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Oct 31, 2025
Thor Q1 2026 Earnings Report
Thor reported solid Q1 2026 results, returning to profitability and expanding gross margin amidst a challenging macro environment.
Key Takeaways
Thor Industries delivered stronger-than-expected Q1 results with $2.39B in revenue and $21.7M in net income, supported by improved market share and margin gains in North America.
Returned to profitability with $21.7M in net income versus a loss in the prior year
Revenue grew 11.5% year-over-year to $2.39B
Gross margin expanded by 30 basis points to 13.4%
North American motorized segment saw strong 30.9% revenue growth
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Thor reaffirmed FY26 guidance, expecting $9.0B to $9.5B in revenue and EPS of $3.75 to $4.25, while cautioning around consumer uncertainty.
Positive Outlook
- Q1 performance exceeded internal expectations
- Retail trends running at the high end of plan
- Strategic initiatives expected to gain traction
- RV Partfinder received strong dealer support
- Gross margin expected to remain stable
Challenges Ahead
- Consumer sentiment remains weak
- Uncertainty from government and tariff headlines
- European market facing aggressive pricing and shutdown impact
- No significant benefit from Heartland or Keystone changes yet
- Retail decline expected in North America
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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