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Apr 30
Thor Q3 2025 Earnings Report
Thor Industries reported higher sales and income compared to the prior year’s third quarter.
Key Takeaways
Thor delivered stronger-than-expected Q3 results, driven by margin improvements and operational efficiency, despite a challenging macroeconomic backdrop.
Net sales rose to $2.89 billion, up from $2.80 billion in Q3 2024.
Net income increased to $135.2 million, with EPS at $2.53.
Strong cash flow generation with $257.7 million from operations.
North American Towable RVs led segment performance with 9.1% sales growth.
Thor
Thor
Thor Revenue by Segment
Thor Revenue by Geographic Location
Forward Guidance
THOR reaffirmed FY25 guidance, projecting $9.0B–$9.5B in sales, margins between 13.8%–14.5%, and EPS in the range of $3.30–$4.00.
Positive Outlook
- Operational efficiency continues to support margin stability.
- Cash from operations improved over $100M YoY.
- Cost-saving restructuring initiatives underway.
- Strong liquidity with $1.49B available.
- Well-positioned for eventual retail market recovery.
Challenges Ahead
- Soft retail and wholesale demand in North America and Europe.
- Margin pressures persist due to market uncertainty.
- Reduced pricing power in motorized RV segment.
- Challenging Q4 and early FY26 anticipated.
- Continued dealer discounting affects profitability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income