dynamics, Inc. (PLOW) reported revenue of $218 million for Q3 FY2026, the quarter ended 30 September 2026, up 34.5% on the same quarter a year earlier. Net income was $21 million, up 165.8% on the year, and diluted earnings per share $0.89. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2026.

Revenue

$218 million

+34.5% on the year · +1.6% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

14.3%

8.7% a year earlier

Q4 FY2024Q3 FY2026

Net income

$21 million

+165.8% on the year · -16.6% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.89

+169.7% on the year · -16.8% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 narrowed, 1 kept.

Net sales rose 35% to record: Net sales were $218.0 million, up from $162.1 million a year earlier. The company credited a pre-season and execution at Work Truck Attachments.
Adjusted EBITDA rose 89%: Adjusted diluted EPS was $0.98, up 145% from $0.40. Adjusted EBITDA margin was 17.4% against 12.4% a year earlier.
Attachments sales rose 78%: Work Truck Attachments net sales were $121.5 million against $68.1 million. The company cited robust preseason demand, higher throughput and the Venco Venturo addition.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	218	215	162	+1.6%	+34.5%
Cost of revenue	158	148	124	+7.0%	+27.6%
Gross profit	59.8	66.8	38.1	-10.4%	+57.0%
Gross margin	27.4%	31.1%	23.5%
Selling, general and administrative	27.0	29.8	22.5	-9.4%	+20.3%
Operating income	31.3	35.4	14.1	-11.8%	+122.1%
Operating margin	14.3%	16.5%	8.7%
Interest expense	2.9	2.3	n/a	+26.2%
Pre-tax income	28.4	33.7	10.4	-15.9%	+172.3%
Income tax	7.2	8.3	2.5	-13.7%	+193.6%
Effective tax rate	25.4%	24.7%	23.5%
Net income	21.2	25.4	8.0	-16.6%	+165.8%
Net margin	9.7%	11.8%	4.9%
Diluted EPS	$0.89	$1.07	$0.33	-16.8%	+169.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	-22.3	-24.2	-8.5
Capital expenditure	3.9	4.1	2.9	-5.8%	+33.2%
Free cash flow	-26.2	-28.3	-11.4
Free cash flow margin	-12.0%	-13.2%	-7.1%
Cash from investing	-3.9	-4.1	-2.9
Cash from financing	29.8	25.0	14.1	+19.2%	+111.5%
Depreciation and amortisation	3.8	3.8	3.8	-0.9%	-1.0%
Share-based compensation	1.8	4.5	1.5	-59.1%	+19.8%
Buybacks	0.0	3.0	0.0
Dividends paid	6.9	7.1	7.0	-2.5%	-1.4%
Dividend per share	$0.30	$0.30	$0.30	0.0%	0.0%
Diluted shares, weighted	24m	24m	24m	-0.2%	-0.2%
Shares outstanding at period end	23m	23m	23m	+0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	317	300	275	+5.7%	+15.1%
Debt	103	64.4	72.4	+60.5%	+42.8%
Operating lease liabilities	83.8	80.0	59.5	+4.7%	+40.8%
Other liabilities	290	282	288	+3.0%	+0.8%
Total liabilities and equity	794	726	695	+9.4%	+14.3%
Fixed assets	48.4	47.1	42.5	+2.6%	+13.9%
Goodwill	117	117	113	0.0%	+3.2%
Intangible assets	112	113	109	-1.3%	+2.6%
Cash and equivalents	5.5	1.9	10.6	+192.4%	-48.5%
Receivables	218	157	173	+39.1%	+25.6%
Inventory	168	175	139	-4.0%	+21.0%
Other assets	126	115	108	+9.5%	+17.0%
Total assets	794	726	695	+9.4%	+14.3%

Questions

What was Douglas Dynamics' revenue in Q3 FY2026?

Douglas Dynamics (PLOW) reported revenue of $218 million for Q3 FY2026, the quarter ended 30 September 2026, up 34.5% on the same quarter a year earlier.

How much did Douglas Dynamics earn in Q3 FY2026?

Net income for Q3 FY2026 was $21 million, up 165.8% on the year, and diluted earnings per share $0.89.

When did Douglas Dynamics report Q3 FY2026 results?

Douglas Dynamics filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 3 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	153	103	188	166	160	82.5	207	144	134	95.7	200	129	144	115	194	162	185	138	215	218
Cost of revenue	117	81.5	136	125	122	71.3	146	112	105	76.7	139	98.5	108	86.9	134	124	136	100	148	158
Gross profit	36.2	21.1	51.2	41.3	37.9	11.3	61.4	32.1	29.5	18.9	61.3	30.9	35.7	28.1	60.3	38.1	48.1	37.8	66.8	59.8
Gross margin	24%	21%	27%	25%	24%	14%	30%	22%	22%	20%	31%	24%	25%	24%	31%	24%	26%	27%	31%	27%
SG&A	19.4	21.4	23.0	19.2	18.6	22.4	24.2	18.0	14.2	21.5	23.4	25.7	21.1	23.4	21.8	22.5	27.3	26.3	29.8	27.0
Operating income	13.0	-2.9	25.6	19.5	16.7	-13.8	34.6	11.5	12.6	-6.4	36.3	45.9	13.0	3.2	37.0	14.1	19.3	9.9	35.4	31.3
Operating margin	8%	-3%	14%	12%	10%	-17%	17%	8%	9%	-7%	18%	35%	9%	3%	19%	9%	10%	7%	17%	14%
Interest expense	-1.0	0.1	0.1	0.1	0.1	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	2.1	2.3	2.9
Pre-tax income	10.8	-4.9	23.1	16.2	13.0	-16.6	30.7	6.9	8.2	-9.9	32.1	41.7	10.0	0.5	34.1	10.4	16.5	7.9	33.7	28.4
Tax rate	18%	n/a	23%	18%	12%	n/a	22%	16%	14%	n/a	24%	23%	21%	70%	24%	24%	22%	19%	25%	25%
Net income	8.8	-3.9	17.7	13.3	11.5	-13.1	24.0	5.8	7.1	-8.4	24.3	32.3	7.9	0.1	26.0	8.0	12.8	6.4	25.4	21.2
Net margin	6%	-4%	9%	8%	7%	-16%	12%	4%	5%	-9%	12%	25%	6%	0%	13%	5%	7%	5%	12%	10%
Diluted EPS	$0.37	-$0.18	$0.75	$0.56	$0.49	-$0.58	$1.01	$0.24	$0.29	-$0.37	$1.02	$1.36	$0.33	$0.00	$1.09	$0.33	$0.54	$0.26	$1.07	$0.89
Operating cash flow	80.0	-26.0	-32.2	-16.3	115	-56.9	-9.3	2.1	76.6	-21.6	2.5	-14.2	74.4	-1.3	-11.4	-8.5	95.9	-1.0	-24.2	-22.3
Capital expenditure	4.6	1.4	3.3	3.4	4.4	1.5	2.8	2.7	2.9	0.8	1.7	1.1	4.2	2.2	3.0	2.9	3.1	3.2	4.1	3.9
Free cash flow	75.4	-27.3	-35.5	-19.7	110	-58.4	-12.1	-0.6	73.7	-22.4	0.8	-15.2	70.2	-3.5	-14.3	-11.4	92.8	-4.2	-28.3	-26.2
Buybacks	n/a	3.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	0.0	n/a	0.0	6.0	0.0	0.0	3.0	3.0	0.0
Dividends paid	6.6	6.7	6.8	6.8	6.8	7.0	6.8	6.9	6.8	6.8	6.9	6.9	7.0	7.0	6.9	7.0	7.0	7.1	7.1	6.9
Shares outstanding	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m	23m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 3 November 2026: the filing.