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Aug 30, 2025
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%.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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