Financial Highlights
($ in thousands, except for per share data)
Three Months Ended October 31,
Change
2025
2024
Net Sales
$ 2,389,123
$ 2,142,784
11.5 %
Gross Profit
$ 320,974
$ 281,442
14.0 %
Gross Profit Margin %
13.4 %
13.1 %
+30 bps
Net Income (Loss) Attributable to THOR
$ 21,669
$ (1,832)
n/m
Diluted Earnings (Loss) Per Share
$ 0.41
$ (0.03)
n/m
Cash Flows Provided by (Used in) Operations
$ (44,867)
$ 30,740
(246.0) %
EBITDA (1)
$ 107,540
$ 81,733
31.6 %
Adjusted EBITDA (1)
$ 131,005
$ 107,782
21.5 %
(1) See reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures included at the end of this release
Fiscal 2026 First Quarter
Revenue of $2.39 billion, Net income attributable to THOR of $21.7 million and Adjusted EBITDA of $131.0 million in the quarter. Adjusted EBITDA excludes nonrecurring costs or benefits associated with strategic reorganization initiatives and the impact of real estate transactions
North American market share improved for the second consecutive fiscal quarter as retail outperformed expectations during the period
Dealer inventory turns remain at an appropriate level heading into the winter months and the Company is positioned advantageously should a market uptick occur
Consolidated gross profit margin expanded 30 basis points despite a challenging environment, highlighting the strategic actions the Company has taken to streamline the business
ELKHART, Ind., Dec. 3, 2025 /PRNewswire/ -- THOR Industries, Inc. (NYSE:THO) today announced financial results for its fiscal 2026 first quarter ended October 31, 2025.
"The quarter finished stronger than we expected, and we are excited about the impact of the actions we are taking to improve the strength of our business and control what we can control so that when the market rebounds we will bounce back stronger than ever. Our 2025 Open House event in September was another success and represented a marked improvement versus last year as I heard great dealer feedback on the new products on display, in particular the new Keystone Montana and Heartland Bighorn products," stated Bob Martin, President and Chief Executive Officer of THOR Industries. "In addition, I just spent time with our customers at the RVDA Expo in Las Vegas in November and, while they have a near-term cautious tone around the state of the consumer, I have never felt more confident about the long-term health of the industry and our Company."
Todd Woelfer, Senior Vice President and Chief Operating Officer, added, "The strong results across our North American operations were supported by key data initiatives that continue to empower our operating companies, enabling them to quickly respond to the market and meet consumer demand. At the 2025 Open House we announced the RV Partfinder platform and received strong support from our dealer partners. Our goal is to help address a point of friction in RV ownership, and we are confident that RV Partfinder is an important piece of the answer to that long-standing issue. In North America, we benefitted from the impact of a number of strategic initiatives as our Towable segment experienced improved margins on relatively flat sales while our Motorized segment and supply companies drove improvements on both the top and bottom lines. In Europe, EHG's quarter was impacted by the typical August shutdown and a price aggressive marketplace. Additionally, EHG's results included restructuring costs that will have a long-term benefit to EHG's operating results. From an internal expectation standpoint, EHG's profitability aligned to plan for the quarter and we expect a similar cadence for the remainder of our fiscal year as we saw last year from EHG," added Woelfer.
"We are vigilantly monitoring the health of our business so that we can effectively manage risk and protect profitability in light of the fact that numerous indicators suggest that the consumer may be retrenching. We feel confident in our operating plan and our balance sheet, and we will not hesitate to queue up stock repurchases if the stock sells off on broader consumer concerns," added Colleen Zuhl, Senior Vice President and Chief Financial Officer.
First Quarter Financial Results
THOR's consolidated results were primarily driven by the results of its individual reportable segments as noted below.
Segment Results
North American Towable RVs
($ in thousands)
Three Months Ended October 31,
Change
2025
2024
Net Sales
$ 897,090
$ 898,778
(0.2) %
Unit Shipments
25,807
30,018
(14.0) %
Gross Profit
$ 118,995
$ 112,437
5.8 %
Gross Profit Margin %
13.3 %
12.5 %
+80 bps
Income Before Income Taxes
$ 46,471
$ 46,821
(0.7) %
As of October 31,
Change
($ in thousands)
2025
2024
Order Backlog
$ 656,002
$ 933,051
(29.7) %
Net sales were flat as a favorable product mix offset a 14.0% decline in unit shipments as we aggressively managed channel inventory entering the winter months. The gross profit margin percentage in the first quarter of fiscal 2026 improved 80 basis points compared to the prior-year period, driven by lower warranty costs, lower overhead associated with the Heartland realignment and reduced promotional expenses, partially offset by higher material costs.
North American Motorized RVs
($ in thousands)
Three Months Ended October 31,
Change
2025
2024
Net Sales
$ 661,096
$ 505,208
30.9 %
Unit Shipments
4,950
3,741
32.3 %
Gross Profit
$ 71,622
$ 42,727
67.6 %
Gross Profit Margin %
10.8 %
8.5 %
+230 bps
Income Before Income Taxes
$ 33,149
