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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
Revenue by Segment
NA Towable RVs Revenue
CapyFin.comNA Motorized RVs Revenue
CapyFin.comEuropean RVs Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comEurope Revenue
CapyFin.com 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