Profit at the RV maker fell more than two-thirds in the fourth quarter as North American demand stayed soft. Management isn't ready to guide investors on what fiscal 2027 looks like.
Thor Industries closed its 2026 fiscal year with a fourth quarter that showed just how much the recreational vehicle slowdown has cost the company's bottom line. Revenue for the quarter fell 8.4% to $2.31 billion, while net income dropped 67.5% to $40.8 million and diluted earnings per share fell to 78 cents from $2.36 a year earlier. Adjusted EBITDA declined 37.1% to $131.7 million.
The company attributed the results to weaker North American RV demand, margin pressure and ongoing restructuring costs, and said its motorized-vehicle segment posted a pretax loss for the quarter. Both its towable and motorized divisions saw sales declines in the double digits.
For the full fiscal year, revenue was roughly flat at $9.61 billion, up 0.3%, while net income fell 31.3% to $177.5 million and diluted earnings per share dropped 30.2% to $3.38. Gross margin for the year came in at 12.6%, compressed from the prior year's level.
Thor said it has identified more than $100 million in targeted annual cost savings once fully implemented, and it reduced debt by $59.7 million during the quarter while still repurchasing $115.1 million of its own shares. The company did not issue guidance for fiscal 2027, saying that outlook will come later this fall, an unusually long pause for a company whose investors are accustomed to a same-day forward view.