Thor Industries Inc

Latest Results (20.11.2025):

Thor Industries Inc. reported fiscal 2025 fourth quarter results (three months ended July 31, 2025) showing revenue of $2.52 billion and mixed performance across metrics: adjusted EBITDA was $209.5 million while net income attributable to THOR rose to $125.8 million (diluted EPS $2.36). Management highlighted improving market share in key segments, sequentially healthier dealer inventory turns, and ongoing strategic restructuring.

Consolidated revenue and profitability

Q4 revenue: $2,523.8 million (down 0.4% year-over-year). Q4 gross profit: $370.9 million (margin 14.7%, down 110 bps). Q4 EBITDA: $224.8 million (up 2.6%); Adjusted EBITDA: $209.5 million (down 4.1%), excluding gains from fixed asset sales, insurance and one-time restructuring costs.

Net income and EPS

Net income attributable to THOR for Q4: $125.8 million, up 39.7% year-over-year; diluted EPS: $2.36, up 40.5% versus Q4 FY2024.

Cash flow, leverage and capital returns

Cash flow from operations in Q4: $258.7 million (down 23.5% vs. prior-year quarter). For fiscal 2025, operating cash flow was $577.9 million (up 5.9% year-over-year). The company paid approximately $237.0 million of debt during FY2025 and returned $158.8 million to shareholders via dividends and repurchases.

North American Towable segment

Q4 net sales: $888.7 million (down 4.6%); unit shipments 25,682 (down 10.1%). Gross profit improved to $118.6 million and margin expanded 70 bps to 13.3%. Management cited improved retail sales, deliberate wholesale shipment reductions to manage channel inventory, and margin benefits from lower warranty/promotional costs.

North American Motorized segment

Q4 net sales: $557.4 million (up 7.8%); unit shipments 4,379 (up 15.9%). Gross margin declined 150 bps to 11.3% (impacted by prior-year LIFO benefit and more promotions), but income before taxes rose 31.1%. The segment benefited from an ~$11.2 million insurance settlement and reported a meaningful increase in order backlog (up 29.3% to $1,004.6 million).

European RV segment

Q4 net sales: $923.1 million (down 2.2%); unit shipments 12,873 (down 14.1%). Gross profit and margin declined materially (gross profit down 18.3%, margin down 310 bps to 15.6%). Order backlog fell 21.8% year-over-year to $1,525.6 million.

Strategic actions, inventory and outlook

Management is executing a strategic organizational restructuring (including consolidating Heartland under Jayco and product refreshes at Keystone) aimed at cost savings and stronger brand positioning. Dealer inventory turns improved sequentially and the channel is described as appropriately positioned heading into the fall; management emphasized continued focus on operational efficiency, market share gains and liquidity flexibility entering fiscal 2026.