Douglas Dynamics (PLOW) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 2025, with consolidated net sales up 15.4% to $656.1 million, driven by strong winter weather and robust demand in both Work Truck Attachments and Work Truck Solutions segments, delivering record margins.

• Diluted EPS for 2025 was $1.96; adjusted diluted EPS rose 52% to $2.24 year-over-year.

• Strategic framework based on optimize, expand, and activate pillars is delivering results, including the acquisition of Venco Venturo in Q4 2025, expanding product offerings in truck-mounted service cranes and dump hoists.

• Above-average snowfall and early winter storms drove increased demand, especially in Attachments, while Solutions benefited from municipal contract execution.

Financial highlights

• Q4 2025 net sales rose 29% year-over-year to $184.5 million; full-year net sales up 15.4% to $656.1 million.

• Q4 gross profit increased 35% to $48.1 million; gross margin up to 26.1%.

• Q4 net income and diluted EPS both increased over 60% to $12.8 million and $0.54, respectively.

• Full-year adjusted EBITDA up 23.4% to $97.9 million; adjusted EPS up 52% to $2.24.

• Free cash flow increased 91% to $63.6 million.

Outlook and guidance

• 2026 net sales expected between $710 million and $760 million, with adjusted EBITDA of $100 million–$120 million.

• Adjusted EPS guidance of $2.25–$2.85; effective tax rate projected at 24%–25%.

• Double-digit top-line growth anticipated, with above-average snowfall assumed in Q1 and average in Q4.

• Assumes stable economic and supply chain conditions and average snowfall in core markets.