Thor Industries (THO) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 net sales reached $9.58B, with net income of $258.6M and adjusted EBITDA of $659.1M, reflecting resilience amid a volatile macroeconomic environment and strategic restructuring.

• Q4 2025 net sales were $2.52B, with net income of $125.8M and diluted EPS of $2.36, showing improvement over the prior year.

• Strategic initiatives, including product refreshes and dealer relationship improvements, drove market share gains in North America.

• Dealer inventory turns improved, and clean channel inventories position the company well for the next year.

• Organizational restructuring and product portfolio refreshes are expected to yield long-term cost savings and profitable share gains.

Financial highlights

• Fiscal 2025 net sales declined 4.6% to $9.58B; Q4 net sales were $2.52B, down 0.4% year-over-year.

• Full-year net income was $258.6M, down 2.5% year-over-year; Q4 net income rose 39.7% to $125.8M.

• Full-year diluted EPS was $4.84, down 2.0%; Q4 diluted EPS increased to $2.36 from $1.68.

• Full-year gross profit margin was 14.0%, down 50 bps; Q4 margin declined to 14.7%.

• Adjusted EBITDA for the year was $659.1M, down 9.7% year-over-year.

Outlook and guidance

• Fiscal 2026 net sales expected between $9.0B and $9.5B, with stable gross margin at midpoint.

• Diluted EPS guidance for FY26 is $3.75–$4.25, assuming balanced wholesale/retail volumes and a steady European market.

• Guidance assumes a low- to mid-single digit North American retail decline and does not factor in significant impacts from ongoing restructuring.