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Investor Relations14 Oct 2025
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REV Group (REVG) investor relations material
REV Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Sep, 2025
Executive summary
Achieved strong operational and financial momentum, with Q3 2025 net sales up 11.3% to $644.9M and net income rising 61.7% to $29.1M, driven by Specialty Vehicles and improved manufacturing capabilities.
Fire and ambulance businesses drove productivity and efficiency gains, with fire unit shipments up 11% and ambulance up 7% year-over-year.
Completed the sale of Lance Camper and exited bus manufacturing, streamlining the RV portfolio and impacting year-over-year comparability.
Broke ground on a $20M expansion at Spartan Emergency Response in South Dakota, increasing fire apparatus capacity by 40%.
Raised full-year fiscal 2025 outlook, reflecting improved business momentum and strong cash generation.
Financial highlights
Consolidated net sales for Q3 FY25 were $644.9M, up from $579.4M in Q3 FY24; excluding divested bus business, net sales rose 20.5%.
Adjusted EBITDA was $64.1M, up 66.1% year-over-year excluding the bus business, driven by Specialty Vehicles segment performance.
Gross profit for Q3 2025 was $101.7M (15.8% margin), up from $78.3M (13.5%) in Q3 2024.
Cash from operations was $60.3M for the quarter and $164.2M year-to-date; net debt stood at $54M.
Year-to-date cash returned to shareholders through buybacks and dividends totaled $117.6M.
Outlook and guidance
Raised FY25 consolidated revenue guidance to $2.4B–$2.45B, a $50M increase from prior outlook, reflecting a 10% year-over-year increase.
Full-year adjusted EBITDA guidance raised to $220M–$230M, up from $200M–$220M; midpoint implies a 55% increase over FY24.
Net income guidance updated to $95M–$108M; adjusted net income to $127M–$138M.
Free cash flow guidance raised to $140M–$150M, reflecting strong cash generation and higher CapEx.
Capital expenditures expected at $45M–$50M; quarterly dividend of $0.06 per share declared.
Tariff mitigation strategy for FY26
Spartan expansion impact on lead times and demand?
M&A opportunities given strong FCF and low debt?
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Q4 202510 Dec, 2025
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Frequently asked questions
REV Group, Inc. designs, manufactures, and distributes specialty vehicles, and related aftermarket parts and services worldwide. The company offers a range of specialty vehicles, such as ambulances and hearses; mobile command center vehicles; flatbed converted vans; minibuses; ambulatory/stretcher vehicles; van conversions; fire apparatus; limousines and sedan livery vehicles, including stretch sedans and limousines; international funeral coachway systems that span the width of the vehicle to protect caskets during vehicle transport; counter-attack systems that are specialized defense products used for prisoner transport; and chassis for specialty utility vehicle. It sells its products primarily through a network of independent dealers in North America and Europe. REV Group, Inc. is based in Brookfield, Wisconsin.
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