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Patrick Industries (PATK) investor relations material
Patrick Industries Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net sales for Q3 2025 increased 6% year-over-year to $976 million, driven by organic growth, acquisitions, and market share gains in RV, Marine, and Powersports segments despite industry shipment declines.
Net income for Q3 2025 was $35 million, down from $41 million in the prior year, with diluted EPS at $1.01, impacted by higher operating expenses, legal settlement, and convertible notes.
Operating income decreased to $66 million from $74 million, with operating margin down to 6.8% from 8.1% due to temporary inefficiencies and higher costs.
Strong balance sheet with $779 million in net liquidity and net leverage ratio at 2.8x, supporting flexibility and growth initiatives.
Completed strategic acquisitions, including LilliPad Marine, and continued investments in product development, digital tools, and AI to drive efficiency and value.
Financial highlights
Q3 net sales: $976 million, up 6% year-over-year; adjusted EBITDA: $112 million (margin 11.5%), down from $121 million (margin 13.2%) last year.
Gross margin: 22.6% vs. 23.1% prior year; operating margin: 6.8% vs. 8.1%.
Free cash flow for first nine months: $134 million; trailing twelve months: $211 million; cash from operations: $199 million.
Net income: $35 million; diluted EPS: $1.01, down from $1.20 in prior year.
Returned $13 million to shareholders via dividends and $32 million in share repurchases YTD; $168 million remains on repurchase authorization.
Outlook and guidance
FY2025 adjusted operating margin expected at ~7%; FY2026 margin to improve by 70–90 bps.
RV wholesale shipments for FY2025 estimated at 335,000–345,000 units; retail shipments expected down low single digits.
Marine and Powersports unit shipments expected down low to mid-single digits; manufactured housing shipments projected flat to up 5%.
FY2025 operating cash flow projected at $330–$350 million; capex: $75–$85 million; free cash flow forecasted at $250 million+.
Management expects sufficient liquidity for at least the next 12 months, excluding acquisitions.
What caused the temporary margin pressures?
How does inventory investment impact cash flow?
Why did convertible note dilution increase?
Expected "new normal" dealer inventory weeks?
Detail the $1B composite solutions market opportunity.
How does the formal aftermarket strategy leverage RecPro?
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Next Patrick Industries earnings date
Q4 202513 Feb, 2026
Next Patrick Industries earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Patrick Industries Inc manufactures and distributes building products and materials for the recreational vehicle, manufactured housing, marine, and industrial markets. Its products include decorative components, furniture, and industrial panels. The company is headquartered in Elkhart, Indiana, and its shares are listed on the NASDAQ.
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