THOR INDUSTRIES (THO) THO Q1 Financial Results Summary
QuoteReporter
•4 min read
THOR Industries, Inc. (THO) Q1 2026 Financial Results Summary
Release Date: December 3, 2025
THOR Industries, Inc. (NYSE: THO) announced its financial results for the fiscal 2026 first quarter ended October 31, 2025. Below is a summary of the key financial highlights and performance metrics.
Financial Highlights
- Net Sales: $2.39 billion, ↑ 11.5% from $2.14 billion in Q1 2025
- Gross Profit: $321.0 million, ↑ 14.0% from $281.4 million in Q1 2025
- Gross Profit Margin: 13.4%, ↑ 30 basis points from 13.1% in Q1 2025
- Net Income Attributable to THOR: $21.7 million, significantly improved from a loss of $1.8 million in Q1 2025 (n/m)
- Diluted Earnings Per Share: $0.41, with improvement from a loss of $0.03 in Q1 2025 (n/m)
- Cash Flows from Operations: -$44.9 million, ↓ 246.0% from $30.7 million in Q1 2025
- EBITDA: $107.5 million, ↑ 31.6% from $81.7 million in Q1 2025
- Adjusted EBITDA: $131.0 million, ↑ 21.5% from $107.8 million in Q1 2025
Operational Insights
- Market Share: North American market share improved for the second consecutive fiscal quarter, with retail performance exceeding expectations.
- Dealer Inventory: Remains at an appropriate level entering winter, positioning the company favorably for potential market upturns.
- Gross Profit Margin: Increased by 30 basis points despite ongoing challenges, reflecting effective strategic actions to streamline operations.
Segment Performance
North American Towable RVs
- Net Sales: $897.1 million, approximately stable, ↓ 0.2% from $898.8 million in Q1 2025
- Unit Shipments: 25,807 units, ↓ 14.0% from 30,018 units in Q1 2025
- Gross Profit: $119.0 million, ↑ 5.8% from $112.4 million in Q1 2025
- Gross Profit Margin: 13.3%, ↑ 80 basis points from 12.5% in Q1 2025
- Order Backlog: $656.0 million, ↓ 29.7% from $933.1 million in Q1 2025
North American Motorized RVs
- Net Sales: $661.1 million, ↑ 30.9% from $505.2 million in Q1 2025
- Unit Shipments: 4,950 units, ↑ 32.3% from 3,741 units in Q1 2025
- Gross Profit: $71.6 million, ↑ 67.6% from $42.7 million in Q1 2025
- Gross Profit Margin: 10.8%, ↑ 230 basis points from 8.5% in Q1 2025
- Order Backlog: $1.28 billion, ↑ 32.5% from $963.1 million in Q1 2025
European RVs
- Net Sales: $655.5 million, ↑ 8.4% from $604.9 million in Q1 2025
- Unit Shipments: 8,723 units, ↑ 1.0% from 8,635 units in Q1 2025
- Gross Profit: $77.8 million, ↓ 16.0% from $92.6 million in Q1 2025
- Gross Profit Margin: 11.9%, ↓ 340 basis points from 15.3% in Q1 2025
- Order Backlog: $1.93 billion, ↓ 5.5% from $2.04 billion in Q1 2025
Additional Financial Matters
- Quarterly Dividend: The company has not declared a quarterly dividend in this report.
- Share Repurchase: HOPE TO USE STOCK REPURCHASES if stock prices decline amidst broader consumer concerns.
Fiscal 2026 Guidance
- Consolidated Net Sales: Expected range between $9.0 billion and $9.5 billion
- Diluted Earnings Per Share: Projected between $3.75 to $4.25
- Gross Margin: Expected to remain stable at the mid-point of guidance with upside potential.
- Market Conditions: Anticipates a low- to mid-single digit retail decline in North America while maintaining stable market share.
Outlook
- THOR’s management expressed cautious optimism based on current operating conditions, adjusting plans as necessary to prepare for an uncertain consumer environment.
This financial performance showcases THOR Industries’ resilience and strategic initiatives amidst market challenges, paving the way for future potential growth.
| Three Months Ended October 31, 2025 | % Net Sales(1) | Three Months Ended October 31, 2024 | % Net Sales(1) | |
|---|---|---|---|---|
| Net sales | $2,389,123 | $2,142,784 | ||
| Gross profit | $320,974 | 13.4% | $281,442 | 13.1% |
| Selling, general and administrative expenses | $254,030 | 10.6% | $240,197 | 11.2% |
| Amortization of intangible assets | $27,928 | 1.2% | $29,822 | 1.4% |
| Interest expense, net | $9,017 | 0.4% | $15,228 | 0.7% |
| Other income, net | $2,489 | 0.1% | $2,649 | 0.1% |
| Income (loss) before income taxes | $32,488 | 1.4% | -$1,156 | (0.1)% |
| Income tax provision (benefit) | $9,319 | 0.4% | -$283 | —% |
| Net income (loss) | $23,169 | 1.0% | -$873 | —% |
| Less: Net income (loss) attributable to non-controlling interests | $1,500 | 0.1% | $959 | —% |
| Net income (loss) attributable to THOR Industries, Inc. | $21,669 | 0.9% | -$1,832 | (0.1)% |
| Earnings (loss) per common share: | ||||
| Basic | $0.41 | -$0.03 | ||
| Diluted | $0.41 | -$0.03 | ||
| Weighted-average common shares outstanding: | ||||
| Basic | 52,690,083 | 52,974,603 | ||
| Diluted | 52,975,577 | 52,974,603 | -2 |
| October 31, 2025 | July 31, 2025 | October 31, 2025 | July 31, 2025 | ||
|---|---|---|---|---|---|
| Cash and equivalents | $509,878 | $586,596 | Current liabilities | $1,505,291 | $1,584,696 |
| Accounts receivable, net | $655,642 | $707,363 | Long-term debt, net | $913,129 | $919,612 |
| Inventories, net | $1,464,085 | $1,351,796 | Other long-term liabilities | $273,693 | $271,424 |
| Prepaid income taxes, expenses and other | $90,332 | $132,220 | Stockholders’ equity | $4,299,273 | $4,289,552 |
| Total current assets | $2,719,937 | $2,777,975 | |||
| Property, plant & equipment, net | $1,313,354 | $1,315,728 | |||
| Goodwill | $1,850,580 | $1,841,118 | |||
| Amortizable intangible assets, net | $734,049 | $758,758 | |||
| Equity investments and other, net | $373,466 | $371,705 | |||
| Total | $6,991,386 | $7,065,284 | Total | $6,991,386 | $7,065,284 |