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THOR Industries Reports Robust First Quarter Results for Fiscal 2026

Elkhart, IN, December 3, 2025 — THOR Industries, Inc. (NYSE: THO) presented its financial results for the first quarter of fiscal 2026, ending on October 31, 2025. The company revealed a strong recovery in its financial metrics, showcasing a remarkable resilience in an otherwise challenging market landscape.

Financial Highlights

For the first quarter of fiscal 2026, THOR reported net sales of approximately $2.39 billion, reflecting an 11.5% increase from $2.14 billion in the same period last year. The gross profit also saw an encouraging rise, reaching $320.97 million, up 14% compared to $281.44 million year-over-year.

Additionally, THOR experienced a net income of $21.67 million, as opposed to a loss of $1.83 million in the previous year, showcasing a robust turnaround. The diluted earnings per share also improved significantly, recorded at $0.41 compared to a loss of $0.03 in the same period in 2024.

The company reported that the cash flow from operations was negative at $44.87 million, a stark decline from $30.74 million generated the prior year.

Market Performance and Share Gains

THOR Industries noted an improvement in its North American market share for the second consecutive quarter as retail sales exceeded expectations. According to Bob Martin, President and CEO, the actions taken to enhance operational efficiency have positioned the company well for rebound opportunities when market conditions improve. The retail landscape's performance during the 2025 Open House event in September garnered positive feedback for new products, especially the Keystone Montana and Heartland Bighorn lines.

Todd Woelfer, the COO, emphasized that several strategic initiatives, including the launch of the RV Partfinder platform, have strengthened relationships with dealer partners. These initiatives aim to alleviate common challenges faced by RV owners.

Segment Performance

North American Towable RVs

The Towable RV segment recorded net sales of $897.09 million, slightly down from $898.78 million a year prior, reflecting a minimal decrease of 0.2%. Interestingly, the unit shipments fell 14.0%, totaling 25,807 units for the quarter. The gross profit was reported at $118.99 million, reflecting an increase in the gross profit margins to 13.3%, a leap of 80 basis points compared to the previous year.

North American Motorized RVs

The Motorized RV segment stood out with net sales of $661.09 million, marking a 30.9% year-over-year increase. The unit shipments surged by 32.3%, amounting to 4,950 units. Gross profit surged to $71.62 million, showing significant growth amid a saturated marketplace, leading to enhanced margins.

European RV Segment

Meanwhile, the European RV segment achieved net sales of $655.48 million, an 8.4% increase over last year. Despite this, the segment faced challenges, including restructuring costs and a competitive landscape that put pressure on profit margins.

Forward Guidance and Market Outlook

Looking ahead, THOR is cautiously optimistic. Although the first quarter exceeded expectations, the company acknowledges market uncertainties influenced by consumer sentiment and broader economic conditions. The guidance for fiscal 2026 anticipates consolidated net sales in the range of $9.0 billion to $9.5 billion with stable gross margins and earnings per share of $3.75 to $4.25.

Ultimately, as Martin noted, during a time of unprecedented consumer uncertainty, THOR's proactive measures and product alignments are designed to harness potential market upticks to establish a stronger foothold in the RV industry moving forward.

In conclusion, THOR Industries remains committed to adapting to market dynamics while striving to enhance both operational and financial performance amidst continued challenges. More detailed earnings calls and supplemental release materials can be found on their investor relations website.