# THOR Industries (THO) Q4 2025 Financial Results Summary
ELKHART, Ind., Sept. 24, 2025 — THOR Industries, Inc. (NYSE: THO) announced its fiscal 2025 fourth quarter and full year results, marking a period of resilience amid challenging market conditions.
## Key Financial Metrics
### Consolidated Financial Results (Q4 2025 vs. Q4 2024)
– **Net Sales**:
– Q4 2025: $2,523,783
– Q4 2024: $2,534,167
– **Change**: Decrease of **0.4%**
– **Gross Profit**:
– Q4 2025: $370,883
– Q4 2024: $401,331
– **Change**: Decrease of **7.6%**
– **Gross Profit Margin**:
– Q4 2025: **14.7%**
– Q4 2024: **15.8%**
– **Change**: Decrease of **110 bps**
– **Net Income Attributable to THOR**:
– Q4 2025: $125,757
– Q4 2024: $90,015
– **Change**: Increase of **39.7%**
– **Diluted Earnings Per Share**:
– Q4 2025: $2.36
– Q4 2024: $1.68
– **Change**: Increase of **40.5%**
– **Cash Flows from Operations**:
– Q4 2025: $258,674
– Q4 2024: $338,016
– **Change**: Decrease of **23.5%**
– **EBITDA**:
– Q4 2025: $224,804
– Q4 2024: $219,025
– **Change**: Increase of **2.6%**
– **Adjusted EBITDA**:
– Q4 2025: $209,506
– Q4 2024: $218,392
– **Change**: Decrease of **4.1%**
### Full Year Financial Results (Fiscal Year 2025 vs. 2024)
– **Net Sales**:
– FY 2025: $9,579,490
– FY 2024: $10,043,408
– **Change**: Decrease of **4.6%**
– **Gross Profit**:
– FY 2025: $1,340,641
– FY 2024: $1,451,962
– **Change**: Decrease of **7.7%**
– **Gross Profit Margin**:
– FY 2025: **14.0%**
– FY 2024: **14.5%**
– **Change**: Decrease of **50 bps**
– **Net Income Attributable to THOR**:
– FY 2025: $258,559
– FY 2024: $265,308
– **Change**: Decrease of **2.5%**
– **Diluted Earnings Per Share**:
– FY 2025: $4.84
– FY 2024: $4.94
– **Change**: Decrease of **2.0%**
– **Cash Flows from Operations**:
– FY 2025: $577,923
– FY 2024: $545,548
– **Change**: Increase of **5.9%**
– **EBITDA**:
– FY 2025: $615,839
– FY 2024: $714,655
– **Change**: Decrease of **13.8%**
– **Adjusted EBITDA**:
– FY 2025: $659,126
– FY 2024: $730,095
– **Change**: Decrease of **9.7%**
### Segment Financial Highlights
– **North American Towable RVs**:
– Q4 Net Sales: $888,744 (Decrease of **4.6%**)
– Q4 Gross Profit Margin: **13.3%** (Increase of **70 bps**)
– Annual Unit Shipments: Increased by **6.2%**
– **North American Motorized RVs**:
– Q4 Net Sales: $557,412 (Increase of **7.8%**)
– Q4 Gross Profit Margin: **11.3%** (Decrease of **150 bps**)
– **European RVs**:
– Q4 Net Sales: $923,051 (Decrease of **2.2%**)
– Q4 Gross Profit Margin: **15.6%** (Decrease of **310 bps**)
### Dividends and Share Repurchase
THOR Industries did not declare a quarterly dividend or share repurchase program in this report.
### Additional Insights
– **Order Backlog**:
– Towable RVs displayed a **5.0% decrease**, while motorized RVs saw a **29.3% increase** in backlog, indicating a favorable demand shift.
– **Outlook for Fiscal 2026**:
– Executive leadership expressed cautious optimism due to possible market dynamics and planned company initiatives aimed at capitalizing on market opportunities.
The report delineates THOR Industries’ resilience in navigating the current market and highlights ongoing strategic improvements aimed at maintaining strong operational performance. Further developments, particularly around upcoming events, are anticipated to inform future growth trajectories.
| Three Months Ended | % Net Sales (1) | Fiscal Years Ended | % Net Sales (1) | |
|---|---|---|---|---|
| Net sales | $ 2,523,783 | $ 9,579,490 | ||
| Gross profit | $ 370,883 | 14.7% | $ 1,340,641 | 14.0% |
| Selling, general and administrative expenses | $ 237,862 | 9.4% | $ 922,554 | 9.6% |
| Amortization of intangible assets | $ 30,357 | 1.2% | $ 119,027 | 1.2% |
| Interest expense, net | $ 10,058 | 0.4% | $ 48,441 | 0.5% |
| Other income, net | $ 50,761 | 2.0% | $ 45,572 | 0.5% |
| Income before income taxes | $ 143,367 | 5.7% | $ 296,191 | 3.1% |
| Income tax provision | $ 16,742 | 0.7% | $ 39,600 | 0.4% |
| Net income | $ 126,625 | 5.0% | $ 256,591 | 2.7% |
| Less: Net income (loss) attributable to non-controlling interests | $ 868 | — % | $ (1,968) | — % |
| Net income attributable to THOR Industries, Inc. | $ 125,757 | 5.0% | $ 258,559 | 2.7% |
| Earnings per common share: | ||||
| Basic | $ 2.37 | $ 4.87 | ||
| Diluted | $ 2.36 | $ 4.84 | ||
| Weighted-average common shares outstanding | Basic | 52,959,358 | 53,085,577 | |
| Diluted | 53,285,322 | 53,400,306 |
| July 31, 2025 | July 31, 2024 | |
|---|---|---|
| Cash and equivalents | $ 586,596 | $ 501,316 |
| Accounts receivable, net | $ 707,363 | $ 700,895 |
| Inventories, net | $ 1,351,796 | $ 1,366,638 |
| Prepaid income taxes, expenses and other | $ 132,220 | $ 81,178 |
| Total current assets | $ 2,777,975 | $ 2,650,027 |
| Property, plant & equipment, net | $ 1,315,728 | $ 1,390,718 |
| Goodwill | $ 1,841,118 | $ 1,786,973 |
| Amortizable intangible assets, net | $ 758,758 | $ 861,133 |
| Equity investments and other, net | $ 371,705 | $ 331,972 |
| Total | $ 7,065,284 | $ 7,020,823 |
| Current liabilities | $ 1,584,696 | $ 1,567,022 |
| Long-term debt, net | $ 919,612 | $ 1,101,265 |
| Other long-term liabilities | $ 271,424 | $ 278,483 |
| Stockholders’ equity | $ 4,289,552 | $ 4,074,053 |
