DOUGLAS DYNAMICS, INC
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
PLOW$37.33-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
| Years ended December 31, | |||||
|---|---|---|---|---|---|
| 2025 · 2024 · 2023 | |||||
| Operating activities | |||||
| Net income | $46,897 | $56,151 | $23,723 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||
| Depreciation and amortization | 15,359 | 17,890 | 21,662 | ||
| Amortization of deferred financing costs and debt discount | 489 | 703 | 588 | ||
| Debt modification expense | 176 | - | - | ||
| Loss on extinguishment of debt | 156 | - | - | ||
| Loss (gain) on disposal of fixed assets | - | 347 | (56) | ||
| Gain on sale leaseback transaction | - | (42,298) | - | ||
| Stock based compensation | 6,722 | 4,860 | 953 | ||
| Adjustments on derivatives not designated as hedges | - | (287) | (688) | ||
| Provision (credit) for losses on accounts receivable | 279 | 702 | 320 | ||
| Deferred income taxes | 9,268 | (3,042) | 7,561 | ||
| Impairment charges | - | 1,224 | - | ||
| Non-cash lease expense | 8,492 | 6,319 | 5,097 | ||
| Changes in operating assets and liabilities, net of acquisitions: | |||||
| Accounts receivable | (6,096) | (4,348) | 2,684 | ||
| Inventories | (672) | 3,356 | (3,888) | ||
| Prepaid assets, refundable income taxes and other assets | (2,759) | 2,185 | (14,010) | ||
| Accounts payable | 3,394 | 991 | (17,123) | ||
| Accrued expenses and other current liabilities | 4,445 | 2,052 | (8,154) | ||
| Benefit obligations, long-term liabilities and other | (11,460) | (5,674) | (6,200) | ||
| Net cash provided by operating activities | 74,690 | 41,131 | 12,469 | ||
| Investing activities | |||||
| Capital expenditures | (11,133) | (7,810) | (10,521) | ||
| Acquisition of business | (26,327) | - | - | ||
| Proceeds from sale leaseback transaction | - | 64,150 | - | ||
| Proceeds from insurance recoveries | - | 452 | - | ||
| Net cash provided by (used in) investing activities | (37,460) | 56,792 | (10,521) | ||
| Financing activities | |||||
| Repurchase of common stock | (6,000) | - | - | ||
| Shares withheld on restricted stock vesting paid for employees’ taxes | (161) | - | - | ||
| Proceeds from (payments on) life insurance policy loans | (119) | (204) | 750 | ||
| Payments of financing costs | (293) | (279) | (334) | ||
| Borrowings on long-term debt | 148,770 | - | - | ||
| Dividends paid | (27,936) | (27,477) | (27,441) | ||
| Net revolver borrowings | 5,000 | (47,000) | 47,000 | ||
| Repayment of long-term debt | (153,313) | (42,000) | (18,437) | ||
| Net cash provided by (used in) financing activities | (34,052) | (116,960) | 1,538 | ||
| Change in cash and cash equivalents | 3,178 | (19,037) | 3,486 | ||
| Cash and cash equivalents at beginning of year | 5,119 | 24,156 | 20,670 | ||
| Cash and cash equivalents at end of year | $8,297 | $5,119 | $24,156 | ||
| Non-cash operating and financing activities | |||||
| Truck chassis inventory acquired through floor plan obligations | $19,249 | $5,637 | $7,875 | ||
| Acquisition-related purchase consideration not yet paid | $927 | $ | - | $ | - |
| Supplemental disclosure of cash flow information | |||||
| Income taxes paid | $7,718 | $13,600 | $14,512 | ||
| Interest paid | $13,995 | $18,942 | $18,184 | ||
Years ended December 31, 2025, 2024 and 2023
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