Douglas Dynamics (PLOW) financial statements
Douglas Dynamics reported revenue of $656M in fiscal 2025, up 5.2% a year over 9 years.
Net income was $47M and the operating margin 11.2%, against 16.8% in 2016.
Free cash flow was $64M, and the company returned $28M in dividends and $6M in net buybacks.
The diluted share count fell 100% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Douglas Dynamics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $416M | $475M | $524M | $572M | $480M | $541M | $616M | $568M | $569M | $656M |
| Cost of revenue | $282M | $332M | $369M | $403M | $352M | $400M | $465M | $434M | $422M | $481M |
| Gross profit | $134M | $143M | $155M | $169M | $128M | $142M | $151M | $134M | $147M | $175M |
| Research and development | $3M | $3M | $3M | $6M | $7M | $10M | $12M | $10M | $8M | $8M |
| Selling, general and admin | $54M | $61M | $70M | $71M | $65M | $79M | $82M | $79M | $92M | $95M |
| Operating income | $70M | $71M | $73M | $87M | -$75M | $51M | $59M | $45M | $89M | $74M |
| Interest expense | — | — | — | — | $611,000 | $2M | $476,000 | $476,000 | $198,000 | $0 |
| Pre-tax income | $64M | $53M | $56M | $63M | -$99M | $35M | $47M | $29M | $74M | $62M |
| Income tax | $25M | -$2M | $12M | $13M | -$12M | $4M | $9M | $6M | $18M | $15M |
| Net income | $39M | $55M | $44M | $49M | -$87M | $31M | $39M | $24M | $56M | $47M |
| EPS (diluted) | $1.70 | $2.40 | $1.89 | $2.11 | -$3.81 | $1.29 | $1.63 | $0.98 | $2.36 | $1.96 |
| Diluted shares | 22.48B | 22.59B | 22.70B | 22.81B | 23M | 23M | 23M | 23M | 24M | 24M |
| Gross margin | 32.2% | 30.1% | 29.6% | 29.5% | 26.7% | 26.2% | 24.6% | 23.6% | 25.8% | 26.6% |
| Operating margin | 16.8% | 14.9% | 14.0% | 15.1% | -15.6% | 9.4% | 9.5% | 7.9% | 15.6% | 11.2% |
| Net margin | 9.4% | 11.6% | 8.4% | 8.6% | -18.0% | 5.7% | 6.3% | 4.2% | 9.9% | 7.1% |
Balance sheet
Fiscal years, from Douglas Dynamics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $19M | $37M | $28M | $36M | $41M | $37M | $21M | $24M | $5M | $8M |
| Receivables | $79M | $79M | $81M | $88M | $83M | $71M | $87M | $84M | $87M | $98M |
| Inventory | $71M | $72M | $82M | $78M | $79M | $104M | $137M | $140M | $137M | $150M |
| Total current assets | $176M | $198M | $199M | $212M | $217M | $220M | $253M | $262M | $238M | $266M |
| Property, plant and equipment | $52M | $54M | $55M | $58M | $64M | $67M | $69M | $67M | $41M | $45M |
| Goodwill | $238M | $241M | $241M | $241M | $113M | $113M | $113M | $113M | $113M | $117M |
| Total assets | $666M | $685M | $676M | $706M | $579M | $572M | $597M | $593M | $590M | $627M |
| Total current liabilities | $51M | $81M | $79M | $78M | $66M | $82M | $100M | $119M | $70M | $96M |
| Long-term debt | $307M | $275M | $243M | $222M | $237M | — | — | — | — | — |
| Total liabilities | $446M | $428M | $393M | $393M | $379M | $358M | $360M | $362M | $326M | $345M |
| Shareholders' equity | $220M | $257M | $283M | $313M | $200M | $215M | $237M | $232M | $264M | $281M |
| Net debt | $291M | $271M | $248M | $209M | $197M | -$26M | -$10M | -$17M | -$5M | -$881,000 |
Cash flow
Fiscal years, from Douglas Dynamics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $70M | $66M | $58M | $77M | $53M | $61M | $40M | $12M | $41M | $75M |
| Capital spending | $10M | $8M | $10M | $12M | $14M | $11M | $12M | $11M | $8M | $11M |
| Free cash flow | $60M | $59M | $48M | $66M | $39M | $49M | $28M | $2M | $33M | $64M |
| Stock-based compensation | $3M | $4M | $5M | $3M | $3M | $6M | $7M | $953,000 | $5M | $7M |
| Dividends paid | $21M | $22M | $24M | $25M | $26M | $27M | $27M | $27M | $27M | $28M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$6M | $0 | $0 | -$6M |
| Net borrowing | $127M | -$3M | -$33M | -$33M | -$6M | -$26M | -$11M | -$18M | -$42M | -$5M |
| Free cash flow margin | 14.4% | 12.4% | 9.3% | 11.5% | 8.1% | 9.1% | 4.5% | 0.3% | 5.9% | 9.7% |
| Dividends per share | $0.00 | $0.00 | $0.00 | $0.00 | $1.13 | $1.15 | $1.18 | $1.20 | $1.17 | $1.18 |
Questions
What was Douglas Dynamics's revenue in 2025?
$656M in fiscal 2025, from its 10-K filing.
How much free cash flow does Douglas Dynamics generate?
$64M in fiscal 2025 (operating cash flow minus capital spending).
From Douglas Dynamics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.