Thor Industries (THO) Q4 2026 earnings summary

Executive summary

• Net sales for Q4 FY 2026 were $2.31B, down 8.4% year-over-year; full-year net sales were $9.61B, up 0.3% from 2025, reflecting operational execution amid a challenging retail and material cost environment.

• Net income for Q4 FY 2026 was $40.8M, down 67.5% year-over-year; full-year net income was $177.5M, down 31.3%.

• EBITDA for Q4 FY 2026 was $130.0M, down 42.2% year-over-year; full-year EBITDA was $541.9M, down 12.0%.

• European segment showed resilience with Q4 net sales up 5.0% and provided valuable geographic diversification, offsetting North American pressures.

• Strategic restructuring and operational realignment initiatives were implemented in North America and Europe to improve long-term profitability.

Financial highlights

• Gross profit for FY 2026 was $1.21B, down 9.5% year-over-year; Q4 gross profit was $285.6M, down 23.0%.

• Gross profit margin for Q4 was 12.4%, down 230 basis points year-over-year; full-year margin was 12.6%.

• Diluted EPS for Q4 FY 2026 was $0.78, down 66.9% year-over-year; full-year EPS was $3.38, down 30.2%.

• Adjusted EBITDA for Q4 FY 2026 was $131.7M, down 37.1% year-over-year; full-year Adjusted EBITDA was $544.4M, down 17.4%.

• North American Towable segment Q4 net sales declined 22.7% year-over-year; fifth wheel sales dropped 30.5%.

Outlook and guidance

• Management expects a relatively flat retail environment in fiscal 2027, with persistent macroeconomic headwinds.

• Guidance for fiscal 2027 will be provided after key industry events; cost-saving initiatives are expected to improve annual earnings by over $100M once fully implemented.

• Healthy independent dealer inventory levels entering fiscal 2027, with improved inventory turns compared to the prior quarter.