Short answer
DOUGLAS DYNAMICS, INC (PLOW) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $656M (+15.4% year over year) and net income of $47M.
- Top risk flagged: Regulatory risk: potential impact from evolving U.S. and regional climate change regulations increasing compliance costs and capital expenditures
FY2025 key financial metrics · XBRL
- Revenue
- $656M
- +15.4% YoY
- Net income
- $47M
- −16.5% YoY
- Operating margin
- 11.2%
- −4.4 pp YoY
- Gross margin
- 26.6%
- +0.8 pp YoY
- EPS (diluted)
- $1.96
- −16.9% YoY
- ROE
- 16.7%
- −4.6 pp YoY
- Operating cash flow
- $75M
- +81.6% YoY
Source: XBRL data from the DOUGLAS DYNAMICS, INC (PLOW) FY2025 10-K on SEC EDGAR. USD.
DOUGLAS DYNAMICS, INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: North America's premier manufacturer and upfitter of commercial work truck attachments, specializing in snow and ice control equipment and truck upfits
- New emphasis: 2025 acquisition of Venco Venturo adding truck-mounted service cranes and dump hoists to the product portfolio
- Strategic shift: Greater focus on expanding distributor network and cross-selling within Work Truck Attachments; new CEO appointed March 2025 signaling leadership transition
- Quantitative metric: Employee count at 1,764 as of December 31, 2025, with ~10 in Beijing sourcing office; total backlog $328 million at year-end 2025
- Noteworthy fact: Completed sale-leaseback of seven properties in 2024 netting approx. $58.7M cash while maintaining operational footprint via leases
Management Discussion & Analysis
- Revenue $656.1M in 2025, up 15.4% from $568.5M in 2024; Work Truck Attachments $295.7M (+15.5%), Work Truck Solutions $360.3M (+15.3%)
- Gross margin 26.6% in 2025 vs 25.8% in 2024; Operating margin 11.2% vs 15.6% reflecting increased SG&A expenses
- Best segment: Work Truck Solutions sales up $47.8M to $360.3M; Worst segment: Work Truck Attachments sales up $39.7M to $295.7M but more seasonal and sensitive to snowfall variability
- Cash from sale leaseback $64.2M in 2024, $42.0M used to pay down term loan; 2025 refinancing reduced interest expense to $12.1M from $15.3M; SG&A $101.1M includes $6.5M higher incentive compensation and $1.4M acquisition expenses; share repurchase authorization $50M ongoing
- Outlook risks: supply chain disruptions, labor shortages, inflation, tariffs, and variability in snowfall impacting demand; liquidity preserved through cost savings and refinancing; uncertainty from recent U.S. Supreme Court tariff ruling
Risk Factors
- Regulatory risk: potential impact from evolving U.S. and regional climate change regulations increasing compliance costs and capital expenditures
- Macroeconomic risk: snowfall below 10-year average in snow seasons ended 2023 and 2024 reduced sales volume in core North American snow-belt markets
- Supply chain risk: reliance on offshore suppliers and OEM truck chassis subject to chip shortages, labor strikes, and geopolitical conflicts
- Competitive risk: primary snow and ice control competitors include The Toro Company (Boss brand) and Buyers Products Company for light trucks
- Financial risk: end-user base over 50% individual landscapers dependent on credit, risking reduced sales if financing becomes unavailable
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.