Winnebago Industries (WGO) investor relations material

Executive summary

• Net revenues for Q3 FY26 were $698.7 million, down 9.9% year-over-year, mainly due to lower unit volume and product mix shifts, partially offset by selective price increases.

• Gross profit margin remained stable at 13.6%, as higher input costs and deleverage were offset by pricing actions.

• Operating income was $23.0 million, down 23.9% year-over-year; net income was $14.5 million, down 17.7% from the prior year.

• The company focused on disciplined resource allocation, innovation, cost and cash discipline, and operational efficiencies to navigate turbulence and position for long-term value creation.

• Motorhome RV and marine segments outperformed towables, with new product introductions and a dual brand strategy supporting share gains.

Financial highlights

• Consolidated net revenues were $698.7 million, down from $775.1 million in Q3 FY25.

• Gross profit was $94.9 million (13.6% margin), down from $106.0 million (13.7%) in Q3 FY25.

• Operating income for Q3 FY26 was $23.0 million, down 23.9% from $30.2 million in Q3 FY25.

• Adjusted EPS was $0.66, down 18.5% year-over-year; adjusted EBITDA was $37.8 million (5.4% margin), down 18.7%.

• Cash and cash equivalents at quarter-end were $57.1 million; total outstanding debt was $442.9 million.

Outlook and guidance

• FY26 revenue guidance updated to $2.65–$2.75 billion; adjusted EPS guidance $1.65–$2.00; reported EPS guidance $1.05–$1.40.

• Q4 sales expected to decline sequentially and year-over-year, with gross and EBITDA margins down slightly due to deleverage from lower sales.

• North American RV wholesale shipments expected at 290,000–310,000 units for calendar 2026.

• Management remains cautious due to ongoing macroeconomic pressures, including inflation, elevated interest rates, and geopolitical tensions.

• Continued focus on working capital improvements and cost savings initiatives to offset margin pressures.