LCI Industries (LCII) Q3 2026 earnings summary

Executive summary

• Q3 net sales were $992.5M, down 4.2% YoY, as lower North American RV shipments outweighed growth in Adjacent Industries and Aftermarket.

• Adjusted operating margin expanded 100 bps to 8.3%; adjusted EBITDA rose to $111.5M from $105.9M, supported by cost actions and operational efficiencies.

• GAAP net income declined to $50.1M from $62.5M; adjusted diluted EPS rose to $2.21 from $1.97.

Financial highlights

• Q3 operating profit was $75.0M and reported operating margin was 7.6%, up from 7.3% YoY.

• Q3 gross profit was $263.8M versus $252.6M; warehouse and transportation costs increased to $59.5M from $49.7M.

• Nine-month net sales were $3,051.7M reported and $3,140.5M adjusted for $88.8M of IEEPA tariff refunds; operating profit was $266.1M versus $244.6M.

• Nine-month net income was $180.2M versus $169.6M; diluted EPS was $7.39 versus $6.78.

Outlook and guidance

• FY2026 revenue outlook is $3.9B–$4.0B, adjusted operating margin 7.5%–8.0%, and adjusted diluted EPS $8.25–$8.50.

• FY2026 North American RV wholesale shipments are forecast at 285,000–295,000 units; October net sales were $341M, down 10% YoY.

• FY2026 CapEx guidance is $55M–$65M, including automation and lean investments.

• Transportation and Marine markets are expected to decline low single digits; Housing is expected down low to mid single digits.

• The Patrick transaction is currently expected to close in H1 2027, subject to stockholder, regulatory and other closing conditions.