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Fiscal fourth-quarter adjusted earnings that beat consensus estimates, alongside a multi-year cost-cutting plan, sent Winnebago Industries (WGO -2.06%) soaring 16% this week.

Winnebago Industries stock changed hands at $27.35 as of Friday morning, up 16% this week from last Friday's close. Over the same period, the S&P 500 (^GSPC -0.30%) was down 0.5%, and the Nasdaq-100 was down 0.8%.

Image source: Winnebago.

Cost cuts and fiscal 2027 guidance lift Winnebago stockThe recreational vehicle maker reported fiscal fourth-quarter revenue of $645.1 million, a 17% year-over-year decline, reflecting soft consumer demand across the outdoor recreation market. Despite top-line pressure, adjusted earnings per share (EPS) of $0.49 topped consensus estimates of $0.47. To protect profitability in a sluggish market, management announced a reduction in manufacturing capacity and outlined plans to generate $70 million to $80 million in cumulative gross cost savings through fiscal 2029.

Winnebago Industries manufactures recreational vehicles, motorhomes, travel trailers, and premium boats, which are sold through a network of independent dealers to outdoor enthusiasts. Beyond its flagship RV models, the company operates premium marine brands like Chris-Craft and Barletta, as well as an expanding aftermarket parts business. By consolidating towable RV production into lower-cost sites, management aims to preserve margins even if retail sales volumes stay muted across North America.

Looking ahead, management issued fiscal 2027 guidance, expecting adjusted EPS between $1.65 and $2.25 and revenue between $2.65 billion and $2.80 billion. The projected earnings growth at the midpoint depends primarily on internal efficiency gains, site consolidations, and cost discipline rather than an immediate rebound in retail RV shipments. This week's guidance and cost-cutting plan shifts the thesis from enduring cyclical RV weakness to benefiting from operational efficiency and margin expansion.

What's next for Winnebago IndustriesInvestors will be watching whether dealer destocking eases and whether cost reductions begin to trickle down to operating margins when Winnebago Industries reports fiscal 2027 first-quarter results, expected in late December. The stock trades at a trailing price-to-earnings (P/E) ratio of 22.6 on its $780 million market capitalization, a valuation that assumes management can deliver on its promised efficiency gains while preserving market share. While the company held $181.4 million in cash and short-term investments as of Aug. 29, 2026, relatively high debt and elevated dealer inventory risks remain key headwinds if broader consumer spending contracts further.

$27.98-$0.59 (-2.06%)

NYSE · As of 12:56 PM ET 10/23/26

Is Winnebago Industries Stock a Buy?Winnebago is operating in a tough environment. Consumer spending is tight, and elevated fuel prices are another headwind. The company is navigating it through operational efficiencies and cost reductions.

Fiscal 2027 guidance targets adjusted EPS between $1.65 and $2.25, signaling a partial operational earnings recovery. Cash flow provided by operations in fiscal Q4 was $142.5 million. With the stock declining by over 30% year to date, the dividend yield now sits above 5%. That payment should be covered by operating cash flow, however. The company increased the dividend by 3% in August, but it still only amounts to about $41 million per year.

An ongoing decline in sales could change that, though. The stock jump this week signals investors see signs of a recovery in the business. While business risks remain, Winnebago stock could be a good place for value investors to allocate funds now.

-- Motorhome RV Continues to Gain Share through Innovation and Operational Execution(1) --

-- Recent Manufacturing Footprint Actions Expected to Drive Long-Term Returns --

-- Barletta Continues to Expand Share of the U.S. Aluminum Pontoon Market(1) --

-- Strong Cash Flows in the Quarter and an Improvement in Net Leverage to 2.2x --

-- Company Issues Fiscal 2027 Financial Guidance --

EDEN PRAIRIE, Minn., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Company's fourth quarter and full year Fiscal 2026.

Fourth Quarter Fiscal 2026 Financial Summary

Net revenues of $645.1 million compared to $777.3 million in the fourth quarter of Fiscal 2025Gross profit of $80.7 million, representing 12.5% gross margin, compared to $99.2 million, representing 12.8% gross margin in the fourth quarter of Fiscal 2025Net income of $9.7 million, or $0.34 per diluted share; adjusted earnings per diluted share of $0.49 compared to $0.71 in the fourth quarter of Fiscal 2025Adjusted EBITDA of $32.6 million, representing 5.1% adjusted EBITDA marginNet cash flow from operations of $142.5 millionNet leverage ratio improved to 2.2x at quarter end Full Year Fiscal 2026 Financial Summary

Net revenues of $2,703.9 million compared to $2,798.2 million in Fiscal 2025Gross profit of $350.2 million, representing 13.0% gross margin, compared to $365.1 million, representing 13.0% gross margin in Fiscal 2025Net income of $34.5 million, or $1.21 per diluted share; adjusted earnings per diluted share of $1.79 compared to $1.67 in Fiscal 2025Adjusted EBITDA of $125.0 million, representing 4.6% adjusted EBITDA marginNet cash flow from operations of $168.7 million
CEO Commentary
“Fiscal 2026 highlighted the resilience of our portfolio and the disciplined execution of our teams in a persistently challenging retail environment,” said President and Chief Executive Officer Michael Happe. “By maintaining focus on the factors within our control, including product innovation, operational improvements and deliberate production and inventory management, we continued to strengthen our brands and position the portfolio for long-term growth.

“Even as market pressure across our segments persisted, we began to see encouraging early signs across several strategic initiatives: real traction in the Winnebago Motorhome transformation, stabilizing share trends and improving market share at Grand Design Towables, growing market penetration for Grand Design Motorized, and impressive share growth at Winnebago Towables,” Happe said. “We took actions to rationalize capacity, drive operational efficiency, and better align our manufacturing footprint with market demand. These initiatives remain at different stages of development, and we expect their financial contribution to build gradually, with greater value accruing in future years. Together with the strong continued growth of Barletta's market presence in pontoons and our growing portable power offerings, this progress reinforces our confidence in the long-term earnings potential of our portfolio.

"At multiple retail, trade, and dealer meeting events in September, we demonstrated the breadth of our portfolio with new offerings across brands, product categories and price points. Dealer feedback was encouraging and reinforced that the investments we've made around both innovation and affordability are well aligned with evolving consumer preferences, positioning us to capitalize on opportunities within our control while continuing to elevate the ownership experience."

Fourth Quarter Fiscal 2026 Results

Net revenues were $645.1 million, a decrease of 17.0% compared to $777.3 million in the fourth quarter of Fiscal 2025, primarily due to lower unit volume and product mix, partially offset by selective price adjustments.

Gross profit was $80.7 million, a decrease of 18.6% compared to $99.2 million in the fourth quarter of Fiscal 2025. Gross profit margin decreased 30 basis points in the quarter to 12.5%, primarily due to volume deleverage, partially offset by operational efficiencies from Motorhome segment transformation initiatives.

Operating expenses were $63.1 million, a decrease of 20.1% compared to $79.1 million in the fourth quarter of Fiscal 2025, primarily due to cost reduction initiatives.

Operating income was $17.6 million, a decrease of 12.3% compared to $20.1 million in the fourth quarter of Fiscal 2025.

Net income was $9.7 million, compared to $13.7 million in the fourth quarter of Fiscal 2025. Reported earnings per diluted share was $0.34, compared to a reported earnings per diluted share of $0.49 in the fourth quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.49, a decrease of 31.0% compared to adjusted earnings per diluted share of $0.71 in the fourth quarter of Fiscal 2025.

Consolidated Adjusted EBITDA was $32.6 million, a decrease of 14.7%, compared to $38.2 million in the fourth quarter of Fiscal 2025.

Full Year Fiscal 2026 Results

Net revenues were $2.7 billion, a decrease of 3.4% compared to $2.8 billion in Fiscal 2025, primarily due to lower unit volume, partially offset by selective price adjustments and product mix.

Gross profit was $350.2 million, a decrease of 4.1% compared to $365.1 million in Fiscal 2025. Gross profit margin remained consistent year-over-year at 13.0% as volume deleverage was largely offset by selective price adjustments.

Operating expenses were $284.0 million, compared to $307.9 million in Fiscal 2025. Operating expenses decreased primarily due to cost reduction initiatives, partially offset by costs to support the growth of the Grand Design Motorhome business.

Operating income was $66.2 million, an increase of 15.7% compared to $57.2 million in Fiscal 2025.

Net income was $34.5 million, compared to $25.7 million in Fiscal 2025. Reported earnings per diluted share was $1.21, an increase of 33.0% compared to reported earnings per diluted share of $0.91 in Fiscal 2025. Adjusted earnings per diluted share was $1.79, an increase of 7.2% compared to adjusted earnings per diluted share of $1.67 in Fiscal 2025.

Consolidated Adjusted EBITDA was $125.0 million, an increase of 2.5%, compared to $121.9 million in Fiscal 2025.

Fourth Quarter and Fiscal 2026 Segments Summary

Towable RV

 Three Months Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$220.3  $306.3  (28.1)%Operating income$9.3  $21.4  (56.5)%Operating income margin 4.2%  7.0% (280) bps(1)  Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.  Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin decreased primarily due to volume deleverage and higher discounts and allowances, partially offset by cost containment initiatives and selective price adjustments.  Year Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$1,050.8  $1,220.2  (13.9)%Operating income$47.5  $72.7  (34.7)%Operating income margin 4.5%  6.0% (150) bps(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.  Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin decreased primarily due to volume deleverage, higher discounts and allowances, and product mix, partially offset by selective price adjustments and cost containment initiatives. Motorhome RV

 Three Months Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$323.6  $361.2  (10.4)%Operating income$7.9  $(0.3) NMOperating income margin 2.4% (0.1)% 250 bps(1)  Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.NM: Not meaningful.                Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by lower discounts and allowances.
Operating income margin increased primarily due to operational efficiencies from transformation initiatives, lower discounts and allowances, and cost containment initiatives, partially offset by volume deleverage.  Year Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$1,257.5  $1,159.7  8.4%Operating income$33.2  $(7.3) NMOperating income margin 2.6% (0.6)% 320 bps(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.NM:Not meaningful.  Net revenues increased primarily due to higher unit volume, selective price adjustments, and lower discounts and allowances.Operating income margin increased primarily due to lower discounts and allowances, and volume leverage. Marine

 Three Months Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$92.3  $94.9  (2.7)%Operating income$6.6  $6.7  (1.5)%Operating income margin 7.1%  7.1% —  bps(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.NM:Not meaningful.  Net revenues decreased primarily due to a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin was consistent with prior year primarily due to selective price adjustments, offset by product mix.  Year Ended($, in millions)August 29, 2026 August 30, 2025 Change(1)Net revenues$356.4  $367.8  (3.1)%Operating income$20.9  $27.7  (24.5)%Operating income margin 5.9%  7.5% (160) bps(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.NM:Not meaningful.  Net revenues decreased primarily due to a shift in product mix toward lower price-point models and lower unit volume, partially offset by selective price adjustments.Operating income margin decreased primarily due to volume deleverage and higher warranty expense, partially offset by selective price adjustments. Balance Sheet and Cash Flow
At the end of the fourth quarter of Fiscal 2026, cash and cash equivalents totaled $181.4 million compared to $57.1 million at the end of the Fiscal 2026 third quarter and $174.0 million at the end of Fiscal 2025. Total outstanding debt was $443.3 million, which included $450.0 million of debt, net of issuance costs of $6.7 million. Working capital improved to $419.1 million, reflecting disciplined balance sheet management and stronger operating efficiency. Cash flow provided by operations was $142.5 million in the Fiscal 2026 fourth quarter. Net leverage was 2.2x at the end of the Fiscal 2026 fourth quarter, down from 3.0x at the end of the third quarter, reflecting strong cash generation and continued progress in strengthening our leverage position.

Quarterly Cash Dividend and Share Repurchases
On August 12, 2026, the Company’s Board of Directors approved a 3% increase in the quarterly cash dividend to $0.36 per share. The dividend was paid on September 23, 2026, to common stockholders of record at the close of business on September 9, 2026.

“Fiscal 2026 also reflected the strength of our balance sheet and disciplined approach to capital allocation,” Happe said. “The renewal and extension of our $350 million revolving credit facility through 2031 and the Board's decision to increase the quarterly dividend underscore our confidence in the business and long-term strategy. Supported by solid operating cash flow, improved working-capital performance and lower year-end leverage, we exited the year with a stronger balance sheet and the flexibility to continue investing in innovation, operations and customer experience."

Outlook

For calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 275,000 to 295,000 units. For calendar year 2027, Winnebago Industries anticipates total North American RV wholesale shipments in the range of 265,000 to 295,000 units. Based on this outlook and the current business environment, in Fiscal 2027 the Company expects:

Consolidated net revenues in the range of $2.65 to $2.80 billion;Reported earnings per diluted share in the range of $0.90 to $1.50; andAdjusted earnings per diluted share in the range of $1.65 to $2.25(2)
The Company’s outlook takes into account prevailing trends in the RV sector, including the impacts from current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.

“Fiscal 2027 outlook reflects a market where the timing and pace of recovery remain difficult to predict,” Happe said. “We will stay focused on serving our customer and dealers at high levels, delivering differentiated products that consumers value and continuing to strengthen our operational efficiency and discipline. The progress we made in fiscal 2026 gives us a stronger operating foundation to manage near-term volatility and capitalize on opportunities as they emerge."

Q4 FY 2026 Conference Call
Winnebago Industries, Inc. will discuss fourth quarter and full year Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.

About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2027. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth, including changes in consumer disposable income; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to performance and financial condition of independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; risk related to changes in trade policy, including tariffs; ability to manage strategic acquisitions, alliances, joint ventures and partnerships; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from failures and disruptions, including those associated with system implementations; risks related to cybersecurity incidents; risks related to the use of Artificial Intelligence ("AI") technologies; ability to maintain compliance with data governance; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to sustainability matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third-party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contacts
Investors: Joan Ondala
[email protected]

Media: Dan Sullivan
[email protected]

Winnebago Industries, Inc.
Footnotes to News Release

Footnotes:

(1) Source: Statistical Surveys Inc. for the trailing 12 months ended 8/31/2026 and 8/31/2025.
(2) Fiscal 2027 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million and restructuring and related costs of approximately $6 million.

Winnebago Industries, Inc.
Condensed Consolidated Statements of Income
(Unaudited and subject to reclassification)
   Three Months Ended(in millions, except percent and per share data)August 29, 2026 August 30, 2025Net revenues$645.1 100.0% $777.3  100.0%Cost of goods sold 564.4 87.5%  678.1  87.2%Gross profit 80.7 12.5%  99.2  12.8%Selling, general, and administrative expenses 57.6 8.9%  73.7  9.5%Amortization 5.5 0.9%  5.4  0.7%Total operating expenses 63.1 9.8%  79.1  10.2%Operating income 17.6 2.7%  20.1  2.6%Interest expense, net 4.6 0.6%  6.6  0.8%Non-operating loss 0.4 0.1%  0.2  0.1%Income before income taxes 12.6 2.0%  13.3  1.7%Income tax provision (benefit) 2.9 0.5%  (0.4) (0.1)%Net income$9.7 1.5% $13.7  1.8%        Earnings per common share:       Basic$0.34   $0.49   Diluted$0.34   $0.49   Weighted average common shares outstanding:       Basic 28.3    28.0   Diluted 28.6    28.2            Year Ended(in millions, except percent and per share data)August 29, 2026 August 30, 2025Net revenues$2,703.9 100.0% $2,798.2  100.0%Cost of goods sold 2,353.7 87.0%  2,433.1  87.0%Gross profit 350.2 13.0%  365.1  13.0%Selling, general, and administrative expenses 262.3 9.7%  285.8  10.2%Amortization 21.7 0.8%  22.1  0.8%Total operating expenses 284.0 10.5%  307.9  11.0%Operating income 66.2 2.4%  57.2  2.0%Interest expense, net 20.9 0.8%  25.9  0.9%Loss on note repurchase 0.8 —%  2.0  0.1%Non-operating loss (income) 0.1 —%  (0.8) (0.1)%Income before income taxes 44.4 1.6%  30.1  1.1%Income tax provision 9.9 0.4%  4.4  0.2%Net income$34.5 1.2% $25.7  0.9%        Earnings per common share:       Basic$1.22   $0.91   Diluted$1.21   $0.91   Weighted average common shares outstanding:       Basic 28.2    28.2   Diluted 28.4    28.3              Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.                      Winnebago Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited and subject to reclassification)
    (in millions)August 29, 2026 August 30, 2025Assets   Current assets   Cash and cash equivalents$181.4 $174.0Receivables, net 153.5  192.0Inventories, net 404.7  396.4Prepaid expenses and other current assets 38.7  29.8Total current assets 778.3  792.2Property, plant, and equipment, net 317.6  333.0Goodwill 484.2  484.2Other intangible assets, net 435.3  456.9Investment in life insurance 28.3  27.1Operating lease assets 39.6  41.6Other long-term assets 18.2  19.4Total assets$2,101.5 $2,154.4    Liabilities and Shareholders' Equity   Current liabilities   Accounts payable$174.1 $129.3Accrued expenses 185.1  197.8Total current liabilities 359.2  327.1Long-term debt, net 443.3  540.5Deferred income tax liabilities, net 12.3  5.9Unrecognized tax benefits 4.1  4.8Long-term operating lease liabilities 36.3  39.3Deferred compensation benefits, net of current portion 4.3  5.1Other long-term liabilities 5.4  7.0Total liabilities 864.9  929.7Shareholders' equity 1,236.6  1,224.7Total liabilities and shareholders' equity$2,101.5 $2,154.4       Winnebago Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and subject to reclassification)
   Year Ended(in millions)August 29, 2026 August 30, 2025Operating activities   Net income$34.5  $25.7 Adjustments to reconcile net income to net cash provided by operating activities   Depreciation 38.3   38.5 Amortization 21.7   22.1 Amortization of debt issuance costs 2.5   3.0 Last in, first-out expense 0.1   1.8 Stock-based compensation 16.9   15.8 Deferred income taxes 6.3   2.9 Deferred compensation expense 0.6   0.7 Loss on note repurchase (Note 8) 0.8   2.0 Asset impairment —   1.2 Restructuring and related costs 1.6   2.9 Other, net (2.7)  (1.0)Change in operating assets and liabilities, net of assets and liabilities acquired   Receivables, net 38.5   (8.2)Inventories, net (8.4)  40.5 Prepaid expenses and other assets (4.3)  9.2 Accounts payable 43.7   (11.6)Income taxes and unrecognized tax benefits 3.3   1.3 Accrued expenses and other liabilities (24.7)  (17.9)Net cash provided by operating activities 168.7   128.9     Investing activities   Purchases of property, plant, and equipment (24.1)  (39.4)Proceeds from the sale of property, plant, and equipment 5.6   2.2 Other, net —   2.4 Net cash used in investing activities (18.5)  (34.8)    Financing activities   Borrowings on long-term debt 3.0   48.8 Repayments on long-term debt (103.0)  (208.7)Payments of cash dividends (39.9)  (38.9)Payments for repurchases of common stock (1.7)  (53.7)Payments of debt issuance costs (2.2)  — Other, net 1.0   1.5 Net cash used in financing activities (142.8)  (251.0)    Net increase (decrease) in cash and cash equivalents 7.4   (156.9)Cash and cash equivalents at beginning of period 174.0   330.9 Cash and cash equivalents at end of period$181.4  $174.0         Supplemental Disclosures   Income taxes paid, net$0.9  $2.5 Interest paid 22.3   29.5     Non-cash investing and financing activities   Capital expenditures in accounts payable$1.4  $0.4 Dividends declared not yet paid 11.7   11.0 Increase in lease assets in exchange for lease liabilities:   Operating leases 5.5   2.7 Financing leases —   0.2          Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Towable RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
   Three Months Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$220.3   $306.3   $(86.0) (28.1)%Operating income 9.3 4.2%  21.4 7.0%  (12.1) (56.5)%             Three Months EndedUnit deliveriesAugust 29, 2026 Product Mix(2) August 30, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 4,671 78.0%  5,680 72.5%  (1,009) (17.8)%Fifth wheel 1,314 22.0%  2,153 27.5%  (839) (39.0)%Total Towable RV 5,985 100.0%  7,833 100.0%  (1,848) (23.6)%             Year Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$1,050.8   $1,220.2   $(169.4) (13.9)%Operating income 47.5 4.5%  72.7 6.0%  (25.2) (34.7)%             Year EndedUnit deliveriesAugust 29, 2026 Product Mix(2) August 30, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 20,021 74.1%  21,714 69.7%  (1,693) (7.8)%Fifth wheel 6,983 25.9%  9,455 30.3%  (2,472) (26.1)%Total Towable RV 27,004 100.0%  31,169 100.0%  (4,165) (13.4)%            Dealer Inventory(3)August 29, 2026   August 30, 2025   Unit Change % ChangeUnits 15,471    16,200    (729) (4.5)%                (1)  Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.(2)  Percentages may not add due to rounding differences.(3)  Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.  Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Motorhome RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
   Three Months Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$323.6   $361.2    $(37.6) (10.4)%Operating income (loss) 7.9 2.4%  (0.3) (0.1)%  8.2  NM             Three Months EndedUnit deliveriesAugust 29, 2026 Product Mix(2) August 30, 2025 Product Mix(2) Unit Change % ChangeClass A 187 11.9%  403  23.1%  (216) (53.6)%Class B 518 33.0%  524  30.0%  (6) (1.1)%Class C 865 55.1%  818  46.9%  47  5.7%Total Motorhome RV 1,570 100.0%  1,745  100.0%  (175) (10.0)%             Year Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$1,257.5   $1,159.7    $97.7  8.4%Operating income (loss) 33.2 2.6%  (7.3) (0.6)%  40.4  NM             Year EndedUnit deliveriesAugust 29, 2026 Product Mix(2) August 30, 2025 Product Mix(2) Unit Change % ChangeClass A 892 15.1%  1,211  21.1%  (319) (26.3)%Class B 1,934 32.6%  1,682  29.3%  252  15.0%Class C 3,099 52.3%  2,849  49.6%  250  8.8%Total Motorhome RV 5,925 100.0%  5,742  100.0%  183  3.2%            Dealer Inventory(3)August 29, 2026   August 30, 2025   Unit Change % ChangeUnits 3,395    3,562     (167) (4.7)% (1)  Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.(2)  Percentages may not add due to rounding differences.(3)  Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.NM: Not meaningful.  Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Marine
(in millions, except unit data)
(Unaudited and subject to reclassification)
   Three Months Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$92.3   $94.9   $(2.6) (2.7)%Operating income 6.6 7.1%  6.7 7.1%  (0.1) (1.5)%             Three Months EndedUnit deliveriesAugust 29, 2026   August 30, 2025   Unit Change % ChangeBoats 1,141    1,164    (23) (2.0)%             Year Ended August 29, 2026 % of Revenues(1) August 30, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$356.4   $367.8   $(11.4) (3.1)%Operating income 20.9 5.9%  27.7 7.5%  (6.8) (24.5)%             Year EndedUnit deliveriesAugust 29, 2026   August 30, 2025   Unit Change % ChangeBoats 4,423    4,635    (212) (4.6)%            Dealer Inventory(2,3)August 29, 2026   August 30, 2025   Unit Change % ChangeUnits 2,510    2,687    (177) (6.6)% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.(2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.NM: Not meaningful.  Winnebago Industries, Inc.
Non-GAAP Reconciliation
(Unaudited and subject to reclassification)
 Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.
 The following table reconciles diluted earnings per share to Adjusted diluted earnings per share:
     Three Months Ended Year Ended August 29, 2026 August 30, 2025 August 29, 2026 August 30, 2025Diluted earnings per share$0.34  $0.49  $1.21  $0.91 Amortization(1) 0.19   0.19   0.76   0.78 Loss on note repurchase(1) —   —   0.03   0.07 Asset impairment(1) —   —   —   0.04 Restructuring and related costs(1) —   0.10   0.06   0.10 Gain on sale of property, plant and equipment(1) —   —   (0.10)  — Tax impact of adjustments(2) (0.04)  (0.07)  (0.17)  (0.23)Adjusted diluted earnings per share(3)$0.49  $0.71  $1.79  $1.67  (1) Represents a pre-tax adjustment.(2) Income tax impact calculated using the statutory tax rate for the U.S. of 22.0% and 23.0% for Fiscal 2026 and Fiscal 2025.(3) Per share numbers may not foot due to rounding.  The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA:

 Three Months Ended Year Ended(in millions)August 29, 2026 August 30, 2025 August 29, 2026 August 30, 2025Net income$9.7 $13.7  $34.5  $25.7 Interest expense, net 4.6  6.6   20.9   25.9 Income tax provision (benefit) 2.9  (0.4)  9.9   4.4 Depreciation 9.5  9.8   38.3   38.5 Amortization 5.5  5.4   21.7   22.1 EBITDA 32.2  35.1   125.3   116.6 Loss on note repurchase —  —   0.8   2.0 Asset impairment —  —   —   1.2 Restructuring and related costs —  2.9   1.6   2.9 Gain on sale of property, plant and equipment —  —   (2.8)  — Non-operating loss (income) 0.4  0.2   0.1   (0.8)Adjusted EBITDA$32.6 $38.2  $125.0  $121.9                 Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.

Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties to evaluate companies in our industry.

EDEN PRAIRIE, Minn., Aug. 20, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today announced the renewal and extension of its asset-based revolving credit facility (“ABL Credit Facility”), reinforcing the company's strong liquidity position and disciplined approach to capital allocation.

The ABL Credit Facility maintains total commitments of $350.0 million and extends the maturity date by four years to August 2031. It replaces the company’s previous asset-based revolving credit facility, which was scheduled to mature on July 15, 2027. JPMorgan Chase Bank, N.A., served as Administrative Agent for the transaction.

“The successful renewal and extension of this facility reflect the strength of our banking relationships and reinforces our financial position,” said Bryan L. Hughes, chief financial officer at Winnebago Industries. “The facility provides continued financial flexibility as we navigate evolving market conditions while investing in our brands, innovation initiatives and operational capabilities and maintaining a disciplined approach to capital allocation to create long-term value for shareholders.”

About Winnebago Industries

Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota, and Florida. The company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries’ investor relations material visit www.winnebagoind.com/investors.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's liquidity position, financial flexibility, capital allocation strategy and long-term strategic priorities. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the company upon request. We caution that the foregoing list of important factors is not complete. The company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contacts

Investors: Joan Ondala | [email protected]

Media: [email protected]

Key Takeaways On June 25, 2026, Winnebago missed on earnings by 19.5% for fiscal Q3 2026.Winnebago cut its FY2026 earnings guidance as the environment remains challenged. Shares of WGO are down 23% year-to-date and trade with a forward P/E of 16. Winnebago Industries, Inc. (WGO - Free Report) is facing a challenging environment as the consumer is on the sidelines. This Zacks Rank #5 (Strong Sell) recently cut its fiscal 2026 earnings guidance.

Winnebago manufacturers outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar, and Barletta brands. It builds motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles.

The company has multiple facilities in Iowa, Indiana, Minnesota, and Florida.

Winnebago Missed on Earnings in Fiscal Q3 2026On June 25, 2026, Winnebago reported its fiscal third quarter 2026 earnings for the period ending on May 30, 2026, and missed on the Zacks Consensus by $0.16. It reported $0.66 versus the consensus of $0.82, or a miss of 19.5%.

It was the first earnings miss in the last four quarters.

Net revenues fell 9.9% to $698.7 million from $775.1 million a year ago primarily driven by lower unit volume, partially offset by selective price adjustments and product mix.

There was growth in the Motorhome RV segment, but it was partially offset by declines in the Towable RV and Marine segments.

“Our teams continue to execute in a retail environment that remained challenging through the third quarter,” said Michael Happe, CEO.

“Industry retail demand was pressured by broader macro factors, including elevated fuel costs, geopolitical uncertainty, and weak consumer confidence which continued to drive cautious dealer ordering and tighter inventory management across the channel,” he added.

Winnebago Cuts Fiscal 2026 Earnings GuidanceWinnebago expects the environment to remain challenged. It now expects North American RV wholesale shipments in the range of 290,000 to 310,000 units.

As a result, it has lowered its full year fiscal 2026 earnings guidance to the range of $1.65 to $2.00. This is compared to its prior guidance range of $2.10 to $2.80.

“Our outlook reflects a measured view of the environment,” Happe said.

“We expect demand conditions to remain challenged in the near term, with continued variability across segments,” he added.

Analysts are Bearish on WinnebagoNot surprisingly, given the company’s guidance cut, the analysts are also bearish.

Four estimates were cut for both FY2026 and FY2027 in the last 30 days.

The fiscal 2026 Zacks Consensus fell to $1.91 from $2.34 during that time. The most accurate estimate is even more bearish at $1.81.

Yet this is still earnings growth of 14.8% as Winnebago made $1.67 in fiscal 2025. However, earnings have declined the prior 3 years.

Analysts were also bearish on next year. The Zacks Consensus on fiscal 2027 has fallen to $2.58 from $2.96 in the last month. But this is still 35.1% growth.

Have earnings hit bottom? Here’s the price and consensus chart.

Image Source: Zacks Investment Research

Shares of Winnebago Fall Further in 2026Given the dreary outlook on earnings, you can imagine that the shares have suffered over the last few years.

Shares are down further in 2026.

Image Source: Zacks Investment Research

Given the earnings decline, it’s not that cheap on a price-to-earnings (P/E) basis. It now trades with a P/E of 16. A P/E under 15 usually indicates value and a P/E under 10 can indicate deep value.

Winnebago does pay a dividend of $1.40, which is yielding an attractive 4.6%.

But investors might want to stay on the sidelines with Winnebago until the business, and earnings estimates, are turning around.

Key Takeaways WGO's 2026 outlook hinges on whether Motorhome RV strength can offset towable RV and marine weakness.Motorhome RV revenues rose 10.1% to $320.7M, with operating margin improving to 3% from negative 1.1%.Affordability pressure, cautious dealer ordering and weak big-ticket demand still weigh on Winnebago. Winnebago Industries, Inc. (WGO - Free Report) is navigating a split 2026 backdrop. Motorhome improvement is helping, but the broader outdoor recreation market remains pressured.

The key question is whether product breadth and brand expansion can outweigh weak discretionary demand. For now, investors have to balance a visible bright spot against still-fragile towable RV and marine trends.

Winnebago's Segmental SplitWinnebago’s business is organized around three reportable segments: Towable RV, Motorhome RV and Marine. That mix matters because the company is not moving through the cycle evenly.

Towable RV represented 45.2% of fiscal 2025 revenues, while Motorhome RV accounted for 43.7%. Marine contributed 11.1%, making it smaller but still relevant to earnings quality, dealer demand and the company’s broader outdoor recreation identity.

Thor Industries, Inc. (THO - Free Report) remains a direct RV peer because it also competes across towable and motorized recreational vehicles. Patrick Industries, Inc. (PATK - Free Report) adds a supply-chain lens, since its component exposure to RV and marine markets makes it sensitive to the same production and dealer-order trends affecting Winnebago.

WGO Finds Support in New ProductsWinnebago continues to lean on new products to defend share and broaden price-point coverage. In towables, the Access and Thrive platforms under the Winnebago brand and Grand Design’s Transcend Lite are aimed at expanding participation among buyers who remain price conscious.

The company is also refreshing the higher end of its portfolio. The ARKA off-grid adventure truck, updated Newmar offerings and Grand Design’s Worry-Free Roof technology support product differentiation in motorhomes and towables.

Marine is part of the same strategy. Barletta’s Sanza line creates a more accessible entry point into the brand while Barletta continues to build share in the U.S. aluminum pontoon segment.

Winnebago Gets a Lift From MotorhomesThe Motorhome RV segment is the clearest support point in Winnebago’s latest results. Segment revenues rose 10.1% year over year to $320.7 million in the fiscal third quarter of 2026.

The profit improvement was more important than the sales gain. Motorhome RV generated operating income of $9.6 million and a 3% operating margin, compared with an operating loss of $3.2 million and a negative 1.1% margin in the year-ago quarter.

Higher unit volume and selective price adjustments helped the segment, partly offset by higher input costs. Management also cited traction at Grand Design Motorized, execution at Newmar and broader share gains across key motorhome categories.

WGO Still Faces Demand HeadwindsThe bullish case still runs into a difficult retail backdrop. Consumers remain interested in outdoor recreation, but affordability pressure, cumulative inflation, elevated interest rates and uncertainty around geopolitical events are delaying big-ticket purchases.

Dealer behavior is another drag. Management pointed to more deliberate ordering, with dealers focused on inventory quality, carrying costs and retail sell-through rather than adding wholesale volume.

These pressures are showing up outside motorhomes. Towable RV revenues fell 26.1% year over year in the fiscal third quarter of 2026, while Marine revenues declined 8.3%. Both segments also saw lower operating margins as volume deleverage, product mix and higher input costs weighed on performance.

What Winnebago’s Stock Signals Say NowThe bottom line is that Winnebago has one meaningful operating bright spot, but the stock still carries a weak short-term profile. Motorhome strength gives WGO a recovery argument, while towables, marine and consumer affordability keep that argument from looking clean.

WGO currently carries a Zacks Rank #4 (Sell). The Value Score of A supports the view that valuation screens well, and the Growth Score of B and VGM Score of B are not dismissive of the company’s broader financial profile.

Image Source: Zacks Investment Research

The Momentum Score of D keeps the signal mix cautious. Since Zacks Style Scores are designed to complement the Zacks Rank, the unfavorable rank makes it harder to treat WGO’s valuation as enough on its own. Investors may need clearer evidence that motorhome strength can spread across the portfolio before becoming more constructive.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
 

-- Motorhome RV Sales, Profit Dollars and Profit Margins Improved Meaningfully Year Over Year --

-- Winnebago Towables Improved Share Results Through Product Refreshes and Execution --

— Barletta Continues to Expand Share of U.S. Aluminum Pontoon Market --

-- Company Updates Fiscal 2026 Guidance --

EDEN PRAIRIE, Minn., June 25, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Fiscal 2026 third quarter ended May 30, 2026.

Third Quarter Fiscal 2026 Financial Summary

Net revenues of $698.7 million compared to $775.1 million in the third quarter of Fiscal 2025Gross profit of $94.9 million, representing 13.6% gross margin, compared to $106.0 million in the third quarter of Fiscal 2025Net income of $14.5 million, or $0.51 per diluted share; adjusted earnings per diluted share of $0.66 compared to adjusted earnings per diluted share of $0.81 in the third quarter of Fiscal 2025Adjusted EBITDA of $37.8 million, representing 5.4% adjusted EBITDA margin CEO Commentary
“Our teams continue to execute in a retail environment that remained challenging through the third quarter,” said President and Chief Executive Officer Michael Happe. “Industry retail demand was pressured by broader macro factors, including elevated fuel costs, geopolitical uncertainty, and weak consumer confidence which continued to drive cautious dealer ordering and tighter inventory management across the channel. In response, we stayed disciplined, aligning production closely with retail while continuing to advance our key product, operational and cost initiatives.

“We're seeing a mixed demand environment across the portfolio. In Motorhome RV, sales, profitability and market presence continue to improve, supported by sustained performance at Grand Design Motorized and solid execution at Newmar. New product introductions, expanding brand presence and improved profitability continue to strengthen our standing in the segment. In Towables RV, category demand remained muted during the quarter, particularly at higher price points where competitive and promotional activity remained elevated. At the same time, our newer, more accessible offerings such as Thrive and Access contributed to improved retail dollar share and stronger year-over-year financial performance within our Winnebago-branded portfolio. These results reflect both dealer commitment to our strategy and the positive reception to our refreshed product lineup.

In Marine, Barletta continues to perform well, maintaining consistent market share gains, reaching 9.3% on a trailing twelve-month basis through April, despite softer volumes in the quarter. This performance reflects continued consumer interest in its premium pontoons and an expanding product lineup, including the recent Sanza introduction.

“We delivered solid SG&A improvement year-over-year, while continuing to invest in Grand Design Motorized, and advancing footprint rationalization and capacity alignment actions within our RV businesses. While industry retail pressure in the quarter slowed the pace of improvement in field inventory turns, our focus remains on driving sustainable progress, which will require continued discipline around shipments and production.

"One of the most encouraging aspects of our performance this quarter was the stability of our gross margins despite a challenging retail environment, reflecting the strength of our product mix, pricing discipline and operational execution. We have remained focused on profitable market share, while our higher average selling prices continue to support a more resilient retail dollar share position. We are executing against the levers we control including product, brand, cost structure, and inventory discipline, positioning the business to deliver improved performance as conditions evolve.”

Third Quarter Fiscal 2026 Results

Net revenues were $698.7 million, a decrease of 9.9% compared to $775.1 million in the third quarter of Fiscal 2025, driven primarily by lower unit volume, partially offset by selective price adjustments and product mix. Unit volume trends reflected growth in the Motorhome RV segment, partially offset by declines in the Towable RV and Marine segments, as dealer ordering remained measured and production levels were closely aligned to retail demand.

Gross profit was $94.9 million, a decrease of 10.5% compared to $106.0 million in the third quarter of Fiscal 2025. Gross profit margin was consistent with prior year as higher input costs and deleverage were largely offset by selective price adjustments.

Selling, general and administrative expenses were $66.5 million, a decrease of 5.4% compared to $70.3 million in the third quarter of Fiscal 2025, primarily due to cost reduction initiatives.

Operating income was $23.0 million, a decrease of 23.9% compared to $30.2 million in the third quarter of Fiscal 2025.

Net income was $14.5 million, compared to $17.6 million in the third quarter of Fiscal 2025. Reported earnings per diluted share was $0.51, compared to $0.62 in the third quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.66, a decrease of 18.5% compared to $0.81 in the third quarter of Fiscal 2025.

Consolidated Adjusted EBITDA was $37.8 million, a decrease of 18.7%, compared to $46.5 million in the third quarter of Fiscal 2025.

Third Quarter Fiscal 2026 Segments Summary

Towable RV

 Three Months Ended ($, in millions)May 30, 2026 May 31, 2025 Change(1) Net revenues$274.7   $371.7   (26.1)%Operating income$16.0   $29.7   (46.3)%Operating income margin 5.8 %  8.0 % (220)bps   (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin decreased primarily due to higher input costs, volume deleverage, and product mix, partially offset by selective price adjustments and cost containment initiatives. Motorhome RV

 Three Months Ended($, in millions)May 30, 2026 May 31, 2025 Change(1)Net revenues$320.7   $291.2   10.1%Operating income (loss)$9.6   $(3.2)  NMOperating income margin 3.0 % (1.1)% 410bps  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

NM: Not meaningful.

Net revenues increased primarily due to higher unit volume and selective price adjustments.Operating income margin increased primarily due to higher unit volume driven by new products and selective price adjustments, partially offset by higher input costs. Marine

 Three Months Ended
($, in millions)May 30, 2026 May 31, 2025 Change(1)
Net revenues$92.4  $100.7  (8.3)%Operating income$5.3  $9.4  (43.4)%Operating income margin 5.8%  9.3% (350)bps   (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to lower unit volume and product mix, partially offset by selective price adjustments.Operating income decreased primarily due to higher input costs and volume deleverage, partially offset by selective price adjustments. Balance Sheet and Cash Flow
As of May 30, 2026, cash and cash equivalents totaled $57.1 million. The Company had total outstanding debt of $442.9 million ($450.0 million of debt, net of debt issuance costs of $7.1 million) and working capital of $411.6 million. Cash flow provided by operating activities during the nine months ended May 30, 2026 was $26.2 million compared to cash flow used in operating activities of $52.5 million during the same period last year. Operating cash flow improved by $78.7 million year over year, shifting from a use of cash in the prior-year period to a source of cash in the current year.

Quarterly Cash Dividend
On May 15, 2026, the Company’s Board of Directors approved a quarterly cash dividend of $0.35 per share payable on June 24, 2026, to common stockholders of record at the close of business on June 10, 2026.

Outlook
For calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 290,000 to 310,000 units. Based on this outlook, the current business environment, and results through the first nine months of the fiscal year, Winnebago Industries is updating its Fiscal 2026 revenue and EPS guidance as follows:

Consolidated net revenues in the range of $2.65 billion to $2.75 billion;Reported earnings per diluted share in the range of $1.05 to $1.40 compared to the Company's prior expectations for reported earnings per diluted share in the range of $1.50 to $2.20; andAdjusted earnings per diluted share guidance in the range of $1.65 to $2.00(1) compared to a prior range of $2.10 to $2.80. The Company’s outlook takes into account prevailing trends in the RV sector, including the impacts from current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.

“Our outlook reflects a measured view of the environment,” Happe said. “We expect demand conditions to remain challenged in the near term, with continued variability across segments. The actions we are taking across our portfolio, cost structure and product roadmap position us to manage through the cycle and improve the earnings profile of the business over time, including further operational and capacity initiatives expected to begin benefiting performance as we move through fiscal 2027.”

Q3 FY 2026 Conference Call
Winnebago Industries, Inc. will discuss third quarter of Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.

About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2026. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contacts
Investors: Joan Ondala
[email protected]
Media: Dan Sullivan
[email protected]

Winnebago Industries, Inc.
Footnotes to News Release  Footnotes:

(1) Fiscal 2026 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million.

Winnebago Industries, Inc.
Condensed Consolidated Statements of Income
(Unaudited and subject to reclassification)
  Three Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$698.7  100.0% $775.1  100.0%Cost of goods sold 603.8  86.4%  669.1  86.3%Gross profit 94.9  13.6%  106.0  13.7%Selling, general, and administrative expenses 66.5  9.5%  70.3  9.1%Amortization 5.4  0.8%  5.5  0.7%Total operating expenses 71.9  10.3%  75.8  9.8%Operating income 23.0  3.3%  30.2  3.9%Interest expense, net 5.0  0.7%  6.7  0.9%Non-operating income —  —%  (0.4) (0.1)%Income before income taxes 18.0  2.6%  23.9  3.1%Income tax provision 3.5  0.5%  6.3  0.8%Net income$14.5  2.1% $17.6  2.3%        Earnings per common share:       Basic$0.51    $0.63   Diluted$0.51    $0.62   Weighted average common shares outstanding:       Basic 28.3     28.0   Diluted 28.4     28.4            Nine Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$2,058.8  100.0% $2,020.9  100.0%Cost of goods sold 1,789.3  86.9%  1,755.0  86.8%Gross profit 269.5  13.1%  265.9  13.2%Selling, general, and administrative expenses 204.7  9.9%  212.1  10.5%Amortization 16.2  0.8%  16.7  0.8%Total operating expenses 220.9  10.7%  228.8  11.3%Operating income 48.6  2.4%  37.1  1.8%Interest expense, net 16.3  0.8%  19.3  1.0%Loss on note repurchase 0.8  —%  2.0  0.1%Non-operating income (0.3) —%  (1.0) (0.1)%Income before income taxes 31.8  1.5%  16.8  0.8%Income tax provision 7.0  0.3%  4.8  0.2%Net income$24.8  1.2% $12.0  0.6%        Earnings per common share:       Basic$0.88    $0.43   Diluted$0.87    $0.42   Weighted average common shares outstanding:       Basic 28.2     28.3   Diluted 28.4     28.4     Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.

Winnebago Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited and subject to reclassification)
 (in millions)May 30, 2026 August 30, 2025Assets   Current assets   Cash and cash equivalents$57.1 $174.0Receivables, net 186.1  192.0Inventories, net 435.2  396.4Prepaid expenses and other current assets 32.9  29.8Total current assets 711.3  792.2Property, plant, and equipment, net 319.9  333.0Goodwill 484.2  484.2Other intangible assets, net 440.7  456.9Investment in life insurance 27.9  27.1Operating lease assets 37.2  41.6Other long-term assets 17.3  19.4Total assets$2,038.5 $2,154.4    Liabilities and Shareholders' Equity   Current liabilities   Accounts payable$113.5 $129.3Accrued expenses 186.2  197.8Total current liabilities 299.7  327.1Long-term debt, net 442.9  540.5Deferred income tax liabilities, net 11.4  5.9Unrecognized tax benefits 5.7  4.8Long-term operating lease liabilities 34.1  39.3Deferred compensation benefits, net of current portion 4.4  5.1Other long-term liabilities 5.9  7.0Total liabilities 804.1  929.7Shareholders' equity 1,234.4  1,224.7Total liabilities and shareholders' equity$2,038.5 $2,154.4  Winnebago Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and subject to reclassification)
  Nine Months Ended(in millions)May 30, 2026 May 31, 2025Operating activities   Net income$24.8  $12.0 Adjustments to reconcile net income to net cash provided by (used in) operating activities   Depreciation 28.8   28.7 Amortization 16.2   16.7 Amortization of debt issuance costs 1.9   2.3 Last in, first-out ("LIFO") expense (2.4)  (0.6)Stock-based compensation 15.8   12.2 Deferred income taxes 5.5   (0.7)Deferred compensation expense 0.5   — Loss on note repurchase 0.8   2.0 Asset impairment —   1.2 Restructuring and related costs 1.6   — Other, net (2.8)  (1.2)Change in operating assets and liabilities, net of assets and liabilities acquired   Receivables, net 6.0   (59.0)Inventories, net (36.3)  (38.5)Prepaid expenses and other assets 4.0   7.2 Accounts payable (16.9)  (15.8)Income taxes and unrecognized tax benefits (0.4)  4.3 Accrued expenses and other liabilities (20.9)  (23.3)Net cash provided by (used in) operating activities 26.2   (52.5)    Investing activities   Purchases of property, plant, and equipment (16.8)  (29.2)Proceeds from sale of property, plant, and equipment 5.4   2.1 Other, net 0.1   1.6 Net cash used in investing activities (11.3)  (25.5)    Financing activities   Borrowings on long-term debt 3.0   15.3 Repayments on long-term debt (103.0)  (175.2)Payments of cash dividends (30.1)  (29.3)Payments for repurchases of common stock (1.7)  (53.6)Other, net —   0.4 Net cash used in financing activities (131.8)  (242.4)    Net decrease in cash and cash equivalents (116.9)  (320.4)Cash and cash equivalents at beginning of period 174.0   330.9 Cash and cash equivalents at end of period$57.1  $10.5     Supplemental Disclosures   Income taxes paid, net$2.1  $2.3 Interest paid 13.3   17.3     Non-cash investing and financing activities   Capital expenditures in accounts payable$1.4  $3.9 Dividends declared not yet paid 11.4   10.5 Increase in lease assets in exchange for lease liabilities:   Operating leases 1.1   2.3 Finance leases —   0.2   Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Towable RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$274.7   $371.7   $(96.9) (26.1)%Operating income 16.0 5.8%  29.7 8.0%  (13.8) (46.3)%             Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 5,274 75.5%  6,569 69.2%  (1,295) (19.7)%Fifth wheel 1,709 24.5%  2,926 30.8%  (1,217) (41.6)%Total Towable RV 6,983 100.0%  9,495 100.0%  (2,512) (26.5)%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$830.5   $913.9   $(83.4) (9.1)%Operating income 38.2 4.6%  51.3 5.6%  (13.1) (25.6)%             Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 15,350 73.0%  16,034 68.7%  (684) (4.3)%Fifth wheel 5,669 27.0%  7,302 31.3%  (1,633) (22.4)%Total Towable RV 21,019 100.0%  23,336 100.0%  (2,317) (9.9)%            Dealer Inventory(3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 18,721    17,747    974  5.5%
  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Motorhome RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$320.7   $291.2    $29.5  10.1%Operating income (loss) 9.6 3.0%  (3.2) (1.1)%  12.7  NM             Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 219 14.3%  288  20.1%  (69) (24.0)%Class B 517 33.7%  406  28.4%  111  27.3%Class C 797 52.0%  737  51.5%  60  8.1%Total Motorhome RV 1,533 100.0%  1,431  100.0%  102  7.1%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$933.9   $798.5    $135.3  16.9%Operating income (loss) 25.3 2.7%  (7.0) (0.9)%  32.2  NM             Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 705 16.2%  808  20.2%  (103) (12.7)%Class B 1,416 32.5%  1,158  29.0%  258  22.3%Class C 2,234 51.3%  2,031  50.8%  203  10.0%Total Motorhome RV 4,355 100.0%  3,997  100.0%  358  9.0%            Dealer Inventory(3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 3,468    3,614     (146) (4.0)%  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
NM: Not meaningful.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Marine
(in millions, except unit data)
(Unaudited and subject to reclassification)
  Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$92.4   $100.7   $(8.3) (8.3)%Operating income 5.3 5.8%  9.4 9.3%  (4.1) (43.4)%             Three Months EndedUnit deliveriesMay 30, 2026   May 31, 2025   Unit Change % ChangeBoats 1,155    1,254    (99) (7.9)%             Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$264.1   $272.9   $(8.8) (3.2)%Operating income 14.3 5.4%  21.0 7.7%  (6.6) (31.6)%             Nine Months EndedUnit deliveriesMay 30, 2026   May 31, 2025   Unit Change % ChangeBoats 3,282    3,471    (189) (5.4)%            Dealer Inventory(2,3)May 30, 2026   May 31, 2025   Unit Change % ChangeUnits 3,175    3,069    106  3.5%  (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Non-GAAP Reconciliation
(Unaudited and subject to reclassification)  Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.

The following table reconciles diluted earnings per share to Adjusted diluted earnings per share:

 Three Months Ended Nine Months Ended May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Diluted earnings per share$0.51  $0.62  $0.87  $0.42 Amortization(1) 0.19   0.19   0.57   0.59 Loss on note repurchase(1) —   —   0.03   0.07 Asset impairment(1) —   0.04   —   0.04 Restructuring and related costs(1) —   —   0.06   — Gain on sale of property, plant and equipment(1) —   —   (0.10)  — Tax impact of adjustments(2) (0.04)  (0.05)  (0.12)  (0.16)Adjusted diluted earnings per share(3)$0.66  $0.81  $1.31  $0.96   (1) Represents a pre-tax adjustment.
(2) The company's non-GAAP income tax impact is calculated using an estimated tax rate for the U.S. of 22.0% for Fiscal 2026 and 23.0% for Fiscal 2025.
(3) Per share numbers may not foot due to rounding.

The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA.

 Three Months Ended Nine Months Ended(in millions)May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Net income$14.5 $17.6  $24.8  $12.0 Interest expense, net 5.0  6.7   16.3   19.3 Income tax provision 3.5  6.3   7.0   4.8 Depreciation 9.4  9.6   28.8   28.7 Amortization 5.4  5.5   16.2   16.7 EBITDA 37.8  45.7   93.1   81.5 Loss on note repurchase —  —   0.8   2.0 Asset impairment —  1.2   —   1.2 Restructuring and related costs —  —   1.6   — Gain on sale of property, plant and equipment —  —   (2.8)  — Non-operating income —  (0.4)  (0.3)  (1.0)Adjusted EBITDA$37.8 $46.5  $92.4  $83.7   Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.

Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.