Douglas Dynamics (PLOW) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with net sales up 10.4% year-over-year to $214.6 million, driven by strong Attachments segment performance, robust preseason orders, and the Venco Venturo acquisition.

• Adjusted EBITDA rose to $44.6 million for Q2 2026, with adjusted EPS up 7% to $1.22, both record highs.

• Net income for Q2 2026 was $25.4 million, with adjusted net income up to $28.9 million.

• Raised full-year guidance based on outperformance and improved visibility into Q3.

• Strategic investments in new facilities and operational improvements are supporting growth and efficiency.

Financial highlights

• Consolidated net sales increased 10.4% year-over-year to $214.6 million, a record for the company.

• Adjusted EBITDA rose 5% to $44.6 million; adjusted EPS up 7% to $1.22.

• Gross margin held steady at 31.1% versus 31.0% last year.

• SG&A expenses increased 37% to $29.8 million, mainly due to higher incentive and stock-based compensation and costs from the Venco Venturo acquisition.

• Free cash flow for the first half was negative $32.5 million, reflecting higher inventory and receivables.

Outlook and guidance

• 2026 net sales now expected between $765 million and $805 million.

• Adjusted EBITDA guidance raised to $130 million–$135 million.

• Adjusted EPS guidance increased to $3.05–$3.40.

• Full-year CapEx expected to remain within 2%-3% of net sales.

• Guidance assumes stable economic and supply chain conditions and average Q4 snowfall.