THOR Industries reported $9.61 billion in revenue for fiscal 2026, representing a slight increase from $9.58 billion a year earlier, despite weaker demand across the recreational vehicle industry. The company generated $177.5 million in annual net income, down 31.3%, and announced additional operational initiatives expected to improve its annual earnings profile by more than $100 million once fully implemented.
For its fourth quarter ended July 31, 2026, THOR generated $2.31 billion in net sales, an 8.4% decrease from $2.52 billion during the corresponding period in fiscal 2025.
Quarterly net income attributable to THOR fell 67.5% to $40.8 million, compared with $125.8 million a year earlier.
Diluted earnings per share decreased to $0.78 from $2.36, while quarterly adjusted EBITDA declined to $131.7 million from $209.5 million.
For the full fiscal year, adjusted EBITDA was $544.4 million, compared with $659.1 million in fiscal 2025. Annual diluted earnings per share decreased to $3.38 from $4.84.
The results reflected persistent affordability challenges in the recreational vehicle market, including elevated interest rates, higher fuel prices, inflation, and cautious consumer spending.
These conditions contributed to lower sales volumes and additional promotional activity in THOR’s North American operations.
The North American Towable RV segment generated approximately $687.3 million in fourth-quarter revenue, a decline of 22.7%. Unit shipments decreased 19.7% to 20,616.
The North American Motorized RV segment reported $499.3 million in quarterly revenue, down 10.4%, as unit shipments declined 13.1%.
However, THOR’s European business provided geographic diversification during the difficult market.
European RV revenue increased 5% to $969.2 million during the fourth quarter. For the full fiscal year, European revenue reached approximately $3.30 billion, representing 3.1% growth on a constant-currency basis.
The company also reported that independent dealer inventory levels declined 11.5% year over year as of July 31, 2026, reflecting its efforts to align production with retail demand.
THOR has been restructuring its North American manufacturing and operating model to address profitability challenges and protect more accessible price points for consumers.
Its principal initiatives include expanding enterprise purchasing programs, growing its owned-supplier business, optimizing its organizational structure, and improving manufacturing efficiency.
Management expects these efforts to generate more than $100 million in annual improvements to its earnings profile once fully implemented.
THOR also reduced debt by $59.7 million during fiscal 2026 and repurchased $115.1 million in common stock, including $34.3 million during the fourth quarter.
The company expects the recreational vehicle retail market to remain relatively flat during fiscal 2027. It plans to provide detailed annual guidance later in the fall after gathering additional information from industry events and dealer partners.
KEY QUOTES:
“Our fiscal 2026 proved to be more challenging than we anticipated at the outset of the year due to the headwinds impacting the RV industry. The retail market never reached the inflection point many in the industry expected, as stubborn interest rates, elevated fuel costs and ever-present inflationary pressures have strained household budgets and kept retail soft throughout the critical selling season.”
Bob Martin, President and CEO of THOR Industries
“We managed production closely against global independent dealer inventory levels, which have declined 11.5% as of July 31, 2026 compared to July 31, 2025.”
Todd Woelfer, Senior Vice President and COO of THOR Industries
“During fiscal 2026, we reduced debt by $59.7 million and repurchased shares of $115.1 million, of which $34.3 million was repurchased during the fiscal 2026 fourth quarter.”
Colleen Zuhl, Senior Vice President and CFO of THOR Industries
