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Aug 30
Winnebago Q4 2025 Earnings Report
Winnebago Industries posted solid revenue growth and improved profitability in Q4 2025 despite industry headwinds.
Key Takeaways
Winnebago Industries delivered Q4 revenue of $777.3 million and net income of $13.7 million, driven by favorable product mix, targeted price increases, and margin recovery in key segments.
Net revenues rose 7.8% YoY to $777.3 million.
Adjusted EPS climbed to $0.71, up from $0.28 in Q4 2024.
Adjusted EBITDA increased 33.1% to $38.2 million.
All three segments showed improved performance, with marine and motorhome revenues growing over 17%.
Winnebago
Winnebago
Winnebago Revenue by Segment
Revenue by Segment
Towable RV Revenue
CapyFin.comMotorhome RV Revenue
CapyFin.comMarine Revenue
CapyFin.com Forward Guidance
Winnebago expects FY 2026 revenues between $2.75B and $2.95B and adjusted EPS between $2.00 and $2.70, with continued innovation and margin recovery.
Positive Outlook
- Strong new product momentum across RV and marine segments.
- Inventory levels remain healthy and aligned with retail demand.
- Operating efficiency measures are expected to continue yielding margin benefits.
- Adjusted EPS guided to $2.00–$2.70 for FY 2026.
- Leverage ratio improved to 3.1x, indicating stronger balance sheet health.
Challenges Ahead
- Industry still facing elevated competitive discounting.
- Transformation of Winnebago-branded RV business adds ongoing cost pressure.
- Motorhome segment reported a Q4 operating loss.
- Overall dealer demand outlook remains cautious for calendar 2026.
- Tariff and macroeconomic uncertainty could impact demand trends.
Revenue & Expenses
Visualization of income flow from segment revenue to net income