Winnebago Industries (WGO) Q1 2026 earnings summary

Executive summary

• Net revenues rose 12.3% year-over-year to $702.7 million, driven by growth in Motorhome and Towable RV segments, with margin expansion and a return to profitability.

• Achieved strong top and bottom line results in Q1, with improved operating profitability in Motorhome and Towable RV businesses; Marine segment performed slightly below prior year but outperformed industry softness.

• FY2026 outlook is anchored by innovation, operational improvements, and brand expansion, with a focus on self-help levers and disciplined risk management.

• Maintained a strong balance sheet and disciplined capital allocation, positioning for sustainable and profitable growth.

• Macroeconomic headwinds such as inflation and elevated interest rates continued to impact demand, especially in the motorhome segment.

Financial highlights

• Consolidated net revenues increased 12.3% year-over-year to $702.7 million, driven by higher unit volume and selective price increases.

• Adjusted earnings per diluted share reached $0.38, up from an adjusted net loss per share of $0.03 last year.

• Adjusted EBITDA more than doubled year-over-year to $30.2 million (4.3% margin).

• Operating income improved to $13.8 million from a loss of $(0.9) million in the prior year.

• Operating expenses declined 3.2% year-over-year due to cost reduction initiatives.

Outlook and guidance

• FY2026 consolidated net revenues expected at $2.8B–$3.0B, with reported EPS guidance of $1.40–$2.10 and adjusted EPS of $2.10–$2.80, reflecting raised guidance.

• North American RV wholesale shipments for 2025 forecast at 335,000–345,000 units; 2026 forecast unchanged at 315,000–345,000 units.

• Q2 sales expected to be up year-over-year but down sequentially due to seasonality; EPS to be flat to modestly up year-over-year.

• Guidance reflects current trade policy, tariff rates, and macroeconomic factors.

• Management expects dealer ordering patterns to stabilize as consumer demand recovers.