Winnebago Industries (WGO) Q4 2026 earnings summary

Executive summary

• Q4 FY2026 revenue fell 17.0% YoY to $645.1M and adjusted diluted EPS was $0.49 versus $0.71; subdued demand, lower volume and product mix weighed on results.

• FY2026 revenue declined 3.4% to $2.704B, while operating income rose 15.7% to $66.2M and adjusted EPS increased 7.2% to $1.79.

• Cost controls, Motorhome improvements, capacity rationalization and product innovation support long-term returns, though recovery timing remains uncertain.

• Priorities include profitable share growth, healthier dealer inventory, operational execution, portfolio expansion and stronger aftermarket revenue.

Financial highlights

• Q4 net revenue was $645.1M; adjusted EBITDA was $32.6M, with a 5.1% margin, and adjusted diluted EPS was $0.49.

• Q4 gross profit was $80.7M, down 18.6% YoY; gross margin was 12.5%, down 30 bps. Operating income fell 12.3% to $17.6M and net income was $9.7M versus $13.7M.

• FY2026 gross profit was $350.2M, down 4.1%, with margin unchanged at 13.0%; operating expenses decreased to $284.0M from $307.9M.

• FY2026 net income was $34.5M versus $25.7M; reported diluted EPS rose 33.0% to $1.21, adjusted diluted EPS rose 7.2% to $1.79, and adjusted EBITDA increased 2.5% to $125.0M.

• FY2026 free cash flow was $144.6M versus $89.5M; operating cash flow was $168.7M versus $128.9M, while capital expenditures were $24.1M versus $39.4M.

Outlook and guidance

• FY2027 revenue guidance is $2.65B–$2.80B, with a $2.725B midpoint, up 1% versus FY2026 revenue of $2.704B.

• FY2027 reported diluted EPS guidance is $0.90–$1.50, midpoint $1.20; adjusted diluted EPS is $1.65–$2.25, midpoint $1.95, implying 9% growth.

• Guidance assumes 265,000–295,000 North American RV wholesale shipments in calendar 2027; it does not assume broad RV or marine retail recovery.

• Q1 FY2027 net sales are expected to decline at a mid-to-high single-digit rate YoY, with adjusted EBITDA margin on par to slightly below prior-year Q1 and EPS down YoY; stronger performance is expected in the seasonally stronger second half.

• Adjusted EPS guidance excludes ~$22M of pretax amortization and ~$6M of restructuring and related costs; expected savings are to build through FY2027–FY2029.