Thor Q2 2025 Earnings Report
Key Takeaways
Thor Industries faced a challenging Q2 2025, with an 8.6% YoY revenue decline and a net loss of $0.6 million. The North American Towable segment showed strong growth, but this was offset by declines in the North American Motorized and European RV segments. The company maintained a stable gross margin despite market challenges and focused on strategic actions to strengthen dealer relationships and optimize its market position.
Revenue declined by 8.6% YoY to $2.02 billion.
Net loss was $0.6 million, compared to $7.2 million in Q2 2024.
North American Towable RV sales increased by 13.3% YoY, while North American Motorized and European RV sales fell 21.8% and 21.7%, respectively.
The company revised its FY 2025 guidance, narrowing expected revenue to $9.0-$9.5 billion and EPS to $3.30-$4.00.
Thor
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Thor Revenue by Segment
Forward Guidance
Thor Industries narrowed its FY 2025 revenue guidance to $9.0-$9.5 billion, citing ongoing macroeconomic pressures. The company expects retail demand to improve later in the year but remains cautious due to consumer confidence concerns.
Positive Outlook
- North American Towable segment continues to grow.
- Stable gross margins despite declining revenue.
- Improved operational efficiencies and cost-saving measures.
- Continued strong cash flow generation.
- Strategic actions to strengthen dealer relationships.
Challenges Ahead
- Declining sales in North American Motorized and European RV segments.
- Lower consumer confidence impacting demand.
- Market uncertainty due to tariff policies.
- Increased discounting impacting profitability.
- Higher inventory levels in some segments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income