It has been about a month since the last earnings report for Thor Industries (THO - Free Report) . Shares have added about 2.2% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Thor Industries due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
THOR Q3 Earnings Miss ExpectationsTHOR posted earnings of $1.86 per share for the third quarter of fiscal 2026 (ended April 30), missing the Zacks Consensus Estimate of $1.88 by 1.1%. The bottom line declined 32.9% year over year.
THO’s quarterly revenues came in at $2.78 billion, beating the Zacks Consensus Estimate of $2.64 billion by 5.2% and decreasing 3.9% from the year-ago quarter. The results reflected a pressured RV retail backdrop, with industry retail tracking near 300,000 units in calendar 2026, weighing most heavily on value-oriented towables.
THO Margins Compress as Profitability SoftensTHO’s gross profit fell 19.9% year over year to $354.8 million, and gross margin narrowed 250 basis points to 12.8%. The downturn reflected lower consolidated volumes and cost pressures, particularly in North American Towables, alongside an unfavorable mix.
Net income attributable to THOR declined 28.1% to $97.2 million. The reported profitability benefited from favorable market value adjustments on certain investments and gains on the sale of select real estate tied to footprint optimization, while adjusted profitability excluded several nonrecurring items.
THOR Towable Segment Hit by Dealer CautionNorth American Towable net sales declined 24.6% year over year to $881.8 million as independent dealers stayed cautious in a strained retail environment. Unit shipments fell 25% year over year to 27,045 units, while gross profit declined 48.5% to $89.7 million. Segment gross margin contracted 470 basis points to 10.2%, pressured by lower sales, higher material costs and product mix. Pretax income decreased 46% year over year to $52.7 million.
Backlog for the Towable segment stood at $386 million as of April 30, 2026, down 39.1% from the prior-year period. Dealer inventory of THOR Towable products was 67,151 units, down 17.3% year over year, consistent with dealers managing risk into an uncertain selling season.
THO Motorized and Europe Deliver Better Top-Line TrendsNorth American Motorized remained a relatively bright spot. Net sales increased 7.7% to $717.7 million, driven by higher unit shipments. Unit shipments rose 9.1% year over year to 6,008 units. Gross profit slipped 10.5% to $62.9 million, while gross margin eased to 8.8% from 10.5% in the prior-year period, as higher volumes were more than offset by increases in material, warranty and overhead costs. Pretax income declined 22.9% to $25.3 million. The segment’s backlog was $766.1 million, down from $883.7 million as of April 30, 2025.
In the Europe RVs segment, net sales rose 11.8% to $987.6 million, aided by higher unit shipments and pricing, including currency effects. Unit shipments grew 4.2% year over year to 14,065 units. Gross profit edged down 0.6% to $142 million, while pretax income rose 21.3% to $56.2 million. European backlog was $1.36 billion, up 1% year over year, and dealer inventory was 20,400 units, down 11.2% year over year.
THOR Liquidity Remains Solid Despite Lower Cash FlowAs of April 30, 2026, THOR’s cash and cash equivalents totaled $371.9 million. Through the first nine months of fiscal 2026, net cash provided by operating activities was $77 million, down from $319.2 million in the prior-year period.
THO Lowers Full-Year Earnings View as Headwinds PersistTHOR maintained its full-year fiscal 2026 consolidated net sales guidance of $9-$9.5 billion, but lowered its diluted earnings outlook to $3.30-$3.80 from the prior $3.75-$4.25 range, citing prolonged macroeconomic and consumer-confidence pressures.
On capital deployment, THOR repurchased $50.5 million of shares during the quarter and paid $27.1 million in dividends, underscoring management’s intent to stay disciplined while investing in operational initiatives such as its North American RV realignment aimed at sourcing coordination, standardization and data integration.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -35.83% due to these changes.
VGM ScoresCurrently, Thor Industries has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Thor Industries has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.
, /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced that its Board of Directors approved, at its June 16, 2026, meeting, the payment of a regular quarterly cash dividend of $0.52 per share.
The regular cash dividend is payable on July 15, 2026, to shareholders of record at the close of business on July 1, 2026.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles. For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance and actual results may differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the level of consumer confidence and the level of discretionary consumer spending; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic initiatives including realignments or other reorganizational actions; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits costs to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
, /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced that its Board of Directors approved, at its March 24, 2026, meeting, the payment of a regular quarterly cash dividend of $0.52 per share.
The regular cash dividend is payable on April 20, 2026, to shareholders of record at the close of business on April 6, 2026.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles. For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic realignments or other reorganizational actions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended January 31, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
, /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO), the world's largest manufacturer of recreational vehicles, today announced the appointment of Andy Murray as Senior Vice President of Strategy and Business Development, a newly created role reflecting THOR's continued focus on strengthening its supply chain capabilities and supporting long-term value creation across the RV industry.
Murray joins THOR with prior executive-level experience from LCI Industries, where he served for twenty years and most recently as Chief Sales Officer. He is widely respected across the RV and specialty manufacturing industries for his experience and leadership.
"Andy is an outstanding addition to THOR," said Bob Martin, President and Chief Executive Officer of THOR Industries. "He is highly regarded across our industry, and his understanding of the RV supply ecosystem and strong operating discipline will help us further strengthen our partnerships, improve performance, and support our long-term growth strategy."
In his new role, Murray will focus on enhancing operational and financial performance, identifying both organic and M&A growth opportunities, and strengthening collaboration across OEM customers, supply partners, and the broader RV ecosystem.
THOR is uniquely positioned to help strengthen the RV supply base in ways that benefit the entire industry. With its scale, long-standing relationships, and deep understanding of RV manufacturing, the Company is able to support improvements in performance, innovation, and reliability across the supply chain ecosystem.
Importantly, THOR's commitment to focus its resources solely on the RV industry ensures that its interests are fully aligned with those of its supply customers. THOR's strategy is centered entirely on advancing the RV ecosystem, creating a shared incentive to drive long-term success across the value chain.
Supply chain performance continues to be an important part of THOR's long-term strategy. Recent investments, including the February 2026 acquisition of Synergy Design, LLC by Airxcel, reflect THOR's focus on expanding capabilities and supporting the evolving needs of RV OEMs.
"In its supply chain strategy, THOR has built a strong foundation, and there is significant opportunity ahead," said Murray. "THOR has a clear vision for strengthening its capabilities and working across the industry to drive performance and pursue new opportunities that benefit both THOR and the broader RV ecosystem."
THOR remains committed to working closely with its long-standing supplier partners as it continues to evolve its capabilities to better serve customers across the RV industry.
The creation of this role and the hiring of Murray reflects THOR's continued commitment to investing in its capabilities, strengthening its supply network, and positioning the company for long-term, sustainable growth.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles.
For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic realignments or other reorganizational actions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended January 31, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
It has been about a month since the last earnings report for Thor Industries (THO - Free Report) . Shares have lost about 14.3% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Thor Industries due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Thor Industries, Inc. before we dive into how investors and analysts have reacted as of late.
THOR Q2 Earnings Surpass Expectations, Revenues Rise Y/YTHOR reported earnings of 4 cents per share for the second quarter of fiscal 2026 (ended Jan. 31), beating the Zacks Consensus Estimate of 3 cents. In the year-ago quarter, the company posted a loss of 1 cent per share.
THOR registered revenues of $2.13 billion for the fiscal second quarter, surpassing the Zacks Consensus Estimate of $1.98 billion. The top line increased 5.3% year over year.
Segmental ResultsNorth American Towable RVs: Segment revenues declined 14.2% year over year to $710.49 million due to a drop in unit shipments. The revenues missed our estimate of $719.2 million. Unit shipments in the quarter under review totaled 21,577, down from 28,013 units in the year-ago period.
Gross profit totaled $75.5 million, down 17.6% year over year due to higher material and overhead costs. Pretax income increased to $31.2 million from $28.2 million in the prior-year quarter, thanks to higher gains on asset sales. The unit’s backlog stood at $621.5 million at quarter-end, compared with $1.07 billion as of Jan. 31, 2025.
North American Motorized RVs: Segment revenues totaled $577.07 million, up 29.3% year over year, driven by an increase in unit shipments. The figure also surpassed our estimate of $465.9 million. Unit shipments totaled 4,524 compared with 3,526 reported a year ago.
Gross profit totaled $54.64 million, up 57.3% year over year, driven by volume leverage and lower labor costs. Pretax profit rose sharply to $20.9 million from the year-ago period. The segment’s backlog stood at $1.04 billion, down from $1.12 billion as of Jan. 31, 2025.
European RVs: Segment revenues totaled $684.47 million, up 11.8% year over year due to an increase in unit shipments. The figure also surpassed our estimate of $599.3. Unit shipments totaled 9,465 compared with 9,442 reported a year ago.
Gross profit totaled $75.1 million, down 7.2% year over year due to a greater share of lower-margin special-edition motorcaravans and higher warranty costs. The segment reported a pretax loss of $12.3 million compared with pretax income of $2.21 million in the year-ago period. The backlog stood at $1.83 billion, up from $1.64 billion as of Jan. 31, 2025.
FinancialsAs of Jan. 31, 2026, THOR had cash and cash equivalents of $242.2 million and long-term debt of $877.7 million.
Thor Provides 2026 GuidanceTHOR expects its fiscal 2026 consolidated net sales to be in the range of $9-$9.5 billion compared with $9.58 billion in fiscal 2025. EPS is expected to be in the range of $3.75-$4.25 compared with $4.84 in fiscal 2025.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -8.2% due to these changes.
VGM ScoresCurrently, Thor Industries has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Thor Industries has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Shares of Thor Industries, Inc. (NYSE:THO – Get Free Report) have received a consensus rating of “Hold” from the thirteen analysts that are covering the company, Marketbeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $106.10.
A number of brokerages have recently weighed in on THO. BMO Capital Markets reduced their price target on shares of Thor Industries from $135.00 to $125.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 4th. Benchmark reissued a “hold” rating on shares of Thor Industries in a research report on Wednesday, March 4th. Citigroup reduced their price target on shares of Thor Industries from $116.00 to $100.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 4th. Zacks Research raised shares of Thor Industries from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 1st. Finally, DA Davidson reduced their price target on shares of Thor Industries from $102.00 to $100.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 4th.
Check Out Our Latest Research Report on THO
Thor Industries Trading Down 1.4% Shares of NYSE THO opened at $76.22 on Wednesday. The company’s fifty day moving average is $96.36 and its 200-day moving average is $102.36. The stock has a market cap of $4.01 billion, a price-to-earnings ratio of 23.67, a P/E/G ratio of 1.50 and a beta of 1.45. Thor Industries has a twelve month low of $63.15 and a twelve month high of $122.83. The company has a quick ratio of 0.73, a current ratio of 1.76 and a debt-to-equity ratio of 0.20.
Thor Industries (NYSE:THO – Get Free Report) last announced its quarterly earnings results on Tuesday, March 3rd. The RV manufacturer reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.31. The company had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $1.96 billion. Thor Industries had a net margin of 3.02% and a return on equity of 6.96%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) earnings per share. Thor Industries has set its FY 2026 guidance at 3.750-4.250 EPS. Equities research analysts predict that Thor Industries will post 4.64 EPS for the current year.
Thor Industries Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Monday, April 20th. Stockholders of record on Monday, April 6th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, April 6th. Thor Industries’s dividend payout ratio (DPR) is currently 64.60%.
Insider Buying and Selling at Thor Industries In related news, COO W. Todd Woelfer sold 4,567 shares of the company’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $114.84, for a total value of $524,474.28. Following the completion of the transaction, the chief operating officer directly owned 104,109 shares of the company’s stock, valued at approximately $11,955,877.56. This represents a 4.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter Busch Orthwein bought 2,600 shares of Thor Industries stock in a transaction that occurred on Friday, March 6th. The stock was bought at an average cost of $88.25 per share, with a total value of $229,450.00. Following the completion of the purchase, the director owned 139,000 shares in the company, valued at approximately $12,266,750. This trade represents a 1.91% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 4.70% of the company’s stock.
Hedge Funds Weigh In On Thor Industries A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ACR Alpine Capital Research LLC boosted its stake in Thor Industries by 0.7% in the 4th quarter. ACR Alpine Capital Research LLC now owns 4,133,782 shares of the RV manufacturer’s stock worth $424,415,000 after purchasing an additional 26,712 shares during the period. Dimensional Fund Advisors LP boosted its stake in Thor Industries by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,050,494 shares of the RV manufacturer’s stock worth $313,201,000 after purchasing an additional 48,157 shares during the period. Life Cycle Investment Partners Ltd acquired a new position in Thor Industries in the 4th quarter worth $255,482,000. Capital Research Global Investors boosted its stake in Thor Industries by 3.2% in the 4th quarter. Capital Research Global Investors now owns 1,581,876 shares of the RV manufacturer’s stock worth $162,411,000 after purchasing an additional 48,466 shares during the period. Finally, American Century Companies Inc. boosted its stake in Thor Industries by 16.7% in the 3rd quarter. American Century Companies Inc. now owns 1,362,071 shares of the RV manufacturer’s stock worth $141,233,000 after purchasing an additional 195,357 shares during the period. 96.71% of the stock is owned by institutional investors and hedge funds.
Thor Industries Company Profile (Get Free Report)
Thor Industries, Inc is a leading manufacturer of recreational vehicles (RVs) and related components for the leisure travel market. Through its family of well-known brands—such as Airstream, Heartland, Jayco, Keystone RV and Thor Motor Coach—the company designs, manufactures and sells a broad range of motorized and towable RVs, complemented by aftermarket parts and service solutions. Thor offers products that span travel trailers, fifth wheels, toy haulers and Class A, B and C motorhomes, addressing both entry-level and premium segments.
Founded in 1980 when Wade Thompson and Peter Orthwein acquired Airstream from Beatrice Foods, Thor Industries has grown organically and through strategic acquisitions to become one of the largest RV producers in the world.
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, /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced that the date for its fiscal 2026 third quarter earnings release will be on Wednesday, June 3, 2026, before the market opens.
Upon the release of THOR's fiscal 2026 third quarter earnings, the Company will concurrently publish a copy of the earnings release, a comprehensive question and answer document and a slide presentation on the Company's website. To view the quarterly earnings documents, please go to http://ir.thorindustries.com/.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles. For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic realignments or other reorganizational actions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended January 31, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
On May 20, 2026, Thor Industries Inc THO shares rose 3.6% to $74.76, recovering slightly after a challenging year where the stock has declined 26.3% year-to-date and 8.6% over the past year. The shares have fluctuated between a 52-week high of $122.83 and a low of $70.56.
GF Value™ verdict: Current price is $74.76, compared to GF Value™ of $96.65, indicating a 22.6% upside.GF Score™: 76/100, indicating an above-average potential for long-term returns.Most notable signal: Insiders have bought $0.2M in shares over the last 3 months, with no selling activity. Is THO Overvalued or Undervalued? Thor Industries Inc THO is currently trading at $74.76, which is significantly below its GF Value™ of $96.65. This represents a margin of safety of approximately 22.6%, suggesting that the stock is undervalued at its current price. The GF Valuation label suggests that the stock is modestly undervalued, indicating potential opportunities for investors who are looking for a solid entry point in a company with a strong market presence.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. While the undervaluation presents an opportunity, it is essential to consider the company’s current financial and market conditions, which may affect its recovery and future performance.
How Does THO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 13.3x 14.3x Forward P/E 13.3x N/A Thor Industries' current P/E (TTM) of 13.3x is below its 5-year median P/E of 14.3x by approximately 7%. This analysis aligns with the GF Value™ verdict, suggesting that the stock is trading at a discount to its historical valuation. The lower P/E ratio may indicate that the market has priced in some risks or uncertainties associated with the company’s future growth prospects.
What Does THO's GF Score™ Tell Us? Metric Rating GF Score™ 76 Financial Strength 7/10 Profitability 7/10 Growth 4/10 Valuation 8/10 Momentum 5/10 The GF Score™ of 76/100 indicates that Thor Industries Inc has a favorable ranking based on key factors. The strongest areas are Financial Strength and Profitability, both rated at 7/10, suggesting a stable financial foundation and good profit margins. However, the Growth rank of 4/10 indicates that there may be concerns regarding the company’s ability to expand its revenue or earnings in the near term, which could affect its long-term performance.
What Are Insiders Doing with THO Stock? In the past three months, insiders have purchased approximately $0.2 million worth of Thor Industries shares, with no selling activity reported. This pattern of buying suggests that insiders have confidence in the company’s future prospects, which can be a positive signal for investors. The absence of selling further reinforces the belief that insiders view the current price as an attractive entry point.
What This Means for Investors Based on the GF Value™, Thor Industries Inc THO is currently undervalued. The significant margin of safety relative to the GF Value™ indicates a potential opportunity for investors seeking exposure to the vehicles and parts industry. However, it is essential to consider market conditions and the company's growth prospects before making any investment decisions.
For the complete analysis, visit the Thor Industries Inc THO stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is THO's GF Score™?
THO's GF Score™ is 76/100, indicating that it has an above-average potential for long-term returns based on key financial metrics.
Is THO overvalued or undervalued?
THO is currently undervalued, with a GF Value™ of $96.65 compared to its current price of $74.76, suggesting a potential upside of 22.6%.
What is THO's P/E ratio?
THO's P/E (TTM) is 13.3x, which is 7% below its 5-year median P/E of 14.3x, indicating that it is trading at a discount compared to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
What happenedAn SEC filing dated May 14, 2026, shows Timucuan Asset Management sold 47,996 shares of Thor Industries (THO +1.64%) during the first quarter. The estimated transaction value is $4.89 million based on the average closing price from January through March. The quarter-end value of the position decreased by $63.05 million, reflecting both trading activity and price movements.
What else to knowThis sale left Thor Industries at 7.5% of the fund's reportable AUM at the end of the quarter.
Top holdings after the filing:Charles Schwab: $277.15 million (10.2% of AUM)Installed Building Products: $219.24 million (8.1% of AUM)Somnigroup International: $217.45 million (8.0% of AUM)Analog Devices: $216.29 million (8.0% of AUM)Thor Industries: $203.84 million (7.5% of AUM)As of May 20, 2026, Thor Industries shares were trading at $74.76, down 9.7% over the past year and underperforming the S&P 500 by 34 percentage points.
Company overviewMetricValueRevenue (TTM)$9.93 billionNet income (TTM)$300.41 millionDividend yield2.78%Price (as of market close May 20, 2026)$74.76Company snapshotThor Industries:
Offers a broad portfolio of recreational vehicles (RVs), including travel trailers, motorhomes, fifth wheels, and related parts and accessories across North America and Europe.Generates revenue primarily through the design, manufacture, and sale of RVs and components, and distributes products through independent and non-franchise dealers.Serves outdoor enthusiasts, families, and travelers seeking mobile leisure solutions, with a customer base spanning the United States, Canada, and Europe.Thor Industries is a leading manufacturer in the recreational vehicle sector, operating at scale with diversified product lines and a global footprint. The company leverages a dealer-based distribution network to reach a broad customer base and sustain recurring revenue through both vehicle sales and aftermarket parts. Its strategic focus on product innovation and market expansion underpins a competitive position in the consumer cyclical industry.
What this transaction means for investorsTimucuan Asset Management is known for maintaining a concentrated portfolio and holding onto its favorite holdings for years, if not decades. I think this is important to note in the context of the firm’s Q1 Thor Industries sale, as I don’t believe investors should overreact to this news. The firm has been holding (and adding to) Thor since 2019 and only sold roughly 2% of its stake in Q1. In fact, Timucuan still holds nearly 5% of Thor’s total shares outstanding, so this isn’t a major sale by any means.
As for the stock itself, Thor operates in the highly cyclical RV industry, but has produced incredible returns for investors who bought and held for the long haul. Thor has delivered a 14% annualized total return since 1990 and has increased its dividend payments for 16 years, despite the inherent cyclicality of its operations. Furthermore, the company continues to hold a near-50% market share in the motorized RV niche in North America. It also holds No. 1 or No. 2 positions in N.A.’s towable niche and the European RV market.
While the current market is challenging for Thor, as consumer confidence remains weak and the company continues to rebound from the decline it saw following immense pandemic-fueled growth, its price-to-sales ratio of 0.40 is well below its ten-year average of 0.57. While I’m not sure exactly why Timucuan trimmed its Thor Industries position, investors shouldn’t worry about the transaction either way. In fact, I’d argue that if you’re truly interested in the stock, now is as good a time as any to take a serious look at the long-term outperformer.
Charles Schwab is an advertising partner of Motley Fool Money. Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Installed Building Products. The Motley Fool recommends Charles Schwab and recommends the following options: short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
Wall Street analysts expect Thor Industries (THO - Free Report) to post quarterly earnings of $1.88 per share in its upcoming report, which indicates a year-over-year decline of 32.1%. Revenues are expected to be $2.64 billion, down 8.7% from the year-ago quarter.
The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
Given this perspective, it's time to examine the average forecasts of specific Thor Industries metrics that are routinely monitored and predicted by Wall Street analysts.
It is projected by analysts that the 'Net Sales- Recreational vehicles- North American Motorized' will reach $612.10 million. The estimate indicates a year-over-year change of -8.2%.
The average prediction of analysts places 'Net Sales- Recreational vehicles- North American Towable' at $1.02 billion. The estimate indicates a year-over-year change of -12.5%.
Analysts expect 'Net Sales- Recreational vehicles- Total' to come in at $2.40 billion. The estimate indicates a change of -11.7% from the prior-year quarter.
Analysts forecast 'Net Sales- Recreational vehicles- European' to reach $824.29 million. The estimate points to a change of -6.7% from the year-ago quarter.
Analysts' assessment points toward 'Net Sales- Recreational vehicles- Total North America' reaching $1.64 billion. The estimate indicates a year-over-year change of -10.9%.
The combined assessment of analysts suggests that 'Unit Shipments - Recreational vehicles - European' will likely reach 12,219 . Compared to the present estimate, the company reported 13,495 in the same quarter last year.
The collective assessment of analysts points to an estimated 'Unit Shipments - Recreational vehicles - North American Towable' of 31,127 . The estimate is in contrast to the year-ago figure of 36,077 .
Based on the collective assessment of analysts, 'Unit Shipments - Total' should arrive at 48,868 . Compared to the current estimate, the company reported 55,079 in the same quarter of the previous year.
According to the collective judgment of analysts, 'Unit Shipments - Recreational vehicles - Total North America' should come in at 36,649 . Compared to the present estimate, the company reported 41,584 in the same quarter last year.
The consensus among analysts is that 'Unit Shipments - Recreational vehicles - North American Motorized' will reach 5,522 . Compared to the present estimate, the company reported 5,507 in the same quarter last year.
Analysts predict that the 'Gross Profit- Recreational vehicles- North American Motorized' will reach $79.47 million. The estimate compares to the year-ago value of $70.30 million.
The consensus estimate for 'Gross Profit- Other' stands at $62.69 million. Compared to the present estimate, the company reported $55.68 million in the same quarter last year.
View all Key Company Metrics for Thor Industries here>>>
Over the past month, shares of Thor Industries have returned +1.6% versus the Zacks S&P 500 composite's +6% change. Currently, THO carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
(1) See reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures included at the end of this release
Fiscal 2026 Third Quarter
Net sales of $2.78 billion, Net income attributable to THOR of $97.2 million and EBITDA of $209.1 million in the quarter North American Motorized and European top-line results continue to indicate resilient demand for these products in a difficult macroeconomic environment Opportunistically repurchased $50.5 million of shares during the quarter Net income attributable to THOR was aided by gains from favorable market value adjustments on certain investments as well as gains on the sales of certain real estate associated with strategically optimizing our footprint. Adjusted EBITDA of $183.6 million in the quarter excludes, among other items, nonrecurring costs or benefits associated with strategic reorganization initiatives, the impact of gains on investments and the impact of real estate transactions Full-year fiscal 2026 diluted EPS guidance has been revised in light of prolonged macroeconomic headwinds Consolidated net sales in the range of $9.0 billion to $9.5 billion (no revision) Diluted earnings per share in the range of $3.30 to $3.80 (previously $3.75 to $4.25) , /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) today announced financial results for its fiscal 2026 third quarter ended April 30, 2026.
"At the end of our fiscal second quarter, we correctly identified the risk of geopolitical events having an adverse impact on the RV selling season. The consequences of this risk coming to fruition during our fiscal third quarter have exceeded the expectations of our industry due to the unforeseen duration of these macroeconomic influences and their impact on consumer sentiment and material costs. In particular, our North American Towable segment has confronted both suppressed volumes due to strained consumer sentiment and rising material costs brought on by tariff and inflationary pressures. Despite these challenges, we are focused on executing our strategy within any economic environment. Our fiscal third quarter results demonstrate the steadfastness of our teams as we navigate this challenging macroeconomic backdrop. Our North American Motorized and European segment results showed resilience and illustrate an enduring interest in the RV lifestyle, with fiscal 2026 third quarter Motorized net sales up 7.7% and European net sales up 3.6% on a constant currency basis compared to the prior-year period. We remain committed to diligently managing our business and better positioning it for the near-term RV landscape as we wait for resolutions to macroeconomic headwinds and an inflection in consumer confidence and the retail market. Our previously announced strategic realignment of our North American RV operations is well under way with management team assessments largely complete and initiatives ready to be implemented. Our operations in both North America and Europe continue to be streamlined while also delivering innovative and refreshed products. We have invested heavily in growing our owned supplier businesses to further diversify our revenue streams within the RV market and provide optionality as a trusted partner within the supplier landscape. Our future is bright, supported by the strong foundation we have built and the operational efficiencies we continue to pursue," stated Bob Martin, President and Chief Executive Officer of THOR Industries. "Our confidence in the appeal of the RV lifestyle remains high despite current macroeconomic impediments. We look forward to advancing the realignment of our North American RV operations and to start seeing key initiatives put in motion as well as their benefits starting to be realized. We are clear and confident in our strategy going forward, and are well-equipped to manage through any market landscape."
Todd Woelfer, Senior Vice President and Chief Operating Officer, added, "Our fiscal third quarter results reflect both the resilience of our diversified business model and the persistent macroeconomic headwinds facing the RV consumer. With three quarters of fiscal 2026 now complete, we have meaningful visibility into the full-year trajectory of our financial performance. The strained retail environment is reflective of the low level of consumer confidence and has led to reduced retail expectations for the industry. Cost pressures have particularly weighed on our North American Towable results. Even against the backdrop of macroeconomic uncertainty and a subdued retail environment, our conviction that the RV lifestyle continues to resonate with consumers was affirmed. Our North American Motorized segment delivered net sales growth compared to the prior-year period and expanded its retail market share to 47.8% for the three months ended March 31, 2026, while our European segment also grew net sales compared to the prior-year period and increased retail market share to 24.4% for the three months ended March 31, 2026, clear evidence that demand for our products remains durable in the categories where consumers see compelling value. In addition to the resilience of these segments, our owned supply companies continue to provide a lift to our consolidated financial results, with strong top- and bottom-line performances and content per unit growth across the RV industry for the nine months ended April 30, 2026 compared to the prior-year period. At the same time, we recognize that our North American Towable segment is facing continuing and amplified headwinds, and the strategic realignment we have set in motion is specifically designed to position that segment for stronger net sales and margin performance as retail conditions improve."
"As we enter the final quarter of fiscal 2026 mindful of the heightened uncertainty affecting consumer confidence and dealer ordering patterns, we are focused on execution: progressing through the operational steps of our North American RV realignment, continuing to invest in product innovation across all of our brands and maintaining the disciplined capital allocation framework that has allowed us to return capital to shareholders while preserving balance sheet strength. We have built THOR to perform through cycles, and the work we are doing today is creating a stronger foundation for the long-term value we are committed to delivering to our shareholders," stated Woelfer.
"Our disciplined capital allocation framework allowed us to maintain our balance sheet focus amidst an otherwise challenging operational environment. During the quarter, we returned capital to shareholders through $50.5 million in share repurchases and $27.1 million in dividend payments. We took advantage of suppressed market values due to macroeconomic conditions and strategically repurchased shares," added Colleen Zuhl, Senior Vice President and Chief Financial Officer. "We remain focused on maintaining the Company's resiliency within a difficult economic backdrop while still being poised for growth opportunities. THOR has demonstrated throughout its history an ability to manage through a diverse set of market conditions. Our strong liquidity position allows us to weather difficult environments while also being able to explore attractive ventures. Our focus going forward is to continue to manage working capital and to protect margins through efficiencies and production discipline, all while remaining committed to investing in our business. This commitment includes strategic initiatives that are forward-thinking and create long-term shareholder value. As we begin our fiscal 2026 fourth quarter, we are confident that our liquidity position affords us to not have to settle on an individual priority but instead pick and choose advantageous opportunities as they arise."
Third Quarter Financial Results
THOR's consolidated results were primarily driven by the results of its individual reportable segments as noted below.
Segment Results
North American Towable RVs
($ in thousands)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026
2025
2026
2025
Net Sales
$ 881,778
$ 1,168,878
(24.6) %
$ 2,489,353
$ 2,895,922
(14.0) %
Unit Shipments
27,045
36,077
(25.0) %
74,429
94,108
(20.9) %
Gross Profit
$ 89,693
$ 174,317
(48.5) %
$ 284,186
$ 378,400
(24.9) %
Gross Profit Margin %
10.2 %
14.9 %
(470) bps
11.4 %
13.1 %
(170) bps
Income Before Income Taxes
$ 52,683
$ 97,587
(46.0) %
$ 130,349
$ 172,560
(24.5) %
As of April 30,
Change
($ in thousands)
2026
2025
Order Backlog
$ 385,988
$ 634,318
(39.1) %
Net sales declined in our fiscal 2026 third quarter compared to the prior-year period due to a 25.0% decrease in unit shipments influenced by a challenging retail environment and cautious independent dealer ordering patterns. The gross profit margin percentage in the third quarter of fiscal 2026 declined by 470 basis points compared to the prior-year period, primarily due to lower sales, an increased material cost percentage and an unfavorable product mix. Income before income taxes for the three and nine months ended April 30, 2026, includes gains on sales of fixed assets of $23.8 million and $36.8 million, respectively. North American Motorized RVs
($ in thousands)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026
2025
2026
2025
Net Sales
$ 717,736
$ 666,686
7.7 %
$ 1,955,903
$ 1,618,192
20.9 %
Unit Shipments
6,008
5,507
9.1 %
15,482
12,774
21.2 %
Gross Profit
$ 62,947
$ 70,297
(10.5) %
$ 189,209
$ 147,765
28.0 %
Gross Profit Margin %
8.8 %
10.5 %
(170) bps
9.7 %
9.1 %
+60 bps
Income Before Income Taxes
$ 25,349
$ 32,883
(22.9) %
$ 79,402
$ 46,262
71.6 %
As of April 30,
Change
($ in thousands)
2026
2025
Order Backlog
$ 766,117
$ 883,739
(13.3) %
Net sales for the North American Motorized segment increased 7.7% in the third quarter of fiscal 2026 compared to the prior-year period, driven by a 9.1% increase in unit shipments and a 1.4% decrease in the overall net price per unit as our more moderately priced Class C products remain popular with consumers. The gross profit margin percentage declined 170 basis points compared to the prior-year period due to the increased volumes being more than offset by the combined increases in the material, warranty and overhead cost percentages. European RVs
($ in thousands)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026
2025
2026
2025
Net Sales
$ 987,585
$ 883,542
11.8 %
$ 2,327,536
$ 2,100,910
10.8 %
Unit Shipments
14,065
13,495
4.2 %
32,253
31,572
2.2 %
Gross Profit
$ 142,029
$ 142,830
(0.6) %
$ 294,972
$ 316,407
(6.8) %
Gross Profit Margin %
14.4 %
16.2 %
(180) bps
12.7 %
15.1 %
(240) bps
Income Before Income Taxes
$ 56,167
$ 46,299
21.3 %
$ 17,221
$ 49,686
(65.3) %
As of April 30,
Change
($ in thousands)
2026
2025
Order Backlog
$ 1,357,430
$ 1,343,608
1.0 %
European RV net sales for the third quarter of fiscal 2026 increased 11.8% compared to the prior-year period, driven by the combined impact of a 4.2% increase in unit shipments and a 7.6% increase in the overall net price per unit, of which 8.2% was due to favorable changes in foreign currency exchange rates. The gross profit margin percentage fell 180 basis points in our fiscal 2026 third quarter compared to the prior-year period due to a higher material cost percentage, a higher mix of lower-margin special-edition motorcaravan products and an increased warranty cost percentage. Income before income taxes includes restructuring costs of $3.4 million and $15.8 million for the three and nine months ended April 30, 2026, respectively. Fiscal 2026 Guidance
"Our results through the first three quarters of fiscal 2026 reflect the persistent macroeconomic pressures weighing on the broader RV market, including a challenged retail environment driven in large part by low consumer confidence, cautious independent dealer ordering patterns and ongoing tariff-related and inflationary cost dynamics that continue to negatively impact industry-wide performance. While these external conditions remain outside of our control, we are firmly focused on the conditions that are within our control — measured production management, the strategic realignment of our North American RV operations, continued operational improvements across our European segment and the disciplined capital allocation framework that has guided our decisions throughout the fiscal year. Given the prolonged geopolitical and macroeconomic conditions and the resulting pressure on consumer confidence and retail demand, we believe it is prudent to revise portions of our full-year guidance. Despite this revision, we remain confident in our ability to execute through the remainder of fiscal 2026 and position THOR to outperform when market conditions stabilize," commented Woelfer.
For fiscal 2026, the Company's full-year financial guidance includes:
Consolidated net sales in the range of $9.0 billion to $9.5 billion (no revision) Declining gross margin at midpoint (previously stable) Diluted earnings per share in the range of $3.30 to $3.80 (previously $3.75 to $4.25) For the fiscal year 2026 period, an assumption of a mid-teens retail decline in North America with a low-single-digit market share decline in North American Towables and a low-single-digit market share gain in North American Motorized (previously low- to mid-single-digit retail decline in North America with stable market share) No meaningful financial impact for the balance of the fiscal year related to the strategic evolution of our North American RV operations (no revision) A total tax rate in the range of 26% to 28% including estimated discrete items (previously 24% to 26% excluding discrete items) Mr. Martin concluded by saying, "While the current operating environment reflects heightened near-term headwinds for our industry, our conviction in the long-term trajectory of the RV market remains as strong as ever. Consumers continue to value the freedom, flexibility and connection to the outdoors that the RV lifestyle uniquely provides. The fundamental drivers of demand — favorable demographic trends, the enduring appeal of outdoor recreation and the millions of consumers introduced to the RV lifestyle over the past several years — remain firmly intact. As we enter the final quarter of fiscal 2026, we are focused on executing the strategic initiatives that will position THOR to lead the RV industry into its next phase of growth. We have built this Company to perform across cycles, and the operational discipline, brand strength and innovation pipeline we are advancing today give me tremendous confidence in our ability to deliver sustainable, long-term value for our shareholders, our independent dealer partners and the consumers we serve."
Supplemental Earnings Release Materials
THOR Industries has provided a comprehensive question and answer document, as well as a PowerPoint presentation, relating to its quarterly results and other topics.
To view these materials, go to http://ir.thorindustries.com.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles.
For more information on the Company and its products, please go to www.thorindustries.com.
Forward-Looking Statements
This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance and actual results may differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the level of consumer confidence and the level of discretionary consumer spending; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, trade, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the ability to realize anticipated benefits of strategic initiatives including realignments or other reorganizational actions; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits costs to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, including confidential and personal information, from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of adverse weather conditions and/or weather-related events; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.
These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.
THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2026 AND 2025
($000's except share and per share data) (Unaudited)
Three Months Ended April 30,
Nine Months Ended April 30,
2026
% Net
Sales (1)
2025
% Net
Sales (1)
2026
% Net
Sales (1)
2025
% Net
Sales (1)
Net sales
$ 2,781,538
$ 2,894,816
$ 7,296,517
$ 7,055,707
Gross profit
$ 354,770
12.8 %
$ 443,119
15.3 %
$ 926,998
12.7 %
$ 969,758
13.7 %
Selling, general and administrative
expenses
230,929
8.3 %
238,273
8.2 %
696,980
9.6 %
684,692
9.7 %
Amortization of intangible assets
27,818
1.0 %
29,604
1.0 %
83,543
1.1 %
88,670
1.3 %
Interest expense, net
9,655
0.3 %
11,205
0.4 %
28,092
0.4 %
38,383
0.5 %
Other income (expense), net
47,105
1.7 %
(8,457)
(0.3) %
68,570
0.9 %
(5,189)
(0.1) %
Income before income taxes
133,473
4.8 %
155,580
5.4 %
186,953
2.6 %
152,824
2.2 %
Income tax provision
37,935
1.4 %
21,652
0.7 %
53,605
0.7 %
22,858
0.3 %
Net income
95,538
3.4 %
133,928
4.6 %
133,348
1.8 %
129,966
1.8 %
Less: Net loss attributable to non-
controlling interests
(1,691)
(0.1) %
(1,257)
— %
(3,353)
— %
(2,836)
— %
Net income attributable to THOR
Industries, Inc.
$ 97,229
3.5 %
$ 135,185
4.7 %
$ 136,701
1.9 %
$ 132,802
1.9 %
Earnings per common share:
Basic
$ 1.86
$ 2.54
$ 2.60
$ 2.50
Diluted
$ 1.86
$ 2.53
$ 2.59
$ 2.49
Weighted-average common shares
outstanding:
Basic
52,240,856
53,203,568
52,548,586
53,128,112
Diluted
52,399,684
53,433,493
52,743,174
53,439,096
(1) Percentages may not add due to rounding differences
The following table reconciles consolidated net income to consolidated EBITDA and Adjusted EBITDA:
EBITDA Reconciliations
($ in thousands)
Three Months Ended
April 30,
Nine Months Ended
April 30,
2026
2025
2026
2025
Net income (GAAP)
$ 95,538
$ 133,928
$ 133,348
$ 129,966
Add back:
Interest expense, net
9,655
11,205
28,092
38,383
Income tax provision
37,935
21,652
53,605
22,858
Depreciation and amortization of intangible assets
65,950
66,173
196,863
199,828
EBITDA (Non-GAAP)
$ 209,078
$ 232,958
$ 411,908
$ 391,035
Add back:
Stock-based compensation expense
6,702
8,188
25,599
26,798
Change in LIFO reserve, net
2,837
(1,400)
5,941
(2,900)
Non-cash foreign currency loss (gain)
(1,534)
2,665
(2,613)
7,311
Investment-related loss (gain) (1)
(14,227)
137
(13,162)
5,414
Weather-related loss (gain)
—
(1,500)
—
(1,500)
Strategic initiatives
6,282
12,722
29,023
28,181
Other loss (gain), including sales of PP&E
(25,577)
1,053
(44,076)
(4,719)
Adjusted EBITDA (Non-GAAP)
$ 183,561
$ 254,823
$ 412,620
$ 449,620
(1) Includes the fair value adjustments of certain warrants and stock investments along with equity method investment income and losses
EBITDA and Adjusted EBITDA are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one-time items. EBITDA is defined as net income before net interest expense (income), income tax provision (benefit) and depreciation and amortization. Adjusted EBITDA reflects adjustments to EBITDA to identify items that, in management's judgment, significantly affect the assessment of earnings results between periods. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.
Thor Industries (THO - Free Report) came out with quarterly earnings of $1.86 per share, missing the Zacks Consensus Estimate of $1.88 per share. This compares to earnings of $2.77 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -0.85%. A quarter ago, it was expected that this recreational vehicle maker would post earnings of $0.03 per share when it actually produced earnings of $0.04, delivering a surprise of +33.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Thor Industries, which belongs to the Zacks Building Products - Mobile Homes and RV Builders industry, posted revenues of $2.78 billion for the quarter ended April 2026, surpassing the Zacks Consensus Estimate by 5.19%. This compares to year-ago revenues of $2.89 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Thor Industries shares have lost about 24.5% since the beginning of the year versus the S&P 500's gain of 11.2%.
What's Next for Thor Industries?While Thor Industries has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Thor Industries was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.47 on $2.33 billion in revenues for the coming quarter and $4.15 on $9.51 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Mobile Homes and RV Builders is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Winnebago Industries (WGO - Free Report) , is yet to report results for the quarter ended May 2026.
This recreational vehicle maker is expected to post quarterly earnings of $0.85 per share in its upcoming report, which represents a year-over-year change of +4.9%. The consensus EPS estimate for the quarter has been revised 0.8% lower over the last 30 days to the current level.
Winnebago Industries' revenues are expected to be $776.91 million, up 0.2% from the year-ago quarter.
For the quarter ended April 2026, Thor Industries (THO - Free Report) reported revenue of $2.78 billion, down 3.9% over the same period last year. EPS came in at $1.86, compared to $2.77 in the year-ago quarter.
The reported revenue represents a surprise of +5.19% over the Zacks Consensus Estimate of $2.64 billion. With the consensus EPS estimate being $1.88, the EPS surprise was -0.85%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Thor Industries performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Unit Shipments - Recreational vehicles - European: 14,065 compared to the 12,219 average estimate based on two analysts.Unit Shipments - Recreational vehicles - North American Towable: 27,045 versus the two-analyst average estimate of 31,127.Unit Shipments - Total: 47,118 compared to the 48,868 average estimate based on two analysts.Unit Shipments - Recreational vehicles - Total North America: 33,053 compared to the 36,649 average estimate based on two analysts.Unit Shipments - Recreational vehicles - North American Motorized: 6,008 versus the two-analyst average estimate of 5,522.Net Sales- Recreational vehicles- European: $987.59 million versus $824.29 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +11.8% change.Net Sales- Recreational vehicles- Total North America: $1.6 billion compared to the $1.64 billion average estimate based on four analysts. The reported number represents a change of -12.9% year over year.Net Sales- Recreational vehicles- North American Motorized: $717.74 million compared to the $612.1 million average estimate based on four analysts. The reported number represents a change of +7.7% year over year.Net Sales- Recreational vehicles- North American Towable: $881.78 million versus $1.02 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -24.6% change.Net Sales- Recreational vehicles- Total: $2.59 billion versus the two-analyst average estimate of $2.4 billion. The reported number represents a year-over-year change of -4.9%.Gross Profit- Recreational vehicles- North American Motorized: $62.95 million versus the two-analyst average estimate of $79.47 million.Gross Profit- Other: $60.1 million versus the two-analyst average estimate of $62.69 million.View all Key Company Metrics for Thor Industries here>>>
Shares of Thor Industries have returned +3.1% over the past month versus the Zacks S&P 500 composite's +5.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Published in earnings earnings-estimates-revisions earnings-surprise
THOR Industries reported Q3 '26 results that were mixed to bad, with declining sales and profitability across key segments. NA Towable RV sales dropped nearly 25% y/y, with a 39% decline in backlog, while margins suffered from higher material costs and an unfavorable mix. Operating cash flow fell sharply due to inventory buildup, turning free cash flow negative, and management cut full-year EPS guidance to $3.30-$3.80.
On June 10, 2026, Thor Industries Inc THO shares fell 5.0% to a current price of $74.84. The stock has experienced a challenging period, trading within a 52-week range of $69.71 to $122.83.
GF Value™ verdict: THO is currently priced at $74.84, which is 21.8% below the GF Value™ estimate of $95.73.GF Score™ of 74/100 indicates the stock is rated as above average based on key financial metrics.No insider transactions have been reported in the last 3 months, reflecting a lack of insider activity. Is THO Overvalued or Undervalued? According to the GF Value™, Thor Industries Inc THO is currently undervalued with a fair value estimate at $95.73, suggesting a significant upside potential of 21.8% from the current price of $74.84. The GF Valuation label categorizes THO as modestly undervalued, indicating that there may be an attractive opportunity for potential investors. However, it is essential to consider market conditions and the risks associated with investing in a stock that has experienced a decline of 26.2% year-to-date and 13.7% over the past year.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The current price being below the fair value suggests that THO may offer a margin of safety for those looking to enter or increase their exposure to this stock.
How Does THO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 15.1x 15.3x (5-Year Median) Forward P/E 15.2x - The current P/E (TTM) ratio of 15.1x is slightly below its 5-year median of 15.3x and aligns closely with the forward P/E of 15.2x. This P/E analysis agrees with the GF Value™ verdict, suggesting that the stock is trading at a valuation that reflects modest undervaluation compared to its historical context.
What Does THO's GF Score™ Tell Us? Metric Rating GF Score™ 74 Financial Strength 7/10 Profitability 7/10 Growth 3/10 Valuation 10/10 Momentum 5/10 The GF Score™ of 74/100 reflects a strong overall position, particularly in the Valuation category, where it scores a perfect 10/10. However, the Growth rank of 3/10 indicates that there may be concerns about future revenue and earnings growth potential. The Financial Strength and Profitability ranks of 7/10 suggest that the company maintains a solid financial position and operational efficiency, which may be reassuring to potential investors.
What Are Insiders Doing with THO Stock? In the last three months, there have been no reported insider transactions involving Thor Industries Inc THO . This lack of insider activity may suggest a neutral outlook from current management regarding the stock's future performance. It can also indicate that insiders are not currently taking advantage of the lower prices, which could be seen as a bearish sign.
What This Means for Investors Based on the current analysis, Thor Industries Inc THO is considered undervalued with a potential upside according to the GF Value™. While the stock's current price provides a margin of safety, the challenges in growth and recent price declines should be taken into account by those considering an investment.
For the complete analysis, visit the Thor Industries Inc THO stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is THO's GF Score™?
THO has a GF Score™ of 74/100, indicating that it is rated above average based on key financial metrics and historical performance.
Is THO overvalued or undervalued?
THO is currently considered undervalued, with a GF Value™ estimate of $95.73 compared to the current price of $74.84, reflecting a 21.8% upside potential.
What is THO's P/E ratio?
THO has a P/E (TTM) ratio of 15.1x, which is slightly below its 5-year median of 15.3x, suggesting that it is trading at a comparable valuation to its historical levels.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
