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Thor Industries (THO) investor relations material
Thor Industries Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary3 Dec, 2025
Executive summary
Net sales for Q1 FY26 rose 11.5% year-over-year to $2.39 billion, driven by strong North American Motorized and European RV sales, with all major segments except North American Towable showing growth.
Net income was $21.7 million, a turnaround from a net loss of $1.8 million in Q1 FY25.
Gross profit margin improved by 30 basis points to 13.4%, with gross profit up 14.0% to $321.0 million.
North American market share increased for the second consecutive quarter, with retail trends outperforming expectations and appropriate dealer inventory levels.
Strategic initiatives, including new product launches and digital platforms, contributed to operational improvements and margin expansion.
Financial highlights
EBITDA increased 31.6% year-over-year to $107.5 million; adjusted EBITDA rose 21.5% to $131.0 million.
Diluted EPS was $0.41, compared to a loss per share of $0.03 in the prior year.
Cash flows from operations were negative $44.9 million, primarily due to increased inventory to support demand.
SG&A expenses increased 5.8% due to higher sales-related costs and incentive compensation.
Effective tax rate was 28.7%, up from 24.5% in the prior-year quarter, due to losses in foreign jurisdictions without tax benefit.
Outlook and guidance
FY26 consolidated net sales are projected at $9.0–$9.5 billion, with gross margin expected to remain stable at the midpoint.
Diluted EPS guidance is $3.75–$4.25, assuming balanced wholesale and retail volumes and a steady European market.
Retail in North America is expected to decline low- to mid-single digits, with stable market share.
No significant financial impact from ongoing restructuring initiatives is included in the outlook.
Long-term industry growth is anticipated despite near-term headwinds from inflation and interest rates.
European RV margin decline: path to recovery?
Strategic initiatives: When will impact be in guidance?
Consumer sentiment vs. retail trends: how reconcile?
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Next Thor Industries earnings date
Q2 20266 Mar, 2026
Next Thor Industries earnings date
Q2 20266 Mar, 2026
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Frequently asked questions
The RV Giant
THOR is the world’s largest manufacturer of recreational vehicles (RVs), with brands such as Airstream, Hymer, CrossRoads, Cruiser RV, Dutchmen, Jayco, and Starcraft. Their products include travel trailers, fifth wheels; truck and folding campers; and Class A, B, and C motorhomes.
They sell these types of vehicles and related parts and accessories to independent, non-franchise dealers throughout the US, Canada, and Europe.
THOR has a decentralized structure, meaning that each subsidiary operates independently. Besides their operations in the US and Canada, THOR has recently emerged as a leader in the European RV industry by acquiring Erwin Hymer Group.
The company reports under three main segments:
North American Towable Recreational Vehicles.
North American Motorized Recreational Vehicles.
European Recreational Vehicles.
Born from a fusion
THOR was founded in 1980 with the acquisition of Hi-Lo Trailer Company and Airstream. The latter was an iconic brand that had not fared well during the economic downturn of the late 1970s, reporting a loss of $12 million the year before the acquisition. However, Airstream returned to profitability in its first year under THOR’s management through an extensive quality focus and cost reductions.
Since then, the company has grown organically and through acquisitions for over five decades into the world's largest company of its kind. The company has increased its earnings per share from $3.75 to $11.93 in the last seven years, meaning a compounded annual growth rate of almost 18 percent.
Other publicly listed companies producing RVs are Knaus Tabbert, Winnebago, and REV Group.
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