Douglas Dynamics (PLOW) Q3 2026 earnings summary

Executive summary

• Record Q3 sales and earnings reflected robust preseason demand and strong execution, led by Work Truck Attachments.

• Q3 net sales rose 34.5% to $218.0M; adjusted EBITDA reached $37.9M and adjusted diluted EPS was $0.98.

• Nine-month adjusted diluted EPS was $2.56, and adjusted EBITDA was $99.3M.

Financial highlights

• Q3 gross profit rose 57% to $59.8M; operating income was $31.3M versus $14.1M, and GAAP net income was $21.2M versus $8.0M.

• Q3 diluted EPS was $0.89 versus $0.33; adjusted net income was $23.3M versus $9.5M.

• Nine-month net sales increased 21% to $570.5M; net income was $52.9M versus $34.1M.

• SG&A rose 19% YoY to $28.6M, reflecting higher incentive compensation, legal costs, wages, Venco Venturo employees and rent.

Outlook and guidance

• FY2026 net sales guidance is $770M-$805M, adjusted EBITDA $123M-$135M, and adjusted diluted EPS $3.00-$3.40; the low ends increased from $765M, $120M and $2.90, respectively.

• Guidance assumes average Q4 snowfall in core markets; the expected effective tax rate is 24%-25%.

• Q4 consolidated sales are expected flat to slightly higher YoY; EBITDA dollars at the guidance midpoint are expected flat, with Solutions margins expected to remain double-digit.

• Under average snowfall and suitable operating conditions, early planning indicates potential to match anticipated 2026 performance in 2027; visibility remains limited.