($ in thousands, except for per share data)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026
2025
2026
2025
Net Sales
$ 2,781,538
$ 2,894,816
(3.9) %
$ 7,296,517
$ 7,055,707
3.4 %
Gross Profit
$ 354,770
$ 443,119
(19.9) %
$ 926,998
$ 969,758
(4.4) %
Gross Profit Margin %
12.8 %
15.3 %
(250) bps
12.7 %
13.7 %
(100) bps
Net Income Attributable to THOR
$ 97,229
$ 135,185
(28.1) %
$ 136,701
$ 132,802
2.9 %
Diluted Earnings Per Share
$ 1.86
$ 2.53
(26.5) %
$ 2.59
$ 2.49
4.0 %
EBITDA (1)
$ 209,078
$ 232,958
(10.3) %
$ 411,908
$ 391,035
5.3 %
Adjusted EBITDA (1)
$ 183,561
$ 254,823
(28.0) %
$ 412,620
$ 449,620
(8.2) %
(1) See reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures included at the end of this release
Fiscal 2026 Third Quarter
Net sales of $2.78 billion, Net income attributable to THOR of $97.2 million and EBITDA of $209.1 million in the quarter
North American Motorized and European top-line results continue to indicate resilient demand for these products in a difficult macroeconomic environment
Opportunistically repurchased $50.5 million of shares during the quarter
Net income attributable to THOR was aided by gains from favorable market value adjustments on certain investments as well as gains on the sales of certain real estate associated with strategically optimizing our footprint. Adjusted EBITDA of $183.6 million in the quarter excludes, among other items, nonrecurring costs or benefits associated with strategic reorganization initiatives, the impact of gains on investments and the impact of real estate transactions
Full-year fiscal 2026 diluted EPS guidance has been revised in light of prolonged macroeconomic headwinds
Consolidated net sales in the range of $9.0 billion to $9.5 billion (no revision)
Diluted earnings per share in the range of $3.30 to $3.80 (previously $3.75 to $4.25)
ELKHART, Ind., June 3, 2026 /PRNewswire/ -- THOR Industries, Inc. (NYSE:THO) today announced financial results for its fiscal 2026 third quarter ended April 30, 2026.
"At the end of our fiscal second quarter, we correctly identified the risk of geopolitical events having an adverse impact on the RV selling season. The consequences of this risk coming to fruition during our fiscal third quarter have exceeded the expectations of our industry due to the unforeseen duration of these macroeconomic influences and their impact on consumer sentiment and material costs. In particular, our North American Towable segment has confronted both suppressed volumes due to strained consumer sentiment and rising material costs brought on by tariff and inflationary pressures. Despite these challenges, we are focused on executing our strategy within any economic environment. Our fiscal third quarter results demonstrate the steadfastness of our teams as we navigate this challenging macroeconomic backdrop. Our North American Motorized and European segment results showed resilience and illustrate an enduring interest in the RV lifestyle, with fiscal 2026 third quarter Motorized net sales up 7.7% and European net sales up 3.6% on a constant currency basis compared to the prior-year period. We remain committed to diligently managing our business and better positioning it for the near-term RV landscape as we wait for resolutions to macroeconomic headwinds and an inflection in consumer confidence and the retail market. Our previously announced strategic realignment of our North American RV operations is well under way with management team assessments largely complete and initiatives ready to be implemented. Our operations in both North America and Europe continue to be streamlined while also delivering innovative and refreshed products. We have invested heavily in growing our owned supplier businesses to further diversify our revenue streams within the RV market and provide optionality as a trusted partner within the supplier landscape. Our future is bright, supported by the strong foundation we have built and the operational efficiencies we continue to pursue," stated Bob Martin, President and Chief Executive Officer of THOR Industries. "Our confidence in the appeal of the RV lifestyle remains high despite current macroeconomic impediments. We look forward to advancing the realignment of our North American RV operations and to start seeing key initiatives put in motion as well as their benefits starting to be realized. We are clear and confident in our strategy going forward, and are well-equipped to manage through any market landscape."
Todd Woelfer, Senior Vice President and Chief Operating Officer, added, "Our fiscal third quarter results reflect both the resilience of our diversified business model and the persistent macroeconomic headwinds facing the RV consumer. With three quarters of fiscal 2026 now complete, we have meaningful visibility into the full-year trajectory of our financial performance. The strained retail environment is reflective of the low level of consumer confidence and has led to reduced retail expectations for the industry. Cost pressures have particularly weighed on our North American Towable results. Even against the backdrop of macroeconomic uncertainty and a subdued retail environment, our conviction that the RV lifestyle continues to resonate with consumers was affirmed. Our North American Motorized segment delivered net sales growth compared to the prior-year period and expanded its retail market share to 47.8% for the three months ended March 31, 2026, while our European segment also grew net sales compared to the prior-year period and increased retail market share to 24.4% for the three months ended March 31, 2026, clear evidence that demand for our products remains durable in the categories where consumers see compelling value. In addition to the resilience of these segments, our owned supply companies continue to provide a lift to our consolidated financial results, with strong top- and bottom-line performances and content per unit growth across the RV industry for the nine months ended April 30, 2026 compared to the prior-year period. At the same time, we recognize that our North American Towable segment is facing continuing and amplified headwinds, and the strategic realignment we have set in motion is specifically designed to position that segment for stronger net sales and margin performance as retail conditions improve."
"As we enter the final quarter of fiscal 2026 mindful of the heightened uncertainty affecting consumer confidence and dealer ordering patterns, we are focused on execution: progressing through the operational steps of our North American RV realignment, continuing to invest in product innovation across all of our brands and maintaining the disciplined capital allocation framework that has allowed us to return capital to shareholders while preserving balance sheet strength. We have built THOR to perform through cycles, and the work we are doing today is creating a stronger foundation for the long-term value we are committed to delivering to our shareholders," stated Woelfer.
"Our disciplined capital allocation framework allowed us to maintain our balance sheet focus amidst an otherwise challenging operational environment. During the quarter, we returned capital to shareholders through $50.5 million in share repurchases and $27.1 million in dividend payments. We took advantage of suppressed market values due to macroeconomic conditions and strategically repurchased shares," added Colleen Zuhl, Senior Vice President and Chief Financial Officer. "We remain focused on maintaining the Company's resiliency within a difficult economic backdrop while still being poised for growth opportunities. THOR has demonstrated throughout its history an ability to manage through a diverse set of market conditions. Our strong liquidity position allows us to weather difficult environments while also being able to explore attractive ventures. Our focus going forward is to continue to manage working capital and to protect margins through efficiencies and production discipline, all while remaining committed to investing in our business. This commitment includes strategic initiatives that are forward-thinking and create long-term shareholder value. As we begin our fiscal 2026 fourth quarter, we are confident that our liquidity position affords us to not have to settle on an individual priority but instead pick and choose advantageous opportunities as they arise."
Third Quarter Financial Results
THOR's consolidated results were primarily driven by the results of its individual reportable segments as noted below.
Segment Results
North American Towable RVs
($ in thousands)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026
2025
2026
2025
Net Sales
$ 881,778
$ 1,168,878
(24.6) %
$ 2,489,353
$ 2,895,922
(14.0) %
Unit Shipments
27,045
36,077
(25.0) %
74,429
94,108
(20.9) %
Gross Profit
$ 89,693
$ 174,317
(48.5) %
$ 284,186
$ 378,400
(24.9) %
Gross Profit Margin %
10.2 %
14.9 %
(470) bps
11.4 %
13.1 %
(170) bps
Income Before Income Taxes
$ 52,683
$ 97,587
(46.0) %
$ 130,349
$ 172,560
(24.5) %
As of April 30,
Change
($ in thousands)
2026
2025
Order Backlog
$ 385,988
$ 634,318
(39.1) %
Net sales declined in our fiscal 2026 third quarter compared to the prior-year period due to a 25.0% decrease in unit shipments influenced by a challenging retail environment and cautious independent dealer ordering patterns. The gross profit margin percentage in the third quarter of fiscal 2026 declined by 470 basis points compared to the prior-year period, primarily due to lower sales, an increased material cost percentage and an unfavorable product mix. Income before income taxes for the three and nine months ended April 30, 2026, includes gains on sales of fixed assets of $23.8 million and $36.8 million, respectively.
North American Motorized RVs
($ in thousands)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
