REV Group (REVG) Q3 2025 earnings summary

Executive summary

• Achieved strong operational and financial momentum, with Q3 2025 net sales up 11.3% year-over-year to $644.9 million, driven by Specialty and Recreational Vehicles.

• Net income for Q3 2025 rose 61.7% to $29.1 million, and Adjusted EBITDA increased 66.1% year-over-year to $64.1 million, primarily due to Specialty Vehicles.

• Completed the sale of Lance Camper and exited bus manufacturing, streamlining the RV portfolio and impacting year-over-year comparability.

• Broke ground on a $20 million expansion at Spartan Emergency Response, expected to increase fire apparatus capacity by 40% and support future growth.

• Raised full-year fiscal 2025 outlook, reflecting improved business momentum and operational execution.

Financial highlights

• Q3 2025 consolidated net sales were $644.9 million, up 20.5% year-over-year excluding divested bus businesses.

• Adjusted EBITDA was $64.1 million, up 66.1% year-over-year excluding bus businesses.

• Gross profit for Q3 2025 was $101.7 million (15.8% margin), up from $78.3 million (13.5%) in Q3 2024.

• Year-to-date cash from operations was $164.2 million; net debt at quarter-end was $54 million with $36 million cash on hand.

• $117.6 million returned to shareholders year-to-date via share repurchases and dividends.

Outlook and guidance

• Raised full-year consolidated revenue guidance to $2.4–$2.45 billion, Adjusted EBITDA to $220–$230 million, and free cash flow to $140–$150 million.

• Net income guidance updated to $95–$108 million; Adjusted net income to $127–$138 million.

• Capital expenditures expected at $45–$50 million; net interest expense $24–$26 million; effective tax rate 25–27%.

• Management anticipates sufficient liquidity and capital resources to support operations and growth for at least the next twelve months.

• Specialty Vehicle segment expected to see mid-teens revenue growth for the year; RV segment guidance unchanged.