Douglas Dynamics (NYSE:PLOW) executives highlighted a strong finish to 2025 and outlined expectations for continued growth in 2026, citing improved winter weather trends, ongoing momentum in its municipal-focused upfitting business, and progress on a strategic framework centered on “optimize, expand, and activate.” Management also discussed early results from its Venco Venturo acquisition and reiterated its capital allocation priorities, including maintaining the company’s dividend.
Management says strong Q4 capped a “fantastic” 2025
President and CEO Mark Van Genderen opened the call by acknowledging Winter Storm Hernando’s impact on the East Coast and noted that the company’s dealers and contractors were working to keep communities safe. He said the company has navigated challenging operating conditions in recent years—including COVID, supply chain disruptions, tariffs, and multiple low-snowfall seasons—and entered 2026 “stronger, more resilient, and better prepared.”
Q4 and full-year financial results
EVP and CFO Sarah Lauber said the company’s 2024 results included a one-time gain of $42.3 million from a sale-leaseback transaction completed in September 2024, and she framed her comparisons as 2025 versus 2024.
On a consolidated basis, Lauber reported the following for the fourth quarter:
- Net sales: up approximately 29% to $184.5 million
- Gross profit: up approximately 35% to $48.1 million; gross margin up 120 basis points to 26.1%
- SG&A: up approximately 29% to $27.3 million, primarily from higher variable compensation on increased sales
- Net income: up over 60% to $12.8 million; diluted EPS $0.54
- Adjusted EBITDA: up approximately 37% to $25.8 million; margin up 90 basis points to 14.0%
- Adjusted EPS: up approximately 58% to $0.62
For full-year 2025, Lauber said the company delivered record net sales and strong profitability:
- Net sales: up approximately 15% to a record $656.1 million
- Gross profit: up approximately 19% to $175.0 million; gross margin up 80 basis points to 26.6%
- SG&A: up 4% to $94.9 million
- Net income: $46.9 million; diluted EPS $1.96
- Adjusted EBITDA: up approximately 23% to $97.9 million; margin up 90 basis points to 14.9%
- Adjusted EPS: up approximately 52% to $2.24
Lauber said the effective tax rate for 2025 was 23.8%, in line with 24% in 2024.
Segment performance: Attachments aided by early snowfall; Solutions posts record results
In Work Truck Attachments, management emphasized the relationship between snowfall and demand, particularly for parts and accessories. Van Genderen said Q4 benefited from major storms in November and December in the Midwest and persistent lake-effect snow in the Great Lakes region, while early 2026 featured multiple snow and ice storms across the Plains, Mid-Atlantic, and Northeast.
Lauber said Attachments posted significant Q4 growth, with net sales and Adjusted EBITDA both increasing more than 50% to $83.1 million and $13.9 million, respectively. For the full year, Attachments net sales rose approximately 16% to $295.7 million and Adjusted EBITDA increased 16% to $56.2 million. Both executives pointed to record parts and accessories sales, with Lauber describing a “dramatic spike” in December as end users sought to keep plows maintained.
During Q&A, management said parts and accessories represented roughly 14% to 15% of sales for Douglas Dynamics in both the quarter and the year, and noted the category’s higher margins. The company also said dealer channel checks at the end of January indicated plow and hopper inventories were below 10-year averages.
In Work Truck Solutions, Lauber said the segment delivered record quarterly and annual results despite tough comparisons. Q4 net sales increased approximately 13% to $101.5 million, while Adjusted EBITDA grew approximately 22% to $11.9 million and margin rose 80 basis points to a record 11.7%. For the full year, Solutions net sales grew approximately 15% and Adjusted EBITDA increased 35%, with Adjusted EBITDA margin rising to a record 11.6% (up 170 basis points). She noted 2025 net sales included about $18 million of incremental chassis sales tied to several large municipal contracts.
Van Genderen said municipal demand and backlog remained robust and the company was still working through multi-year contracts, while commercial demand was “somewhat opaque,” citing minor softening in dealer business even as fleet demand remained generally solid.
Strategy and capital allocation: “optimize, expand, activate”
Van Genderen reiterated the company’s three strategic pillars. Under optimize, he cited the creation of “centers of excellence” within Attachments, shifting manufacturing from brand-focused to product-focused specialization. Under expand, he highlighted Henderson’s planned opening of a new Missouri upfit facility in early summer 2026, intended to improve lead times and customer support in surrounding markets. In Q&A, the company said the facility could add roughly 8% to 10% volume capacity for Henderson in completed trucks.
Van Genderen also discussed the Auto Speed controller for hopper spreaders, introduced last year, which links to a truck’s CPU to adjust de-icing material flow as vehicle speed changes and can be retrofitted to hoppers produced back to 2016.
Under activate, the CEO discussed the restart of M&A and the November acquisition of Venco Venturo. He said integration was going “better than expected,” and Lauber added there were no financial surprises to date, reiterating the expectation that Venco would be earnings-per-share and free-cash-flow accretive in 2026.
On capital allocation, Lauber said the company will maintain its quarterly cash dividend of $0.295 per share and noted $38 million remained under share repurchase authority, with 2026 expected to be similar to 2025 and reassessed as the year progresses. She said 2026 capital spending is expected to increase year-over-year but remain within the traditional range of 2% to 3% of net sales. Leverage at year-end was 1.8, within the company’s target range of 1.5x to 3x.
2026 outlook: first net sales guide above $700 million
Lauber provided 2026 guidance calling for:
- Net sales: $710 million to $760 million
- Adjusted EBITDA: $100 million to $120 million
- Adjusted EPS: $2.25 to $2.85
- Effective tax rate: approximately 24% to 25%
She said guidance assumes relatively stable economic and supply chain conditions, with above-average snowfall in Q1 and average snowfall in Q4. In Q&A, the company said it expects Solutions growth in the mid-to-high single digits, with the balance of growth coming from Attachments, including contributions from the Venco acquisition and higher expected snowfall in Q1.
Management also discussed margin expectations. For Solutions, executives said the focus is on maintaining margins around the company’s target range (double-digit to low teens) and driving EBITDA dollar growth. For Attachments, they said incremental cost savings were largely realized in 2025, while future margin upside depends on equipment volumes returning toward more average levels. Lauber said Attachments ended 2025 at 19% Adjusted EBITDA margin and indicated it could reach the “mid-twenties” with average volumes.
About Douglas Dynamics (NYSE:PLOW)
Douglas Dynamics, Inc is a leading designer, manufacturer and distributor of snow and ice removal equipment for commercial, municipal and residential markets. The company’s product portfolio encompasses a wide range of truck-mounted plows, spreaders, salt brine systems and related accessories engineered to perform in challenging winter conditions. Its offerings cater to professional snow contractors, government agencies and retail customers seeking reliable solutions for snow and ice management.
Douglas Dynamics markets its products under several well-known brands, including Fisher Engineering, Western Products, Hiniker Company and Buyers Products.
