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Mar 01, 2025
Winnebago Q2 2025 Earnings Report
Winnebago reported a small net loss in Q2 2025 as revenue declined and operating income dropped significantly year-over-year.
Key Takeaways
Winnebago generated $620.2 million in revenue for Q2 2025, down 11.8% from the prior year. The company posted a net loss of $0.4 million and operating income of $7.8 million. Adjusted EPS was $0.19, down from $0.93 a year earlier, and adjusted EBITDA declined over 54%. Segment performance varied, with Marine revenue rising but Motorhome sales falling significantly.
Revenue declined 11.8% YoY to $620.2 million in Q2 2025.
Net loss was $0.4 million, a major improvement from $12.7 million loss last year.
Adjusted EPS decreased to $0.19 from $0.93 in Q2 2024.
Marine segment revenue grew 17.1% YoY, while Motorhome revenue fell 30.4%.
Revenue by Segment
Forward Guidance
Winnebago updated its FY2025 outlook, guiding revenue between $2.8B and $3.0B and adjusted EPS between $2.75 and $3.75, factoring in macroeconomic pressures and dealer destocking trends.
Positive Outlook
- Marine segment achieved strong revenue growth of 17.1%.
- Towable RV deliveries increased 7.1% year-over-year.
- Barletta expanded share in U.S. aluminum pontoon market to 9.5%.
- New Lineage Class C motorhome expected to boost motorized RV revenue.
- Company repurchased $100 million in high-yield debt, enhancing capital efficiency.
Challenges Ahead
- Motorhome revenue dropped over 30% year-over-year.
- Adjusted EBITDA fell over 54% from the prior year.
- Gross margin compressed by 160 basis points to 13.4%.
- Operating income declined 78% YoY.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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