LCI Industries (LCII) Q4 2025 earnings summary

Executive summary

• Achieved 16% year-over-year consolidated net sales growth in Q4 2025, with net sales reaching $933 million and net income nearly doubling to $19 million; operating margin expanded by 180 basis points to 3.8%.

• Full year 2025 net sales rose 10% to $4.1 billion, with operating profit margin up 100 bps to 6.8% and net income up 32% to $188 million.

• Adjusted EBITDA for Q4 increased 53% year-over-year to $70 million (7.5% margin); full year adjusted EBITDA up 19% to $408 million.

• Innovation, new product launches, and M&A—including Freedman Seating and Trans/Air—drove growth, market expansion, and an 11% increase in content per unit.

• Cost management, facility consolidations, and strategic sourcing supported margin expansion and financial flexibility entering 2026.

Financial highlights

• Q4 consolidated net sales: $933 million, up 16% year-over-year; Q4 net income: $19 million (+96% YoY); adjusted net income: $22 million (+138% YoY); adjusted EBITDA: $70 million (+53% YoY).

• Q4 operating margin: 3.8% (+180 bps YoY); adjusted net income per diluted share: $0.89 (+138% YoY).

• FY 2025 net sales: $4.1 billion (+10% YoY); net income: $188 million (+32% YoY); adjusted net income: $185 million (+33% YoY); adjusted EBITDA: $408 million (+19% YoY).

• Cash flows from operations: $331 million; free cash flow: $278 million; year-end cash position: $223 million.

• Net debt to Adjusted EBITDA: 1.8x at year-end 2025; $595 million available on revolving credit facility.

Outlook and guidance

• 2026 revenue expected at $4.2–$4.3 billion, with operating margin of 7.5%–8% and adjusted diluted EPS of $8.25–$9.25.

• January 2026 net sales expected at $343 million, up 4% year-over-year.

• RV wholesale shipments forecasted at 335,000–350,000 units; marine and transportation markets expected flat to slightly up; housing and aftermarket segments to see low to mid single-digit growth.

• Aftermarket sales projected to grow mid-single digits, supported by 1.5 million RVs entering the repair cycle.

• 8–10 facility consolidations planned for 2026, with $60–$80 million in capital expenditures.