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Jul 31
Thor Q4 2025 Earnings Report
Thor Industries reported solid Q4 results amid ongoing restructuring and market share gains.
Key Takeaways
Thor Industries saw stable revenue and a notable increase in net income in Q4 FY2025, driven by improved dealer inventory turns and early success of strategic initiatives in the North American market.
Net income rose to $125.76M from $90.02M in Q4 last year.
Dealer inventory turns improved, positioning the channel well for FY26.
Adjusted EBITDA slightly declined due to nonrecurring costs and restructuring.
North American Motorized segment gained market share with 15.9% unit shipment 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 expects FY2026 to remain challenging but sees opportunities for growth via operational improvements and product strategies.
Positive Outlook
- Consolidated net sales expected between $9.0B and $9.5B.
- Stable gross margin expected at midpoint guidance.
- Continued investment in restructuring and operational efficiency.
- Improved liquidity position for strategic flexibility.
- Channel inventories remain clean heading into FY26.
Challenges Ahead
- Guidance assumes retail decline in North America.
- European demand remains pressured by economic conditions.
- No meaningful benefit from Heartland or Keystone restructuring in guidance.
- Ongoing macroeconomic uncertainty may impact consumer demand.
- Labor and materials cost environment remains volatile.
Revenue & Expenses
Visualization of income flow from segment revenue to net income